The black market exchange rate for the Dollar to Naira on the 18th of February 2024 reflects the dynamics of currency trading in Nigeria. This alternative market, also known as the Black Market, provides a platform for individuals and businesses to engage in foreign exchange transactions outside the official channels.
On the preceding day, the 17th of February 2024, the black market exchange rate stood at N1640 for buying and N1655 for selling a dollar. This data, sourced from Bureau De Change (BDC) operatives, underscores the fluctuating nature of currency values in the informal market.
It’s essential to recognize that the Central Bank of Nigeria (CBN) does not sanction activities in the parallel market, emphasizing the importance of official channels for foreign exchange transactions. The CBN’s established rates for the Dollar to Naira on the 18th of February 2024 were a buying rate of N1492 and a selling rate of N1493.
RELATED: Black Market Exchange Rates for Dollar to Naira on February 17, 2024
The disparities between the black market rates and the CBN’s official rates highlight the complexities within Nigeria’s foreign exchange landscape. While the official rates provide stability, the black market rates reflect the dynamics of demand and supply, often influenced by various economic factors.
It’s important to note that individual experiences may vary, as forex rates are subject to change based on market conditions and individual transactions. As such, individuals engaging in forex activities should exercise caution and seek guidance from reputable financial institutions.
In conclusion, the black market serves as an alternative platform for forex transactions in Nigeria, with rates fluctuating based on market dynamics. While the CBN advocates for official channels, the black market remains a significant player in the country’s forex ecosystem, offering insights into the broader economic landscape.
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Latest Cement Price Update In Abuja, Sokoto, Ilorin, and Other Major Cities – 17th February 2024
In a recent market survey, it has been revealed that the cost of cement has seen a significant increase, causing concerns among consumers and retailers alike. As of February 17, 2024, the prices of Dangote and BUA cement have experienced a sharp rise in various major towns across Nigeria.
In the Kubwa area of the Federal Capital Territory, a 50-kilogram bag of Dangote cement is now priced between N8,600 and N9,600, while BUA cement is available in the range of N8,500 to N9,500. A similar trend is observed in Ibadan, Oyo State, where the market survey indicates a price tag of N9000 for a bag of cement.
Moving to Sokoto, Dangote cement is being sold for N9,200, with BUA priced at N8,650. Meanwhile, in Ilorin, BUA cement is available at N8,700, and Dangote cement is priced at N9000 per bag.
This surge in cement prices has raised concerns, prompting the Minister of Housing and Urban Development, Ahmed Dangiwa, to announce plans for a meeting with cement manufacturers. The aim is to understand the challenges faced by the sector, devise measures to curb rising costs, and establish sustainable solutions.
READ ALSO: Latest Update On New Cement Price Increase On 16th February 2024
Minister Dangiwa expressed his dismay at the continuous price hikes, especially considering that cement producers source their raw materials locally. He emphasized the need for manufacturers to provide transparent explanations for the incessant increases, highlighting the abundance of raw materials like limestone, clay, silica sand, gypsum, and iron ore in Nigeria.
The government, under the leadership of President Bola Tinubu, remains committed to ensuring decent and affordable housing for low- and medium-income earners. The Minister’s assurance to address the soaring cement prices reflects the administration’s dedication to creating liveable communities for all. As the meeting with cement manufacturers approaches, stakeholders await insights into the reasons behind the price hikes and potential strategies to alleviate the burden on consumers.
Updates on Black Market Exchange Rates for Dollar to Naira on February 17, 2024
In the dynamic realm of currency exchange, the Black Market Exchange Rates for Dollar to Naira on February 17, 2024, have witnessed some changes, sparking interest among traders and individuals involved in forex transactions. Despite the Central Bank of Nigeria (CBN) not acknowledging the parallel market, it continues to influence the broader forex landscape.
Compared to the rates reported on February 16, 2024, in Lagos Parallel Market, today’s rates indicate a subtle shift.
As of February 17, 2024, the Black Market suggests alterations in the forex landscape, reflecting potential changes in the Naira’s value against the US Dollar within a single day.
It’s important to keep in mind that these rates are subject to market fluctuations and may vary depending on location and other factors. Individuals engaging in forex transactions are advised to exercise caution and consult their respective banks, as the CBN underscores the importance of official channels for foreign exchange dealings.
RELATED: Black Market Dollar to Naira Exchange Rate Soars on 15th February 2024
While the information shared here is gathered from reliable sources, it’s crucial to understand that forex rates can fluctuate due to various factors. Allmedia24.com does not set these rates, and individuals should be aware that the rates they encounter may differ from those highlighted in this article.
As the Naira faces challenges in the parallel market, staying informed about the latest developments in forex rates is essential for making well-informed financial decisions. Participants in currency exchanges are encouraged to stay vigilant and adaptable in response to the ever-changing nature of forex markets.
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