The continuous rise in the exchange rate of the dollar to the Naira in the black market has become a major source of concern to Nigerians.
Questions are spewing up left, right and center, as to how we got here and what should be done that has not been done.
Nigerians are reacting and they are saying the situation is choking.
Each time people hear of the new exchange rate, they remember that they had seen the dollar exchange at a little over 200 Naira a few years a.
In fact, people wish there will ever be a time that the Naira will stand shoulder-to-shoulder with the dollar. But that journey is really far.
This is because, the exchange rate has crashed above ₦1000 in the parallel market also known as the black market.
Pulling back this ‘mighty’ hand down could be a tough task.
In fact, as we write, people’s source of livelihood is getting threatened with the continuous rise of the exchange rate in the black market.
As of today, October 19, 2023, the Naira is exchanging at ₦1100 to a dollar buying.
If you have dollars to exchange, you will be offered ₦1080 to a dollar.
Have You Read: Dollar Exchanges At ₦1045 In The Black Market
According to currency dealers, the local currency exchanged at ₦1080, the previous day in the black market.
Also, the pounds, towing higher above other currencies, trades at ₦1323 buying and ₦1295 when selling.
These exchange rates are making life difficult for Nigerians whose economy depends largely on imported goods.
The situation is made more precarious because homemade producers are already raising cost of products.
Most producers largely depend on imported raw materials for production.
Dollar to Naira Rate for Past 7 Days
| Date | Buy | Sell |
| October 18, 2023 | 1080 | 1070 |
| October 17, 2023 | 1068 | 1055 |
| October 16, 2023 | 1063 | 1050 |
| October 15, 2023 | 1063 | 1050 |
| October 14, 2023 | 1063 | 1050 |
| October 13, 2023 | 1052 | 1042 |
| October 12, 2023 | 1060 | 1050 |
