@Giddyboy
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Why is the price of fait (paper currency) at the bank always different from the price on black market? Like the difference is a lot. Why is there even black market for paper currencies? I was a the bank this afternoon and I took a look at their exchange chart. There’s a $0.2 difference on every dollar. So if I am converting $1000 dollars to fait at the bank, I’d lose $200 when compared to P2P exchange sites. The difference is too much. I am no financial analyst, so I wonder why the huge difference. Also are P2P sites regarded as black markets?
6 comments
Black market do business with those dollar. They also exchange fiat to crypto with high price. Maybe bank don't do that? Although our bank do not support crypto yet
Giddy,that $200 is really too much. Oh my! Actually About the p2p I really don't know if it's included as black markets but it helps us in our transactions to be more easier and convenient. Goodmorning from here.
Maybe it goes down on tax payment.. Bank is more regulated compared to black market...others operate illegally and avoid paying taxes..
Though black market (p2p) buy at higher rate than banks but i think it's the selling rate that matters. Hardly do you see people sell to banks but people love to buy from bank because it is cheaper (the only problem is,they hardly sell to people, except the buru d change because of the tip those ones gives them) . While banks currently sell at N410-N500 , P2P sells at N560-N60o. Sell to a buyer nlw at N535 and try to buy back,you will see them charge you higher within the twinkle of an eye.
I think black market exist in poor countries like ours. Where the need for the dollar is every high. Don't get me wrong Black market exist in other rich countries but it isn't as high as ours
blessed morning sir