The Nigerian local currency opened for exchange on the parallel market otherwise known as black market at the rate of ₦760 to the US Dollar (per $1) on Tuesday.
According to information obtained from Bureau De Change (BDC) operators, the worth of a Dollar to the Naira in the black market in Abuja as of today, is ₦760, while Kano and Lagos exchange rate stands at ₦751 respectively.
Customers purchase the a Dollar with ₦760 and sell at ₦755.
Meanwhile, the European Euro/Naira traded at ₦806 buy and ₦796 sell respectively in the parallel market. Similarly, the British Pound To Naira Exchange Rate is ₦930 buy, while you can sell a pound for ₦925 sell at the black market rate.
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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.
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.
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.
