Dollar to Naira Rate in the Informal Market Hits Record Low of N960
This page is where you can find the newest exchange rates between the US dollar and the Nigerian naira. We always update this page with the latest rates. Because rates change fast, keep coming back here to get the newest details.
Dollar to Naira Black Market Rate 18 September 2023
The current exchange rate for dollar to naira at the Lagos Parallel Market, also known as the Black Market, is set at N955 for buying and N960 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
The naira, Nigeria’s money, has lost a lot of its value compared to the American dollar, especially in unofficial markets. One dollar can now get you 960 naira compared to 945 naira just a day before. This is happening because:
- The value of the dollar is going up, making it costlier for people using other kinds of money.
- Nigeria buys a lot of things from other countries, needing many dollars to pay for them.
- The war in Ukraine is causing trouble in the worldwide network of buying and selling goods, and raising the price of oil and other items sold in dollars.
This drop in the naira’s value can hurt Nigeria in several ways:
- Buying things from other countries will be more expensive for businesses, possibly causing prices to go up, which is called inflation.
- Everyday items from other countries like food and electronics might become too costly for many Nigerians.
Even though the government tried to keep the naira stable by limiting how much foreign money can be swapped at the banks, it didn’t work well. The naira might keep losing value unless the government acts more firmly to fix the root issues of the economy.
What could happen next if the naira keeps dropping:
- Prices going up: As items from other countries get pricier, the cost of living will increase, affecting both regular people and companies.
- Slower growth: Businesses might find it hard to sell their goods and services to other countries, which might slow down the growth of the economy.
- More poverty: With the naira being weaker, people might find it harder to buy the things they need, which might make more people poor.
To stop the naira’s value from dropping more, the Nigerian government needs to act fast to shield the economy and its citizens.