The Naira is today, Thursday, 11 April 2024 exchanging for 1,188.929 Naira to 1 US Dollar at the parallel market (black market) in Nigeria, remaining unchanged on the third day of the country’s Islamic holiday.
Thats to say you can get 1,188.929 Naira for every 1 Dollar that you exchange.
The black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels..Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.
Today, April 11 exchange, shows that the naira today remained unchanged at the N1,188.929 it traded for the dollar on Wednesday.
The value of any nation’s currency is determined by aggregate supply and demand.
The forces of Supply and demand are themselves influenced by a number of factors, including interest rates, inflation, capital flow, and money supply.
Apparently, the most common method to value currency is through exchange rates. The two main exchange rate systems are fixed rate and floating rate systems.
Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.
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