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 TimesNow.com.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 for the traders.
The exchange rate is even worse on fintech platforms such as Chipper Cash.
A check by TimesNow.com.ng showed that a customer looking to top up their dollar card would pay N1,804.7 per dollar.
Traders also said the buying rate for the British pound is N2,210, while the selling rate is N2,140. The euro is bought at N1,770 and sold at N1,785.
A currency trader, Abudulahi, explained to TimesNow.com.ng that the dollar rate is due to high demand and low supply.
He said:
Meanwhile, there are expectations that the CBN will intervene in the forex exchange market this week to stabilize the naira.
In August, the naira lost N24 of its value.
The apex bank is expected to inject more dollars into the official market and sell to BDC operators cheaper.
Earlier, TimesNow.com.ng reported that Nigerians identified the emergence of two cryptocurrency platforms as the reason for the recent fall of the naira.
The earlier decline of the naira was attributed to alleged market manipulation by Binance.
Nigerians have blamed the latest depreciation on new crypto exchange platforms, namely BYBIT and BITGET.
Source: TimesNow.com.ng
