Latest Dollar to Naira Exchange Rate in the Black Market (Aboki FX)
Find the current black market dollar to naira exchange rate as of November 21st, 2024, below. This information can help you with your foreign exchange transactions.
What is the Current Value of the Dollar in Nigeria’s Black Market?
Dollar to Naira Exchange Rate at the Black Market (Aboki) on November 21st, 2024
A consultation with leading Bureau De Change (BDC) sources revealed that the exchange rate for a dollar to naira in Lagos’s Parallel Market (Black Market) is as follows:
Buying rate: N1745 per dollar
Selling rate: N1755 per dollar
It is essential to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in foreign exchange to use the official channels, namely their respective banks.
Black Market Rate for Dollar to Naira
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate |
| Buying Rate | N1745 |
| Selling Rate | N1755 |
CBN Exchange Rate for Dollar to Naira
| Dollar to Naira (USD to NGN) | CBN Exchange Rate |
| Buying Rate | N1687 |
| Selling Rate | N1688 |
Important Note:
Keep in mind that the rates you buy or sell foreign exchange may differ from those reported here, as prices can fluctuate.
Regarding the Dangote Petroleum Refinery, there are reports that it is pursuing funding to secure billions of dollars for crude oil imports and increase production capacity. The refinery has already launched a naira-for-crude agreement, which facilitates the supply of crude oil, but it still requires significant financing to operate at full capacity.
A report by the Financial Times revealed that Dangote Group’s Chairman, Aliko Dangote, is negotiating with commercial banks, development lenders, oil traders, and other stakeholders to secure funding.
According to insiders, the refinery requires approximately $2 billion every 90 days to maintain a baseline supply of 300,000 barrels of crude per day. The refinery has a maximum capacity of 650,000 barrels of crude oil per day and needs additional crude to achieve this target.
Earlier this year, Dangote executives disclosed that the refinery had sourced crude oil from the United States and Brazil and was in talks with African producers like Libya and Angola.
Last week, the refinery entered an off-take agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) to distribute refined products, including petrol and diesel, directly from the plant.
Since its launch, the facility has begun producing jet fuel, naphtha, and petrol, which may help reduce Nigeria’s dependence on imported fuel.
