The naira to dollar exchange rate in the black market has continued to fall, in the face of the many stringent policy adopted to mitigate against it.
Fluctuations in the black market exchange rate between the dollar and the naira, is presenting a challenging economic landscape for both investors and traders.
As of today, the unofficial exchange rate for the dollar to the naira is ₦905 buying and ₦915 selling.
Have You Read: Dollar To Naira Exchange Rate On The Black Market
The huge impacts of the variations on the Central Bank of Nigeria’s (CBN) official rate and the black market unofficial rate is being closely monitored by experts
This situation poses a major challenge to potential investors and businesses, not forgetting that it also has impact on Nigeria’s monetary stability.
The need to put in place a balanced financial and transparent environment for economic growth will force policy makers to try and bridge these exchange rates gap.
Investors Should Take Caution
Before jumping to invest at this critical time of serious exchange fluctuations, it would be wise for investors to seek financial and investment advise from experts
The disparity between the CBN rates and black market rates shows the need for an effective monetary policy that addresses these challenges posed by these divergent exchange rates.
You May Also Like: Dollar To Naira Exchange Rate On The Black Market
The dynamic nature of the black market exchange rates serves as a reminder of the importance of continuous monitoring and evaluation of economic conditions
It also emphasises the significance of well-informed decision making in a rapidly changing financial landscape.
Below is the performance of the naira to dollar exchange rates in the last seven days.
Dollar to Naira Rate for Past 7 Days
| Date | Buy | Sell |
| August 25, 2023 | 915 | 900 |
| August 24, 2023 | 907 | 890 |
| August 23, 2023 | 905 | 888 |
| August 22, 2023 | 902 | 878 |
| August 21, 2023 | 910 | 883 |
| August 20, 2023 | 910 | 883 |
| August 19, 2023 | 890 | 880 |
