Has it occurred to you that 1 U.S dollar is more valuable than the highest currency note in Nigeria? This, expert say, poses a major threat to the economy.
The naira’s struggle to regain value has not yielded much desirable results, a situation that has left importers and manufacturers in a mess.
How does one begin to explain that the exchange rate of $1 in Nigeria as of today is ₦1170, in the black market.
To many, it makes no sense, but this is the sad economic reality in the nation.
Dollar To Naira Some Days Back
Yes, it is even better now compared to some days back. Dollar to naira exchange rate in the black market was at ₦1300.
The experience for most Nigerians has been bitter. This is because Nigerians depend largely on imported goods for their day- to-day activities.
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Sadly, this consistent surge in the exchange rate in the black market forces the prices of commodities, goods and service to soar astronomically.
Some Nigerians are already looking to December and expressing concerns. They wonder that if things are like this currently, what will it look like during the festive season, where the prices of goods are normally expected to go up.
Meanwhile, exchange rates in the black market are influenced by various factors. They are market dynamics of demand and supply, inflation, economic instability and global events.
Here is what the market has been like in the last couple of days.
Black Market Exchange Rate (Dollar To Naira In The Last 7 Days)
| Date | Buy | Sell |
| October 30, 2023 | ₦1160 | ₦1145 |
| October 29, 2023 | ₦1160 | ₦1145 |
| October 28, 2023 | ₦1165 | ₦1145 |
| October 27, 2023 | ₦1200 | ₦1170 |
| October 26, 2023 | ₦1290 | ₦1280 |
| October 25, 2023 | ₦1305 | ₦1280 |
| October 24, 2023 | ₦1305 | ₦1280 |
