During festive seasons, families want to have fun, travel, and enjoy themselves, but all these fantasies may not be possible for most families this year.
This is because the value of the naira has continued on a fast nose-diving spree against the dollar.
Prices of foodstuff, transport, fuel, and electricity and many other necessities is on a daily rise.
At a time like this, please note that whoever is telling you to spend extravagantly or lavishly on things that do not increase your financial standing, is not your friend.
Get well-informed before investing or spending your money, why?
Cash is scarce these days, foodstuff is experiencing inflation and businesses are crumbling.
Amidst all these, the naira has refused to be motivated to get up and compete against the dollar in the black market.
Have You Read: Naira Scarcity: PoS Operators Increase Service Charge By 100% Nationwide
Also, the naira at the black market dropped to its lowest level in nearly eight weeks.
This is despite the dollar languishing at four-month lows as currency traders were positioned for deeper-than-expected interest rate cuts by the Federal Reserve in 2024.
The naira traded at ₦1260 to the dollar on the black market where forex is sold unofficially.
According to Bureau De Change (BDC) operators in the black market, a dollar is bought for ₦1260 and sold at ₦1245 on Friday 15th December 2023.
Dollar to Naira Rate for the Past 7 Days
| Date | Buy | Sell |
| December 14, 2023 | 1240 | 1228 |
| December 13, 2023 | 1239 | 1228 |
| December 12, 2023 | 1245 | 1227 |
| December 11, 2023 | 1250 | 1245 |
| December 10, 2023 | 1245 | 1230 |
| December 9, 2023 | 1250 | 1237 |
| December 8, 2023 | 1260 | 1240 |
