Naira Crumbles Again, Loses ₦87 Against Dollar For May 2 Trade

Naira today, Thursday, May 2 2024, is exchanging 1,350.804 Naira to 1 US Dollar at the parallel market (black market) in Nigeria according to Naira rate’s Official X handle on Thursday. This means that you can get 1,350.804 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, May 2 exchange, indicates that naira lost ₦87 against dollar compared to yesterday, when naira exchanged ₦1,263.273 to  $1.

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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