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Dollar to Naira Black Market Today| Latest Exchange Rate

by myeduproject July 14, 2023
written by myeduproject Published: July 14, 2023Last Updated on October 15, 2023
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Dollar to Naira Black Market Today| Latest Exchange Rate

Dollar to Naira Black Market Today| Latest Exchange Rate: The dollar to Naira black market rate is still staggering in favor of the US Dollar at the moment; the naira is still looking for a space to breathe owing to its floating policy by the government

As the diagram above shows, the naira sells for N815 per dollar and buys at N810 for a dollar at the black market. This exchange rate changes every day as dollar scarcity bites hard

The greenback (dollar) keeps rising due to high demand in the black market, while the naira depreciates,  

This situation is far different at the Importer and Investor window. At the I&E window, the dollar-to-naira rate is N806, this rate is subject to changes as traders transact

See 4 Strange Reasons Dollar is Powerful and Dominates International Trade

The Federal Government recently floated the naira, meaning the force of demand and supply will now determine the exchange rate, and all exchange rates are now unified as one

The I&E window provides real strength of the naira, representing the official dollar-to-naira rate in Nigeria.

Dollar to Naira Black Market Today| Latest Exchange Rate

 Effects of High Dollar-to-Naira Rate on Nigerians

Increase in Prices

Since Nigeria produces only 30 percent and imports 70 percent of what it consumes, prices of goods and services will skyrocket. There will be a drastic rise in the prices of goods and services for a long time  

Increased in BTA/PTA and SMEs

Both the black market and I&e windows now offer greenback at a high rate, due to the unification of all segments of the forest exchange. Students and investors may spend more on education and import

Unfavorable dollar-to-naira rate increase fuel prices and lead to Inflation

more on Dollar to Naira Black Market Today

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