Naira Stands At ₦1,593.842/$1  For March 8, 2024 Exchange 

The naira is today, March 8 2024, exchanging at 1 US Dollar for 1,593.842 Naira at the parallel market (black market) in Nigeria. This means that you can get 1,593.842 Naira for every 1 Dollar that you exchange.

This was disclosed by naira rates on Friday afternoon via its official X handle. See Post below 👇

The black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels..

Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.

Today, Friday, March 8 exchange, shows that there is no significant difference between naira’s value today and yesterday March 7, when naira exchanged 1 USD to 1,593.930 Naira.

GWG.ng reports that the value of any nation’s currency is determined by aggregate supply and demand.

The forces of Supply and demand are themselves influenced by a number of factors, including interest rates, inflation, capital flow, and money supply.

The most common method to value currency is through exchange rates. The two main exchange rate systems are fixed rate and floating rate systems.

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

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