Implications of the black market exchange rate
(691 reads) See also ► What is Dollar to naira at black market rate today? ► Exchange rate: What rate did you get Dollar, Pounds, Euro to Naira today?
The exchange rate in the black market has significant ramifications for the Nigerian economy. While it provides individuals and businesses access to foreign currency when official channels are limited, it also brings about challenges, including:
Inflation: Higher black market exchange rates can drive inflation by increasing the cost of imported goods and services, leading businesses to often resort to the black market to meet their foreign exchange needs.
Informal Transactions: The presence of the black market encourages unregulated and unofficial financial transactions, making them vulnerable to fraudulent activities and money laundering.
Econom…
Please login to view the rest of this post.
-
- Similar Topics
- Replies
- Views
- Last post