How Dollar Traded At Black Market Today, April 20, 2023

The United States Dollar was trading for 742 naira in the Lagos Parallel Market otherwise known as the Black Market today, April 20, 2023 GWG.ng reports.

The famous greenback was also being purchased by the traders for N738 as they sold it to their purchasers at N742.

GWG.ng reports that the market closed for the dollar closed at N740 the previous day, April 19, 2023.

Other competitive currencies transacted in today were the Euro and the Pound Sterling.

GWG.ng reports that the Euro which is the second most traded currency in the Black Market was being bought for 802 to the naira while those with the European currency were selling it to the Black Market traders at 789 naira.

The Black Market dealers were also selling the British Pound Sterling for 802 to the naira while they were buying from customers at 789.

GWG.ng reports that the value of the a currency is weighted The value of the naira

More also the second most traded currency known as Euro/Naira traded at 802 buy and 789 sell respectively in the black market.

Interestingly at the same time the Pound To Naira Exchange Rate is 919 buy, while you can sell a pound for 909 sell at the black market rate

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.

However, in determining the value of the dollar to the naira at the black market as it is today, April 20, 2023, one may go beyond the textbook definitions as outlined above.

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