Naira Crashes at Black Market, Traders Sell Dollar, Euro, Pound at New Exchange Rates [Video]

• The value of the Nigerian currency has depreciated further on the first trading day of September 2024
• Checks by Legit.ng showed that at the parallel exchange market, the naira’s value fell by over N10 in the early hours of Monday
• Traders said the latest exchange rate movement reflects the market pressure and low supply of dollars

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Black market traders are selling on the dollar at over N1,600 to Nigerians seeking foreign currency for travel or other needs.

Traders who spoke to Legit.ng gave the new buying exchange rate for a dollar at N1,625 as of 2.15 pm on Monday, September 2, 2024.

The selling rate to Nigerians is between N1,638 and N1,640 per dollar, indicating a profit margin of N15 …