The dollar to naira exchange rate at the black market, also known as the parallel market (Aboki fx), has been fluctuating in recent days.
As of August 25th, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1600 and sell at N1610.
The Central Bank of Nigeria (CBN) does not recognize the parallel market, and individuals are advised to approach their respective banks for Forex transactions. However, the black market rate is widely used by many Nigerians.
In other news, the Dangote refinery, with a capacity of 650,000 barrels per day, is currently conducting test runs for producing Premium Motor Spirit (PMS), commonly known as petrol or fuel, with full operations anticipated by mid-September.
“It is possible that there could be further extensions”, IIR said in a note to clients. Upon reaching full operational capacity, the refinery is poised to transform the fuel trade between Europe and Africa while diminishing Nigeria’s dependence on imported refined products.
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