As of August 26, 2024, the exchange rates for the dollar against the naira in the black market (also known as the parallel market) are as follows:
- Buying Rate: ₦1,610
- Selling Rate: ₦1,620
For comparison, the Central Bank of Nigeria (CBN) rates are:
- Buying Rate: ₦1,586
- Selling Rate: ₦1,587
Please note that rates may vary and the CBN does not recognize the black market rates. Individuals seeking to engage in forex transactions should use their banks.
Cement Price Concerns
The ongoing depreciation of the naira and rising inflation have driven a 121% increase in cement production costs, raising concerns over cement prices in Nigeria. The high cost of cement, exacerbated by smuggling to neighboring countries where prices are even higher, is causing significant disparities. In countries like Chad and Cameroon, the cost of a 50kg bag of cement ranges from $120 to $150, translating to ₦240,000 to ₦270,200 per bag at an exchange rate of ₦1,600 per dollar. This is much higher than the local price of ₦8,000 in Nigeria.
Experts warn that without targeted interventions, reducing cement prices in Nigeria may be challenging as production costs continue to rise.
