Naira Sets New Record in Official, Black Market as Dangote, BUA, Others Agree to Slash Cement Price

• The naira plunged to its lowest in both the official and black markets on Monday, February 19, 2024
• The naira set a new exchange record of N1,598 and N1,730 per dollar in the official and black markets
• The development came as the nation’s cement manufacturers agreed to reduce the price of the product to N7,000 and N8,000

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The Nigerian currency faced further devaluation in the official and black markets on Monday, February 19, 2024.

The troubled Nigerian currency recorded a massive loss in all the markets, closing at the Nigerian Autonomous Foreign Exchange Market (NAFEM) at N1,598 per dollar and dipping further at the parallel market to N1,730 per dollar.

Black market hits N1,730 per dollar

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On Monday, February 19, 2023, the black saw the local currency fall to N,1730, losing N130 from what it exchanged over the weekend compared to the N1,600 per dollar it traded on Friday, February 16, 2024.

At the official NAFEM window, the naira also declined as it closed at N1,598.54 to a dollar, losing N100.29 in the official market compared to N1,498.25 it recorded on Friday, February 16, 2024.

Also, the official exchange rate window recorded a daily turnover of $66.43 million on Monday, February 19, 2024, compared to the $84.1 million recorded on Friday, showing a 20.98 loss.

The naira recorded the highest sport rate of N1,712 and the lowest of N1,100 per dollar.

Cement producers slash price

The development comes as Nigeria’s leading cement manufacturers agreed on Monday, February 19, 2024, to slash prices, noting that despite business costs, a 50kg bag should not sell higher than N7,000 and N8,000, Legit.ng reported.

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Dangote Cement, BUA and Lafarge said after a meeting with the minister of Works and Housing, David Umahi and the minister of industry, trade and investment, Doris Uzoka-Anite, that a price monitoring team would be established to ensure compliance.

A statement from Umahi’s aide, Uchenna Orji, said it is expected that prices will drop after securing the government’s interventions on the challenges of the manufacturers on gas, import duty, smuggling, and better road network.

“N1,700/$”: Atiku attacks Tinubu’s forex policies

Legit.ng reported that former vice president and presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has said that the way President Bola Tibubu’s government’s FX policy was hurriedly put together is the reason for the present state of things in Nigeria.

Atiku disclosed this on his X handle and insisted that even during a meeting last week to tackle the foreign exchange crisis and the problem of economic downturn, Tinubu could not show any concrete steps to solve the situation of the current fluctuation and poverty in the country.

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Naira appreciates at official market, falls at black market as FG gives new order to crash dollar

The former vice president said that Tinubu had told Nigerians and experts telling him how to resolve the crisis. He and his team should not be distracted and be allowed to continue with their policies that have brought untold hardship to Nigerians.

Source: Legit.ng