Have you tried converting naira to dollar recently? Were you angry after the transaction?
Yes!, that’s how most people trying to travel out are feeling when they use close to ₦‎1200 to buy just $1.
Many times we have been assured time and time again that the exchange rate of the naira to the dollar would normalize.
Yet here we are, still waiting for that day to come, a day that may never come.
You see, one thing you must know is that, in Nigeria, when prices of goods and services go up, they don’t come down.
Have You Read: Black Market: See How Much A Dollar Exchanges To Naira
The scarcity of dollars in the country did not help matters, as people were forced to turn to the black market to access dollars.
Naira To Other African Currencies
Today, the naira has not just lost value and crashed against the dollar but it has crashed against other smaller currencies in Africa.
In the black market, currencies of countries like South Africa, Egypt, Cameroon, Benin Republic, Ghana, and other African countries, stand taller than the naira.
As of today, in the black market, the naira’s conversion rate to the dollar is ₦‎1130 when buying and ₦‎1090 when selling.
The intervention of the Central Bank of Nigeria (CBN), to clear the dollar backlog, is expected to bring ease to the economy that is already hostile.
But nothing has been seen in that regard thus far.
This conversion rate is not making things easy for importers of goods and raw materials in the countries.
As for travelers, paying airfares and sorting other things out has become very difficult.
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Here’s what the conversion rate of the dollar to naira looks like today.
Black Market Dollar To Naira Conversion Rate
$1-₦1130
$5-₦5,650
$10-₦11,300
$20-₦22,600
$50-₦56,500
$100-₦113,000
$500-₦565,000
$1000-₦1,130,000
