In the latest update from Aboki FX, the black market exchange rates for the Dollar to Naira on 12th February 2024 have been revealed. Despite the Central Bank of Nigeria’s stance on the parallel market, it continues to be a significant player in the forex landscape.
- Stable Black Market Rates:
- Players in the Lagos Parallel Market maintained stability, with buying rates at N1470 and selling rates at N1480 for the Dollar on Sunday, 11th February 2024.
- CBN Perspective:
- The Central Bank of Nigeria (CBN) continues to emphasize that it does not officially recognize the parallel market, urging individuals to conduct forex transactions through their respective banks.
- CBN’s Rates:
- As per the CBN rates, the official buying rate is N1480, and the selling rate is N1481 for the Dollar to Naira exchange.
- Variability Warning:
- It’s crucial to note that the rates provided by Aboki FX may differ from individual transactions as forex prices are subject to variations.
While the black market remains a popular avenue for forex transactions, individuals are reminded of the CBN’s preference for bank-mediated transactions. The stability in the black market rates on 11th February 2024 suggests a consistent trend, but individuals are advised to stay updated on market dynamics for informed financial decisions.
In Nigeria, the cost of cement has sharply risen to N7,000 per bag, a significant jump from N5,000 just a month earlier. This surge, attributed to the Cement Manufacturers Association of Nigeria (CMAN), has varying effects across different regions of the country.
Lagos and the Southwest region see prices climbing to N6,200 or higher, while in Southeast and Abuja, prices surpass N6,500. The ripple effect extends to construction materials like sandcrete blocks, whose prices have escalated from N450 to N500 for a six-inch block and N550 to N600 for a nine-inch block. Ready-mix concrete costs have also surged, impacting construction projects nationwide.
Leading players in Nigeria’s cement industry, including Dangote Cement Plc, Lafarge Africa Plc, and BUA Group, face infrastructure challenges such as inadequate transportation networks and unreliable power supply, contributing to rising operational costs.
Despite projections for a rebound in the cement sector in 2024, fueled by increased infrastructure budgets and initiatives like the Infrastructure Support Fund (ISF), prices are expected to remain high due to efforts by producers to offset operational costs amidst forex market volatility and persistent inflation.
Experts emphasize the crucial role of addressing macroeconomic challenges such as high inflation, depreciating exchange rates, and energy costs to mitigate the impact of rising construction material prices. Read more on Leadership.ng.
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