Check out the Dollar to Naira Exchange Rate Today Black Market & Official CBN Rates (Updated Daily!)
How much is dollar to naira exchange rate today?
Dollar to naira rate today (Updated Today) Official CBN rate: N315 => $1 Black Market Rate(Aboki) => N360 = $1 1 dollar to Naira => N360 exchange rate dollar to naira today No doubt, Nigeria is currently facing severe economic hardship. Businesses are winding down, people are losing their jobs, a number of families could barely have three square meals per day. No thanks to the excruciating economic hardship imposed by preventable causes. With the high Dollar to Naira Exchange Rate today at the black market, it is obvious that indeed Nigeria is experiencing an acute economic recession, owing to leadership failure and over-dependent on foreign exchange over the years.
Owing to the ABNORMALLY high rate of forex, most Nigerians are living off stipends, from hand to mouth. Since the Central Bank of Nigeria (CBN) recently floated our national currency in the foreign exchange market in order to cushion the effect of reduced foreign reserve to ease dollar demand, the Naira has been on a free fall.
It seemed the CBN policy did not produce the desired results. This shouldn’t be! Here are some of the reasons why Nigerians are spending more Naira to buy less others.
How Global Fall in Our Prices Affect the Naira
Nigeria is a mono-economy whose main revenue and foreign exchange is hinged upon crude oil exportation. Over 95% of our major sources of revenue in this country are tied to oil.
We are like the proverbial farmer who put all his eggs in one basket and smiling sheepishly that he had arrived. So, when the devil struck and there was low demand for oil in the world market because buyers such as the United States, Russia, etc are seeking for non-oil alternative sources of energy so as to move away from environmental pollution and climate change.
As a result, oil currently sells for less than $40- $45 per barrel. This is paltry, compared to around $110 it per barrel it was sold for a few years ago. I agree that we have no power over how much oil would be sold in the world market. But the 1 billion Naira question is …
Why did Nigeria not save enough money when it was raking in huge sales at a time the price of oil was at an all-time high? No, we spent all the money in our excess crude accounts, now leaving us with nothing to absorb the excruciating effect of unusually low prices of crude oil globally.
How Endemic Corruption Affects Naira to Dollar Exchange Rate
We are all aware of the twin problems of systemic looting and endemic corruption bedeviling this country. There have been cases of stolen funds recovered by this current dispensation. We can’t afford to shy from the truth for too long. Those who are supposed to be custodian of our common wealth turned around to loot us dry.
Unfortunately, when they loot, they do it so desperately that they convert Naira to Dollar in order to stash it in foreign accounts. This unpatriotic action seriously weakened the Naira.
How Government Policies Affect the Naira With the current soaring of the Naira exchange rate favoring Naira, it is believed in some quarters that the government has technically devalued Naira. Although, the Government has refuted this claim.
Nevertheless, it is not enough to instill confidence in some of the investors, whose investments could turn this country around for good. Consequently, we have witnessed a number of already established investments folding up and winding down their operations because they can’t sustain/provide the huge amounts of dollars exchange rate needed to import raw materials from developed economies such as the United States, Canada, etc.
Our Obsession with Foreign Products
Our obsession with foreign commodities in this country is terrible. Sometimes, it is true that Nigerians are the architect of their own misfortune. We don’t like our country or whatever products that come out of it. Create a high quality product today, sell at a reasonable price and you will be surprised at how Nigerians will leave their own products and buy a foreign competitive goods, even if it is of lower quality.
On the other hand, call a product “Made in Nigeria” and watch our Nigerians will que to have a taste of it. This has forced many importers to import more products from overseas, increasing the demand for dollars to pay foreign sellers at the expense of our own Naira. For how long shall we allow the mental slavery to continue? Why should we develop other countries’ economies while our own suffer a direct blow?
The solution is to strike a balance if the exchange rate of dollar to naira must be to our favor. We must stay and develop this nation. No need to start flying out to other countries if the current exchange rate of dollar to naira must improve. Let us buy 9ja to grow the Naira!
Solutions to Improve the Dollar to Naira Exchange Rate
There is no problem without solutions. However, only if we have the will to make this country better shall there be a way out for us. Here are some suggested solutions to implement if we must see the high dollar to naira exchange rate today in the black market disappear.
Hope we turn around this Dollar to Naira Exchange Rate for good soon enough. We can make 1 dollar = 1 Naira if we really are ready to do the work.
Let us be Patriotic.
It is about time we shunned all forms of divisive forces that set us back as a country. The love of motherland must be at the top of our minds. A leader who loves his country will not be in a position of public trust and milk her dry. A follower who loves his country will remain resolute in his determination to see her grow, and will not lose the credibility of his voting ability for a bag of rice.
The Government Should Revive the Industries
In its approach to revive the economy, the government must be sincere and pragmatic. It is not enough to tell Nigerians what they want to hear. Instead, have a clear plan of reviving our ailing industries and create jobs that will boost the economy.
Hopefully, when we have a number of working industries to provide our needs as a country, our over-dependence on foreign products will reduce and the burden on the Naira will be lifted.
The Government Should Diversify the Economy through Agriculture
No nation becomes great on a single, mono economy. Our over reliance on oil as a source of revenue is fast losing its worth. Let us focus on Agriculture. We have enough land in the country and resourceful man power to cultivate the land. It was through Agriculture that made the Cocoa house in Ibadan, the Groundnut Pyramids in the North and our huge Palm Oil reserves in the East that made Malaysia a robust economy.