Naira at 730 exchange rate to dollars at black market, this decline in the naira’s value is attributed to a combination of factors, including the ongoing global economic downturn and the policies implemented by the Central Bank of Nigeria (CBN).
The CBN’s decision to redesign and reissue high-value currency notes, such as the N200, N500, and N1,000 denominations, has exacerbated the scarcity of naira in the system, leading to a surge in demand for dollars in the unregulated black market.
Additionally, the global economic crisis has impacted Nigeria’s oil revenue, a major source of foreign exchange earnings.
This decline in revenue has further constricted the supply of dollars in the official foreign exchange market, driving up the price of dollars in the black market.
Naira at 730 exchange rate to dollars at black market’s depreciation has significant implications for the Nigerian economy, as it increases the cost of imported goods and services, fueling inflation and putting additional strain on household budgets.
Addressing this issue will require a multi-pronged approach, including addressing the underlying economic challenges, improving the transparency and efficiency of the foreign exchange market, and implementing measures to curb speculative trading in the black market
Naira at 730 exchange rate to dollars at black market, let keep praying to decpreciate and regain the value of our currency.