The naira to dollar exchange rate on the black market may soon hit a thousand naira.
With the current trend of hike in fuel, foodstuff, transport fare, electricity tariff and cooking gas, Nigerians maybe in for a long and bumpy ride.
It is no longer news that the Independent Petroleum Marketers Association (IPMAN), are gearing up to increase the pump price of fuel.
Have You Read: Naira Exchanges At ₦862 On Black Market
The price of cooking gas that reduced recently is also preparing for a surge by next week.
Amidst all these unfavorable situation, the naira on the parallel market also known as the black market is falling day by day.
Reports gathered shows that currency dealers are selling and buying the dollar in Abuja, Kano, Lagos between ₦915 and ₦950.
According to currency dealers today, a dollar is bought at ₦950 and sold at ₦940, as against ₦925 it traded yesterday.
The euro to naira is trading at ₦1005 buy and ₦985 sell respectively in the black market.
Also trading in the black market, the pound to naira exchange rate is ₦1185 buy, and sell is ₦1175.
The rate might vary slightly in different parallel (unofficial) market.
What does This Mean?
Nigerians may be in for a very difficult times in days to come, as almost everything thing is experiencing an upward trajectory.
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Those who bought dollars when it was ₦461 have a chance to cash out now massively or wait to see how high it will go.
It is advisable to convert your dollars on the black market instead of using the official window because of the over ₦200 differences.
Those traveling and conducting businesses with forex will pay more now to get forex.