The naira yesterday, exchanged N1,613.44 to the United States dollar at the parallel market (black market), according to naira rate’s Official X handle. This practically means that you can get N1,613.41 for every one dollar that you exchange.
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, March 14 exchange, shows naira to dollar exchange value appreciated marginally with a difference of N 3, compared to yesterday, when naira exchanged one dollar to N1,615.930.
GWG.ng reports that 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.
The most common method to value currency is through exchange rates. The two main exchange rate systems are fixed rate and floating rate systems.
Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.
