Today’s Black Market Exchange Rate: Dollar (USD) to Naira (NGN) – December 8, 2024

The current black market exchange rate for the dollar to the naira remains a topic of interest for Nigerians seeking to trade foreign currency. On Saturday, December 7, 2024, the Lagos Parallel Market (also known as Aboki FX) recorded the following rates:

• Buying Rate: ₦1640 per dollar
• Selling Rate: ₦1650 per dollar

It is to note that the Central Bank of Nigeria (CBN) does not recognize black market rates and advises individuals requiring forex to approach their banks for official transactions.

CBN Official Rates
The CBN’s official exchange rate for the dollar to the naira on the same date ranged between ₦1565 and ₦1610.

Market Update: Drop in Food Prices in Akure
Meanwhile, residents of Akure, Ondo State, have witnessed a significant drop in the prices of some food items, providing relief as the festive season approaches.

• Garri: A bag now costs ₦35,000, down from ₦55,000.
• Tomatoes: A basket is now ₦60,000, previously ₦80,000.
• Beans: A 50kg bag is ₦130,000, reduced from ₦250,000.
• Spaghetti: A carton now sells for ₦23,000, compared to ₦35,000.
• Rice: The price of a 50kg bag has slightly decreased from ₦93,000 to ₦90,000.

However, not all commodities have followed this downward trend.

• Palm Oil: A 25-litre keg has surged to ₦54,000 from ₦37,000.
• Rodo Pepper: Prices have tripled, rising from ₦15,000 to ₦45,000.

The drop in staple prices is a welcomed relief for households preparing for the festive season, though the rising cost of certain items like palm oil and pepper presents challenges for some families.