Exchange rate hits N180,000 for 100 Dollars at Black Market

In a startling development, the black market exchange rate for the US Dollar has surged to an unprecedented level, reaching N180,000 for 100 US Dollars. This rapid escalation has raised concerns and stirred discussions among financial analysts, businesses, and the general public.

The surge in the exchange rate is attributed to various factors, including economic uncertainties, supply and demand imbalances, and challenges in the foreign exchange market. The black market often experiences fluctuations that differ from official exchange rates, and this recent spike underscores the volatility that can characterize informal currency trading.