Naira Slightly Climbs Marginally Against Dollar For March 4 Exchange

The naira is today, March 4 2024, exchanging 1 US Dollar for 1,544.420 Naira at the parallel market (black market) in Nigeria. This means that you can get ₦1,544.420 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 March 4 exchange, shows that naira climbed up a little compared to yesterday March 3, when naira exchanged with the dollar at 1 USD to 1,591.201 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 and the value of the dollar in naira has progressively climbed against the tide of importations and dollar flight and the value on March 4, 2024 is about N400 below what it traded at its worst value two weeks ago.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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