Naira Dwindles Again, Depreciates To ₦1,579.726 /1$ For Feb 29 Exchange

The naira is today, February 29, 2024, exchanging 1 US Dollar for  ₦1,579.726 at the parallel market (black market) in Nigeria. This means that you can get  1,579.726 Naira for every 1 Dollar that you exchange.

This was disclosed by naira rates on Thursday 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, Thursdayday Feb 29 exchange, shows a decline in naira exchange compared to yesterday February 28, when naira exchanged 1 USD to ₦1,463.098.

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.

In other news, GWG.ng reports that the Federal Government has recently taken actions to stem perceived leakages in Nigeria’s financial system with a crackdown of black market traders of foreign currencies and the arrest of visiting Binance executives.

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