USD to Naira Black Market: November 2023 Price Update
The rate of exchange between the USD to Naira Black Market is usually not certain as it fluctuates due to various factors surrounding the black market operations. Let’s get to know more about the rate of exchange between the USD and the naira in the black market.
What is Black Market?
The black market in the money market, is the unconventional and unauthorized market that takes place outside the official banking system.
This involves trading foreign currencies outside the government regulated financial institutions.
The USD to Naira Black Market
The USD to Naira Black market rate for today is 999 naira at selling rate and 1008 at buying rate. Here, Buying rate means the rate at which one buys foreign currency and selling rate is the rate at which one sells a currency.
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Factors that Drives the Black Market
1. Government Rules: High taxation and strict rules by the government can cause people to make use of the unauthorized financial institution.
2. Corruption: When there is corruption in the law regulatory agencies, this can be enabling to the black market in their activities.
3. Economic Difficulty: When there is poverty and unemployment in an economy, people tend to prefer the black market as against the government regulated financial institutions. This can make people to get involved in activities that are illegal just to make money.
CSN Team.
