Are you aware that the value of Nigeria’s Naira in the parallel market otherwise known as the black market is getting stronger by the day.
Nigeria’s local currency, the Naira, which traded at ₦750 to a Dollar just yesterday opened for trading on the black market on Monday morning at ₦744 when you are buying a dollar from a Bureau De Change and ₦737 when sell to them.
This means that the Naira gained ₦6 on the US Dollar in less than 24 hours.
Does this mean that there is hope for the Naira in nearest future or should investors just look at the change as a fluke?
Factors such as the global price of crude oil, inflation and currency devaluation among others reduce the strength of the Naira when placed side by side with other currencies of the world.
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According to Investopedia.com, the black market, 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.
Dollar to Naira Rate for Past 7 Days
| Date | Buy | Sell |
| April 9, 2023 | 743 | 737 |
| April 8, 2023 | 745 | 740 |
| April 7, 2023 | 750 | 746 |
| April 6, 2023 | 750 | 746 |
| April 5, 2023 | 748 | 743 |
| April 4, 2023 | 744 | 740 |
| April 3, 2023 | 744 | 740 |
