Below are the prevailing Black market (Parallel market) also locally known as ‘Aboki FX’ exchange rates for today Tuesday July 4, 2023 for the Dollar, Euro, Pounds and other foreign currencies as obtained in Lagos, Abuja and Kano markets.
Following the new policy of the Central Bank of Nigeria under President Bola Ahmed Tinubu, to float the exchange rate of the Naira against the united states’ dollar and other foreign currencies, IgbereTV will be bringing you updates as observed in the parallel market.
It is important to note that the rates you buy or sell forex may differ from what is captured in this report because prices fluctuate and can change in minutes depending on market forces
Below are the average prices observed in the forex black market also known as Aboki FX’ in Lagos, Abuja and Kano Today Tuesday, July 4, 2023.
Dollar to Naira (USDNGN) Today
Buying N779
Selling N775
Euro to Naira (EURNGN) Today
Buying N 842
Selling N 827
Pounds to Naira (GBPNGN) Today
Buying N1003
Selling N985
CAD to Naira (CADNGN) Today
Buying N630
Selling N610
Meanwhile the pump price of Premium Motor Spirit (PMS), otherwise called petrol is expected to crash in the coming days as major oil marketers are importing large consignments.
The fuel is expected to hit Nigeria next week, according to major and independent dealers.
According to reports, this may force down the price of the commodity.
Also, crude oil refiners were currently releasing refined petroleum products on credit to dealers from Nigeria. This is due to the recent unification of the country’s exchange.
The development is said to have boosted the confidence of operators.
On the other hand, the Independent Petroleum Marketers Association of Nigeria promised to compete with the Major Oil Marketers Association of Nigeria and the Nigerian National Petroleum Company Limited on the importation of petrol.
According to them, this will also crash the cost of PMS.
Regarding when Nigerians should expect products being imported by major marketers, the Executive Secretary of the Major Oil Marketers Association of Nigeria, Clement Isong, said it will start coming this July.
“I will simply say between the second and third week of July,” he said.
Isong, however, explained that the NNPCL had made a lot of fuel imports, as some of its vessels were still on the way to Nigeria.
“Let me say that NNPCL has imported significantly to prevent the country from running dry. The vessels NNPCL imported are offshore Nigeria, so they have a significant volume, therefore in all circumstances the country will not run dry.
“So the options everybody has is that they can buy from NNPCL ex-depots or they can go and import from Europe or from other places. The assignment is that you compare your price if you buy from NNPCL or import from Europe.
“More or less, the taste of the pudding is in the eating. So do your calculation as the best as you can. But you will only know the full impact when the product is in your tank. If it goes right, it is then that you will know how competitive your price is. The more you do it, the more efficient you become,” Isong stated.
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