The current exchange rates for the Dollar to Naira in the black market on August 12, 2023, reveal a buying rate of N940 Naira per Dollar and a selling rate of N950 Naira per Dollar. These rates not only reflect the immediate value of the Naira but also bear significant implications for various sectors of the economy.
When the Naira weakens against the Dollar, it can impact imports and exports. A weaker Naira makes imports more expensive, potentially leading to higher prices for goods and services. Conversely, it could benefit exporters as their goods become more competitively priced in international markets. Moreover, foreign investments might be influenced by exchange rates, affecting capital flows into and out of the country. An unfavorable exchange rate can also contribute to inflationary pressures, impacting the cost of living for citizens
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