As of October 20th, 2023, the Nigerian Naira has reached an unprecedented all-time low against the US Dollar, based on information sourced from black market foreign exchange operators.
The exchange rate in the black market now stands at an average purchase rate of N1,145 to $1, while the selling rate is at N1,155 to $1.
It’s important to note that these rates can fluctuate based on factors such as the type of transaction, whether it involves cash or digital transfers. Generally, individuals exchanging physical cash may receive a more favorable exchange rate compared to those conducting digital transfers.
This development has sparked concerns within the financial market, raising questions about the Naira’s stability and its impact on the economy.
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