How Much Is Dollar To Naira Exchange Rate Today Black Market { Updated Daily }
The Naira to dollar exchange rate though pegged at an official rate of of N305 per $1 had been at what might be best described as free fall in the black market .
Though in recent days it has been fluctuating, currently at a rate of
N495 – buy per $ 1
N498 – sell per $ 1.
This rate isn’t encouraging , in fact, many Nigerians now spend more buying less, an act that shouldn’t be. I would be highlighting below reasons why it is so. To check this page for any changes in the dollar rate, save or bookmark the link below
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dollar to naira exchange rate today black market
IMPORTATION IS ON THE HIGH SIDE
Nigeria as a country imports more than it export. This shouldn’t be so. The ridiculous part of the whole scenario is we import things like pampers and toothpick many some countries to see us as consuming countries rather a producing country. You may think there is nothing wrong with this but a deep look into it would show you that we are strengthening the dollars against the Naira since most international transactions are in dollars. We need to become a producing country so we could have more to export aside oil.
NIGERIANS OBSESSION FOR FOREIGN PRODUCT
In Nigeria, make a quality product and label it ‘made in Nigeria,’ and you would see low level of patronage. In the other way round, make an inferior product and label it made in US, Italy, Japan or even China and you would see how it would be rushed. This obsession for foreign products had made our importers import more exchanging our Naira for the dollars which had decrease the value of Naira.
This obsession had even gone to another level that we now prefer services rendered by persons from foreign countries who would demand to be paid in their own currency rather than our own. Nigerians fly out to study outside the country and go for other services like medication, conferences, seminars etc. It would be better if we can strike a balance in this. There is a recent campaign in Nigeria which is the ‘buy 9ja to grow the Naira,’ many people had no yet accepted it.
LOOTING OF PUBLIC FUND
public officers who are supposed to be custodians of our collective wealth had turned around to become the ones looting it. When they loot, they change this money into dollar and stock them in foreign accounts, this had been the major source of Naira devaluation.
FALL IN OIL PRICE
it is no news that Nigeria demands largely on oil exports for it revenue and it is also no news that this oil had lose value in the world market in recent years due to various reasons. This had led to a reduction in our revenue which had also affected the Naira. If only we can diversify to grow the Naira.
GOVERNMENTAL POLICIES
The policies been made by the Government had been a reason to. Just recently, there had been an outcry from some quarters that the Government had technical devalued the Naira, an allegation that the Government denied. Either way, many foreign investors had lost trust in the economy and had refused to invest. This among other reason had been the reason Naira is depreciating again the dollar.
In conclusion to how much Dollar To Naira Exchange Rate Today Black Market , I would like both the citizens and the Government to give a helping hand to the Naira before it becomes am object of ridicule like the Zimbabwe currency.
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