Business
Naira Slips Against Dollar Today, February 12
By Benjamin Abioye
Today Wednesday, February 12, 2025, the naira is exchanging for ₦1,567 to 1 US Dollar at the parallel market (black market) in Nigeria.
This means that you can get 1 dollar for every ₦1,567 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 12 exchange shows that the naira has depreciated slightly, as it is worse compared to what it traded at on Tuesday, February 11, when the naira exchanged ₦1,557 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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