The exchange rate is not looking like there is a slowing down and many are wondering when Niara will rise again.
With the current economic challenges facing Nigeria, things are not looking very attractive in the oil-rich nation.
In the foreign exchange market, the Naira is on a daily decline. There is serious dollar scarcity and businesses are having a hard time surviving.
As of today, the exchange rate of the local currency in Nigeria, has risen above the predicted ₦1,000 benchmark.
The Naira is exchanging at ₦1,015 to a dollar in the parallel market also known as the black market. This is because of the scarcity of the dollar and the devaluation of the Naira.
According to currency dealers, the Naira exchanged at ₦1,009 yesterday, but it is exchanging today for ₦1,015.
Have You Read: Dollar To Naira Exchange Rate Crashes On Black Market
Many businessmen who import their raw materials using dollar as the acceptable mode of payment are currently stranded because they can’t access dollar.
This is the first time in Nigeria’s history, that the exchange rate is rising to this level.
As a result, there are many questions on the lips of Nigerians. Would Nigerian businesses survive this challenge? How long will this situation linger?
Some others want to know if the economy will rise above this forex and Naira devaluation thing that is making life difficult for Nigerians.
Dollar to Naira Rate for Past 7 Days
| Date | Buy | Sell |
| October 10, 2023 | 1009 | 1000 |
| October 9, 2023 | 1008 | 1001 |
| October 8, 2023 | 1002 | 1008 |
| October 7, 2023 | 1000 | 982 |
| October 6, 2023 | 997 | 985 |
| October 5, 2023 | 997 | 985 |
| October 4, 2023 | 1000 | 992 |
