Current Black Market Exchange Rate: Dollar (USD) To Naira (NGN) On October 7, 2024

Current Black Market Exchange Rate: Dollar (USD) To Naira (NGN) On October 7, 2024As of October 6, 2024, the black market exchange rate for the dollar to naira is as follows:

•Buying Rate: ₦1,675

•Selling Rate: ₦1,680

These rates reflect the prices at which players in the Lagos parallel market, specifically Bureau De Change (BDC) operators, are conducting transactions.

It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, directing individuals seeking to engage in foreign exchange to approach their banks instead.

Official CBN Rates for Dollar to Naira Today

•Buying Rate: ₦1,656

•Selling Rate: ₦1,657

Please be aware that the rates at which you can buy or sell foreign exchange may differ from those mentioned here due to market fluctuations.

Potential Surge in Beef Prices in Nigeria

The price of a kilogram of beef in Nigeria could soon soar to ₦10,000, significantly up from the current range of ₦3,000 to ₦5,000, unless urgent support is provided to pastoral farmers. This alarming potential increase highlights the growing accessibility issues faced by average Nigerians amid the ongoing economic crisis.

During a media briefing in Abuja, Mrs. Winnie Lai Solarin, the Director of Animal Husbandry Services at the Federal Ministry of Livestock Development, raised concerns about the rising costs of beef. She attributed the surge in meat prices to the increasing costs of feed and water, as well as rising insecurity in farming areas.

Many Nigerians have expressed their worries over the escalating prices of meat and other protein sources, with the cost of a kilogram of beef recently rising to between ₦6,000 and ₦7,000, compared to ₦3,000 to ₦3,500 just a few months ago.

Mrs. Solarin stated, “The livestock sector has been neglected. What we need is adequate feed and water supply, along with market regulations for our products, many of which are currently lacking. Eighty percent of the meat consumed in our country comes from pastoralists, and if they face challenges, we can’t expect the situation to improve.

“Previously, they were able to obtain grass and feed at low prices, but now they must purchase them at higher costs. The restructuring has impacted their ability to access affordable feed. When feed prices rise, the cost of meat will naturally follow suit, similar to the poultry sector.

“The high prices of maize and soy are also driving up the cost of poultry products. Chicken, which used to be inexpensive, is no longer affordable, and the same applies to livestock.

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