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Surge In Black Market Dollar To Naira Exchange Rate

… CBN directs Forex Traders To Their Banks

Published

Monday, October 7, 2024 at 10:26 AM

Written by Love Patience Tarimoboere

Surge In Black Market Dollar To Naira Exchange Rate

The current dollar to naira exchange rates in Nigeria are causing quite a stir. As of yesterday, October 6, 2024, the parallel market, also known as the 'black market,' was buying dollars at N1675 and selling at N1680. And as of today, October 7, 2024, those rates remain the same - N1675 for buying and N1680 for selling.

Meanwhile, the Central Bank of Nigeria (CBN) rate is slightly lower, with a buying rate of N1656 and a selling rate of N1657.

This surge in exchange rates is having a ripple effect on the economy, particularly on the cost of living for ordinary Nigerians.

The Director of Animal Husbandry Services at the Federal Ministry of Livestock Development, Mrs. Winnie Lai Solaris, has expressed concerns about the rising cost of beef due to these exchange rate fluctuations.

She suggested that the cost of a kilogram of beef in Nigeria may soon reach a staggering price of ₦10,000, significantly up from the ₦3,000 to ₦5,000 range seen just a few months ago, unless urgent support is provided to pastoral farmers.

Mrs. Winnie also pointed to the escalating prices of feed and water, alongside increasing insecurity in farming areas, as primary contributors to the surge in meat prices.

“The livestock sector has been neglected, what we need in this sector is feed and water, as well as market regulations for our products, a lot of this things has not been in place. 80 per cent of the meat on our table is from the pastoralists and if the pastoralists are embattled you don’t expect things to go well”, she complained.

“Before, they were getting grass and feed very cheap, but today they have to buy. It is the restructuring that is causing this, they need to buy feeds and they are unable to get cheap feeds. If you have high cost of feed, you will have high cost of product, just like what we have in the poultry sector”.

“High cost of maize and soya is driving the cost of poultry products, the chicken we use to have is not that cheap anymore the same thing for livestock.”

Due to the surge in the Black Market aka ‘Aboki fx’ exchange rate, the Central Bank of Nigeria (CBN) has said that they do not recognize the parallel market (black market), and has directed individuals who want to engage in Forex to approach their various banks, respectively.

Edited By: Chinedu Eze

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Surge In Black Market Dollar To Naira Exchange Rate

Meanwhile, the Central Bank of Nigeria (CBN) rate is slightly lower, with a buying rate of N1656 and a selling rate of N1657.

This surge in exchange rates is having a ripple effect on the economy, particularly on the cost of living for ordinary Nigerians.

The Director of Animal Husbandry Services at the Federal Ministry of Livestock Development, Mrs. Winnie Lai Solaris, has expressed concerns about the rising cost of beef due to these exchange rate fluctuations.

She suggested that the cost of a kilogram of beef in Nigeria may soon reach a staggering price of ₦10,000, significantly up from the ₦3,000 to ₦5,000 range seen just a few months ago, unless urgent support is provided to pastoral farmers.

Mrs. Winnie also pointed to the escalating prices of feed and water, alongside increasing insecurity in farming areas, as primary contributors to the surge in meat prices.

“High cost of maize and soya is driving the cost of poultry products, the chicken we use to have is not that cheap anymore the same thing for livestock.”

Due to the surge in the Black Market aka ‘Aboki fx’ exchange rate, the Central Bank of Nigeria (CBN) has said that they do not recognize the parallel market (black market), and has directed individuals who want to engage in Forex to approach their various banks, respectively.

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