Today’s Exchange Rates
- Buying Rate: N1730 per USD
- Selling Rate: N1740 per USD
As of November 12, 2024, the dollar-to-naira rate in the Lagos black market stands at N1730 for buying and N1740 for selling. These rates are sourced from Bureau De Change (BDC) operators.
Please note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. For foreign exchange needs, the CBN advises individuals to use commercial banks.
Rising Costs in Building Materials Show 100% Increase
A new report indicates that building material prices in Nigeria have surged over the past year, with costs for essentials like cement, blocks, and paint more than doubling. The increase has been driven by supply chain issues, labor costs, and higher wholesale prices.
- Cement: Up from ₦4,000 to ₦8,800 per bag
- Blocks: Now between ₦550 and ₦600 per piece, from ₦250
- Iron Rods (10mm-16mm): From ₦800,000 to over ₦1,600,000 per ton
- Paint: Large containers rose from ₦23,000–₦25,000 to ₦46,000–₦50,000
These hikes pose challenges for the construction industry, impacting both large-scale developers and individual homeowners.
