As of Monday, September 16, 2024, the exchange rate for the black market, also known as the parallel market, is as follows:
- Buying Rate: ₦1,662 per USD
- Selling Rate: ₦1,665 per USD
In comparison, the Central Bank of Nigeria (CBN) rates are:
- Buying Rate: ₦1,645 per USD
- Selling Rate: ₦1,646 per USD
Petrol Price Increase Across Nigeria
The Nigeria National Petroleum Company Limited (NNPCL) has announced an increase in petrol prices nationwide. This change follows the higher purchase price from Dangote Refinery, which sold petrol at ₦898.78 per liter in USD.
The new estimated pump prices are:
- Lagos: ₦950.22
- Sokoto: ₦999.22
- Kano: ₦999.22
- Borno: ₦1,019.22
- Kaduna: ₦999.22
- FCT: ₦992.22
- Oyo: ₦960.22
- Rivers: ₦980.00
- Imo: ₦980.22
Prices vary by state due to distribution costs, with Lagos experiencing the lowest rates.
