WRITTEN BY: CHIOMA MADONNA NDUKWU
The current black market exchange rate between the US Dollar and the Nigerian Naira, as reported by bureau de change operators, stands at ₦1137 for buying and ₦1140 for selling per US dollar.
This means street vendors are purchasing a single US dollar from customers at ₦1137 and reselling it for ₦1140, highlighting a significant difference from the official exchange rate for the Dollar to Naira. This disparity emphasizes the divergence between the rates in the informal market compared to the official one, indicating the dynamics and fluctuations within the currency exchange landscape.
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