The Dollar Mallam: Thriving Amid Naira Devaluation in the Black Market

The Dollar Mallam Who Gets A lot of Customers After Naira Devaluation

In this exclusive interview, we delve into the life of a remarkable currency trader who has witnessed a surge in customers following the devaluation of the naira. From humble beginnings as an apprentice to a seasoned professional in the business, his story is one of connection and trust in the world of the black market foreign exchange.

Starting as a Young Apprentice in the Black Market

I am from Sokoto state. I spent most of my childhood there before moving to Nasarawa. I did not learn currency trading on the black market as a youth.

Embarking on the Path of Currency Trading

I started in late 2010 when my dad introduced me to his friend who was into the business. When we moved to Nasarawa, it was clear I couldn’t further my education. My father spoke to his friend, who had a family in Nasarawa but was working in Lagos as a currency trader. He agreed to put me through the business. So I packed my bags and headed for Lagos the following month with my dad’s friend. When I got to Lagos, I was always assisting in going to the bank and doing other minor things like cleaning, running errands, and doing basic calculations. I also followed and monitored exchange rates for him. After three years, I was ready to set up my own business.

Also Read: The Lagos Dollar Mallam Who Used to Be a Porter at Kano Airport

Mastering the Craft of Currency Trading

I wouldn’t say I am rich, but I am comfortable. A lot of things have changed for me. There is a huge difference now. I always thank God for my father, who put me on the right track even if he couldn’t afford to sponsor my education.

I am planning to get married this year or early next year. Everything is all set. I have saved up over the years to just make sure my wife and kids get the best in life.

Building Trust with a Diverse Clientele 

My customers are mainly professionals. Most of them want to travel out for holidays and need foreign currencies. Others are here on vacation. They are people I have known for a long time, most of them when I was still under my dad’s friend.

I have established that connection and trust with them for many years. These days I go to their offices or houses for transactions; they don’t bother to come to my shop to buy dollars any longer.

Thriving Amid Naira Devaluation

Yes o, even before the naira started falling, just a few weeks before the whole coronavirus crisis, my customers have been calling me. They all wanted to change their naira to dollars to hedge against massive depreciation. Anytime the naira falls, we all get a lot of customers. That’s a normal thing; people see it as an opportunity to make money.

A Day in the Life of a Currency Trader

Nothing much, really. When I get to work, I do my prayers first and head out to the bank to get a little cash. The cash is for people who often come to change as little as $500 or more. Other than that, I just sit and gist with my colleagues. There’s no stress in this business.

Catering to Surging Demand for Foreign Currency

It means you make multiple trips, and the ban on Okada (Bikes) in Lagos state is not helping the matter at all. Now I have to go through a public bus which often delays, and most customers are not patient enough to wait.

Ensuring Safety in Handling Cash

I don’t like keeping cash at hand after the close of business. One of my friends was robbed last year because of this. They stole about N500,000 from him, and that’s a huge loss.

This is the fourth and last story in our Dollar Mallams of Ikeja series. You can read the three previous stories in the series here: 1, 2 and 3.