Dollar to Naira Black Market Today| Latest Exchange Rate
Dollar to Naira Black Market Today| Latest Exchange Rate: The dollar to Naira black market rate is still staggering in favor of the US Dollar at the moment; the naira is still looking for a space to breathe owing to its floating policy by the government
As the diagram above shows, the naira sells for N815 per dollar and buys at N810 for a dollar at the black market. This exchange rate changes every day as dollar scarcity bites hard
The greenback (dollar) keeps rising due to high demand in the black market, while the naira depreciates,
This situation is far different at the Importer and Investor window. At the I&E window, the dollar-to-naira rate is N806, this rate is subject to changes as traders transact
See 4 Strange Reasons Dollar is Powerful and Dominates International Trade
The Federal Government recently floated the naira, meaning the force of demand and supply will now determine the exchange rate, and all exchange rates are now unified as one
The I&E window provides real strength of the naira, representing the official dollar-to-naira rate in Nigeria.
Effects of High Dollar-to-Naira Rate on Nigerians
Increase in Prices
Since Nigeria produces only 30 percent and imports 70 percent of what it consumes, prices of goods and services will skyrocket. There will be a drastic rise in the prices of goods and services for a long time
Increased in BTA/PTA and SMEs
Both the black market and I&e windows now offer greenback at a high rate, due to the unification of all segments of the forest exchange. Students and investors may spend more on education and import
Unfavorable dollar-to-naira rate increase fuel prices and lead to Inflation
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