Business
Naira Sinks Against Dollar At Parallel Market For July 2 Trading
Naira today, Tuesday, July 2 2024, is exchanging 1,523.428 Naira to 1 US Dollar at the parallel market (black market) in Nigeria according to Naira rate’s Official X handle on Tuesday. This means that you can get 1 dollar for every 1,523.428 Naira 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, July 2 exchange, shows that naira lost ₦25 against dollar, compared to yesterday when naira exchanged ₦1,498.821 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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