What are the factors that affect the black market rate of dollar to naira?

3 answers

• Nov 24, 2021 · 3 years ago
  The black market rate of the dollar to naira is influenced by several factors. One of the key factors is the demand and supply dynamics of the digital currency market. When there is a high demand for digital currencies like Bitcoin, it can lead to an increase in the black market rate of the dollar to naira. Additionally, government policies such as restrictions on foreign exchange and capital controls can also impact the black market rate. Economic indicators like inflation, interest rates, and GDP growth can also play a role in determining the black market rate. Overall, it's a complex interplay of various factors that determine the black market rate of the dollar to naira.
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• Nov 24, 2021 · 3 years ago
  Well, let me break it down for you. The black market rate of the dollar to naira is affected by a bunch of things. First off, the digital currency market has a big influence. When people are buying and selling cryptocurrencies, it can affect the demand for dollars and thus impact the black market rate. Then there are government policies. If the government puts restrictions on foreign exchange or implements capital controls, it can mess with the black market rate. And of course, economic indicators like inflation, interest rates, and GDP growth also play a role. So, it's a mix of all these factors that determine the black market rate of the dollar to naira.
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• Nov 24, 2021 · 3 years ago
  BYDFi, a leading digital currency exchange, believes that the black market rate of the dollar to naira is influenced by a variety of factors. The demand for digital currencies, such as Bitcoin, can have a significant impact on the black market rate. Government policies, including foreign exchange regulations and capital controls, also play a role in shaping the rate. Economic indicators, such as inflation and GDP growth, are additional factors that affect the black market rate. It's important to consider all these factors when analyzing the dynamics of the black market exchange rate between the dollar and the naira.
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