Naira Weakens Further, Exchanges N1,450/$ at Parallel Market
The naira weakens further against dollar at the black market, also known as the parallel market on Thursday exchanging at ₦1,450 per USD.
Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,440 and sold it at ₦1,430 on Wednesday, May 8th, 2024.
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This indicates a decline in the Naira exchange rate compared to the current rate.
The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.
Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.