black market for foreign currency

The black market for foreign currency is an illegal underground market where people buy and sell currency outside official channels. This often occurs in countries with strict currency controls or exchange rate restrictions, creating demand for foreign money at prices different from the official rates. Participants can face legal risks, but they do so to access foreign currency quickly, avoid restrictions, or obtain better rates. While it provides a way to circumvent regulations, it also carries risks like counterfeit currency, loss of funds, or legal penalties.