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.
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.
