However, at the beginning of last month, the initial US Dollar rate was recorded as ₦524. Today’s US Dollar to Naira conversion rate in Nigeria is ₦565. However, our focus here is on currency transactions on the illicit market. Numerous items are offered on the black market. Traders in the black market are always willing to sell at a discount to the regular market price. However, individuals sometimes choose to utilize the black market due to the affordable services they offer. If the rule specifies the set of products and services that are unlawful to produce or distribute, non-compliance with the rule creates a black market transaction since the transaction itself is illegal. The black market is a secret market or series of transactions that are unlawful or marked by non-compliance with an institutional set of norms. 6 Quick Facts To Know About The US Dollarĭollar to Naira Calculator What is Black Market?.5.1 Devaluation Of The Nigerian Currency.5 Reasons Why The Naira Is So Poor Against The Dollar.4 Exchange Rate (Dollar To Naira) In Black Market History.0.1 Dollar to naira exchange rate today.
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