Dollar to Naira Black Market Rate Today, 23 August 2023

The naira dropped a lot compared to the US dollar on Tuesday, even though the government tried to help. On the unofficial market, one US dollar now costs N900 naira, which is more than N840 from last week.

Experts say this drop is because many people want dollars, and even with the government’s plans to fix it, there’s still a big demand. There was a short time when the naira did a bit better because people were worried about making money from it. Some say that once the government starts providing more dollars, things might improve.

The news that certain groups will be allowed back into the foreign exchange market was seen as good because it could mean more money flowing. But, some people were shocked to hear that as of December 2022, the central bank only had $3.7 billion left.

On the official market, the naira was N770 for one US dollar on Tuesday, a drop from N761.32 the day before. Experts hope the government’s efforts will help improve things soon, especially in the unofficial market where the price difference is big.