See the black market Dollar to Naira exchange rate for 7th 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 N1670 and sell at N1680 on Saturday 7th 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 | N1670 |
| Selling Rate | N1680 |
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1628 |
| Selling Rate | N1629 |
UTM Offshore Limited, a company based in Nigeria, has been granted authorization to establish the country’s inaugural floating liquefied natural gas (LNG) facility.
Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a construction license for this LNG project, projected to yield 2.8 million metric tons annually.
Announcing the development, the Chief Executive of the Authority, Farouk Ahmed, remarked that the project represents a pivotal achievement and is in harmony with the government’s objectives for gas expansion.
This initiative aligns with Nigeria’s goal to utilize its proven gas reserves, which total 206 trillion cubic feet, a significant portion of which is currently flared or re-injected into wells.
Ahmed further noted that UTM was initially authorized to construct a facility with a capacity of 1.2 million tons per annum in 2019, but this was later enhanced to 2.8 million tons due to the rising demand for LNG in the market.
The facility will be situated offshore in Akwa Ibom state, within the resource-rich Niger Delta, and is anticipated to be inaugurated in 2028, with the first gas expected to flow a year later. It will produce LNG, petroleum gas, and condensate.
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