The dollar to naira exchange rate at the black market, also known as the parallel market, has hit N1600, according to sources at Bureau De Change (BDC) on Monday, August 12, 2024.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1590 and sell at N1600. Please note that 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.
READ ALSO: Dollar to Naira Exchange Rate: Black Market Traders Sell at N1610
In other news, Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, has claimed that food inflation in Nigeria is on the decline. According to Onanuga, prices for essential food items like yam and tomatoes have seen a significant reduction. “Food inflation is coming down as prices of yam, tomatoes decline massively,” he stated.
The price of a large basket of tomatoes at Ketu market now sells for approximately ₦55,000 to ₦60,000, a significant decrease from the ₦150,000 it cost a few months ago.
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The price of a large basket of habanero pepper (rodo) has reduced to an average of ₦25,000, compared to ₦55,000 during the peak of the price surge.
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