Naira Marginally Appreciates Against Dollar As March Trading Begins

The naira is today, March 1, 2024, exchanging 1 US Dollar for  ₦1,555.510 naira at the parallel market (black market) in Nigeria. This means that you can get 1,555.510 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, Friday March 1, exchange, shows a little appreciation in naira exchange compared to yesterday February 29, when naira exchanged 1 USD to 1,579.726 Naira.

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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