Hopes Dashed As Naira Depreciates Against Dollar For March 11, 2024 Exchange 

The naira is today, March 11 2024, exchanging 1 US Dollar for 1,624.732 Naira at the parallel market (black market) in Nigeria, according to Naira rate’s official X handle on Monday. This means that you can get 1,624.732 Naira for every 1 Dollar that you exchange.

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, Monday, March 11 exchange shows that the naira to dollar exchange value depreciated compared to yesterday, when naira exchanged 1 USD to ₦1,593.970 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.

Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG