**Current Black Market Exchange Rate: Dollar to Naira (Aboki Fx)**
As of October 14th, 2024, the black market exchange rate for dollars to naira is as follows. These rates are used by vendors to exchange dollars for naira.
**Black Market Exchange Rate Today**
Buying Rate: N1696
Selling Rate: N1700
**Important Note:** Please be aware that the Central Bank of Nigeria (CBN) does not recognize the parallel market, also known as the black market. The CBN recommends that individuals who wish to engage in forex transactions should visit their respective banks.
**CBN Exchange Rate Today**
Buying Rate: N1625
Selling Rate: N1626
**Please note that exchange rates may vary depending on the provider and other factors, so the rates listed here may not be the same as what you encounter in the market.**
In other news, the Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to meet with Dangote Petroleum Refinery to discuss the cost and lifting of petrol from the refinery’s state-of-the-art plant. Sources indicate that the refinery has requested that the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) resubmit its request for petrol lifting.
This development has sparked optimism that petrol prices may decrease in the coming days as competition intensifies in the downstream oil sector, particularly with marketers loading petrol directly from the Dangote refinery. IPMAN has hailed the planned agreement as a major step in streamlining the lifting of petroleum products, leading to a more stable and efficient fuel supply chain.
In light of this, the Federal Government has recently allowed petroleum marketers to lift petrol directly from local refineries without involving the Nigerian National Petroleum Company Limited (NNPC). According to the Minister of Finance and Chairman of the Naira-Crude Sale Implementation Committee, Wale Edun, “In the future, petroleum product marketers will be able to purchase PMS (petrol) directly from local refineries without the intermediate role of NNPC. Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms, which will promote competition and improve market efficiency.”
