See the black market Dollar to Naira exchange rate for 2nd September, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1630 and sell at N1635 on Monday 2nd September 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1630 |
| Selling Rate | N1635 |
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1597 |
| Selling Rate | N1598 |
The Chairman of BUA Cement, AbdulSamad Rabiu, has revealed that efforts by his company to reduce the cost of cement to ₦3,500 per bag last year were undermined by cement dealers.
Speaking at the 8th Annual General Meeting of the company in Abuja, Rabiu expressed his frustration over the inability to control the final market price of cement despite the company’s initiative.
According to Rabiu, BUA Cement sold over a million tons of cement to dealers at the reduced price of ₦3,500 per bag, with the expectation that these savings would be passed on to consumers.
However, he disclosed that instead of adhering to this plan, the dealers sold the cement to end-users at prices ranging between ₦7,000 and ₦8,000 per bag, significantly higher than intended.
Rabiu noted that the company ultimately had to abandon the policy, stating that their intention was not to subsidize dealers but to provide affordable cement to consumers.
He also highlighted that external factors such as the devaluation of the Naira and the removal of fuel subsidies further complicated the implementation of the pricing policy, making it unsustainable.
Despite these challenges, Rabiu reiterated BUA Cement’s commitment to exploring ways to make cement more affordable for Nigerians.
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