Black Market: Dollar Exchange Rate Slowly Rising At ₦1140

While the Tinubu-led administration is still battling with ‘principalities’ pulling down the economy, dollar exchange rate has continued to rise.

Indeed, the fluctuating value of the currency has remained worrisome.

If you have relatives abroad who send money to you once in a while, this article must be of relevance to you.

It will offer you an update on the current exchange rate, Naira to dollar, in the black market.

For those wondering why people exchange their USD in the black market instead of the official Central Bank market.

The reason is simple, people buy dollars on the black market because they are prevented from doing so in the official market.

A lot of people need the dollar for business purposes while others need it to fund education.

Some want to travel abroad and so they require the dollar for such a trip.

However, there is this scarcity that makes it difficult for people to access the dollar in the official market.

This is what is driving them to the black market.

A situation that has caused the exchange rate of the dollar to rise tremendously against the Naira.

Currency dealers said a dollar was bought at ₦1130‎ and sold at ₦1138‎ today, as against ₦‎1140 it traded yesterday.

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