Dollar To Naira Black Market Exchange Rate, 6 September 2023
You want to know the latest exchange rate between the US Dollar and the Nigerian Naira on September 6, 2023. It’s important to remember that the exchange rate can change often. This is because trading is happening all the time. Because of this, you should check for updates regularly to get the most current information
Dollar to Naira 6 September 2023 Black Market Rate
On 6th September 2023, Bureau De Change (BDC) sources confirmed that the current exchange rate for dollar to naira at the Lagos Parallel Market, also known as the Black Market, is set at N915 for buying and N925 for selling.
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Dollars to Naira Black Market 6th September 2023 – Handy Conversion Data Table
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Naira to Dollar Black Market 6th September 2023 – Handy Conversion Data Table
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Dollar to Naira Rates News 6/09/2023
Currency Policy and Rising Prices: Predicted Issues
In the first 100 days of President Tinubu’s term, significant changes in the foreign exchange policy and a substantial drop in the value of the Naira, along with a rise in fuel prices, have led to a surge in the prices of goods and services. These steps have deeply impacted the Nigerian economy and the daily lives of its citizens.
Change in Forex Policy
During his inaugural speech, President Tinubu stressed the need for a unified exchange rate to foster real economic growth. Shortly thereafter, the Central Bank implemented these changes, doing away with multiple exchange rates and introducing a system where exchange rates would be decided based on willing buyers and sellers. Additionally, they eased restrictions on foreign currency bank accounts, allowing holders to transfer up to $10,000 per day.
Naira Loses Value
As a result of these changes, the value of the Naira dropped sharply, almost halving its value at one point. From June 14th to August 24th, the currency depreciated by 64% in the investor and exporter window, and by 17.2% in the parallel market.
Spike in Inflation
These changes, combined with a hike in fuel prices, have driven up the costs of goods and services. The inflation rate has reached its highest point in 18 years, at 24.08% in July. The pace of inflation has accelerated considerably since Tinubu took office, increasing at four times the rate seen in the months before his term began.
Economic Growth Stalls
The economic growth rate has slowed down due to a combination of the Naira’s depreciation and other lingering issues. The growth reduced to 2.51% in the second quarter of 2023, a decline of 1.03 percentage points compared to the same period in 2022. A significant number of economic sectors experienced a slowdown or contraction, largely due to issues like weakened currency, reduced consumer spending power, and increased insecurity.
Experts in Lagos predict that the downward trend in economic activities, especially in manufacturing and transportation, will continue for the rest of the year. High prices are expected to further lower consumer buying power, putting pressure on various sectors including manufacturing and trade.
- Prices of goods and services have risen four times faster in the first two months of Tinubu’s administration.
- During this time, the Naira also depreciated significantly in the parallel market, dropping by 17.2% to N900 per dollar from N768 per dollar.