As of Friday, December 20, 2024, the exchange rate for the US Dollar to the Nigerian Naira at the Lagos Parallel Market (Black Market) stands at:

Buying Rate: ₦1,656
Selling Rate: ₦1,660
These rates reflect the prices at which players in the Bureau De Change (BDC) sector are buying and selling US dollars.

It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, as the official directive encourages individuals wishing to engage in foreign exchange transactions to approach their respective banks for the official rates.

Official Dollar to Naira CBN Rate Today:

Highest Rate: ₦1,570
Lowest Rate: ₦1,532
Please bear in mind that the exchange rates at the black market or any other exchange point may vary based on market dynamics and fluctuations, so the rates you encounter might be different from those mentioned in this article.

President Bola Ahmed Tinubu extends his heartfelt condolences to the Nigerian Union of Journalists (NUJ) following the passing of Hajiya Rafat Onyeche Salami, the recently elected Treasurer of the International Press Institute (IPI).

Her loss has been deeply felt across the journalistic community and beyond.

Hajiya Salami also served as the Secretary of the NUJ, Abuja Council, dedicating her talents and passion to advancing journalism in Nigeria.

President Tinubu commiserates with the leadership and members of the IPI, the Voice of Nigeria (VON) staff, and the National Association of Women Journalists (NAWOJ), acknowledging Salami’s unwavering commitment to her profession and nation.

In her career as a reporter, broadcaster, and producer, Hajiya Salami tried to keep the public informed on crucial developmental issues.

Her advocacy for women’s and children’s rights was a testament to her strong voice and compassionate spirit.

President Tinubu calls upon her colleagues, friends, and family to honour her by continuing the impactful work she championed as they bid farewell to the multilingual and multitalented journalist.

The Nigerian National Petroleum Company Limited has reduced its ex-depot price of Premium Motor Spirit, commonly referred to as petrol, from N1,020 to N899 per litre.

This decision, coming days after the Dangote Refinery reduced its price to N899, was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria in a statement released on Saturday.

The statement signed by the association’s National Public Relations Officer, Dr Joseph Obele, and quoting a document released by NNPCL’s Commercial Department indicates a reduction based on the regional pricing scheme.

The price indicated that marketers would buy the product at N899 per litre, matching the price offered by the Dangote refinery a few days ago.

Marketers purchasing from Warri, Oghara, Port Harcourt and Calabar will, however, pay N970 per litre to offtake products.

The statement read, “The Nigerian National Petroleum Company Limited has taken a significant step in response to the competitive impact of deregulation in the downstream sector.

“The company recently reduced the ex-depot price of Premium Motor Spirit from N1,020 to N899 per litre.

“The price reduction by NNPCL is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.”

Obele noted that the price reduction by the national oil firm is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.

He also expressed optimism that PMS prices will drop further before the end of January 2025, given the global decline in crude oil prices and the naira’s recent gain against the dollar.

Obele described the trend as a price war while he emphasized that the price reduction by Dangote Refinery and NNPCL demonstrates the benefits of competition and advocates for the immediate privatization of government-owned refineries.

The move is expected to spark a price war among oil marketers, ultimately benefiting consumers.

However, the NNPCL spokesperson, Femi Soneye, is yet to confirm this development.

Reacting to this development, the National President of PETROAN, Billy Harry, said the price reduction is a welcome development that will bring relief to motorists and Nigerians during the holiday season.

He said, “The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians.

“We commend NNPCL for responding to our call for affordable PMS prices.”

He also listed the benefits of the price reduction to consumers, including “Reduced transportation costs: With lower PMS prices, motorists will spend less on fuel, leading to increased disposable income.

“Increased economic activity: Lower fuel prices will stimulate economic growth by reducing production costs and increasing demand for goods and services.

“Improved standard of living: The price reduction will lead to a decrease in the cost of living, enabling Nigerians to afford necessities and enjoy a better quality of life.”

Harry also commended Dangote Refinery for its earlier price reduction, which he said had helped to stimulate competition in the downstream sector.

The PETROAN national official also hinted at a report submitted by PETROAN’s technical pricing team, warning that competitive pricing can lead to compromised product quality.

He further urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure compliance with quality assurance standards.

“PETROAN is calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure compliance with quality assurance standards which may arise due to competitive pricing,” he added.