LIVE Dollar to Naira Black Market Rates 11 October 2023

Dollar To Naira Black Market Exchange Rate 11 October 2023

Daily US Dollar to Nigerian Naira Exchange Rate on The Voice of Nigeria

Keep abreast of the latest US dollar to Nigerian naira exchange rates with The Voice of Nigeria. Recognizing the ever-changing nature of currency values, we consistently update our rates to reflect the most current figures. To stay informed with the latest updates, bookmark this page.

Dollar to Naira Black Market Rate 11 October 2023

Today, in the Lagos Parallel Market (often called the Black Market), you can buy a US dollar for N1005 and sell it for N1010.

Dollars to Naira Black Market 2023 – Handy Conversion Data Table

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Dollar to Naira Black Market 10 October 2023

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Dollar to Naira Rates News 11 October 2023

Nigeria’s Money Problem: Naira Drops and Businesses Struggle

Nigeria’s money, the naira, has become less valuable compared to the dollar. On Tuesday, it traded between 1,005 and 1,025 naira for one dollar.

What’s happening?

1. The Central Bank of Nigeria let the naira’s value change easily against the dollar in June. Since then, the naira’s value has dropped.
2. Businesses in Nigeria are worried. If the naira’s value keeps dropping, factories might close, and people might lose jobs.
3. It’s also harder for businesses to buy things they need from other countries, like raw materials.
4. In the past, 980 naira could buy a dollar, but now it needs over 1,000 naira. Some currency traders say the dollar is becoming rare.

Why is this a big deal?

1. Small businesses are in danger. Dr. Solomon Aderoju, a leader of small businesses, says things are getting more expensive to make. And since people have less money, they aren’t buying as much.
2. Some businesses that took loans from banks might not be able to pay them back. This can make these businesses close.
3. Other problems are making things worse, like expensive fuel and foreign products being cheaper than local ones.

What are people saying?

1. Mr. Niyi Yusuf talked about the problems a less valuable naira can cause. Imported things will cost more. But if Nigeria sells more to other countries, it might balance out.
2. Mr. Adewale Oyerinde said the government needs to solve the money exchange problem to help businesses.
3. Dr. Ikenna Nwaosu warned that many businesses might close. He also said students going to study abroad will find it hard to buy dollars. He believes the price of petrol will go up, making things even harder for everyone.

What’s the government doing?

1. The House of Representatives is checking how dollars are used in Nigeria.
2. They want the Central Bank to take steps to help the naira. They also asked the government to make new rules to help the economy grow.
3. Ismail Dabo, a lawmaker, said the naira’s drop is bad for Nigeria. The country gets a lot of its money from selling oil. But when oil prices change in the world, it affects Nigeria a lot