Naira Hits Record Low Against Dollar at Black Market

Naira Hits Record Low Against Dollar at Black Market

Dollar to Naira Black Market Exchange Rate Today

The dollar to naira exchange rate at the black market, also known as the parallel market, is different from the official exchange rate set by the Central Bank of Nigeria (CBN).

The black market exchange rate is typically higher than the official rate, as it is determined by supply and demand.

Dollar to Naira Black Market Exchange Rate Today

On October 19, 2023, the dollar to naira exchange rate at the Lagos Parallel Market (Black Market) was as follows:

  • Buying Rate: N1145
  • Selling Rate: N1155

This means that you could buy a dollar for N1145 and sell a dollar for N1155.

Why is the Black Market Exchange Rate Higher?

The black market exchange rate is higher than the official rate because there is a shortage of dollars in the official market.

This shortage is due to a number of factors, including:

  • The CBN’s restrictions on foreign exchange transactions
  • The decline in oil exports, which are Nigeria’s main source of foreign exchange
  • The increase in imports

The dollar to naira exchange rate at the black market is typically higher than the official rate.

This is because there is a shortage of dollars in the official market.

If you need to buy or sell dollars, you should compare the rates offered by different black market dealers to get the best possible deal.

The National Bureau of Statistics (NBS) has reported that inflation in Nigeria rose to 26.72% in September 2023, from 25.80% in August.

This is the highest inflation rate in Nigeria since 2005.

The NBS said the upsurge in inflation is mainly linked to the removal of petrol subsidies and the devaluation of the official exchange rate.

Both of these factors have had a significant impact on consumer prices.

Inflation

Inflation is a measure of the rate at which the prices of goods and services are rising.

When inflation is high, people’s purchasing power decreases, as their money can buy less.

The high inflation rate in Nigeria is making it difficult for people to afford basic necessities such as food and shelter.

It is also discouraging investment and economic growth.

The Nigerian Government’s Response to Inflation

The Nigerian government has taken a number of steps to try to reduce inflation, including:

  • Raising interest rates
  • Reducing government spending
  • Increasing the supply of goods and services

However, these measures have not yet had a significant impact on inflation.

Conclusion

The high inflation rate in Nigeria is a serious problem that is affecting the lives of millions of people.

The Nigerian government needs to take more effective steps to reduce inflation and improve the lives of its citizens.

Business News

TDPel Media

This article was published on TDPel Media. Thanks for reading!

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