The black market exchange rate between the US dollar and the Nigerian naira remains unstable as the gap between official and unofficial rates persists, causing concern among traders and citizens alike.
How Much is Dollar To Naira Rate Today, March 5, 2024?
As of today, 5 March 2024, the exchange rate for 1 dollars to naira stands at ₦1,540. This indicates a slight increase from previous rates and highlights the ongoing volatility in the currency market.
How Much is 100 Dollar To Naira Rate Today, March 5, 2024?
As of today, 5 March 2024, the exchange rate for 100 dollars to naira stands at ₦154,000.
How Much is 10 Dollar To Naira Rate Today, March 5, 2024?
As of today, 5 March 2024, the exchange rate for 10 dollars to naira stands at ₦15,400.
The disparity between the official exchange rate set by the government and the rates offered in the parallel market continues to widen, leading to speculation and uncertainty among investors and consumers.
Many factors contribute to this discrepancy, including limited access to foreign exchange, inflationary pressures, and economic instability.
Market analysts suggest that until measures are taken to address the underlying issues causing the currency fluctuation, such as improving foreign exchange reserves and implementing effective monetary policies, the naira is likely to remain vulnerable to external shocks and speculative activities.
It is important to note that the quoted rates may vary depending on factors such as location and individual dealers.