On October 15, 2024, the dollar to naira exchange rate in the black market (also known as the parallel market) reached N1696 for buying and N1700 for selling, according to reports from Bureau De Change (BDC) operators in Lagos.
The Central Bank of Nigeria (CBN) maintains that it does not recognize the black market for foreign exchange transactions and encourages individuals to seek forex services through official banking channels.
Meanwhile, the official CBN exchange rate for the dollar stood at N1625 for buying and N1626 for selling.
In related news, the Independent Petroleum Marketers Association of Nigeria (IPMAN) is preparing for discussions with Dangote Petroleum Refinery regarding petrol pricing. IPMAN anticipates a potential drop in petrol prices as competition within the downstream sector increases with marketers gaining direct access to lifting petrol from local refineries, including Dangote’s state-of-the-art facility.
