Economy
Imported food inflation hits 42% as FG’s duty waiver delays
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Nigeria’s imported food inflation surged to 42.29 per cent in November 2024, according to the Consumer Price Index report released by the National Bureau of Statistics.
This represents a significant rise from 23.74 per cent recorded in November 2023, marking an 18.55 percentage point year-on-year increase.
On a month-on-month basis, the inflation rate increased from 40.96 per cent in October 2024, a 1.33 percentage point rise in just one month.
The data highlights the relentless upward trajectory of imported food inflation throughout 2024, which began at 26.29 per cent in January.
By October, the inflation rate had crossed the 40 per cent threshold, and November’s figure of 42.29 per cent is the highest recorded in the past two years.
This sharp rise has been attributed to multiple factors, including currency devaluation, global supply chain disruptions, and inefficiencies in domestic policies.
The Federal Government’s attempt to address the situation through a duty waiver on imported food has been fraught with delays.
In July 2024, the Federal Government announced a 150-day duty-free import window for food commodities as it stepped up efforts to tackle rising inflation, which had impoverished many Nigerians.
The commodities include maize, husked brown rice, wheat and cowpeas. Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price.
It was designed to reduce import costs and make staple foods more affordable. However, the implementation has stalled due to bureaucratic delays.
The PUNCH earlier reported that the average price of imported high-quality rice has surged by 144.77 per cent year-on-year as the Federal Government delays implementing its duty-free food policy.
Since the announcement of the policy, the price of one kilogramme of imported rice has risen by 3.21 per cent, climbing from N2,329.05 in July to N2,403.86 in September.
The Nigerian naira traded within a relatively stable range on Wednesday, May 13, 2026, as the Central Bank of Nigeria (CBN) continued interventions in the foreign exchange market.
Market analysts linked the recent stability to improved dollar inflows from exporters, foreign investors, and oil companies. In addition, the narrowing gap between the official and parallel market rates has boosted confidence in the forex market.
Meanwhile, traders said demand for foreign exchange remains high due to import payments, foreign tuition fees, medical expenses, and travel-related transactions.
Nigeria Exchange Rates – Wednesday, May 13, 2026
Currency Official Market Rate (₦) Parallel / Black Market Rate (₦) Mid-Market / Indicative Rate (₦)
US Dollar (USD) ₦1,355 – ₦1,365 ₦1,395 – ₦1,410 ₦1,360
Euro (EUR) ₦1,470 – ₦1,490 ₦1,590 – ₦1,630 ₦1,525
British Pound (GBP) ₦1,710 – ₦1,740 ₦1,850 – ₦1,900 ₦1,790
Chinese Yuan (CNY) ₦188 – ₦192 ₦195 – ₦202 ₦190
Japanese Yen (JPY) ₦9.7 – ₦10.1 ₦10.4 – ₦10.8 ₦10.0
Canadian Dollar (CAD) ₦995 – ₦1,020 ₦1,050 – ₦1,085 ₦1,015
Swiss Franc (CHF) ₦1,480 – ₦1,510 ₦1,560 – ₦1,610 ₦1,520
Saudi Riyal (SAR) ₦360 – ₦365 ₦372 – ₦380 ₦364
UAE Dirham (AED) ₦365 – ₦370 ₦378 – ₦385 ₦368
Market Insight
Financial analysts believe the recent appreciation of the naira reflects stronger forex liquidity and improving investor confidence in Nigeria’s official FX market.
However, experts warned that inflation, global oil prices, and external economic pressures could still affect the naira in the coming weeks.
Important Notice
Exchange rates may vary depending on location, transaction volume, and market conditions. Therefore, rates quoted by banks and Bureau de Change operators could differ slightly during the day.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that in April 2026, Nigeria met 99.2% of its Organization of Petroleum Exporting Countries (OPEC) crude oil production quota of 1.5mb/d.
This was revealed in the X handle of the commission, which stressed that the output rose to 1.48b/d of crude oil and 174,873b/d of condensate.
The total crude oil and condensate production, according to NUPRC, was 1.66mb/d.
“Nigeria’s production increased in the month of April to 1,488,540 barrels of crude oil and 174,873 barrels of condensates totaling 1, 663, 413 barrels per day. This implies that Nigeria met 99.2% of its 1.5mbpd OPEC quota of crude oil.”
The report revealed the that the figure also represents a 7.58% increase when compared to the month of March. NUPRC said the peak production in April was 1.85mbpd while the lowest production for the month was 1.46mbpd.
Dollar To Naira Exchange Rate
The Black Market Dollar-to-Naira Exchange Rate for 12th May 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 12th May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1387 on Tuesday, 12th May, 2026, 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 Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1387
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1375
Lowest Rate ₦1367
Disclaimer:NEWSRAIN NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates (black market rates) are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
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