The oil refineries are not performing at an appreciable and optimum level, instead they are abandoned to waste away for Nigeria lacks maintenance culture. Nigeria exports the crude oil to developed nations who refines the oil and Nigeria will, in turn, buy back the refined oil from the outside and subsidize the gasoline for local consumption. A great nation like Nigeria has refused to grow her economy with all the natural and human capital at her disposal.
In the short range, Nigeria is obsessed with easy money of oil trading and outrightly rejects the growing diversifications of her economy she initiated. Nigeria’s economy is fragile and weak because Nigeria operates one commodity-based economy, which is oil, a major source of her foreign currency. The currency Naira is falling due to both tactical and strategic blunders.
#DOLLAR TO NAIRA TODAY BLACK MARKET FREE#
In essence, the black market is a free market, regulated only by supply and demand. This agreement is usually based on the volume of money been sold or bought. These markets may or may not be guided by a central authority but there is always an agreement between the seller and buyer. Black market exchange is a platform where currencies are brought and sold. Illegal parallel markets are the norm in most of Africa especially Nigeria, which has never successfully unified its exchange rate. Illegal parallel market systems emerge when private agents attempt to evade restrictions on the price or quantity of foreign exchange transactions. In these cases, most current account transactions take place at a pegged commercial rate, and capital account transactions at a market-determined financial rate. When the parallel market for foreign exchange is legal, it is often referred to as a dual exchange rate (DER) system. Parallel exchange rate systems may be legal or illegal. Source About the black Market exchange rateĪ parallel foreign exchange market system is one in which transactions take place at more than one exchange rate and at least one of the prevailing rates is a freely floating, market-determined. Nigerian traditions and customs are also presented on the 5 Naira bill with the ritual dances of the Nkpokiti troupe. When they are in the form of human faces, they tend to be those of sorcerers, who mediate between the divine and human dimensions. When they represent animals, they are supposed to bring their characteristic qualities to the bearer. The shapes, sizes and materials are many and varied. The sculpting of masks is a major art form in Africa. The 1 Naira banknote carries the image of a mask on its reverse side.
The only coins in current circulation are of 50 Kobos, and 1 et 2 Naira. Few of the latter are currently in circulation due to the devaluation of the Nigerian currency.
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