On the first trading day of September 2024, the value of the Nigerian Naira continued to decline. Checks by naija globalnews.com revealed that the naira’s value at the parallel exchange market dropped by more than N10 in the early hours of Monday. Traders claimed that this latest exchange rate movement was a result of market pressure and a shortage of dollars.

Nigerians looking for foreign currency for travel or other purposes are being sold by black market traders for more than N1,600 per dollar. According to traders who spoke with Legit.ng, the new buying exchange rate for one dollar is N1,625 as of 2.15 p.m. on Monday, September 2, 2024.

Nigerians looking for foreign currency for travel or other purposes are being sold by black market traders for more than N1,600 per dollar. According to traders who spoke with Legit.ng, the new buying exchange rate for one dollar is N1,625 as of 2.15 p.m. on Monday, September 2, 2024

Legit.ng found 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 Legit.ng that the dollar rate is due to high demand and low supply. “You know this is the ember month now; demand for dollars is high, and the Central Bank of Nigeria