Dollar to Naira Black Market Rate Hits N1730 as Fuel Price Dispute Escalates
The dollar-to-naira exchange rate in Nigeria’s black market continues to rise, with Bureau de Change operators in Lagos buying at N1725 and selling at N1730 as of November 6, 2024. This parallel market rate remains significantly higher than the Central Bank of Nigeria’s official rates, which are currently set at N1668 for buying and N1669 for selling. The CBN does not recognize the black market, urging individuals to seek forex directly through banks.
In a separate development, the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has refuted recent claims by Dangote Refinery that oil marketers offering lower-priced petrol are distributing substandard fuel. DAPPMAN’s Executive Secretary, Olufemi Adewole, labeled these claims as “preposterous,” emphasizing that its members adhere to quality standards and adjust pricing based on transparent international market factors. He criticized Dangote for keeping its pricing structure undisclosed, rejecting any implication that lower prices equate to inferior quality.
This ongoing debate highlights tension in Nigeria’s fuel market as consumers and businesses grapple with rising costs amidst a volatile economic landscape.
