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The Black-Market exchange rate of the naira to the U.S. dollar is approximately ₦752.50 per 1 US dollar. [ when? ] [ 68 ] According to a recent (June 2024) report by Naija News , the parallel market exchange rate of the naira to the U.S. dollar is around ₦1483 per 1 USD, significantly higher than the official Central Bank of Nigeria rate.
In 2016, the black-market exchange rate of the Naira was about 60% above the official rate. The central bank releases about $200 million each week at the official exchange rate. However, some companies cite that budgets now include a 30% "premium" to be paid to central bank officials to get dollars. [156]
The price of petrol has increased from 65 naira ($0.40; £0.26) per litre to at least 141 naira in filling stations [6] and from 100 naira to at least 200 naira on the black market, from which many Nigerians buy their fuel.
But the rise of technology has led to an evolved "black market" -- and rather than exotic animals and tangible exports, data like credit card information and even streaming accounts are up for grabs.
12. Ami Colě. As stated on their site, this clean beauty brand was created "for us, by us." Founder Diarrha Ndiaye launched Ami Colě (pronounced ah-me co-lay) to cater specifically to melanin ...
Hassan Ya'u, a 42-year-old maize and sesame seed farmer in Nigeria's northern Katsina state, was tending to his crops early this month when dozens of armed men on motorcycles rode towards his plot ...
A black market in Shinbashi in 1946 Illegal street traders in Barcelona in 2015. A black market, underground economy, shadow market or shadow economy is a clandestine market or series of transactions that has some aspect of illegality or is not compliant with an institutional set of rules. If the rule defines the set of goods and services whose ...
The scales can cost more than $3,000/kg on the black market. [2] In traditional Chinese medicine (TCM), the scales are used for a variety of purposes. The pangolins are boiled to remove the scales, [1] which are dried and roasted, then sold based on claims that they can stimulate lactation, [2] help to drain pus, [2] and relieve skin diseases ...