This is a significant increase from the previous rate of N1640.
The Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
However, the black market rate continues to influence the exchange rate in the country.
In related news, the global concrete and cement market is projected to grow by $438.3 billion between 2024 and 2028, according to a recent report by Technavio. The industry is expected to expand at a compound annual growth rate (CAGR) of over 6.36% during this period.
Key factors driving this growth include the booming global construction market, rapid urbanization, and increasing disposable incomes.
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However, rising construction costs are identified as a significant challenge to the market’s expansion.
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