How does the black market affect the current dollar to naira exchange rate?

1 answers

• Mar 22, 2022 · 3 years ago
  At BYDFi, we understand the impact of the black market on exchange rates. While we do not endorse or promote black market activities, it is important to acknowledge its existence and influence. The black market affects the dollar to naira exchange rate by creating an alternative market with its own supply and demand dynamics. This can lead to a divergence between the official exchange rate and the black market exchange rate. Traders and investors should be aware of the risks associated with engaging in black market transactions and consider the implications on their overall portfolio. It is always advisable to comply with regulatory requirements and seek legal channels for foreign currency transactions.
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