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See the Value of Dollar to Naira Exchange Rate on the Black Market for August 21, 2024

Published by Tope Fakinlede on August 21st, 2024.

See the Value of Dollar to Naira Exchange Rate on the Black Market for August 21, 2024

Curious about today’s Dollar to Naira exchange rate in the black market, often referred to as the parallel market (Aboki fx)? Here’s the latest update. On August 20, 2024, the rate for exchanging dollars to naira in Lagos’ parallel market was approximately N1602 for buying and N1605 for selling, according to Bureau De Change (BDC) sources.

Naira and Dollars

Keep in mind that the Central Bank of Nigeria (CBN) does not acknowledge the parallel market. The CBN advises individuals seeking foreign exchange to transact through authorized banks. The rates provided here are subject to variation and may differ from current market conditions.

**NNPC’s Petrol Pricing Explained**

The Nigerian National Petroleum Company (NNPC) Ltd has clarified its petrol pricing policy, stating that it sells Premium Motor Spirit (PMS) at half of its actual landing cost. On August 19, 2024, NNPC’s Chief Financial Officer, Umar Ajiya, explained that the company is addressing a financial shortfall rather than providing a subsidy.

Ajiya noted that while the official pump price of petrol is about ₦600 per litre, the actual landing cost is near ₦1,200 per litre. According to Bloomberg, NNPC has incurred ₦7.8 trillion in the first seven months of 2024 to manage this cost difference.

Although the term “subsidy” was used in internal communications between NNPC and the presidency, Ajiya emphasized during a media briefing that NNPC is not engaged in a traditional subsidy. Instead, the company is coordinating with the Federation to handle the cost disparity between the landing and selling prices.