Dollar To Naira Black Market Exchange Rate 16 September 2023
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Dollar to Naira Black Market Rate 16 September 2023
The current exchange rate for dollar to naira at the Lagos Parallel Market, also known as the Black Market, is set at N950 for buying and N955 for selling.
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Dollars to Naira Black Market – Handy Conversion Data Table
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Naira to Dollar Black Market Handy Conversion Data Table
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Dollar to Naira Rates News 16 September 2023
The naira fell sharply against the dollar on the black market, as the dollar index hit a six-month high. The black market exchange rate for the naira reached N955/$1, up from N945/$1 the previous day.
The depreciation of the naira is likely due to a number of factors, including:
The rising dollar index, which makes the dollar more expensive for buyers of other currencies.
Nigeria’s reliance on imports, which means that the country needs to buy large amounts of dollars to pay for goods and services from abroad.
The ongoing war in Ukraine, which has disrupted global supply chains and increased demand for oil and other commodities, which are priced in dollars.
The depreciation of the naira is likely to have a number of negative consequences for Nigeria’s economy. It will make it more expensive for businesses to import raw materials and finished goods, which could lead to higher inflation. It will also make it more difficult for Nigerians to afford imported goods, such as food and electronics.
The Nigerian government has taken a number of steps to try to stabilize the naira, including restricting the amount of foreign currency that can be exchanged at commercial banks. However, these measures have not been successful in preventing the naira from depreciating.
The depreciation of the naira is likely to continue in the coming months, unless the Nigerian government takes more decisive action to address the underlying economic problems.
Here are some potential implications of the naira’s fall on the black market:
Higher inflation: As imported goods become more expensive, inflation is likely to rise. This will hurt consumers and businesses alike.
Reduced economic growth: A weaker naira makes it more difficult for businesses to export goods and services, which could lead to slower economic growth.
Increased poverty: A weaker naira makes it harder for people to afford basic necessities, which could lead to an increase in poverty.
The Nigerian government needs to take urgent steps to address the naira’s depreciation, in order to protect the economy and the people