unite4real:
The Naira has plunged more than 70% in the black market when compared to the parallel market since the Central Bank adopted its “managed float” exchange rate system that saw it introduce quasi capital controls as well as restricting the purchase and sale of forex at its official window. The widening premium between the parallel market rates and the official/interbank rates have increased the activities of speculators and round tripping further worsening the currency situation.

It’s however not just speculators who have benefited the most from the misfortunes of the naira. Several other market participants are also benefiting every single day the naira plummets against the dollar at the parallel market. We take a look at some of them;
Diaspora Nigerians

This is perhaps the best time to live and work outside Nigeria especially if your income is in dollars. Dami, a Nigerian who lives abroad reveals that she and her husband thought rather than wait till summer, they decide to visit Nigeria now that the exchange rate favours them. Sensing blood, many of them exchange their dollars in little tranches believing that today’s rate will always be cheaper than tomorrows. Some believe this is the best opportunity to buy land and houses as the value of the dollar has now risen by about 70% against the Naira while property prices have been somewhat depressed.

Commercial banks

Banks have been under pressure since the price of oil began its devastating fall in July 2014. With huge exposures to the oil and gas sector they have seen their loans increasingly become risky with borrowers missing out on their obligations. However, they have also posted massive gains from forex as can be seen in their income statements at the end of financial year 2014 and the first 9 months of 2015. Most people who purchase items online have also confirmed that banks charge them as much as N290 to the dollar even thought the CBN pegs the rate at around N199.

BDC Operators

These are perhaps the biggest benefactors of Nigeria’s forex woes. The CBN in January banned sale of forex to BDC operators accusing them of buying forex from the CBN at N199 and then selling at the black market. The CBN also noted that the BDC’s buy dollars from the CBN at N197 only to sell to their customers at N250. According to the CBN it’s no wonder that BDC have risen “from a mere 74 in 2005 to 2,786 BDCs today. In addition, the CBN receives close to 150 new applications for BDC licenses every month.”

Exporters

Businesses engaged in exports are also huge benefactors of the declining exchange rate. Revenues from their exports officially should route through the CBN as export proceeds however it is understood that some of them move a chunk of that to the black market. With gains as high as 50% most of them find it hard to resist the lure of selling their hoard at the black markets rather than at the official window.

Friends and associates of the CBN

Reports also suggest that people close to the management of the CBN or indeed the government are also befitting from the fall of the Naira. They get preferential treatment from the CBN by buying at official rates rather than at the black market rates where a lot of Nigerians go to. The CBN has also expressed its desire to sell forex to businesses it perceived are creating jobs at home rather than to cater for “irresponsible demand” which the CBN opines are what other importers of “non essential” goods and services engage in.


http://nairametrics.com/nigerians-benefiting-from-the-fall-of-the-naira/

Bros your list is not complete without mentioning yahoo boys

k

tickles2luv2016:



Bros your list is not complete without mentioning yahoo boys

hm

Johnrake69:


That is the wrong argument... The naira is over valued at #197. Even stronger currency like the euro is losing value against the dollar. The best time to devalue was yesterday and the second best time is now. A devaluation will reduce the stress on the naira. So finding a solution that will not lead to the devaluation of the naira is a waste of valuable time.

Knowing well that the fall of the Naira is artificial and created by speculators who keep hoarding dollars, would you allow speculators devalue the Naira? The previous government depleted our external reserves trying to reduce pressure on the Naira, how successful was that?

Am not an economist but I believe there is a solution other than spending foreign reserve or devaluations. I am hoping for a solution that will not demolished the Naira or affect Nigerians.

NiGeRianTr0ll:


Its not good oh, show your patriotism na

You're right tho

What is BDC Please whenever you are writing, the first time an abbreviation appears in your write-up, always write it in full. However, subsequent appearances can be abbreviated.

ipledge10:
lol...make I send that kind gush I got today....I don't know anybody going home....western union still do N197

those western union guys na thieves dem be joor

1Dray:



Stop talking trash or what you don't know, last week Friday I did online purchases using my visa card and I was charged N315/$ by Access bank, people using First bank said they were charge N322.5 that same day. People that did online purchases yesterday using their visa/master card said they were charged N385/$ and you're here talking garbage. As usual asslicking your 75 y/o change president.

That is exactly what i intend to tell the fool. coming online to lie. Receiving from bank,its 199/$, while paying through the same bank is 385/$. That is pure exploitation and cheating

adanny01:


Knowing well that the fall of the Naira is artificial and created by speculators who keep hoarding dollars, would you allow speculators devalue the Naira? The previous government depleted our external reserves trying to reduce pressure on the Naira, how successful was that?

Am not an economist but I believe there is a solution other than spending foreign reserve or devaluations. I am hoping for a solution that will not demolished the Naira or affect Nigerians.

Artificial ke', the naira is no where near the value of the dollar. See if the naira is left alone to find its true value then we should be looking at #500 upwards. We don't produce anything in Nigeria that should support the current exchange rate. Even if they bring in Obama's economic team. The first step will be to devalue the naira.

Everyone is troubled, not just a selected few

[b][/b] yahoo boys are smiling to the banks now.. End time falling of the naira

People need to understand that criticizing Buhari doesn't mean supporting GEJ. The truth is that,PMB has not handled this economic crisis very well, all he has done is blame GEJ and embark on needless foreign trips. He has been in power for 9 months and he has nothing to show it. If he continues with this his snail-like and somewhat clueless approach to governance then Nigerians are in for some serious hardship.

PeinDanzo:


Check the top drawer, u'll see some tablets of sense ..take as many as u can

Lol

Pavore9:



A criminal? I get to receive my export proceeds through CBN and am paid less than N200 per dollar and l need to import some raw materials for my production and banks sells to me dollars at nearly N300 for one, who is the criminal...I or the banks who are making almost a N100 per dollar from the dollar l earned for the Nigerian economy?

Honestly I feel bad for this guy

If you send dollars to Nigeria, How will the receiver get it in dollars since most banks pay in naira now?
Anyone have any ideas?

cococandy:
If you send dollars to Nigeria, How will the receiver get it in dollars since most banks pay in naira now?
Anyone have any ideas?

You will be paid in naira @ official rate. . . just like Pavore9

Johnrake69:


Artificial ke', the naira is no where near the value of the dollar. See if the naira is left alone to find its true value then we should be looking at #500 upwards. We don't produce anything in Nigeria that should support the current exchange rate. Even if they bring in Obama's economic team. The first step will be to devalue the naira.

Naira has already been "devalued" in the parallel market

noxide:


You will be paid in naira @ official rate. . . just like Pavore9

I know.

But I'm hoping for a way around that. Get paid in dollars so they can go change it at the black market for higher rates.

Maybe someone knows a way.

Lexusgs430:
You seem to be forgetting the British Pound (£). £200.00 is now N1000, 600, £1000 is now N503,000. This trend smells jolly for exporters!!!!!

There is nothing jolly for the exporters my man

Read Pavore9's post


Pavore9:



A criminal? I get to receive my export proceeds through CBN and am paid less than N200 per dollar and l need to import some raw materials for my production and banks sells to me dollars at nearly N300 for one, who is the criminal...I or the banks who are making almost a N100 per dollar from the dollar l earned for the Nigerian economy?

cococandy:

I know.

But I'm hoping for a way around that. Get paid in dollars so they can go change it at the black market for higher rates.

Maybe someone knows a way.

Yu'll have to use a 3rd party agent over there abroad. They'll collect your currency there & pay into your account here in 9ja. Their rate could be slightly lower tho. E.g $1 = 360 instead of 387

noxide:


Naira has already been "devalued" in the parallel market

It should be done officially... That will stop stop our banks from getting fat at the expense of the masses.

Ayodejioak:
Here in Yankee even if u curently have $1000 dollars, you are millionaire at home. Come to think of it I make that in a week.

I will pray for you so your condition improves

cococandy:

I know.
But I'm hoping for a way around that. Get paid in dollars so they can go change it at the black market for higher rates.

Maybe someone knows a way.

Some do, why should the banks outsmart us?

Johnrake69:


It should be done officially... That will stop stop our banks from getting fat at the expense of the masses.

Even if it's done, the cycle will continue in a subtle and indefinite way.

That's why they're banks. No matter the situation banks always win

After watching a documentary "Zeitgeist" I started admiring banks the more

u love pdp cos they gave u 5000 dollars for attending a meeting. Fool!!!!!!!!!!!!!!!!!

princey83:

I love PDP,i made a cool $5000 (mint $100 bills) in the last presidential election, just for attending a meeting at VI in which GEJ was present, i wonder how much the other heavy weight at the meeting made God bless GEJ, and his family. He was indeed a good man and a cheerful giver. To those complaining of dollar scarcity, una never see anything ,just wait till inflation kicks in on a mega scale!

My trip from Canada to Nigeria just before the election was really worth it

@Saxywale, how far.... u still dey Saskatchewan? Hit me up bro.

noxide:


There is nothing jolly for the exporters my man

Read Pavore9's post


Pavore9:



A criminal? I get to receive my export proceeds through CBN and am paid less than N200 per dollar and l need to import some raw materials for my production and banks sells to me dollars at nearly N300 for one, who is the criminal...I or the banks who are making almost a N100 per dollar from the dollar l earned for the Nigerian economy?

Exporters selling currency on the parallel market, are having a jolly!!!!

noxide:




Honestly I feel bad for this guy

Bro. l outsmart them as they have no right to reap where they did not sow! When you have someone at the other end who receives the proceeds, u escape our banks!

smsshola:

Now buharo shu think outside the box and do something...

...think outside the box, with what?...last time i checked he had no certificate.

.

Why do people keep on blaming buhari se na buhari dey rule wen d price oil was high?we were suffering of bad government from past

This irresponsible demand creates livelihood for millions of Nigerians.

MathsChic:
199 exists only in the wildest dreams of the Nigerian government. Truth is, the exchange rate is more or less 390 and it's falling fast...
Humans, being who we are, will always exploit situations and that doesn't exclude Nigerians.

You are 100% wrong! The government does sell at 199. That's the truth. But its sold to ghosts!