Taylor94:
Please this is not the price on parallel market oo



No go meet any Aboki to sell dollar for you at 993 They’ll stab you immediately



Dollar still dey $1380 for Aboki hand oo


Just like I said if una like make una vote rubbish e go favor me pass una since una no wan get sense leave tribalism


I’m stacking bitcoin on my private wallet almost every two two days


Make economy dey spoil make Naira dey fall e dey favor me


Check the date two times coins on 28th and one received 4am this morning and you can see the name Taylor


Wahala for who no dey get dollars


LeoDeking and Yarimo make una lower una pride beg me money I go give una 200k each right now. No DM just quote this post and drop account I’ll run it at POS


If I complain una go call me chief wailer, that I’m jobless that’s why I’m always online, that I’ll wail tire


I go smile look people wey I fit feed their generation with one month bitcoin


Tinubu till 2098

Katier00:
go school you no gree and now you dey disgrace yourself

Fearyourcreator:

Half baked with first class... werey leleyi oo

treesun:

Oponu leyi sah, someone who cant defend his CSU certificate. Do you even fear God!

alt3r3g0:


This is caused by basic demand and supply plus corruption.

If govt decides to sell at black market rate without addressing the supply/corruption issue, that is just moving the baseline as resellers will still add a markup.

It's like increasing fuel price when there is scarcity of fuel.

Only solution is to increase supply and deal with corruption. If everyone can get at offical rate, there is no need to spend more at black market.

The difference use to be less than 5 naira.

didymario7:
The problem remains supply. FG don't earn enough $$ that is the koko. If they had enough they don't need to sell at black market rate. All they need to do is flood the official channels with enough supply of $$ and those who resort to BDCs for the $$ would rather buy from FG. That way they starve the black market of buyers and if they can starve the black market of buyers, they can dictate the price of fx.

9jatriot:
Sorry to bother you guys again, I just wanted to learn.
Is the fluctuation in the Nigerian Foreign Exchange Market (NAFEM) in the last few days a good thing as market forces or a bad thing?

didymario7:


It is both good and bad. I will explain.

It is good in the sense that it allows for transparent pricing of the currency and where there is transparency, we can determine the true value of the currencies. This boosts confidence especially that of potential foreign investors.

On the flip side, allowing purely market forces to determine the price of your currency is dangerous in the sense that if the currency becomes too weak ( for a country that depends largely on import) it can lead to massive inflation and poverty.

The best solution is to find a balance between the two. Most central banks in the world allow what is called partial or managed float. This means market forces will determine the price of the currency. However they set a baseline price that market price must stay above. If price goes below the baseline price they flood the market with dollars from their reserve until it goes back above the baseline. This practice is what is known as intervention.

A good example is GBP/USD. Last year when Russian invaded Ukraine, It led to an increase in the price of energy in Europe and that weakened the GBP. When the weakness got to a point where the UK govt could not take it anymore, they intervened in the market. This propped up the value of the GBP.

9jatriot:
This sounds so much like defending the naira by the CBN which I know many financial experts condemned especially as it was leading to many exchange rates in Nigeria

didymario7:


There is no Country in the world that does not defend her currency during crisis. None! The problem is when the intervention is permanent (pegged), which is what cbn was doing or when the intervention is too frequent, people loose confidence.