By Kayode Sanni-Arewa
Friday, February 21, 2025, the naira is exchanging for ₦1,502 to 1 US Dollar at the parallel market (black market) in Nigeria.
This means that for every one dollar, you can get the equivalent in naira of ₦1,502 on February 21, 2025.
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’s February 21 exchange shows that the naira has improved against the dollar, as it strengthened compared to what it traded on Thursday, February 20, when the naira exchanged ₦1,543 to $1.
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.