With the current exchange rate, Naira has lost 10.36% of its value since the beginning of 2022
Since the start of August, Naira has continued to rise, holding onto its gains and weak buying pressures in the Nigerians black market.
Since August 1st Naira became strong against the US Dollar significantly more in the foreign exchange (Fx) market
Although through local and global viewpoint on the indebted pressure on Naira, the demand for foreign exchange for goods and services still remains constant. Also the rise in the price of gasoline and oil made an impact as well.
According to the chairman of the foundation for Economic Research, prof Akpan Ekpo, early this year says that the nation has to shift to the production of non-oil goods if its wants to strengthen its currency
Please note that the Central Bank of Nigeria (CBN) does not recognize the black market, as it has directed individuals who want to engage in Forex to approach their respective banks as the black market rate always differs from the CBN rate.
The black market rate for dollars is frequently higher than the Central Bank of Nigeria Rate.
The dollar to naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from your bank. These rates are almost always cheaper than those available on the black Market
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