Business
Naira Weakens Against Dollar On April 26, 2025
By Benjamin Abioye
On Saturday, April 26, 2025, the naira is exchanging for ₦1,613 to 1 US dollar at the parallel market (black market) in Nigeria, reflecting the ongoing volatility in the currency market.
This means that for every one dollar, you can get the equivalent in naira of ₦1,613 on Saturday, April 26, 2025, emphasizing the persistent challenges facing the local currency.
The black market rate represents the value at which individuals, businesses, and informal traders can freely trade their dollars for naira outside official exchange channels controlled by regulatory authorities.
Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government, and it responds more quickly to changes in demand and supply dynamics.
Today’s exchange rate worsened compared to yesterday, Friday, April 25, when the naira exchanged at ₦1,608 per dollar, marking a further depreciation in the value of the local currency. (Naira lost value against the dollar.)
The value of a country’s currency is determined by aggregate supply and demand forces operating within both domestic and international markets.
These forces are influenced by several key factors, including prevailing interest rates, inflation trends, foreign capital flow movements, trade balances, and the overall money supply in circulation.
The most common method to assess a currency’s value is through exchange rates, which provide real-time insights into a country’s economic health. The two main exchange rate systems globally are the fixed rate system and the floating rate system.
Investors, financial analysts, and market participants closely monitor parallel market rates for a more immediate and realistic reflection of currency trends, especially in economies experiencing foreign exchange pressures.
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