Monday, March 24, 2025, the naira is exchanging for ₦1,573 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 ₦1,573 on March 24, 2025.
The black market rate represents the value at which individuals can trade their dollars for naira outside official 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.
Monday’s exchange rate has worsened compared to Sunday, March 23, when the naira exchanged at ₦1,568 per dollar. (Worse: The naira has depreciated.)
The value of a country’s currency is determined by aggregate supply and demand.
These forces are influenced by several factors, including interest rates, inflation, capital flow, and money supply.
The most common method to assess a currency’s value is through exchange rates. The two main exchange rate systems are the fixed rate and the floating rate systems.
Investors and participants closely monitor parallel market rates for a more immediate reflection of currency trends.
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