The exchange rate for the US Dollar to Nigerian Naira on the black market according to information obtained from Bureau De Change (BDC) operators in Lagos, reveals that as of today customers buy a Dollar for N750.
Black market according to Investopedia.com is an economic activity that takes place outside government-sanctioned channels. It is an illegal market where transactions usually occur “under the table” to let participants avoid government price controls or taxes.
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The goods and services offered in a black market can be illegal, meaning their purchase and sale are prohibited by law, or they can be legal but transacted to avoid taxes. Illegal markets are also known as illegal markets, shadow markets, or underground markets.
Currency dealers in Nigeria said a Dollar was bought at ₦755 and sold at 753₦ yesterday. Meanwhile, buying a Dollar today on the black market in Nigeria, costs N750.
The US Dollar to Nigerian Naira currency pair remain the most traded currency in the FX market followed by the GBP and Euros
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