Black Market Dollar To Naira Exchange Rate Today 20th January 2024

How do you ban what is not recognized officially? If you need dollar for emergency reasons and you have to wait for 3 or 4 months and still cannot get at official rate, what would you do? For example, If you have a mum in need of serious medical care abroad you will not say the same thing. The more govt goes after black market, the more the economy suffers. Right now, findings shows that 90% of remittance from abroad did not come in at all, much less through the bank. Those who need naira here simply connect with those who want to move money out, they release naira here in Nigeria for the family and the other party collect dollar and save it abroad. If people are not encouraged to bring in their money or too much charges from the banks, the economy will suffer. The federal and state govts needs to get down to serious production. No significant move to increase agro production, we are still waiting for petro dollar when our crude oil production is so low and we expect naira to be strong with all these. Our taste for foreign goods is not helping matter. Instead of addressing the root cause, you think banning black market will solve the problem, ask Emefiele, if that approach has worked.