Again Naira Slips Against Dollar In Black Market Trading Today, August 29

The Nigerian currency, the Naira today, Thursday August 29 2024 slipped by N8 as it was exchanging at 1,621 to the US dollar in the parallel market (black market) in Nigeria.

GWG.ng reports that this was according to computation by Naira rate’s Official X handle on Thursday. This means that you can get 1 dollar for every 1,621 Naira today, Thursday, 29 August 2024 in the parallel market otherwise referred to as the Black Market.

GWG.ng reports that 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, August 29 exchange shows that the naira lost ₦8 against the dollar compared to yesterday when the naira exchanged ₦1,613 to the US dollar.

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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