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DOLLAR TO NAIRA EXCHANGE RATE TODAY BLACK MARKET { June 2017 }

Discussion in 'Banking & Finance' started by General, Jun 19, 2017.

  1. General

    General Global Schoolers Staff Member Moderator

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    The Naira to Dollar exchange rate though pegged at an official rate of N305 per $1 had been at what could be described as freefall in the black market.

    Though in recent days it has been fluctuating, currently at a rate of
    • N364 – buy per $ 1
    • N370 – 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

    Dollar to Naira Exchange Rate Today Black Market

    Some Major Reasons For High Dollar To Naira Exchange Rate Today Black Market
    IMPORTATION IS ON THE HIGH SIDE

    Nigeria as a country imports more than it export, which shouldn’t be so. The ridiculous part of the whole scenario is we bring in things like pampers and toothpick making us more of a consumer country rather a producing one. You may think there is nothing wrong with this but a closer look into our economy 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 a 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 with foreign goods had made our importers import more exchanging our Naira for the dollars which have decreased 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 payment in their 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 has lost 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 against the dollar.

    In conclusion to How many dollars 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 an object of ridicule like the Zimbabwe currency.
     

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