As of 17th October 2024, the black market (parallel market) exchange rate for the dollar to naira in Lagos sees players buying dollars at ₦1700 and selling at ₦1705. These rates were provided by sources at Bureau De Change (BDC). It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize […]
Category archives: Business
Dollar to Naira Exchange Rate: Black Market Rates for 17th October 2024
The exchange rate between the U.S. dollar and the Nigerian naira continues to fluctuate in the parallel market. As of Wednesday, 16th October 2024, the rate for a dollar in the Lagos black market stands at ₦1,695 for buying and ₦1,705 for selling, according to Bureau De Change (BDC) operators. Black Market Dollar to Naira […]
NNPCL Denies Petrol Price Agreement With IPMAN, Insists on Market-Driven Pricing
The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims of reaching a price agreement for Premium Motor Spirit (PMS), commonly known as petrol, with the Independent Petroleum Marketers Association of Nigeria (IPMAN) or any other stakeholders. This clarification follows a statement made by IPMAN President, Abubakar Maigandi, suggesting that NNPCL had agreed to reduce […]
MTN, Other Multinational Firms Urge FG to Allow Tariff Increases Amid Economic Challenges
MTN Nigeria and other multinational business leaders are appealing to the Federal Government to allow price adjustments in the telecommunications sector to sustain their investments in the country. Speaking at the 30th Nigerian Economic Summit in Abuja, MTN’s Chief Financial Officer, Modupe Kadri, emphasized that telecom companies have been unable to raise their prices for […]
Dollar to Naira Black Market Exchange Rate Today, October 16, 2024
As of Tuesday, October 15, 2024, the black market (parallel market) exchange rate for the U.S. dollar to the Nigerian naira was ₦1663 for buying and ₦1670 for selling at the Lagos Parallel Market, according to Bureau De Change (BDC) sources. Black Market Dollar to Naira Exchange Rate: CBN Official Exchange Rate: Please note that […]
World Bank Lists Naira Among Sub-Saharan Africa’s Worst-Performing Currencies
The Nigerian naira has been ranked as one of the worst-performing currencies in Sub-Saharan Africa for 2024, according to the latest report by the World Bank. By August 2024, the naira had depreciated by about 43% year-to-date, placing it in the same category as the Ethiopian birr and the South Sudanese pound. This steep decline […]
NNPC Agrees to Sell Petrol to IPMAN at ₦995/Litre Following DSS Intervention
The Nigerian National Petroleum Company Limited (NNPCL) has reached an agreement to sell Premium Motor Spirit (PMS) to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at a price of ₦995 per litre. This agreement comes after the Department of State Services (DSS) intervened in ongoing disputes between the parties. Hammed Fashola, the […]
Naira Appreciates as Dollar Turnover Drops by 44% in Official Market
Nigeria’s currency, the Naira, appreciated significantly on October 14, 2024, gaining N10 in the parallel market, trading at N1,680 per US dollar compared to last weekend’s rate of N1,690. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also strengthened, reaching N1,552.92 per dollar, a gain of N88.35 from last weekend’s rate of N1,641.27. […]
Dollar to Naira Black Market Exchange Rate Hits N1700 on October 15, 2024
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 […]
Black Market Dollar to Naira Exchange Rate Today – 14th October 2024
As of today, 14th October 2024, the dollar to naira exchange rate in the black market (also known as the parallel market) is as follows: These rates were sourced from Bureau De Change operators in Lagos. However, it’s important to note that the Central Bank of Nigeria (CBN) does not recognize the black market and […]