NAIRA to DOLLAR Black Market Exchange Rate TODAY
When the Buhari government came in, we were promised one naira would be equal to a dollar. But sadly, almost two years down the line, the situation has only gotten worse. The naira to 1 dollar black market rate definitely holds no appeal to Nigerians. This is obvious in the naira to dollar black market rate shown below.
Naira to Dollar black market rate:
Date Buying Selling
10/04/2017 ₦399 ₦409
07/04/2017 ₦394 ₦404
06/04/2017 ₦390 ₦398
For the fact that the value of the Nigerian Naira is the heart and soul of the naira, and with rates such as these, the situation is definitely not encouraging.
What affects the Naira to Dollar black market Exchange Rate?
The most obvious factor that affects the naira to USD is the over-dependence on crude oil exportation. Crude oil exportation no doubt fetched us great revenue for a very long period of time, that fact cannot be denied.
But then, when the demand for oil in the world market dropped, as the main buyers which were the United States, Russia started going towards alternative sources of energy trying to reduce environmental pollution and climate change. This resulted in the sale of crude oil to drop to $40 – $45 per barrel.
With this, a nation whose economy is solely dependent on crude oil exportation, its dollar to naira black market exchange rate is bound to be affected.
Although the above factor could have probably not been prevented, the next factor which is corruption, definitely is another factor that greatly affects the naira to dollar black market rate. Corruption has greatly affected Nigeria and has been shown in situations where funds have been stolen and kept in foreign accounts, which further depreciates the naira.
At least this current dispensation has recovered few of such, although we are yet to know what has been done with the recovered loot.
The different policies the Nigerian government makes also affects the naira vs dollar black market exchange rate. In some ways and quarters, it has been suspected that the government devalued the naira, although this has been denied.
The Nigerians’ obsession with foreign products is still another issue that greatly affect the US Dollar to Naira exchange rate on the black market. We still do not have complete trust on the “made in Nigeria” products. For example, with the recent reduction in importation of foreign rice, people still search for it to buy, because according to them, no matter how expensive it is, it would remain the products they can trust.
This does not help the naira to dollar exchange rate one bit and with the still dependence on foreign products, the situation does not seem to reduce soon.
What could Possibly help the Naira to Dollar Black Market Rate?
The above problems definitely have their solutions. These include starting with searching for other options for exportation other than crude oil. The economy of Nigeria has to be diversified by moving from total dependence on crude oil to other products.
Yeah, the Nigerian government have been making efforts by looking into agriculture. But then, it is important to note that it cannot end in just policies. These policies have to be acted upon and put into practice and not just ending with words but have to extend to actions.
The issue of corruption also has to be handled seriously. This involves punishing corrupt practices no matter who is caught involved rather than prolonging issues until they are totally ignored or forgotten.
Patriotism is one thing every Nigerian should capitalize on. If we are patriotic to our nation, we would not loot funds and convert them to foreign currencies. If we are patriotic, we would be more concerned with how to put in more trust on our Nigerian-made products. If we are patriotic, we definitely would not do things that would devalue the naira.
Patriotism would also guide us to voting for the right candidate without selling our votes in other to put in the right government who would put in the right policies that would help in growing Nigeria’s economy.
The government also needs to make more efforts in reviving the industries in Nigeria. If we have more industries, dependence on foreign products would greatly reduce. We would have enough for ourselves and even export some to other countries, thereby reviving our economy and stopping the naira from depreciating further.
The naira to dollar black market is one medium that is dependent on by so many Nigerians, and with the high exchange rate, it has affected so many Nigerians and changes have to be made.