The continuous rise in the exchange rate of the dollar to the Naira in the black market has become a major source of concern to Nigerians. 

Questions are spewing up left, right and center, as to how we got here and what should be done that has not been done.


Nigerians are reacting and they are saying the situation is choking.

Naira Exchange Rate To Dollar Continues Crashing
The Drop In Naira To Dollar Exchange Rate Plummeted After The Unification Of Rates

Each time people hear of the new exchange rate, they remember that they had seen the dollar exchange at a little over 200 Naira a few years a.


In fact, people wish there will ever be a time that the Naira will stand shoulder-to-shoulder with the dollar. But that journey is really far.

This is because, the exchange rate has crashed above ₦1000 in the parallel market also known as the black market.


Pulling back this ‘mighty’ hand down could be a tough task.

In fact, as we write, people’s source of livelihood is getting threatened with the continuous rise of the exchange rate in the black market.

As of today, October 19, 2023, the Naira is exchanging at ₦1100 to a dollar buying.

If you have dollars to exchange, you will be offered ₦1080 to a dollar.


Have You Read: Dollar Exchanges At ₦1045 In The Black Market

According to currency dealers, the local currency exchanged at ₦1080, the previous day in the black market.


Also, the pounds, towing higher above other currencies, trades at ₦1323 buying and ₦1295 when selling.

These exchange rates are making life difficult for Nigerians whose economy depends largely on imported goods.

The situation is made more precarious because homemade producers are already raising cost of products.

Most producers largely depend on imported raw materials for production.

Dollar to Naira Rate for Past 7 Days

Date Buy Sell
October 18, 2023 1080 1070
October 17, 2023 1068 1055
October 16, 2023 1063 1050
October 15, 2023 1063 1050
October 14, 2023 1063 1050
October 13, 2023 1052 1042
October 12, 2023 1060 1050



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