As of September 5, 2024, the black market (parallel market) exchange rate for the US Dollar (USD) to the Nigerian Naira (NGN) is as follows:
– **Buying Rate:** N1,635
– **Selling Rate:** N1,645

These rates reflect transactions at Bureau De Change (BDC) operators in Lagos.

For comparison, the Central Bank of Nigeria (CBN) exchange rate today is:
– **Buying Rate:** N1,594
– **Selling Rate:** N1,595

Please note that actual rates may vary depending on the location and the specific bureau or bank you engage with.

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**NMDPRA and NNPCL Initiate Local Currency Transactions for Dangote Refinery**

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Corporation Limited (NNPCL) have agreed to a new arrangement for crude oil transactions with the Dangote Refinery. Starting in September 2024, the Dangote Refinery will begin purchasing crude oil in naira and will supply 25 million litres of petrol daily.

This move is part of a broader strategy endorsed by the Federal Executive Council (FEC) to bolster the use of the local currency in oil transactions. The refinery is expected to increase its daily petrol supply to 30 million litres by October 2024.

Aliko Dangote, CEO of the Dangote Refinery, praised the initiative, noting that it is anticipated to reduce pressure on foreign exchange reserves by at least 40%. He expressed gratitude to President Bola Tinubu and his administration for supporting this strategic shift.