As much as Nigerians want the Naira-to-Dollar exchange rate to come down, it is only an increase in supply of the Dollar that can make this happen.
The rise in the value of the Naira in the exchange platforms depends largely on the surplus supply of the greenback.
Though, the Naira appreciated briefly on both the official market and the black market, it is gradually starting to nose-dive.
This situation calls for a quick response from the policymakers.
Currency dealers in Abuja are buying a dollar at ₦1470.00 and selling at ₦1450.00 today, as against ₦1,495.00 it traded on Saturday.
A black market is an underground economy. Its transactions are not compliant with an institutional set of rules.
On Friday, the naira appreciated in the parallel foreign exchange market, trading at ₦1,470.00 per dollar, marking a 2% increase from the ₦1,550.00 rate on March 20.
In Lagos today, Bureau De Change (BDC) operators set the buying rate of the Dollar at ₦1,430.00 and the selling rate at ₦1,470.00, yielding a profit margin of ₦40.00.
Meanwhile, most people in Nigeria believe that the clearance of the backlog of FX is responsible for the rise in the value of the Naira.
Therefore, an increase in the number of value-added manufacturing exports is what can aid the quick recovery of the economy.
Dollar to Naira Rate for Past 7 Days
| Date | Buy | Sell |
| March 23, 2024 | 1495 | 1470 |
| March 22, 2024 | 1525 | 1505 |
| March 21, 2024 | 1540 | 1500 |
| March 20, 2024 | 1550 | 1480 |
| March 19, 2024 | 1600 | 1520 |
| March 18, 2024 | 1588 | 1555 |
| March 17, 2024 | 1595 | 1570 |