Dollar To Naira Black Market Exchange Rate Today
This is a dedicated page where you can track the latest black market exchange rates between the US dollar and the Nigerian naira as of September 16, 2023. We constantly update this page with the freshest rates. Since trading is ongoing and rates fluctuate rapidly, be sure to revisit this page frequently for the most current information
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 N945 for buying and N955 for selling.
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Dollars to Naira 16 September 2023 Black Market – Handy Conversion Data Table
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Naira to Dollar Black Market 16 Sep 2023 Handy Conversion Data Table
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Dollar to Naira Rates News
In Nigeria, there is growing concern over the depreciating value of the local currency, the Naira, particularly in comparison to the US Dollar in the parallel market. This ongoing dilemma has left a significant portion of the Nigerian populace feeling uneasy, questioning if any measures can be taken to stabilize the Naira. Unfortunately, the policies implemented by President Bola Tinubu appear to have limited effect.
The ascendancy of the Dollar continues unabated, overshadowing the Naira which is witnessing a decline. There is a widespread call for innovative solutions to address this problem, as the current strategies seem inadequate. The prevailing uncertainty is fueling distress and apprehension among the citizens who are uncertain about the Naira’s prospects.
Although a segment of the population has somewhat adapted to this economic climate, for many, the weakening Naira versus the strengthening Dollar represents an ongoing struggle, especially in the foreign exchange sector. The government is endeavoring to enact changes, yet the results are not immediate, further dampening hopes.
One underlying issue exacerbating the situation is the nation’s substantial reliance on imports, coupled with a lack of robust exports to bolster the economy. This heavy dependency on foreign goods necessitates the use of Dollars, which adversely affects local businesses and the economy at large. Currently, the unfavorable exchange rates in the black market exacerbate individuals’ financial loss when converting Naira to Dollars.
The root cause of this disparity seems to be a heightened demand for Dollars, a demand that far surpasses the available supply. Adding to the complexities, the limited foreign currency resources are concentrated in the hands of a few, restricting circulation and intensifying the predicament.
In the wake of recent developments where BRICS nations are leaning away from utilizing the Dollar in international transactions, it is clear that Nigeria must devise innovative strategies to navigate these economic challenges. Despite efforts to consolidate exchange platforms, the impact on the market has been minimal. It is apparent that the journey towards finding a viable solution remains a considerable challenge, indicating that a substantial and concerted effort is still required to stabilize the situation.