The dollar to naira exchange rate has hit an all-time high of N1620 at the black market, also known as the parallel market (Aboki fx), as of August 27th, 2024.
This comes as the Central Bank of Nigeria (CBN) continues to direct individuals to approach their respective banks for forex transactions.
According to sources at Bureau De Change (BDC), the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) is N1610 for buying and N1620 for selling. However, the CBN rate for dollar to naira is N1586 for buying and N1587 for selling.
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The high exchange rate has led to a significant increase in the cost of cement production, raising concerns among Nigerians hoping for a reduction in the price of the essential building material. Industry experts warn that without targeted intervention, the hope of lower cement prices in Nigeria may remain elusive as production costs continue to rise.
“The combined effects of the ongoing depreciation of the Naira and rising inflation have led to a significant 121% increase in the cost of cement production,” said an industry expert.
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