See the black market Dollar to Naira exchange rate for 14th October, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1696 and sell at N1700 on Monday 14th October 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 (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1696 |
| Selling Rate | N1700 |
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1625 |
| Selling Rate | N1626 |
The Independent Petroleum Marketers Association of Nigeria (IPMAN) is gearing up for crucial discussions with Dangote Petroleum Refinery on Tuesday and Wednesday to finalize agreements regarding the cost and lifting of petrol from the state-of-the-art plant.
Sources who spoke with Punch indicate that the $20 billion refinery has requested the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) to resend its request for petrol lifting.
In a related development, PETROAN expressed optimism that petrol prices may decrease in the coming days as competition intensifies within the downstream oil sector, particularly with marketers loading petrol directly from the Dangote refinery.
IPMAN hailed the planned agreement with Dangote Refinery as a pivotal move in its efforts to streamline the lifting of petroleum products, thereby bolstering the stability and efficiency of Nigeria’s fuel supply chain.
This comes in the wake of the Federal Government’s recent decision to allow petroleum marketers to lift petrol directly from local refineries without involving the Nigerian National Petroleum Company Limited (NNPC).
The Minister of Finance and Chairman of the Naira-Crude Sale Implementation Committee, Wale Edun, emphasized this shift, stating, “Moving forward, petroleum product marketers are now able to purchase PMS (petrol) directly from local refineries without the intermediary role of NNPC. Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms, which will promote competition and improve market efficiency.”
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