Dollar To Naira Black Market Rate On 27th August 2024

Dollar To Naira Black Market Rate On 27th August 2024

Check out the black market exchange rate for the Dollar to Naira as of 26th August. These are the rates at which you can exchange your dollars for Naira today……CONTINUE READING 

**How much is the Dollar to Naira today in the black market?**
*Black Market Dollar to Naira Exchange Rate (Aboki Rate):*
As of Monday, 26th August 2024, the exchange rate for a dollar at the Lagos Parallel Market (Black Market) is N1610 for buying and N1620 for selling, according to sources from Bureau De Change (BDC) operators.

Please be aware that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market (black market). The CBN advises individuals looking to trade in Forex to approach their respective banks.

**Dollar to Naira Black Market Rate Today**
**Dollar to Naira (USD to NGN) Black Market Exchange Rate:**

– Buying Rate: N1610
– Selling Rate: N1620

**Dollar to Naira CBN Rate Today**
**Dollar to Naira (USD to NGN) CBN Exchange Rate:**

– Buying Rate: N1586
– Selling Rate: N1587

Please note that the rates at which you buy or sell Forex might differ slightly from the rates mentioned here, as prices can vary.

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**Why Cement Prices May Not Drop – Lafarge, BUA**

The combined effects of the ongoing depreciation of the Naira and rising inflation have led to a significant 121% increase in cement production costs, raising concerns among Nigerians hoping for a reduction in the price of this essential building material.

With cement prices already high, smuggling to neighboring countries where prices are even steeper has worsened the situation. In nations like Chad and Cameroon, the price of a 50kg bag of cement ranges between $120 and $150.

When converted at an exchange rate of ₦1,600 per dollar, this results in a cost between ₦240,000 and ₦270,200 per bag, which is vastly more expensive than the local price of ₦8,000 in Nigeria. This price disparity has fueled smuggling, further reducing the availability of affordable cement for local consumers.

Industry experts caution that without targeted interventions, the hope for lower cement prices in Nigeria may remain unfulfilled as production costs continue to rise.

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