Dollar Sells For N750 On Boxing Day

The dollar sold for an average of 750 naira in the Black Market across Nigeria and was bought for an average of N740 on Boxing Day, December 26, 2022.

GWG.ng reports that the official market was closed in Nigeria on December 26 being an official holiday to mark Boxing Day. The holiday also holds on Tuesday, December 27, 2022.

However, the Dollar to naira exchange rate at Lagos Parallel Market (Black Market) players buy a dollar for N740 and sell at N750 on Monday 26th December 2022, according to sources at Bureau De Change (BDC).

GWG.ng reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), given that the apex bank directs applicants for foreign exchange to go through the banks. Even more, the official channels were not opened on Boxing Day for dollar naira exchange.

Meanwhile, the The National Bureau of Statistics (NBS), said that prices of selected food items increased in November.

This is, according to the NBS Selected Food Prices Watch Report for November 2022, released in Abuja on Monday.

The report said that the average price of 1kg boneless beef on a year-on-year basis, increased by 29.00 per cent from N1,812.03 recorded in November 2021 to N2,337.46 in November 2022.

“While on a month-on-month basis, 1kg boneless beef increased by 3.14 per cent from N2,266.24 recorded in October 2022.”

It showed that the average price of 1kg rice (local) increased on a year-on-year basis by 18.95 per cent from N421.02 in November 2021 to N500.80 in November 2022.

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