US Dollar to Nigerian Naira Black Market Exchange Rate

The Dollar to Naira black market exchange rate on Sunday, 31 March 2024, reportedly crashed to ₦1,315.817, resulting in a push-up in Naira value. Those who hoarded foreign currency in the Nigerian black market faced intense disappointment, as those hoarded currencies had to be offloaded due to the fear of the quick crash in the Dollar rate.

This means most speculators who bought dollars at higher rates will be at a loss. According to the findings by the, a currency trader named Malam Musa YahYah at the Central Business District in the Federal Capital Territory deeply showed mixed feelings about the new black market exchange rate, observing that some traders were propelled to sell at a loss as a result of the waning demand for the greenback.

He still added that many of them are really nervous about selling because they’re aware that the dollar will soon crash. Maybe the dollar crash is what Nigerians expected, but they actually didn’t see it coming. Since the dollar selling rate today, Sunday, 31 March 2024, is ₦1,315.817, we multiply it by the dollar denomination to get the Naira equivalent.A Brief History of the Fall of the Nigerian Naira

These joyful moments made President Soludo unite the four different exchange rates at the time. At this period, the naira gained almost 20% against the dollar without too much effort to strengthen it.As oil prices recovered greatly over time, the governor of CBN, Sanusi Lamido Sanusi, brought back the Interbank and other markets that Soludo had banned already. But later, a weird problem occurred.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Those who want Naira to be N400 to Dollar are living in dream worldA former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, has said that those who want the Naira to be N400 to the Dollar are living in a dream world. According to him, the exchange rate should reflect its market value in reality.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Currency Swap: Naira appreciates against DollarThe Nigerian Naira has experienced a slight appreciation at the official market, trading at N1,431.49 to a dollar on Friday, up 1.5% from the previous day's rate, according to data from FMDQ. However, the total turnover decreased to $199.71 million on Friday, compared to $288.47 million recorded on Thursday.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Naira appreciates, exchanges for N1400 against US dollarThe naira on Wednesday exchanged for N1400 against the United States, US, dollars in the parallel market. Parallel market operators sold at N1400/$1 for holders of dollars looking to sell, marking a significant strengthening of the naira.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Naira Appreciates Against US Dollar Despite Decrease in TransactionsThe Naira ended last week on a positive note as it continued its appreciation against the US Dollar at the foreign exchange market. Despite a decrease in USD transactions, the Naira gained value and traded between N1,610 and 1,620 per USD at the parallel market.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

USD dollar supply surges by 21% as Naira appreciates at FOREX marketThe US dollar turnover transactions surged by 21 per cent to $122.18 million as the Naira appreciated against the US dollar on Tuesday at the foreign exchange market. FMDQ data showed that USD transactions increased to $122.18 million compared to the $96.13 million recorded on Monday. The development comes as the Naira records N14.
Source: DailyPostNGR - 🏆 11. / 59 Read more »