Today’s Black Market Dollar (USD) To Naira (NGN) Exchange Rate – 7th October 2024

What is the current exchange rate between the Dollar (USD) and Naira (NGN) on the black market, commonly known as the parallel market (Aboki FX)? Below is the Dollar to Naira exchange rate as of 6th October 2024. You can exchange your dollars for naira at the rates provided.

Black Market Dollar to Naira Exchange Rate Today

The dollar to naira exchange rate in the Lagos Parallel Market (Black Market) on Sunday, 6th October 2024, stands at ₦1675 for buying and ₦1680 for selling, according to sources from Bureau De Change (BDC) operators.

It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals seeking foreign exchange (forex) to transact through their respective banks.

Black Market (Aboki FX) Dollar to Naira Rates Today:

• Buying Rate: ₦1675
• Selling Rate: ₦1680

CBN Dollar to Naira Rates Today:

• Buying Rate: ₦1656
• Selling Rate: ₦1657

Please be aware that exchange rates may vary slightly from what is reported here, as prices can fluctuate.

Beef Prices in Nigeria Could Surge to ₦10,000 per Kilogram

The price of beef in Nigeria may soon skyrocket to ₦10,000 per kilogram, up from the ₦3,000 to ₦5,000 range observed a few months ago, unless immediate support is provided to pastoral farmers.

This alarming price increase reflects the economic challenges faced by Nigerians, as the country grapples with ongoing inflation.

During a media briefing in Abuja, Mrs. Winnie Lai Solarin, Director of Animal Husbandry Services at the Federal Ministry of Livestock Development, warned about the rising costs of beef. She cited the increasing prices of feed and water, as well as growing insecurity in farming regions, as key factors driving up meat prices.

Currently, beef prices have risen to between ₦6,000 and ₦7,000 per kilogram, a significant jump from ₦3,000 to ₦3,500 just a few months ago.

She explained, “The livestock sector has been neglected for too long. We need access to affordable feed and water, as well as better market regulations. If pastoralists are struggling, the meat supply chain is affected.”

Solarin highlighted that rising feed prices are particularly impacting the cost of meat and poultry products. “What was once cheap has become more expensive due to high maize and soya prices, affecting both poultry and livestock sectors.”