Black Market Dollar to Naira Today: 03, November 2023
Black Market Dollar to Naira Today – The exchange market keeps fluctuating and the black market plays a great role in knowing the rate of exchange between the US dollars and the Naira. The black market is driven by many factors which greatly impact the economy.
The Black Market
Black market in the exchange market, refers to an unofficial or unauthorized market where currencies are exchanged for other currencies.
It involves buying and selling of foreign currencies outside the government authorized financial institution.
The Black Market Dollar to Naira Today
The black market rate of exchange between the dollar to naira is 999 naira to a dollar at a selling rate and 1008 naira to a dollar at a buying rate.
Here, Selling rate is the rate at which a currency is sold and buying rate is the rate at which a currency is bought.
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Factors that Moves the Black Market
1. Technology: Technology has made black market transactions easier. Some technological communication tools has also helped push the black market.
2. Choice: People prefer the black market operations due to the cheap rate of exchange and less regulations.
3. Lawlessness: Weak rules or law enforcement can mar efforts to stop the black market activities.
CSN Team.
