UPDATED: Dollar to Naira Black Market Rates – 5 October 2023

UPDATED: Dollar to Naira Black Market Rates – 5 October 2023

Welcome to the latest update on the Dollar to Naira Black Market Exchange Rate for October 5, 2023. At Goldennewsng we strive to provide you with the most up-to-date information on currency exchange rates. Given the volatile nature of currency values, it’s essential to bookmark this page and check back regularly to stay informed about the latest rates.

Dollar to Naira Black Market Exchange Rate Today

As of today, in the Lagos Parallel Market, commonly referred to as the Black Market, here are the prevailing rates:

• Buying Rate: ₦994
• Selling Rate: ₦997

This means that you can purchase one US dollar for ₦994 and sell it for ₦997 in the Black Market.

Dollar to Naira Black Market Rates in Tabular Form (2023)

For your convenience, here’s a handy conversion data table:

Dollar to Naira Rates News for October 2023

Nigeria finds itself grappling with a significant monetary challenge. The Naira, Nigeria’s currency, has experienced a notable decline in its value over recent months.

Just three months ago, the official exchange rate for the Naira stood at N755.27 for every US dollar. Prior to that, it was N769.25 for every US dollar. However, in certain unofficial trading circles where currency transactions occur discreetly, the Naira’s value suffered a more substantial decline, plummeting from N770 for every US dollar to N1000 for every US dollar. This represents a significant 23% depreciation.

Concurrently, Nigeria’s foreign currency reserves have also dwindled, dropping from $34.1 billion to $33.2 billion. This underscores the precarious state of Nigeria’s monetary affairs.

One of the key contributors to this predicament is Nigeria’s insufficient foreign reserves. The institution overseeing Nigeria’s currency, the Central Bank, has attributed this challenge to the substantial debt owed, estimated to be between $6 billion to $10 billion.

Recently, the head of the Central Bank, Yemi Cardoso, addressed this issue, emphasizing the urgency of quantifying the outstanding debt and devising a viable solution. Failure to do so could exacerbate Nigeria’s economic woes.

The devaluation of the Naira has led to a surge in the prices of imported goods, triggering inflation. According to a national report, prices rose by 25.8% in September alone.

Experts are apprehensive about the Naira’s future, foreseeing the possibility of further depreciation in the coming months. They recall the significant loss in value experienced in the previous year. To rectify the situation, the Central Bank may need to adjust the official exchange rate. However, there remains hope. Some experts suggest that paying off the existing debt might help mitigate the Naira’s depreciation. To achieve this, the government may consider borrowing from other countries.

In the absence of corrective measures, some experts predict that the Naira’s value could deteriorate even further by December, particularly as more people seek dollars for holiday expenses and potential emigration in the new year.

In conclusion, Nigeria’s monetary challenges loom large, necessitating prompt and effective solutions to rejuvenate the economy and stabilize the Naira.