Today’s Dollar to Naira exchange rate at the black market, also known as the parallel market, is detailed below for 4th October 2024. As of Friday, 4th October, the Lagos Parallel Market (Black Market) exchange rates are:
- Buying rate: N1660 per dollar
- Selling rate: N1670 per dollar
These rates, sourced from Bureau De Change (BDC) operators, do not align with the Central Bank of Nigeria (CBN), which urges individuals to engage with their respective banks for foreign exchange.
CBN Exchange Rate
The official CBN rate is marginally lower, with:
- Buying rate: N1656 per dollar
- Selling rate: N1657 per dollar
It’s important to note that actual exchange rates may vary slightly depending on the location and service provider.
Petrol Imports Drop by 3.58 Billion Litres in One Year
The National Bureau of Statistics (NBS) reported a significant decrease in petrol imports between 2022 and 2023. The total importation of Premium Motor Spirit (PMS) dropped by 13.77%, from 23.54 billion litres in 2022 to 20.30 billion litres in 2023.
The decline was especially pronounced in the second half of 2023, which saw a 29.99% drop in imports compared to the first half of the year.
