The naira exchanged at ₦1,558 to one US dollar at the parallel market on Saturday. This rate reflects the value at which individuals traded dollars for naira outside official exchange platforms.

The current rate marks a decline in the naira’s value compared to Friday, April 4, when it traded at ₦1,549 per dollar. This shows a depreciation of ₦9 within a 24-hour period in the black market.

The parallel market, also known as the black market, is an unofficial platform where currency is exchanged without government regulation. Rates in this market are typically higher than those set by the Central Bank of Nigeria.

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The value of any currency is influenced by aggregate supply and demand, which are in turn affected by factors such as interest rates, inflation, capital flow, and the overall money supply in an economy.

Currency value is commonly measured through exchange rates. There are two main systems for determining exchange rates: the fixed rate system, where a currency is pegged to another, and the floating rate system, where market forces determine value.

Market watchers and currency traders monitor the black-market exchange rate for immediate insight into currency performance. This rate often reacts faster to economic shifts than official rates.

NAN