Naira is today, February 29, 2024, exchanging 1 US Dollar for ₦1,579.726 at the parallel market (black market) in Nigeria.
That is to say that you can get 1,579.726 Naira for every 1 Dollar that you exchange.
Apparently this was disclosed on Thursday afternoon via the X app. See Post below 👇
Today, Thursday Feb 29 exchange, shows a decline in naira exchange compared to yesterday February 28, when naira exchanged 1 USD to ₦1,463.098.
Do note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.
Although, it is important to keep in mind that the rate can shift (either upwards or downwards) within hours.
The Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.
The Federal Government has recently taken actions to stem perceived leakages in Nigeria’s financial system with a crackdown of black market traders of foreign currencies and the arrest of visiting Binance executives.
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