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.
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