As the Nigerian economy plunges further down daily and the local currency continues to fall, shuffling between ₦1170 and ₦1235.
Nigerians are facing scarcity of Naira and a harsh business environment due to the situation in the country.
Analysts, last year projected that the exchange rate of the Naira to the dollar in the black market would go as high as ₦1000.
Today, that projection has become a reality.
Have You Read: Naira Exchanging At ₦1260 In The Black Market
So, if you are a manufacturer, an importer or a traveler constantly in need of foreign exchange.
Then you know how difficult and expensive it is to acquire dollars via the official market meaning that the black market is your best bet.
In the black market, currency dealers saying a dollar was bought at ₦1245 and sold at ₦1230 today, as against ₦1235 it traded yesterday.
The exchange rate of the dollar to the naira in the black market has been fluctuating throughout the week.
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With the way things are currently going there is huge possibility that the exchange rate will rise to ₦1500, in the black market.
Dollar to Naira Rate for Past 7 Days
| Date | Buy | Sell |
| January 11, 2024 | 1255 | 1250 |
| January 10, 2024 | 1245 | 1237 |
| January 9, 2024 | 1245 | 1240 |
| January 8, 2024 | 1245 | 1230 |
| January 7, 2024 | 1243 | 1230 |
| January 6, 2024 | 1235 | 1220 |
| January 5, 2024 | 1225 | 1209 |
