Scarcity of forex and the constant skyrocketing price of crude oil are challenges Nigeria has not been able to find a solution to.
These challenges are suffocating the Naira in the market, forcing its value to drop beyond the rate that an average Nigeria would have wanted.
The exchange rate of the Dollar to Naira on Wednesday crashed to an all-time low on the black market.
Bureau De Change (BDC) operators said a dollar exchanged at ₦983 and sold at ₦975.
The exchange rate of the Dollar to Naira, as of Wednesday, September 19, 2023, was ₦970.
Have You Read Black Market Dollar To Naira Exchange Rate Is Almost ₦1000?
Fluctuations in the price of crude oil around the world has contributed to the crash of the Naira, as Nigeria relies heavily on the revenue generated from crude oil.
Because Nigeria, imports more than it produces, it’s currency on the international scene, has little value when compared with that of exporting nation’s.
Dollar to Naira Rate for Past 7 Days
| Date | Buy | Sell |
| September 19, 2023 | 970 | 960 |
| September 18, 2023 | 965 | 955 |
| September 17, 2023 | 962 | 951 |
| September 16, 2023 | 950 | 962 |
| September 15, 2023 | 960 | 950 |
| September 14, 2023 | 952 | 945 |
| September 13, 2023 | 951 | 945 |
