After strengthening against the dollar for about three consecutive days, the naira fell against the American currency in the black market.
Since Monday, March 28, the naira had traded for about N318, with many Nigerians and forex traders expressing optimism that the change would continue into the coming weeks.
New rates for Wednesday, March 31, 2016.
However, reports reaching NAIJ.com on Wednesday morning have it that the current exchange rates stand at N320 against the dollar, as Nigerians continue to groan under the hardship of the economy.
Our impeccable sources revealed that contrary to what was initially discussed about the recent uprise of the naira against the dollar, there has been a significant drop in the prices.
In a chat with our correspondent, he said: “What can one do now? The price rose since Wednesday evening and has remained that way ever since.
“Right now, people have suddenly withdrawn from purchasing the dollar because business is no longer cool for them with the new rates.
“In addition, there are series of other things that the high rate of the dollar could negatively affect, that is the more reason we have been asking for stability in the exchange rates.”
Check out real deals for dollar exchange via our platform bdc.naij.com
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