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Naira Maintains Value Against Dollar On Thursday, May 15
By Benjamin Abioye
The naira is exchanging for ₦1,625 to 1 US dollar at the parallel market (black market) in Nigeria on Thursday, May 15, 2025,
This reflects the current rate at which individuals are trading dollars for naira outside of official financial institutions.
This means that for every one dollar, you can get the equivalent in naira of ₦1,625 on May 15, 2025, showing no change compared to the previous day’s rate, indicating a stable outlook for the naira against the dollar.
Thursday, May 15, 2025, records no movement in the exchange rate, revealing a pause in recent fluctuations of the local currency’s strength among informal market participants.
The parallel market rate represents the value at which individuals can trade their dollars for naira outside official exchange channels, where currency value is primarily influenced by supply and demand rather than regulation.
Note that the parallel exchange rate is typically higher than the official exchange rate because it reflects real-time market conditions and fluctuates based on economic activity and sentiment.
Today’s exchange rate remains steady compared to Wednesday, May 14, when the naira also exchanged at ₦1,625 per dollar. (This suggests a temporary stabilization in the foreign exchange space, with neither significant gain nor loss recorded in 24 hours.)
The value of a country’s currency is shaped by the balance of supply and demand, influenced by key factors such as interest rates, inflation, foreign capital inflows, and the total money supply.
These economic forces collectively determine the strength of a nation’s currency and contribute to changes in its exchange rate. While there are fixed and floating exchange systems, the parallel rate often provides a clearer picture of day-to-day trends.
Investors and currency watchers closely observe parallel market rates for a more accurate reflection of short-term market sentiment and economic pressure points.
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