The dollar to naira exchange rates continue to fluctuate, with the black market rates reaching N1615 as of August 23, 2024.
According to sources at Bureau De Change (BDC), the parallel market (black market) players are buying a dollar for N1605 and selling at N1615.
Meanwhile, the Central Bank of Nigeria (CBN) rate remains at N1591 for buying and N1592 for selling. It’s important to note that the CBN does not recognize the parallel market (black market) and has directed individuals who want to engage in Forex to approach their respective banks.
In other news, the Nigerian Electricity Regulatory Commission (NERC) has disclosed that four international bilateral customers owe Nigeria $14 million for electricity supplied in the first quarter of 2024.
The customers, including Para-SBEE and Transcorp-SBEE in Benin Republic, Mainstream-NIGELEC in Togo, and Odukpani-CEET in Togo, failed to remit payments amounting to $3.15 million, $4.46 million, $1.21 million, and $5.36 million, respectively.
The NERC report also highlighted that some bilateral customers, both local and international, made payments towards outstanding Market Operator invoices from previous quarters, totaling $5.96 million from two international customers and ₦505.71 million from eight local customers.
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