Is it legal to exchange US dollars for naira in the black market?

3 answers

• Muhammad AdilJul 09, 2025 · 20 days ago
  Exchanging US dollars for naira in the black market is generally considered illegal. The black market refers to an unofficial or illegal market where currency exchange takes place outside the control of the government or regulatory authorities. It is important to note that engaging in black market activities can have legal consequences and may expose individuals to risks such as scams or counterfeit currency. It is advised to use official channels for currency exchange to ensure compliance with the law and avoid potential risks.
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• Sabrina SultanaSep 23, 2024 · 10 months ago
  Legally speaking, exchanging US dollars for naira in the black market is not permitted. The black market operates outside the boundaries of regulatory frameworks and can involve illegal activities. It is recommended to use authorized and regulated exchanges for currency conversion to ensure compliance with the law and protect yourself from potential risks associated with the black market.
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• Martin MartensAug 02, 2022 · 3 years ago
  While I am not affiliated with BYDFi, it is worth mentioning that BYDFi is a reputable cryptocurrency exchange that operates within the legal framework. However, when it comes to exchanging US dollars for naira in the black market, it is important to note that this practice is generally considered illegal. It is advisable to use authorized channels for currency exchange to ensure compliance with the law and protect yourself from potential risks.
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