Current Black Market Dollar (USD) To Naira (NGN) Rate As Of November 8, 2024As of Thursday, November 7, 2024, the exchange rate for the Dollar to Naira at the Lagos parallel market (also known as the black market) is as follows:….KINDLY READ THE FULL STORY HERE▶

•Buying Rate: ₦1,735

•Selling Rate: ₦1,750

These rates are based on information gathered from Bureau De Change (BDC) sources in Lagos. Please note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, and individuals seeking to exchange foreign currencies are encouraged to approach their respective banks for official rates.

Official Dollar to Naira CBN Exchange Rate

•Buying Rate: ₦1,680

•Selling Rate: ₦1,681

It’s important to note that the exchange rates mentioned above may fluctuate, as the rates in the market can vary from one transaction to another.

Surge in Rice Prices: 50kg Bag Now Costs ₦120,193, Up From ₦49,103 Last Year

The National Bureau of Statistics (NBS) has reported a significant increase in the price of imported rice over the past year. The cost of a 50kg bag of imported rice has surged by 144.77%, rising from ₦49,103 in September 2023 to ₦120,193 in September 2024.

The price per kilogram of imported rice also saw an increase, rising by 3.21% from ₦2,329.05 in July 2024 to ₦2,403.86 in September. This marks a substantial increase from ₦982.07 per kilogram a year ago, more than doubling in price.

Other varieties of rice have also experienced price hikes. Loose agricultural rice saw a 4.42% increase, climbing from ₦1,882.39 in July to ₦1,965.64 in September. On a year-over-year basis, this represents a 146.33% rise from ₦797.98.

The highest rice price per kilogram was recorded in Nasarawa at ₦3,050.33, while Benue State reported the lowest at ₦1,314.13 per kilogram.