Dollar to Naira Exchange Rate in the Black Market – 20th September 2024
As of Thursday, September 19, 2024, the black market exchange rate for the dollar to naira stood at N1655 for buying and N1665 for selling at the Lagos Parallel Market. The rates are provided by Bureau De Change (BDC) operators.
It is important to note that the Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals seeking foreign exchange to approach their respective banks. The official CBN rate for the dollar was N1593 for buying and N1594 for selling on the same day.
NNPC and TotalEnergies Launch $550M Ubeta Gas Project
In energy news, the $550 million Ubeta upstream gas project, a collaboration between the Nigerian National Petroleum Company Limited (NNPC) and TotalEnergies, has officially commenced. According to the Special Adviser to the President on Energy, Olu Verheijen, the project will produce 350 million standard cubic feet of gas per day once operational. This development is part of Nigeria’s broader energy reforms aimed at enhancing energy security and attracting more investments into the sector.
The reforms, initiated by President Bola Tinubu, focus on streamlining the gas-to-power value chain, improving cash flows in electricity distribution, and reducing carbon emissions. Five new executive orders have been issued to support these efforts by offering fiscal incentives and reducing the cost and time associated with developing gas infrastructure.
