Real estate development activities in Lagos, the country’s commercial hub, plunged by 14 percent in 2022 as a result of heightened election uncertainty, currency challenges, and inflation, an Intel report said.

The report titled “Lagos Real Estate Development Pipeline Report” disclosed that despite its volatility, the real estate market has remained resilient with bright spots emerging across a majority of the sectors reviewed.

The report which highlighted the number of uncompleted projects under the office, residential, hospitality, retail, and healthcare sectors in Lagos State stated that rapid infrastructure development ongoing in the state has ushered in new opportunities for developers and investors.

According to the report, the office sector recorded a decline in the development pipeline to 16 percent of total stock from the 25 percent recorded in 2021.

The report adds that the pipeline of residential developments estimated at 25,000+ units would not be sufficient to meet demand, creating an exciting opportunity for developers, particularly in the mid-low-end segment.

Commenting on the report, the Insights Lead, Estate Intel, Tilda Mwai, noted that the enactment of new policies such as forex convergence could affect the confidence of institutional investors in the new government.

She said, “Despite the volatility in the macroeconomic environment, the real estate market has remained resilient with bright spots emerging across sectors such as residential and healthcare.

Rapid infrastructure development too has also ushered in new opportunities for developers and investors in Lagos and its neighboring states such as Ogun State.

Black Market Dollar To Naira Exchange Rate Today, Wednesday 15th March 2023 can be accessed below.
The exchange rate between the naira and the US dollar today, Wednesday 15th March 2023 on the black market, opened at an average of N745/$1.

This report is according to information gathered from black market FX operators. Specifically, the traders noted that they buy FX from customers at an average of N740/$1 and sell for N745/$1. However, they also added that in some cases the rate could vary depending on the form of transaction, cash, or transfer. that is to say, you are likely to get a higher rate if you have physical cash to exchange.

Dollar to Naira Black Market Exchange Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N745
Selling Rate N750
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

CBN Official Naira to Foreign Exchange Rates

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 only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.

“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” the CBN Governor said during a press briefing on September 17, 2021.

The Federal Airports Authority of Nigeria has announced that Runway 18R and 36L of the Murtala Muhammed International Airport, Lagos, will be shut for eight weeks down for maintenance.

The Runway 18R and 36L are specifically dedicated to international flights. Following the development, the Federal Government has diverted all international flights to Runway 18L and 36R located at the domestic wing of the Lagos airport. The Runway 18L is dedicated to local flights.

FAAN in a statement on Monday confirmed that Taxiway B-18L would be used instead for all flight operations until maintenance was completed. However, stakeholders have expressed divergent views on the development.

The President of the Association of Foreign Airlines and Representatives in Nigeria, Kingsley Nwokoma, said, “If you go into the history of runway closures, there’s never been a time we have two runways running concurrently for a long time. FAAN recently worked on one and we had assumed we had a lasting solution but now we’re back to square one. Of course, if you don’t have two runways working concurrently, traffic will be affected as usual; there will be a lot of boarding as both international and local flights will be on the same runway.

He hopes FAAN has learnt to manage the ‘make shift’ runway better than it did last year when it shut the runway to fix airfield lighting.

Aviation expert, Capt. James Daniel, said, “If FAAN is closing down the international runway which is slightly longer, I believe the other runway is of sufficient length to accommodate bigger aircraft. I don’t see that having a major impact. Obviously, there will be delays in flights because of the extra number of aircraft flying off the other runway so it would obviously increase delays. The primary issue is the delay it will create of the traffic congestion.”