dollar to birr exchange rate in black market

What’s different this time? Well for one, NBE has introduced several incentive packages for informants who expose black market operators, in a bid to prolong the effectiveness of the measure and make it more appealing to citizens. Although the central bank has launched crackdowns several times prior to this, they had been mostly ineffective. In an effort to reverse what has now become a leading cause for the loss of considerable revenue to the government in addition to aggravating inflation, the National Bank of Ethiopia (NBE) has introduced a series of regulatory measures against this illegal market. It was found that a single foreign Hawala operator sends forex up to 80 times every week. The matter was further complicated by the discovery of bank officials’ involvement involved in feeding the black market, along with the other two main culprits: diasporas and illegal Hawala agents. According to Borkena, $1 was fetching as high as 120 Ethiopian birr, a two-fold jump from the 53- birr banks were selling it for. The black market for foreign exchange in Ethiopia has been exhibiting a rapidly increasing gap from the official bank exchange rate, passing through the 90-birr mark in early September before reaching the hundreds in October 2022. When we compare today’s () values with the last 7 days, average Dollar to Naira rate had a 6.57 points increase from ₦773.93 to ₦780.50 which corresponds to a 0.85% rise.ĭollar to Naira black market exchange rate today is between ₦765 and ₦775 with an average of ₦770.50 on in Nigeria, according to 4 buy rates extracted from the comments coming from our users.Ethiopia Cracks Down on Black Market Forex Exchange as $1 cannot guarantee correctness of the buy rates shared by users listed above.ĭollar to Naira black market exchange rate today is between ₦775 and ₦785 with an average of ₦780.50 on in Nigeria, according to 4 sell rates extracted from the comments coming from our users.įor the last 7 days, between and, Dollar to Naira black market sell rate took values between ₦765 and ₦786 with an average of ₦773.93.

Some buy rates extracted from the user comments on this page: Currency cannot guarantee correctness of the sell rates shared by users listed above.

Some sell rates extracted from the user comments on this page: Currency

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Dollar to birr exchange rate in black market