Dollar to Naira Black Market Exchange Rate Today, November 20, 2024

Economic uncertainty continued to dictate the Nigerian Naira exchange rate against the United States Dollar as policy changes are yet to crystalise in the economy.

At the parallel market popularly known as the black market, Dollar to Naira exchange rate remained under pressure at N1,738. At the same time, investors and intending travelers can purchase a dollar at N1,740 at the unregulated foreign exchange section.

The Central Bank of Nigeria (CBN) exchange rate to international money transfer operators (IMTOs) like Money Gram, western union, etc stood at N1,674 to a United States Dollar, while the same was acquired at N1,675. See other details below.

Dollar to Naira Black Market Rate Today

CBN Dollar to Naira Exchange Rate

Meanwhile, Dangote Refinery has commenced exporting petroleum products to neighboring African nations.

A report by Bloomberg on Tuesday, quoting data from Vortexa, Kpler, Precise Intelligence, port reports, and a ship-tracking platform, revealed that the Dangote Refinery had achieved its first export milestone.

The report indicated that the tanker CL Jane Austen loaded over 300,000 barrels of petrol from the Dangote Petroleum Refinery for export to Togo.

Furthermore, the report highlighted that the petroleum shipment reached the coast of Lomé, Togo. However, it remains uncertain where the CL Jane Austen cargo will ultimately be distributed, as the area is known for ship-to-ship transfers.

“While the shipment is tiny in the context of the global gasoline market, it signals the ramp-up of Dangote’s production and the potential to export significant volumes of gasoline beyond Nigeria, which could upend regional markets,” the report added.