Naira fights back, now ₦630/$

The Nigerian Naira increased in value against the United States Dollar today for the first time in weeks.

The Dollar to Naira exchange rate in the black market is between ₦630 and ₦705 with an average of ₦660.71 today (4th August 2022), according to 7 sell rates.

The official rate remains ₦417.19 per dollar.

The Naira has been on a free fall, reaching its weakest in the last few days at the rate of ₦720 per dollar in the black market.

Nigeria has been experiencing its worst inflation in history since the administration of President Muhammedu Buhari took over from ex-president Goodluck Jonathan.

Celebrities, civil societies, opposition politicians and peasants have described the economic hardship in the country as “unbearable”.