The Current State of the Black Market Dollar to Naira Exchange Rate
Get the latest updates on the black market dollar to naira exchange rates. Here, you can find the best rates to swap your dollars for naraas.
Black Market Exchange Rates for the Day
According to our sources at Bureau De Change, the parallel market players are buying dollars at N1713 and selling at N1720 on November 2nd, 2024.
Keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market, encouraging individuals looking to engage in foreign exchange to approach their respective banks instead.
Current Black Market Rates
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1713 |
| Selling Rate | N1720 |
CBN Rates for Reference
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1669 |
| Selling Rate | N1670 |
Remember that Exchange Rates May Vary
Oil marketers have announced that Premium Motor Spirit (PMS), also known as petrol, from the Dangote Petroleum Refinery, is priced between N1,015 and N1,028 per liter, depending on the quantity purchased. In response, marketers are planning to import petrol and sell it at prices lower than Dangote’s refinery prices as well as the Nigerian National Petroleum Company Limited (NNPCL).
Data from the Major Oil Marketers Association of Nigeria revealed that as of October 31, 2024, the landing cost of petrol stood at N978.01 per liter. Diesel and aviation fuel had landing costs of N1,069.97 and N1,119.67 per liter, respectively. These costs represent the unit prices of imported fuels upon arrival in Nigeria.
Dangote Refinery has not publicly disclosed its petrol prices, but sources confirm that they sell bulk purchases at N1,015 per liter and smaller quantities at N1,028. Additionally, recent cargoes with petroleum products have been unloaded at Nigerian seaports, and imported PMS remains cheaper than Dangote’s price, which some speculate is an effort to discourage government-permitted fuel imports.
