Sadly, the words of the prophets who prophesied that the dollar would someday exchange at ₦1000 has become a reality under the administration of president Bola Tinubu.
To the shock of most business owners and importers in the country, the exchange rate of the dollar to the naira has continued to rise.
This scary situation requires the urgent attention of those at the helms of affairs.
The possibility that anything that goes up in Nigeria will come down is less than 5%.
So it’s still like a bad dream to most people while others are finding the news difficult to believe.
That the exchange rate of the naira to the dollar in the parallel market also known as the black market has spiked that it is not ready to come down.
As of today, the naira is exchanging at ₦1045 to a dollar, the exchange rate continues to soar higher and higher each new day.
A few months ago, analysts were predicting the possibility of the dollar/naira exchange rate spiking up to ₦1000.
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They based their predictions on the foreign exchange crisis and naira devaluation, among so many others.
The forex crisis is still lingering.
It is yet to be known what measures are being put in place by the new governor of the Central Bank and the Minister of Finance to tackle the situation.
The naira previously exchanged at ₦1015 and was sold at ₦1005
Dollar to Naira Rate for Past 7 Days
| Date | Buy | Sell |
| October 11, 2023 | 1015 | 1005 |
| October 10, 2023 | 1013 | 1005 |
| October 9, 2023 | 1009 | 1000 |
| October 8, 2023 | 1008 | 1001 |
| October 7, 2023 | 1002 | 1008 |
| October 6, 2023 | 1000 | 982 |
| October 5, 2023 | 997 | 985 |
