Dollar to Naira Black Market Rates
The dollar-to-naira exchange rate in Nigeria’s black market reached N1,735 for buying and N1,750 for selling on November 7, 2024. These rates are available at the Lagos Parallel Market, though the Central Bank of Nigeria (CBN) does not officially recognize these figures. The CBN rate, meanwhile, shows a slightly lower rate of N1,680 for buying and N1,681 for selling.
Rice Prices Soar by 144% Over the Year
The National Bureau of Statistics (NBS) reports a significant surge in rice prices, with a 50kg bag of imported rice now costing ₦120,193, compared to ₦49,103 in September 2023—a 144.77% increase. The cost per kilogram of imported rice rose from ₦982.07 a year ago to ₦2,403.86 in September 2024. Similarly, loose agricultural rice prices have risen, with a year-over-year increase of 146.33%, and Nasarawa recording the highest price at ₦3,050.33 per kilogram.
These inflationary trends reflect growing food security concerns, with rising import costs impacting Nigeria’s staple food prices amid economic pressures.
