Naira Takes Big Plunge Against Dollar At Parallel Market For May 31 Trading

Naira today, Friday, May 31 2024, is exchanging 1,480.933 Naira to 1 US Dollar at the parallel market (black market) in Nigeria according to Naira rate’s Official X handle on Friday. This means that you can get 1,480.933 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 31 exchange, shows that naira lost ₦143 against dollar compared to yesterday when naira exchanged  ₦1,337.814 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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