The black market makes it virtually impossible for the government to arrest the decline of the nations’ currency. This is because when the government declares one value for the naira in exchange of the GBP, and the black market offers a higher exchange rate, people will naturally turn to the...
Exchange rates are the rate at which a currency is exchanged for another. It is also the value of one currency in relation to another. The amount of one currency you will have to pay in other to get another currency is the exchange rate. Example: how much Naira will you have to pay ...