The Nigerian Naira dipped by N2 against the United States Dollar on Tuesday at the parallel market popularly known as the black market as the growing demand for the greenback continues to dictate the nation’s foreign exchange rate.
The United States (US) Dollar was sold to the Aboki forex trader at N1,742 while the same was purchased for N1,750, against the N1,740 it was sold and N1,750 it was purchased on Monday.
The black market dollar-to-naira exchange rate remains under pressure ahead of the Christmas surge in demand for the US Dollar by investors looking to import goods for December sales. See the Central Bank of Nigeria‘s exchange rate below.
Black Market Dollar to Naira Black Rate Today
| Dollar to Naira (USD to NGN) |
Black Market Exchange Rate Today |
| Selling Rate |
N1742 |
| Buying Rate |
N1750 |
CBN Dollar to Naira Rate Today
| Dollar to Naira (USD to NGN) |
CBN Rate Today |
| Selling Rate |
N1664 |
| Buying Rate |
N1665 |
Meanwhile, Many Nigerians have expressed happiness following the announcement by the Nigerian National Petroleum Company Limited (NNPCL) that the Port Harcourt refinery has begun production of fuel.
This development is coming after several postponements and a series of deadline flops by the company.
NNPCL spokesperson, Olufemi Soneye, confirmed the commissioning of the nation’s refinery, saying the loading of trucks would start on Tuesday.
Several reactions have started trailing the announcement as many Nigerians expressed hope that the revitalisation of the Port Harcourt Refinery would assist in addressing fuel hikes in the country.
It could be recalled that NNPC Chief Corporate Communications Officer, Olufemi Soneye, had explained that the company encountered risks and challenges while carrying out the rehabilitation, being a brownfield project for the refinery.