By Milcah Tanimu
Wondering about the current exchange rate between the Dollar (USD) and Naira (NGN) on the black market, also known as the parallel market? Here’s the latest update:
For February 25th, 2024, the black market exchange rate stood at buying at N1400 and selling at N1450 per dollar, as reported by sources within the Bureau De Change (BDC) network in Lagos.
It’s essential to note that the Central Bank of Nigeria (CBN) does not endorse or recognize transactions in the parallel market, directing individuals to conduct foreign exchange operations through authorized banks.
Here’s a summary of the exchange rates:
– Black Market (Aboki FX):
– Buying Rate: N1400
– Selling Rate: N1450
– CBN Official Rate:
– Buying Rate: N1488
– Selling Rate: N1489
Keep in mind that these rates may vary depending on the dynamics of the market.
Fuel Pump Price Witnesses 159.92% Surge in One Year, Reports NBS
According to the latest report from the National Bureau of Statistics (NBS), the pump price of fuel surged by 159.92% from N257.12 per liter in January 2023 to N668.30 in January 2024.
The report highlights a slight decrease of 0.53% in fuel prices from N671.86 in December 2023 to N668.30 in January 2024.
President Bola Tinubu’s removal of fuel subsidies upon assuming office led to a significant spike in pump prices, soaring from around N189 per liter to over N640 per liter.
The NBS report indicates regional disparities in fuel prices, with Kebbi State recording the highest average retail price at N796.67 per liter, while Kwara, Niger, and Kogi States had the lowest prices at N614.90, N624.04, and N626.79 per liter, respectively. In terms of zones, the North West Zone reported the highest average retail price, while the North Central Zone recorded the lowest.
These findings underscore the significant fluctuations in fuel prices across regions in Nigeria.