The naira is exchanging for ₦1,500 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 ₦1,500 on March 2, 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.
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 March 2 exchange shows that the naira has remained stable against the dollar, maintaining the same rate as it traded on Saturday, March 1, when the naira exchanged at ₦1,500.
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.