On Friday, March 7, 2025, the naira is exchanging for ₦1,547 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 ₦1,547 on March 7, 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.
Today’s exchange rate shows a worsening depreciation of the naira compared to yesterday’s rate on Thursday, March 6, when the naira exchanged at ₦1,525 per dollar.
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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