As we all have seen today, the current exchange rate of dollar to naira, pounds to Naira, CAD dollar to naira, Euro to naira in the black market and official rate is way worse than what it used to be.

Although the dollar to naira black market today at NairaRate https://nairarate.ng/dollar-to-naira-black-market-today/ is an unofficial market and trading in it can be very risky but it actually reflects the true value of naira against the dollar.

As a result of weakening of the naira against the dollar, we have seen that product prices have gone way higher than what it used to be. The price of rice today is about 70,000 naira, Cement prices in Nigeria went from 4,000 naira to 7,500 naira.

Iron rods prices went from 500,000 per ton for TMT iron rods to about 1,400,000 today. You can check iron rods prices here https://bestsales.ng/price-of-iron-rods-per-ton/Everything tripled in price. The poor man can hardly survive.