Despite Clampdown On BDCs Naira Slides Against Dollar

The naira is today, March 2, 2024, exchanging 1 US Dollar for 1,591.201Naira at the parallel market (black market) in Nigeria. This means that you can get  1,591.201 Naira for every 1 Dollar that you exchange.

This was disclosed by naira rates on Saturday afternoon via its official X handle. See Post below 👇

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Today, Saturday March 2, exchange, shows further depreciation in naira exchange compared to yesterday March 1, when naira exchanged 1 USD to 1,579.726 Naira.

Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.

However, it is important to keep in mind that the rate can shift (either upwards or downwards) within hours.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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