Business
Naira Again Drops Against Dollar For March 5 Exchange
The naira is today, March 5 2024, exchanging 1 US Dollar for 1,560.511 Naira at the parallel market (black market) in Nigeria. This means that you can get 1,560.511 Naira for every 1 Dollar that you exchange.
This was disclosed by naira rates on Tuesday 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, Tuesday March 5 exchange, shows that naira dropped a little compared to yesterday March 4, when naira exchanged 1 USD to ₦1,544.420 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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