A few months ago, there were predictions that the Dollar to Naira exchange rate will get to ₦1,000. Day after day, that prediction is almost becoming a reality.
This trend is not a good one for local businessmen who source most of their raw materials outside Nigeria and make payments in Dollars.
Now that the Dollar to Naira exchange rate is getting closer to ₦1,000, on the black market.
Where do you think those converting Dollars to Naira will prefer to do their conversions? The black market of course.
Not all of them will want to go through the rigours of obtaining dollars from banks.
Really, there is a strong belief among Nigerians that things will pick up and the economy will rise again.
Sadly, the reality is not in agreement with this belief.
Several policies have been adopted by the Tinubu administration to upgrade the value of the Naira.
Unfortunately, the value of the currency keeps falling.
Black Market Exchange Rate
The local currency as of September 9, 2023, exchanges on the parallel market also known as the black market at ₦929 to a Dollar, when buying.
Have You Read: Naira Slumps Against Dollar On The Black Market
Now, the dollar is trading at ₦920, when selling, as against ₦932 it traded yesterday, on the black market.
Official Central Bank Exchange Rate
Meanwhile, the official Central Bank exchange rate increased by ₦4.47 or 0.57% to ₦789 on Friday, September 8, 2023, from ₦784 in the previous trading session.
The Naira is expected to trade at ₦795 by the end of this quarter, according to Trading Economics global macro models and analysts’ expectations.
It is projected that the Naira will trade at ₦926 in 12 months’ time. Historically, the Naira reached an all-time high of ₦799 in July of 2023.
Dollar to Naira Rate for Past 7 Days
|September 8, 2023||932||920|
|September 7, 2023||930||920|
|September 6, 2023||931||915|
|September 5, 2023||925||915|
|September 4, 2023||925||912|
|September 3, 2023||918||915|
|September 2, 2023||920||906|