By Milcah Tanimu
In the latest economic update, the black market exchange rate for the Dollar to Naira has surged to N1520, according to reports from the Lagos Parallel Market. This increase comes amidst rising inflation, placing further strain on Nigerian consumers.
The buying rate stands at N1515, reflecting the challenges faced by individuals seeking foreign exchange transactions outside the official channels. It’s worth noting that the Central Bank of Nigeria (CBN) does not recognize the parallel market, advising citizens to engage with authorized banks for forex transactions.
This spike in exchange rates coincides with alarming data from the National Bureau of Statistics (NBS), revealing significant price hikes in essential food items. According to the NBS report, the average price of local rice has risen to N1,399.34 per kilogram, marking a 3.47% increase from the previous month.
Similarly, other staple foods like garri, beans, and tomatoes have experienced substantial price surges, exacerbating the financial burden on Nigerian households. With prices soaring, consumers are grappling with the harsh realities of inflation, highlighting the urgent need for effective economic measures to stabilize the currency and mitigate inflationary pressures.
Leave a Reply