Naira To Dollar CBN Rate Today 24th July 2023
See the black market Dollar to Naira exchange rate for 21st May, 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 N1450 and sell at N1470 on Tuesday 21st 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 (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1450 |
| Selling Rate | N1470 |
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1481 |
| Selling Rate | N1482 |
The launch of the Dangote Petroleum Refinery is anticipated to drastically reduce Nigeria’s fuel import costs, which currently stand at about ₦6.2 trillion annually.
Aliko Dangote, the chairman of the Dangote Group, confirmed at the Africa CEO Forum Annual Summit in Kigali, Rwanda, that the refinery will start distributing premium motor spirit next month.
This marks a significant shift towards self-sufficiency in fuel supply for Nigeria and potentially West Africa.
The Dangote Refinery, representing a $20 billion investment, aims to fulfil domestic demands and possibly extend its supply across the West African region, covering petrol, diesel, and aviation fuel needs.
Dangote expressed confidence in the refinery’s capacity, stating, “By sometime in June, Nigeria shouldn’t import anything like gasoline; not one drop of a litre.”
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