Over the past couple of years the value of the currency has plummeted against the dollar to its present 300 bolivar level. In 2012, a dollar would get you 10 bolivars, according to unofficial exchange rates. By the time President Nicolas Maduro was inaugurated in April 2013, it was 24 bolivars to the dollar and by this January it was at 173.
This black market rate of 300.72 on Thursday was almost 50 times the official rate set by Venezuela's hard-line socialist government of 6.3 bolivars to the dollar.
The oil-reliant Latin American country is suffocating under a highly interventionist government, led by Hugo Chavez's successor, Nicolas Maduro, rocketing hyperinflation and the tumble in oil prices since June last year.
The International Monetary Fund sees Venezuela's economy shrinking 7 percent in 2015, with prices rising by a staggering 96.8 percent.