By Mario Deepromoter
Today’s Black Market Exchange Rate: USD To NGN On October 13, 2024The Dollar to Naira exchange rate in the black market, also referred to as the parallel market, is as follows for October 12, 2024. Individuals can exchange their dollars for naira at these rates.
As of Saturday, October 12, 2024, the exchange rate at the Lagos Parallel Market (black market) is reported by Bureau De Change (BDC) operators to be as follows:
Buying Rate: N1690
Selling Rate: N1700
It’s important to note that the Central Bank of Nigeria (CBN) does not acknowledge the parallel market and advises individuals seeking to engage in foreign exchange to do so through their respective banks.
Official CBN Exchange Rate Today
•Buying Rate: N1625
•Selling Rate: N1626
Please keep in mind that the rates for buying or selling foreign currency may differ from those stated here, as prices can fluctuate.
NNPCL Fuel Price Increase Explained
Petroleum marketers have confirmed that the recent rise in fuel prices by the Nigerian National Petroleum Company Limited (NNPCL) is attributed to the complete removal of subsidies on Premium Motor Spirit (petrol).
As a result, pump prices have been raised to ₦1,030 per litre in Abuja, the Federal Capital Territory, and ₦998 per litre in Lagos. This information was provided by Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, during an interview with DAILY POST on Wednesday.
Ukadike’s comments followed the announcement of the latest price adjustments at NNPC stations, which saw the price rise from ₦897 per litre to ₦1,030. This increase follows a previous hike where the price jumped from ₦617 to ₦897 per litre.