Business
Naira Stable At Black Market As PEPC Decides Tinubu’s Fate
By GWG Business Editor
The naira was selling for 925 United States dollars on Wednesday, September 6, 2023, at the black market, a day many political and business actors were rivetted by proceedings at the Presidential Election Petition Court, PEPC determining the status of President Bola Tinubu.
While it was being purchased for 925 naira, those with the dollar were selling it at 915 naira on the same Wednesday, September 6, 2023 in the black market.
The outcome of the election petition case against Tinubu is not expected to immediately impact on the value of the naira to the dollar as whatever, the status quo is to remain pending a final judgment by the Supreme Court.
GWG.ng reports that the value of the a currency is weighted The value of the naira
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, September 6, 2023, one may go beyond the textbook definitions as outlined above.
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