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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