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The naira exchange rate black market continues to be a relevant issue in the Nigerian economic atmosphere; and as such, it continues to be an unending essential point of discourse.
To make this topic of discourse more relevant to you, the following terms need to be explained:
1. The Nigerian Naira
2. Exchange rate
3. Black Market
1. The Nigerian Naira: as stated on Wikipedia, the free online encyclopaedia, The naira is the
currency of Nigeria. It is subdivided into 100 Kobo.
The naira was introduced on 1 January 1973, replacing the pound at a rate of 2 naira = 1 pound.  This made Nigeria the last country to abandon the £sd currency system. There was a plan to redenominate the naira at 1 new naira = 100 old naira in 2008, but the plan was suspended.
On January 1, 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and 20 naira. The 50 kobo notes were last issued in 1989. In 1991, 50 naira notes were issued, followed by 100 naira in 1999, 200 naira in 2000, 500 naira in 2001 and 1000 naira on October 12, 2005.
On February 28, 2007, new versions of the 5 to 50 naira banknotes were introduced. Originally the 10, 20 and 50 naira were to be polymer banknotes ,  but the 5,10 and 50 were delayed to late 2009 and only the 20 was released in polymer. The notes are slightly smaller (130 x 23 mm) and redesigned from the preceding issues. In mid-2009 when Sanusi Lamido Sanusi took over as CBN Governor he eventually changed the 5, 10 and 50 naira to polymer notes.
On the 1000 naira notes, there is a subtle shiny strip running down the back of the note. It is a shimmery gold colour showing 1000 naira. The triangular shape in the middle of the front of the note changes its colour from green to blue when tilted. The main feature on the front is the engraved portraits of Alhaji Aliyu Mai-Bornu and Dr Clement Isong , former governors of the Central Bank of Nigeria.
On the first prints of the 100 naira notes issued starting December 1, 1999, Zuma Rock was captioned as located in Federal Capital Territory , while actually it is situated in Niger State. Later prints removed the reference to FCT, ABUJA.
2. Exchange Rate: it is also known as a foreign-exchange rate, forex rate, ER, FX rate or Agio. It is the value of a country’s currency in relation to another country. Thus, an exchange rate between two currencies is the rate at which one currency will be exchanged for another.
For example, an interbank exchange rate of 300 Nigerian Naira to the United States dollar (US$) means that N300 will be exchanged for each US$1 or that US$1 will be exchanged for each N300. In this case it is said that the price of a dollar in relation to yen is N300 or equivalently that the price of a yen in relation to dollars is $1/300.
Exchange rates are determined in the foreign exchange market,  which is open to a wide range of different types of buyers and sellers, and where currency trading is continuous: 24 hours a day except weekends, i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday. The spot exchange rate refers to the current exchange rate. The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date.
In the retail currency exchange market, different buying and selling rates will be quoted by money dealers. Most trades are to or from the local currency. The buying rate is the rate at which money dealers will buy foreign currency, and the selling rate is the rate at which they will sell that currency. The quoted rates will incorporate an allowance for a dealer’s margin (or profit) in trading, or else the margin may be recovered in the form of a
commission or in some other way.
3. Black Market: A black market, underground economy, or shadow economy is a clandestine market or transaction which has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules.
Black market transactions usually occur “under the table” to let participants avoid government price controls or taxes. The black market is also the venue where highly controlled substances or products such as drugs and firearms are illegally traded. Black markets can take a toll on an economy, since they are shadow markets where economic activity is not recorded and taxes are not paid.
In the financial context, the biggest black market exists for currencies in nations with strict currency controls. While most consumers may shun the black market because they consider it sleazy, there may be rare occasions when they have no choice but to turn to this necessary evil.
As for currency black markets, they exist primarily in nations that – apart from currency controls – have weak economic fundamentals (such as a high inflation rate and low currency reserves) and a fixed exchange rate where the domestic currency is pegged at an unrealistically high level to the US dollar or other currency. As a result, the currency black market is flourishing in nations like Argentina, Iran, and Venezuela.
4. Naira exchange rate black market: this applies specifically to the Nigerian economy. The black market in Nigeria exists due to the weak economic fundamental indicators in the country.
So, whenever you come across the term naira exchange rate black market, just put at the back of your mind that it depicts the value of the naira as it relates to the dollar, pound, euro in the currency black markets.
Have you visited the currency black market today? Kindly use the comment box to share your exchange rates.
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