Dollar to Naira Black Market Exchange Rate for Today, May 29, 2024: EUR, Pound

Dollar to Naira Black Market Exchange Rate for May 29, 2024

The exchange rate for a dollar to naira at Lagos, Abuja, and Port Harcourt Parallel Market (Black Market) closed yesterday at an average of ₦1,510 per dollar according to the latest data obtained from Bureau De Change (BDC) operators.

Dollar to Naira Black Market Exchange Rate for Today

How much is $1 in Nigeria black market today?

• Buying Rate: ₦1,510
• Selling Rate: ₦1,520 / ₦1,540

Grey and Geegpay Dollar to Naira Rate Today

Geegpay Dollar to Naira Exchange Rate:

• EUR (€): Buying at ₦1680.03, Selling at ₦1695.55
• GBP (£): Buying at ₦1950, Selling at ₦1965
• USD ($): Buying at ₦1495, Selling at ₦1580

Grey Dollar to Naira Rate:

• EUR (€): Buying at ₦1640.03, Selling at ₦1,719.18
• GBP (£): Buying at ₦1902, Selling at ₦2,015.15
• USD ($): Buying at ₦1500, Selling at ₦1,590.90

CBN Exchange Rate Dollar to Naira Today

The CBN exchange rate dollar to Naira today is:

• Dollar to Naira (USD to NGN): CBN Rate Today
  • Buying Rate: ₦1,480
  • Selling Rate: ₦1,490

The Dollar to Naira Bank rate today is also the same as the CBN official rate. The only difference is just one to two naira difference from one bank to another.

Important Note on Dollar to Naira Black Market Exchange Rate in Nigeria

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. The rates you buy or sell forex at Aboki exchange rate today in Lagos and other Aboki Forex rates may be different from what is captured in this article because prices vary.

Pounds to Naira Today

• Pounds to NGN CBN Rate Today:
  • Buying Rate: ₦1,815
  • Selling Rate: ₦1,820

Euro to Naira Black Market Today

• Euro to Naira Exchange Rate Today:
  • Buying Rate: ₦1,600
  • Selling Rate: ₦1,605

Economic Hardship: Many Nigerians Can No Longer Afford Beer – Nigerian Breweries CEO

 

Nigerian Brewers Post N170bn Loss Due to Weaker Naira and Rate Hikes

The listed brewers in Nigeria posted a combined loss of N169.7 billion in the first three months of 2024, according to a BusinessDay analysis of their financial statements. This significant loss contrasts sharply with Q1 of the previous year, where three of the breweries reported a total loss of N54.3 billion, while Guinness Nigeria managed to post a profit of N1.84 billion.

Factors Behind the Losses

Rising Interest Rates and Naira Devaluation

The financial troubles of Champion Breweries Plc, Nigerian Breweries Plc, International Breweries Plc, and Guinness Nigeria Plc can be attributed to rising interest rates and the further devaluation of the naira. These economic challenges have led to increased production costs and exacerbated the cost-of-doing-business crisis in Nigeria.

“The recent naira devaluation has significantly impaired value for businesses with huge dollar exposures, amid the protracted decline in purchasing power in the Nigerian economy,” said Ayodeji Ajilore, an investment research analyst with ARM.

Foreign Exchange Losses

• International Breweries: Recorded a foreign exchange loss of N162.2 billion in Q1 from an FX gain of N1.22 billion in the previous year.
• Nigerian Breweries: FX loss widened to N72.85 billion from N14.64 billion.
• Guinness Nigeria: FX loss of N37.06 billion, up from N4.29 billion.
• Champion Breweries: Recorded an FX loss of N0.74 billion, whereas no FX loss was recorded in the same period of the previous year.

Nosike Nwajide, team lead of the research arm at Agusto & Co, highlighted that the shift to a floating exchange rate triggered a steep depreciation of the naira, leading to major FX losses in the industry.

Impact on the Industry

The beer industry contributes significantly to Nigeria’s economy through its domestic and international operations and its global supply chain. In 2019, the global beer industry supported a $2.2 billion GVA contribution to Nigeria’s GDP, accounting for 0.6 percent of national GDP, according to Oxford Economics.

Decline in Consumer Spending

Experts also attribute the losses to reduced consumer spending. Femi Egbesola, national president of the Association of Small Business Owners of Nigeria, pointed out that inflation has reduced the purchasing power and disposable income of consumers, forcing them to prioritize their spending.

“At the moment, many alternatives to alcohol are also available in the market and competition is very stiff,” Egbesola noted.

Uchenna Uzo, a professor of marketing at Lagos Business School, added that household incomes are failing to keep pace with the country’s accelerating inflation, leading to shrinking wallets and low demand.

“People are not buying as much as they would before the economic conditions in Nigeria,” Uzo said. “There has also been a bit more variety in terms of different types of beers other than the traditional premium lager that customers have available to them, and there are cheaper variants, so people are willing to explore lower-quality alcoholic beverages at cheaper prices.”

Future Outlook

The macroeconomic headwinds, including surging costs, continue to affect beer makers. As Nigeria navigates these economic challenges, it remains to be seen how the brewers will adapt and manage their financial health.

That is all for today on Dollar to Naira Black Market Exchange Rate.

Stay informed with Ejes Gist News – Your Source for Credible Naija News Today, latest Naija gists today, and Breaking News in Nigeria