Dollar to naira at black market
Indeed, between 19, 79kobo was equivalent to one dollar. However, it is worth noting that less than 40 years ago, the naira was valued as much as the dollar. The dollar stands as the standard exchange rate. Why is the Nigerian naira depreciating so much against the US dollar? Reasons Why The Naira Is So Poor Against The Dollar
![dollar to naira at black market dollar to naira at black market](https://i1.wp.com/www.nigerianarchive.com/wp-content/uploads/2018/09/dollar-to-naira-bank-rate-today.jpg)
Exchange Rate (Dollar To Naira) In Black Market History Additionally, consider the plight of Nigerians who must pay for medical and educational expenses in this foreign currency. This increase in the exchange rate equates to a 7.82 percent increase in the dollar’s value versus the naira.Īlthough these prices are susceptible to unexpected fluctuations due to the currency market’s volatility, they are, to put it mildly, excessively high.Īs a consequence of the dollar’s high exchange rate, Nigerians pay a lot to purchase a little, particularly on foreign or imported products. However, at the beginning of last month, the initial US Dollar rate was recorded as ₦524. Today’s US Dollar to Naira conversion rate in Nigeria is ₦565. However, our focus here is on currency transactions on the illicit market. Numerous items are offered on the black market. Traders in the black market are always willing to sell at a discount to the regular market price.
![dollar to naira at black market dollar to naira at black market](https://i1.wp.com/www.ekohotblog.com/wp-content/uploads/2021/09/Naira-To-Dollar-Exchange-Rates.png)
However, individuals sometimes choose to utilize the black market due to the affordable services they offer. If the rule specifies the set of products and services that are unlawful to produce or distribute, non-compliance with the rule creates a black market transaction since the transaction itself is illegal.
DOLLAR TO NAIRA AT BLACK MARKET SERIES
The black market is a secret market or series of transactions that are unlawful or marked by non-compliance with an institutional set of norms.