How Much Is 1 Dollar To Naira Exchange Rate Today in Black Market? Regarding the daily fluctuations of the dollar to naira exchange rate in Nigeria, we present to you the Dollar to Naira Exchange Rate in Black Market (AKA Parallel Market).

The US dollar to Nigerian Naira exchange rate today varies between the CBN exchange rate and the parallel market (black market) exchange rate. Going by the CBN exchange rate is pegged at, 1 USD = N305. But coming to parallel market (Black market), it’s a different story entirely as stated below.

1 Dollar to Naira Exchange Rate Today In Black Market

Buying => 1 Dollar to Naira = N375

Selling => 1 Dollar to Naira =N381

As prescribed above, the dollar to naira exchange rate in the black market is not pegged as CBN rate, as such, it fluctuates daily.

Looking at this and comparing it with about 4 years back, we would see that the Nigerian Naira had been loosing its value rapidly. What then can be done to strengthen it? It can be strengthened by reducing the demand for the dollar against the Naira in the country. This can be achieved by local production and exportation, stop the use of the USD as a legal tender as practice by some firms and other practices strengthening the dollar against the Naira in the country.

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 the 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 the 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 its 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 have 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.

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