Naira Continues Gain On Dollar, Appreciates To ₦1,500.349 /$ For Feb 25 Exchange

The naira is today, February 25, 2024, exchanging 1 US Dollar for 1,500.349 naira at the parallel market (black market) in Nigeria. This means that you can get 1,500.349 Naira for every 1 Dollar that you exchange.

This information was disclosed by Naira rates via a tweet on its X official account on Sunday. See tweet below 👇

Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.

Factors that affect the Dollar to Naira Black Market Exchange rate include supply and demand for the Dollar; the political and economic situation in US and Nigeria and the value of the US dollar. 

This surprising twist may have been attributed to Nigeria’s Federal Government’s recent effort to clamp down on parallel market operators who have been outrageously inflating the naira. 

However, it is important to keep in mind that the rate can shift (either upwards or downwards) within hours.

GWG.ng reports that before the disclosure of the exchange of one US dollar for N1,5000 the greenback had sold for as much as N1,900 before its steady rise following the intervention of the government.

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