Naira Dollar Stable After Tinubu’s Return

The United States Dollar was trading for 742 naira in the Lagos Parallel Market otherwise known as the Black Market today, April 25, 2023 a day after the incoming president, Asiwaju Bola Tinubu returned to the country.

GWG.ng reports that the famous greenback was also being purchased by the traders for N739 as they sold it to their purchasers at N742.

GWG.ng reports that the market closed for the dollar closed at N742 the previous trading day, April 20, 2023.

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

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 25, 2023, one may go beyond the textbook definitions as outlined above.

Market operators do not believe that the return of Asiwaju Bola Tinubu, the president-elect may have in any way impacted on the value of the naira to the dollar in the black market today, April 25, 2023 given the fact that he is yet to enunciate on his policies.

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