Dollar to Naira Black Market Exchange Rate
As of today, Sunday, 3rd November 2024, the exchange rate for a dollar to naira in Lagos’s black market (also known as Aboki fx) sees players buying dollars at N1713 and selling at N1720.
Please note that the Central Bank of Nigeria (CBN) does not officially endorse black market rates and recommends conducting forex transactions through authorized banks.
| Exchange Rate | Black Market | CBN Official Rate |
|---|---|---|
| Buying Rate | N1713 | N1669 |
| Selling Rate | N1720 | N1670 |
2. Oil Marketers Criticize High Fuel Prices from Dangote and NNPC
In fuel news, oil marketers reported that petrol from the Dangote Petroleum Refinery is priced between N1,015 and N1,028 per litre based on volume purchased. In response, marketers are planning to import petrol at lower prices, challenging Dangote and the Nigerian National Petroleum Company Limited (NNPCL) rates.
Data from the Major Oil Marketers Association of Nigeria indicates that as of October 31, 2024, the landing cost of petrol was N978.01 per litre, with diesel and aviation fuel landing at N1,069.97 and N1,119.67 per litre, respectively. Market sources claim that imported fuel prices remain lower than Dangote’s, with further efforts being made to ensure price competitiveness in the market.
