See the black market Dollar to Naira exchange rate for 4th September, 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 N1635 and sell at N1645 on Wednesday 4th September 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 | N1635 |
| Selling Rate | N1645 |
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1594 |
| Selling Rate | N1595 |
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Corporation Limited (NNPCL) have finally agreed to sell crude oil to the Dangote refinery in naira.
NMDPRA announced that the Dangote refinery will provide 25 million litres of fuel each day starting in September 2024.
Naija News reports that this announcement follows the initiation of petrol production at the Dangote refinery.
This initiative aligns with the recent endorsement by the Federal Executive Council (FEC) to conduct transactions involving crude oil sales to the Dangote refinery in naira and purchase petrol products from the refinery in the local currency.
“At the NMDPRA headquarters in Abuja, NNPCL reached an agreement to commence crude oil sale and supply to Dangote Refinery in local currency.
“The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September. And will subsequently increase this amount to 30 million litres daily from October 2024,” NMDPRA said.
Earlier today, the CEO of Dangote Refinery, Aliko Dangote, stated that the agreement to sell crude oil to his refinery in naira, initiated by President Bola Tinubu, is expected to alleviate pressure on foreign exchange by a minimum of 40%.
He thanked President Bola Tinubu and his administration for implementing this strategic initiative.
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