What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 18th May, below. You can swap your dollar for Naira at these rates......READ THE FULL STORY>>.....READ THE FULL STORY>>
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1500 and sell at N1511 on Saturday 18th May 2024, according to sources at Bureau De Change (BDC).
Please 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 Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1500 |
| Selling Rate | N1511 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1529 |
| Selling Rate | N1530 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The Dangote Refinery has announced intentions to purchase a minimum of 24 million barrels of US crude within the upcoming year to expand its processing capacities.
According to a Bloomberg report, the $20 billion refinery has issued a term tender for the acquisition of 2 million barrels per month of West Texas Intermediate Midland (WTI) crude for a duration of 12 months, commencing in July.
This procurement totals 24 million barrels of crude over the course of one year.
The call for US oil reflects Nigeria’s ongoing struggle to increase its crude production, which is still far below its potential capacity.
Dangote’s move to source cheaper supplies from abroad underscores the refinery’s potential influence in global crude and fuel trading.
Executive Director at Citac, an energy consultancy specializing in the African downstream sector, Elitsa Georgieva, said: “Supply of Nigerian crude is insufficient or unavailable and sometimes unreliable. WTI on the other hand, is available, with reliable supply and competitively priced
“Buying different feed stocks also provides flexibility and optionality for the refinery, so the tender makes economic sense for Dangote.”
