Business
Naira Revives, Appreciates To ₦1,463.098 /$1 For Feb 28 Exchange
The naira is today, February 28, 2024, exchanging 1 US Dollar for 1,463.098 naira at the parallel market (black market) in Nigeria. This means that you can get 1,463.098 Naira for every 1 Dollar that you exchange.
This was disclosed by naira rates on Wednesday afternoon via its official X handle. See Post below 👇
Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.
This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.
Today, Wednesday Feb 28 exchange, shows a significant improvement in naira exchange compared to yesterday February 25, when naira exchanged 1 USD to ₦1,618.489.
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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