The exchange rate for the dollar to naira at the black market (parallel market) today, September 5, 2024, stands as follows:
- Buying Rate: ₦1635 per $1
- Selling Rate: ₦1645 per $1
Please note that these rates may differ slightly depending on the location and the Bureau De Change (BDC) operators. The Central Bank of Nigeria (CBN) does not officially recognize black market rates and urges individuals to approach their banks for foreign exchange transactions.
For comparison, the CBN official rate is:
- Buying Rate: ₦1594 per $1
- Selling Rate: ₦1595 per $1.
Dangote Refinery Begins Fuel Supply in Naira
In related news, the Dangote Refinery has commenced the supply of petrol, starting with 25 million litres daily in September 2024. This follows an agreement between the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Corporation Limited (NNPCL) to sell crude oil to the refinery in naira.
The deal, initiated by President Bola Tinubu’s administration, is expected to reduce pressure on foreign exchange by at least 40%. The supply is set to increase to 30 million litres daily by October 2024.
