How Much Is Dollar To Naira Exchange Rate Today Black Market ( Updated Daily ).
Find out how much is dollar to naira exchange rate today black market & and official CBN rates for the month of January 2019.
Dollar to Naira rate ( Updated today )
Official CBN Rates: 305.58 / 306.58 =>$1.
Black Market Price Of Dollar To Naira
N357 – Buy per $1
N361 – Sell per $1
The above figures or rates as we would tern it is quite discouraging I would say and it now has caused buying more for lesser value and it this post I would identify some of the causes of that.
There is no doubt that Nigeria is currently facing an economic crisis with the high dollar rate compared to the dropping of the naira. Rise of unemployment, poverty and families living homeless some can barely have two square meals a day.
Some of these are owned to leadership failure and over dependent on foreign exchange for years, with high rate of importation and low rate of exportation.
Some Of The Major Reasons For High Dollar To Naira Exchange Rate Today Black Market.
The rate of dollar to naira is quite high we’ve known but what are the causes and what can we do to stop this.
We would be looking at some of the major causes of the rise of the dollar to the fall of the naira this month.
- CORRUPTION ON THE HIGH RISE
We are all aware of the ways top government officials and leaders loot the funds of this nation truth be told that billions are being looted and these looted funds are being changed to dollar and kept in foreign accounts in turn devalDe our currency.
- THE HIGH RISE OF IMPORTATION.
Nigeria as a country imports more than it exports , so many products are being imported but useful and useless things like toothpick and others are being imported making the country more of the consumer based.
One may look at it and say nothing is wrong but so many things is wrong with high imports and low importes since most of the transaction are being done with the dollar.
- FALL IN OIL PRICE.
Have you heard this saying of a farmer putting all his eggs in one basket that’s the case of nigeria whereby all the economy of the country is focused on oil.
Unlike other countries of the world whereby they fo other things like manufacturing or even health, Nigeria as a country is dependent on oil as it’s source of national income so with the fall of the oil prices the naira has also gone low.
Solutions To The Fall Of The Naira And Rise Of The Dollar.
Check Out: 5 Legit Ways To Make Money In Nigeria Quick.
We have looked at some of the causes of the fall of the naira and the high rise of dollar to naira it’s now time to look at some of the remedy to this epidemic.
- DIVERSIFICATION OF THE NATION ECONOMY.
Nigeria has been operating on a single economy of oil for decades and this has decreased the Naira value because of the recent fall in the oil prices, so the solution needed is to diversify the economy into things like agriculture, health, manufacturing and so on.
- REDUCTION IN IMPORTATION AND INCREASE IN EXPORTATION.
Nigeria as a country needs to reduce the way they Import some unnecessary stuff and begin manufacturing those stuff locally.
And export should be on the high rise like exporting food crops since Nigeria is a fertile nation for agriculture.
In conclusion to the rate of the dollar to naira today black market I would want everyone to play a role to uplift our currency so we would not have similar fate like the likes of the Zimbabwe or the lowest currencies of the world.
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