Business
Naira Gains Against Dollar Today, February 11, 2025
By Benjamin Abioye
Today Tuesday, February 11, 2025, the naira is exchanging for ₦1,557 to 1 US Dollar at the parallel market (black market) in Nigeria.
This means that you can get 1 dollar for every ₦1,557 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’s February 11 exchange shows that the naira has strengthened slightly, as it is better compared to what it traded at on Sunday, February 9, when the naira exchanged ₦1,562 to the $1.
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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