Dollar To Naira: Latest Black Market Exchange Rate For November 13, 2024

Dollar To Naira: Latest Black Market Exchange Rate For November 13, 2024
As of today, November 12, 2024, the Dollar to Naira exchange rate in the black market (also known as the parallel market) is as follows:....KINDLY READ THE FULL STORY HERE▶

•Buying Rate: ₦1,730 per USD

•Selling Rate: ₦1,740 per USD

Sources from Bureau De Change (BDC) in Lagos confirmed these rates for transactions in the parallel market. It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market and encourages individuals who wish to engage in foreign exchange to use authorized banks for such transactions.

Official CBN Dollar to Naira Exchange Rate (as of November 12, 2024)

•CBN Buying Rate: ₦1,687 per USD

•CBN Selling Rate: ₦1,688 per USD

Please keep in mind that the rates at which you can buy or sell USD in the market may vary slightly from the figures listed here, as exchange rates fluctuate based on supply and demand.

Building Materials Price Surge

In related news, a recent report highlighted a sharp rise in the prices of construction materials, with increases of over 100% in the past year. This surge has been attributed to a mix of supply chain disruptions, rising labor costs, and wholesalers raising their prices above factory rates.

•Cement prices have soared from ₦4,000 to ₦8,800 per bag, marking a 100% increase.

•Blocks, previously priced at ₦250 each, are now between ₦550 and ₦600, depending on size.

•Iron rods (10mm to 16mm) have risen from ₦800,000 per ton in 2023 to ₦1,600,000 per ton or more, depending on the supplier.

•Paint prices have doubled, with large rubber cans now costing between ₦46,000 and ₦50,000, up from ₦23,000 to ₦25,000.

These price hikes are creating significant challenges for developers and homeowners alike, making construction projects more expensive and less predictable.

For more information on this article and other related posts from Bushradiogist, please join our WhatsApp channel by clicking this link https://whatsapp.com/channel/0029VaUumOODTkK7AZL1Fw3o. For advertisement inquiries only, kindly send a message to 090 1907 0863 on WhatsApp.