The exchange rate between the Dollar and Naira remains a key topic for many Nigerians. Here’s the latest update for November 18, 2024, along with the current situation in Nigeria’s petroleum import sector:
Dollar to Naira Exchange Rate: November 18, 2024
On November 17, the black market exchange rate in Lagos showed the following figures:
- Buying Rate: N1,735 per USD
- Selling Rate: N1,740 per USD
These rates are sourced from Bureau De Change (BDC) operators. It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the black market; instead, individuals are advised to use their banks for official foreign exchange transactions.
CBN Official Exchange Rate:
- Buying Rate: N1,657 per USD
- Selling Rate: N1,658 per USD
Exchange rates can vary based on the location and market conditions.
Nigeria’s Fuel Imports Amid Dangote Refinery Push
Despite increased pressure from the Dangote Refinery to curb fuel imports, Nigeria continues to import substantial amounts of petroleum products. Between October 1 and November 11, 2024, a total of 1.947 million metric tonnes of petroleum products were brought into the country.
Breakdown of Imported Fuel:
- Petrol (PMS): 1.52 million metric tonnes (2.02 billion litres)
- Diesel (AGO): 414,018 metric tonnes (487.1 million litres)
- Aviation Fuel (Jet-A1): 13,500 metric tonnes (16.46 million litres)
The Nigerian National Petroleum Company (NNPC) was responsible for 40.5% of the total imports, amounting to 789,721 metric tonnes (1.05 billion litres).
Dangote Refinery’s Frustration
The Dangote Refinery, a key player in Nigeria’s oil sector, has expressed concerns over continued fuel imports. Aliko Dangote, the founder of Dangote Group, highlighted the issue during a press briefing on October 29, 2024. He pointed out that the refinery currently holds over 500 million litres of petrol, which cannot be sold due to ongoing imports.
This situation arises after the Nigerian government deregulated the downstream petroleum sector in October, allowing more private participation in fuel sales. The Dangote Refinery is advocating for a shift away from dependence on imports to enhance local production and stabilize the petroleum market.
News Editor