By Kayode Sanni-Arewa

What is the Dollar to Naira Exchange Rate in the Black Market (Parallel Market)?

Here’s the latest information on the Dollar to Naira black market exchange rate for January 4, 2025. Check below for the rates at which you can exchange your dollars for Naira.

How Much is a Dollar to Naira Today in the Black Market?

Here’s the latest information on the Dollar to Naira black market exchange rate for January 4, 2025. Check below for the rates at which you can exchange your dollars for Naira.

How Much is a Dollar to Naira Today in the Black Market?

According to sources at the Bureau De Change (BDC), the exchange rate for a dollar to Naira at the Lagos Parallel Market (Black Market) is as follows:

Buying Rate: ₦1,665
Selling Rate: ₦1,670
Please note that the Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals to approach their banks for foreign exchange transactions.

Dollar to Naira Black Market Rate Today:

Buying Rate: ₦1,665

Selling Rate: ₦1,670

Dollar to Naira CBN

Rate Today:
Highest Rate: ₦1,540
Lowest Rate: ₦1,531

Note: Actual rates may vary depending on the transaction and location.

President Bola Tinubu has initiated extensive outreach to northern elites and the political class in a bid to garner support for the passage of contentious tax reform bills currently under consideration by the National Assembly.

Overview of the Bills
The tax reform bills,introduced in October 2024, include:

The Nigeria Tax Bill 2024
The Nigeria Tax Administration Bill
The Nigeria Revenue Service (Establishment) Bill

The Joint Revenue Board (Establishment) Bill
These proposals aim to reform Nigeria’s tax administration and enhance revenue collection systems. However, they have faced significant resistance, particularly from northern governors who argue that the reforms could disproportionately affect their regions and hinder economic development.

Tinubu’s Strategy
Presidency insiders revealed that President Tinubu has employed a multifaceted approach to address concerns raised by stakeholders, particularly from the northern political elite. This includes private consultations, strategic dialogue, and discreet “back channel” negotiations.

A senior official, speaking to The Punch anonymously, noted, “The President has been engaging with northern elites both individually and in groups, even prior to the holiday season.”

Another source disclosed that Tinubu is leveraging alternative methods to address objections to the bills, stating, “He is using every available channel to ensure that the contentious aspects of the bills are clarified and resolved.”

Northern Governors Remain Opposed
Despite Tinubu’s outreach efforts, northern governors have maintained their opposition. They insist that the bills should be withdrawn to allow for broader consultation and revisions. The governors argue that the proposed reforms could:

Increase the tax burden on their states,
Stifle economic growth, and
Exacerbate financial hardship for citizens.

The federal government, however, has defended the reforms as necessary steps to:

Boost Revenue Generation: Diversify income streams and reduce reliance on oil.
Modernize Tax Administration: Streamline revenue collection for efficiency and transparency.
Public Reactions
The proposed reforms have sparked heated debates nationwide. While proponents argue that they are essential for Nigeria’s fiscal sustainability, critics contend that they could lead to increased taxation and worsen the economic struggles of ordinary Nigerians.

As the debate intensifies, President Tinubu’s ability to navigate these challenges and secure buy-in from critical stakeholders will significantly influence the bills’ passage and their broader implications for Nigeria’s economy.

Oil marketers have started loading Automotive Gas Oil (diesel), and Kerosene from the Warri Refining and Petrochemical Company.

Dealers confirmed this during the weekend, as they demanded Premium Motor Spirit (petrol) from the recently rehabilitated plant.

WRPC, under the management of the Nigerian National Petroleum Company Limited, came on stream on December 30, 2024, after the Group Chief Executive Officer of NNPCL, Mele Kyari, announced its resumption of operations during a tour of the facility.

Speaking with one of our correspondents on Friday at the refinery, the Chairman of the Delta State chapter of the Independent Petroleum Marketers Association of Nigeria, Harry Okenini, said though the plant was working, it was not at 100 per cent functionality.

He, however, pointed out that marketers had started lifting diesel and kerosene from the refinery.

“Right now, there is no production of petrol. So, we are not loading PMS. We hope to load PMS soon. We can confirm to you that the plant is working although not at 100 per cent. And IPMAN, Warri Depot Unit, is waiting for the production of PMS so that we can load.

“For now, only the Automotive Gas Oil, popularly called diesel, and Dual Purpose Kerosene are being produced and loaded out for consumption.

He, however, pointed out that marketers had started lifting diesel and kerosene from the refinery.

“Right now, there is no production of petrol. So, we are not loading PMS. We hope to load PMS soon. We can confirm to you that the plant is working although not at 100 per cent. And IPMAN, Warri Depot Unit, is waiting for the production of PMS so that we can load.

“For now, only the Automotive Gas Oil, popularly called diesel, and Dual Purpose Kerosene are being produced and loaded out for consumption.

“Hopefully, by February, we are expecting cooking gas, PMS, and other products to come out. As of now, the retail unit is only loading AGO and DPK,” he added.

Also speaking with our correspondents at the refinery, the National Chairman of the Surface Tank and Kerosene Peddlers, a branch of NUPENG, Israel Omokere, stated that the refinery was in operation.

He said, “Hopefully the PMS will come on board. We are loading kerosene and AGO for now.”

On his part, the Delta State Chairman of Surface Tank and Kerosene Peddlers branch of NUPENG, Kingsley Erituoyo, said, “For so many years the refinery was down, today the refinery is up.

Findings at the Warri refinery by our correspondents showed scanty movement of trucks in and out of the complex.

It was observed that skeletal activities were ongoing at the WRPC, compared with the heyday of the refinery when the company was working at full capacity.

Industry sources disclosed that there was more to be put in place by the Federal Government and the NNPCL for the refinery to commence full-scale production of PMS.

During the visit to the WRPC complex, it was also observed that the main entrance to the refinery looked almost as if nothing was going on.

Security operatives at the gate stopped journalists from taking photographs on the premises.

Sources inside the refinery said only one of three units of the refinery was functional and producing diesel, gas, and kerosene.

“For now, only one unit is working at the refinery. You know there are three units; but only one is in operation, producing diesel, gas, and kerosene.

The unit can’t give fuel for now. If the second unit starts working, it can produce PMS. It is the last unit to operate because it’s very big and complicated.

“If all units are working, we can load over 100 trucks daily, now it loaded about 50 trucks,” a source said.