The US Dollar to Ghanaian Cedi Exchange Rates continues to be influenced by the Black Market Rate quoted by illegal traders popularly known as Aboki who trade along major streets in the heart of Accra.
The big question is this: How much is 1 dollar in Cedis on the black market today?
FAQ: How much is 1 dollar to Cedis on the black market today?
Very often the rates quoted by dollar black market dealers in the foreign exchange market in Ghana are higher than the rate quoted by Banks and the Bank of Ghana and, to a large extent, the rate quoted by Forex Bureaus. The high rates quoted in black markets make trading with them attractive to persons who have dollars to trade for cedi equivalents.
Today 1 USD = 11.267934 GHS as of Apr 13, 2023, in the black market. This is higher than the rates quoted by banks and the Bank of Ghana, hence persons and other stakeholders who know where the black market operators work may get higher value for their dollars in the black market than in the banks.
FAQ: Where can one find US Dollar to Ghanaian Cedi Exchange Black Market?
Dealers in the black market are difficult to come by since they do not have offices for walk-in customers. However, in recent times these operators have been seen in around places like the Kotoka International Air Junction area and The Kimbu areas in Accra. Dealing with such persons comes at a very high risk, since one may not be able to find them again should they give you a bad deal.
FAQ: What are the positive and negative effects of trading, buying, and selling foreign exchange in the black market?
Let us take a look at the Effects of Trading in the Black Market of the US Dollar to Ghanaian Cedi Rate.
US Dollar to Ghanaian Cedi Rates For Today Released By BoG as Cedi Depreciates
Positive effects of buying and selling foreign exchange in the black market:
- It can provide individuals with access to foreign currency that may not be available through legal channels.
- It can facilitate international trade and transactions that may be otherwise difficult or impossible.
- Not only that, but it can provide individuals with an opportunity to earn higher profits through exchange rate fluctuations.
- It can enable individuals to avoid government-imposed restrictions on currency exchange.
READ: US Dollar to Ghanaian Cedi Exchange Rates (Bank and VISA)
Negative effects of buying and selling foreign exchange in the black market:
- It can contribute to the growth of illegal and unregulated markets, which can be associated with organized crime and money laundering.
- It can undermine the stability of the domestic currency and economy by distorting exchange rates and capital flows.
- Furthermore, it can expose individuals to the risks of fraud, theft, and other criminal activities.
- It can lead to a loss of government revenue and control over the monetary system, which can ultimately harm the public interest.
We hope this article on the Black Market US Dollar to Ghanaian Cedi Rate has been very educative and informative.