Naira Plunges to Record Low in Official and Black Market as Dangote, BUA, and Others Agree to Reduce Cement Prices

The Nigerian currency, Naira, has hit a record low in both the official and black markets.

This comes as a result of the recent agreement between major cement manufacturers, including Dangote, BUA, and others, to reduce the price of cement in the country.

According to recent reports, the Naira has fallen to a new low of N1,598 and N1,730 per dollar in the official and black markets, respectively.

The development comes as a surprise to many, considering the recent efforts by the Nigerian government to stabilize the currency.

The agreement between the cement manufacturers to reduce the price of cement in the country has also had a significant impact on the Naira’s value.

The move is aimed at reducing the cost of construction and boosting the economy. However, it has also led to a decrease in demand for the Naira, as investors and traders seek to take advantage of the new development.

The recent developments have raised concerns among economists and financial analysts, who believe that the government needs to take urgent steps to stabilize the Naira and prevent further depreciation.

Many have called for a review of the country’s monetary policy, while others have suggested that the government should focus on diversifying the economy and reducing its dependence on oil exports.

The recent record low of the Naira in the official and black markets is a cause for concern, and it remains to be seen how the government will respond to this development.

The agreement by major cement manufacturers to reduce the price of cement is a step in the right direction, but more needs to be done to stabilize the currency and boost the economy.