Exchange Rate Between Black Market Dollars (USD), Nairas (NGN) as of September 26, 2024

What is the exchange rate between dollars and naira on the black market, sometimes referred to as the parallel market or Aboki forex?
View the black market exchange rate between dollars and naira for September 25th below. At these prices, you may exchange your $ into Naira.

In the underground market, how much is one dollar worth in naira today?

Current black market dollar to naira exchange rate (Aboki dollar rate):

On Wednesday, September 25, 2024, at the Lagos Parallel Market (Black Market), participants purchase a dollar for N1690 and sell it for N1705, based on sources at the Bureau De Change (BDC).

Please be aware that the Central Bank of Nigeria (CBN) has instructed anyone who wish to trade foreign exchange to contact their individual banks and does not recognize the parallel market, sometimes known as the black market.

Dollar to Naira Black Market Rate Today

Dollar to Naira CBN Rate Today

Please be aware that due to market fluctuations, the rates at which you buy or sell FX may change from those shown in this article.

How Government Actions Could Bring Dangote Gas Prices Down to Approximately ₦600 Per Litre Refiners
Petroleum sector experts have proposed that if the government intervenes effectively, gasoline from the Dangote Refinery might be sold for less than ₦600 per liter.

If the right policies are implemented, local refineries like Dangote’s might lower fuel prices, according to the Crude Oil Refiners Association of Nigeria (CORAN).

Sunday PUNCH was informed by CORAN’s publicity secretary, Eche Idoko, that the high exchange rate was the reason behind the Nigerian National Petroleum Company’s (NNPC) ₦898 per liter quote for gasoline bought from Dangote’s refinery.

Idoko, however, noted that the price might drop to ₦550 per litre given that the exchange rate for petroleum produced locally is regulated at ₦1,000 to the dollar.

Idoko explained that the gasoline Dangote is selling now has been refined from crude that was bought in June; 60% of the fuel comes from NNPC, and Dangote imports the remaining fuel at wholesale prices.

“Recall that we previously stated that the price of PMS would decrease if we started refining locally and there was a naira sale. We continue to firmly support that stance. The oil used in this specific batch of products, which Dangote is selling, was bought in June at the going global rate.

Dangote imported the remaining portion of the crude at the going rate internationally, with NNPC providing 60% of it. Since they are a business and must turn a profit, they must now sell that refined product at the worldwide price, according to Idoko.