Are you curious about today’s dollar to naira exchange rate in Nigeria’s black market, also known as the parallel market (Aboki FX)? Find the latest USD to NGN exchange rates for October 13, 2024, below. Dollar to Naira Black Market Exchange Rate (Parallel Market)As of October 13, 2024, in the Lagos Parallel Market, Bureau De […]
Category archives: Business
FG Approves Gas Supply to $3.3 Billion Methanol Plant
The Federal Government of Nigeria has officially signed a landmark gas sales agreement to facilitate gas supply for the $3.3 billion Brass Fertilizer & Petrochemical Company Ltd. The agreement, executed by the Nigerian National Petroleum Company Limited (NNPCL), includes key partners Shell, TotalEnergies, and Agip. During the signing ceremony at the Ministry of Petroleum Resources, […]
Dollar to Naira Exchange Rate Today, October 12, 2024 (Black Market)
The dollar to naira exchange rate in the black market today, October 12, 2024, stands at ₦1695 for buying and ₦1700 for selling. This rate is reported from Lagos-based Bureau De Change (BDC) sources. However, the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to conduct foreign exchange transactions […]
FG Allows Direct Fuel Purchase from Dangote Refinery
The Federal Government of Nigeria has officially permitted petroleum marketers to lift petrol directly from the Dangote refinery, bypassing the Nigerian National Petroleum Company Limited (NNPC). This decision marks a significant shift in the country’s fuel procurement process and confirms speculation that the NNPC would no longer be the exclusive off-taker of Dangote’s fuel. In […]
IPMAN Threatens to Halt Operations Over Petrol Price Hike, Accuses NNPCL of Price Inflation
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to stop operations nationwide due to the high cost of Premium Motor Spirit (PMS) sold to its members by the Nigerian National Petroleum Company Limited (NNPCL). IPMAN disclosed that the NNPCL is selling petrol to independent marketers at inflated prices, charging N1,010 per litre in […]
Black Market Dollar to Naira Exchange Rate and CBN Assurance on Bank Deposits: October 10th, 2024
The dollar to naira exchange rate in the black market (also known as the parallel market or Aboki FX) for October 9th, 2024, saw players in Lagos buying the dollar for ₦1685 and selling it for ₦1695. It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market […]
South Korean Investors to Build Four Refineries in Nigeria – FG
The Federal Government of Nigeria announced that a consortium of South Korean investors is planning to construct four refineries in various locations across the country. The refineries will each have a capacity of 100,000 barrels per day. This was disclosed by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during the maiden summit […]
‘We Cannot Buy Oil From Dangote Refinery’ – IPMAN
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has asserted that its members are still unable to purchase oil directly from the Dangote Refinery. In a recent interview, IPMAN Chairman Abubakar Maigandi clarified that they continue to rely on the Nigerian National Petroleum Company Limited (NNPCL) for their oil supplies. Maigandi stated that despite earlier […]
Major Marketers to Begin Direct Purchase of Petrol from Dangote Refinery as NNPC Withdraws as Sole Off-taker
Major oil marketers in Nigeria are set to begin purchasing petrol directly from the Dangote Petroleum Refinery as the Nigerian National Petroleum Company Limited (NNPCL) pulls out as the exclusive off-taker of the product. This development, expected to take effect between Thursday and next week, marks a significant shift in the country’s fuel distribution. Sources […]
Naira Slumps Against Dollar in Parallel Market as Nigeria and Brazil Push for Direct Flights
Naira Falls Further in Black Market As of October 8, 2024, the Naira has weakened against the US dollar in the parallel market. According to sources at Bureau De Change (BDC) in Lagos, traders buy dollars at N1670 and sell at N1680. This depreciation highlights the ongoing volatility of the Naira. However, it’s important to […]