The Nigerian naira has fallen in value against the US dollar. On the street market, it now costs N1,040 to buy one US dollar. This means the naira is weaker. People want to buy more dollars than there are available. This has caused the price of the dollar to rise.
People who trade foreign money have said the price can be between N1,035 and N1,045 for one dollar. This means dollars are becoming harder to get.
Many people can’t buy foreign money, even through the regular ways. One person who trades money said that banks have stopped selling foreign money. Instead, they ask their customers to put more money in their accounts. People now mostly get foreign money from the black market.
Even though the naira is weak on the street market, the official rate is N776.8 for one dollar. This means there’s a big difference between the official rate and the street rate.
Last month, the naira’s value fell below N1,000 for one dollar on the street market. Some experts thought it would go back up. But the Nigerian government has struggled to bring more dollars into the country. This has made the naira’s value keep dropping.
When people trade using digital money (cryptocurrencies), they use a rate close to N1,040 for one dollar. Some online platforms give rates like N1,022 and N1,017 for one dollar.
There’s now a 26% difference between the official rate and the street rate. Before, the difference was about 38.6%. If things don’t change, the street rate might become N1,200 for one dollar to match that old difference.
This big difference shows that the naira might keep losing value because people want more dollars than are available.
The Central Bank of Nigeria has been trying to control the problem. They’ve sold over US$6 billion in the foreign money market.
They’ve done this to make sure there’s enough money available and to keep prices stable. They’ve sold money to banks, small businesses, and other places. They’ve also bought some money back