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Hope For Revival In Doubt As Naira Declines Again On February 26
The naira is today, February 26, 2024, exchanging 1 US Dollar for 1,630 NGN naira at the parallel market (black market) in Nigeria. This means that you can get 1,630 Naira for every 1 Dollar that you exchange.
This was disclosed by naira rates on Monday afternoon via its official X handle. See post below 👇
This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.
Today, Monday Feb 26 exchange, shows a decline in naira exchange compared to yesterday February 25, when naira exchanged N1500/$ 1.
Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.
However, it is important to keep in mind that the rate can shift (either upwards or downwards) within hours.
Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics
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