Today's unofficial exchange rate for a US Dollar to a Nigerian Naira on July 24th, 2025
In a significant move aimed at tackling rising production costs and delivering better value to shareholders and customers, the BUA Group Plc has announced plans to generate its own electricity to power its production plants, particularly its cement factories.
The announcement was made by the Chairman of BUA Group, Abdul Samad Rabiu, at the company's Annual General Meeting (AGM) held at the Transcorp Hilton Hotel, Abuja. Rabiu highlighted that the group is spending too much of its income on power generation in a country that is still battling epileptic power supply.
To achieve this, the BUA Group has signed a 70MW power agreement with Wartsila OY of Finland and a 20MW gas-based power project with Green Power International. These partnerships are specifically for powering BUA Cement's Sokoto Line 4 and are aimed at improving the group's energy independence and operational efficiency.
The aim of the BUA Group generating its own electricity is to reduce operating costs and ultimately lower the market price of cement. The move is expected to significantly impact the group's strategy, as energy expenditure has been a major contributor to the rising cost of production.
Meanwhile, at the Lagos Parallel Market (Black Market), players buy a dollar for ₦1535 and sell it for ₦1540. The highest rate is ₦1537, while the lowest rate is ₦1530. The exact rate for future specific dates, such as August 1, 2025, is not available in current data. However, based on recent trends, the rate on August 1, 2025, could be expected to be in the neighborhood of ₦1,525 to ₦1,580 per dollar.
It's important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market). For precise data on August 1, 2025, or any other future date, you would need to consult real-time sources such as Aboki FX or Bureau De Change operators on or after that date, as these rates are not fixed and are not officially published in advance.
This strategic shift by the BUA Group is a testament to its commitment to reducing costs, improving operational efficiency, and delivering value to its stakeholders. As the company continues to grow and expand, these initiatives are expected to play a crucial role in its future success.
- The CBN's recognition of the parallel market (black market) rate for a dollar on August 1, 2025, is not available in current data, but based on recent trends, it could potentially fall between ₦1,525 and ₦1,580.
- The BUA Group's decision to generate its own electricity stems from the high expenses incurred on power generation in Nigeria, a country still struggling with power supply issues.
- In a bid to boost its energy independence and operational efficiency, the BUA Group has signed power agreements with Wartsila OY and Green Power International for the Sokoto Line 4, specifically aimed at providing 70MW and 20MW respectively.
- The objective of the BUA Group's self-powering project is to lower operating costs and ultimately reduce the market price of cement, which is expected to have a significant impact on the company's overall strategy.
- The BUA Group's Annual General Meeting took place at the Transcorp Hilton Hotel in Abuja, where the group's chairman, Abdul Samad Rabiu, explained the necessity of the move due to the high cost of power generation affecting the group's financials.
- Personal-finance experts are suggesting that investments in the Nigerian industry, such as the BUA Group, could potentially yield benefits as the group embarks on this cost-cutting strategy for its business operations.
