On Thursday, which is July 4 2024, Naira is exchanging 1,547.854 Naira to 1 US Dollar at the parallel market (black market) in Nigeria according to Naira rate’s Official X handle on Thursday. This means that you can get 1 dollar for every 1,547.854 Naira that you exchange.
The rate at the black market signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels..
The value of any nation’s currency is determined by aggregate supply and demandThe forces of Supply and demand are themselves influenced by a number of factors, including interest rates, inflation, capital flow, and money supply.
The most common method to value currency is through exchange rates. The two main exchange rate systems are fixed rate and floating rate systems.
THE Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.
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