Nigerians bought a US Dollar at ₦775‎ and sold at ₦765‎ today, just as the currency traded on Wednesday at the black market.

The Nigerian local currency opened for exchange on the parallel market otherwise known as black market at the rate of ₦775 to the US Dollar (per $1) on Wednesday.

Customers purchased a Dollar with ₦775 and sold at ₦765, as against ₦‎780 it traded on Tuesday.

Black market, according to Investopedia.com, is an economic activity that takes place outside government-approved 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.

Dollar to Naira Rate for Past 7 Days

The growing rate of inflation, astronomical increase in interest rates on loans obtained from banks, trade conditions and government’s debts among other things are factors responsible for the continuous decline of the naira against the Dollar.

The US Dollar to Nigerian Naira currency pair remains the most traded currency in the FX market followed by the GBP and Euros.