What is the black market for currency?

Answer 1

The black or parallel market exists in countries like Zimbabwe where the government tries to dictate the exchange rate at an artificially high level.
For example, in Zimbabwe, the official exchange rate is 250 Zimbabwe dollars to US$1. The parallel market exists because people bringing US dollars into the country are aware that they can sell their US dollars at a much better rate directly to the public without going through the government. As of today, the parallel market rate is about 1100 Zimbabwe dollars to US$1.

Answer 2

The Exchange Of Money, Unoffically Is Called The Hawala System, In The Indian Sub - Continent, In This System, Millions Of Dollars, and all other international currencies change hands illegally. this practice is very common in the Asian Countries Specailly In & Around The Areas Of Far East Asia & The Indian Subcontinent.

Answer 3

a better rate to change currency than the official one
like once in algiers i got 50% more for dollars not going to bank