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Nairaland Forum / Nairaland / General / Business / FOREX: FG Orders CBN To Abolish Parallel Market - Leadership (19151 Views)
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FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by BeeBeeOoh(m): 5:25am On Dec 21, 2016 |
As the gap between the value of the Naira at the interbank and parallel market continues to widen, the Federal Government has announced plans to converge the rates by abolishing the parallel market. http://leadership.ng/news/564673/forex-fg-orders-cbn-to-abolish-parallel-market Lalasticlala, Mynd44 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by ThinkSmarter: 5:30am On Dec 21, 2016 |
This will be a good measure 2wards curbing this ugly trend of exorbitant exchange rates for the Dollar, Euro and Pounds Sterling in the black mkt. After all most Towns and cities in Nigeria hv designated banks where one can easily go to make transactions being it money gram, WU, FX. this will be a Good job if CBN will get it enforced. 8 Likes 2 Shares |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by dannyville2(m): 5:32am On Dec 21, 2016 |
Let's all hope it not a try and error thing, because that's what they do. I they're never good at anything 11 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by AdeniyiA(m): 5:33am On Dec 21, 2016 |
Are they not the ones operating the black market for their own gain?. And if they could stop it what have they been looking at or doing since? Irresponsible governments everywhere 27 Likes 3 Shares |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Nobody: 5:38am On Dec 21, 2016 |
Funny! How is BDC banned when it's the true determinant of the naira's rise/fall? CBN can make me laugh. If CBN keeps using the interbank rates and giving Nigerians false hope, that is what I call DENIAL. Let the black market thrive, CBN's Job is to educate other ministries to rake in the money, stabilize the bank to ensure viable economy and so long as Dollar is the official world currency it won't and can never be manipulated out of the Nigerian financial system. No, Not even possible with the emergence of Bitcoin and TBC. 29 Likes 1 Share |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by sarrki(m): 5:47am On Dec 21, 2016 |
Op what should I say ? 2 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Justiyke4u: 5:51am On Dec 21, 2016 |
Akuko 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Stalwert: 5:55am On Dec 21, 2016 |
aaronson: So they should use the black market rate? Many bear parlor analysts in nairaland 16 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Nobody: 5:58am On Dec 21, 2016 |
This will be the best thing that will happen to Nigeria. Before you embark on this, make sure there is dollar supply to banks to sell to public at 305....CBN must monitor them closely because the banks are also corrupt. They can also ration it, lets say $10,000 a week at 305 for private individuals. If you choose to buy more than $10,000 a week, its your responsibility to source it outside the bank. 11 Likes 3 Shares |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by talktimi(m): 6:00am On Dec 21, 2016 |
This govt once decided that cutting trees in Abuja would stop forex black marketers from operating. The present Nigerian govT is run by innefectual bufoons 30 Likes 2 Shares |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Nobody: 6:03am On Dec 21, 2016 |
Stalwert:clean the lens of your glasses and read my post again or get a Basic 6 pupil to read and interpret it for you. 8 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by sarrki(m): 6:03am On Dec 21, 2016 |
talktimi: That Name IB is for sir Jonathan 11 Likes 1 Share |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Tiffbuxas: 6:07am On Dec 21, 2016 |
na WA OK... I av tire 4 did country and their mumuism Sori zombieism. 2 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by kingdompropty: 6:11am On Dec 21, 2016 |
If the government try such apart from causing unnatural scarcity it will put pressure on the dollar and like Venezuela it will cause inflation on other items. Also trust Nigerians, Togo,Benin Republic, Ghana, Cameroon etc will cease the opportunity to reap off citizens. My advise; the government should stop selling other countries currency and only regulate. 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by 4Play(m): 6:13am On Dec 21, 2016 |
The parallel market exists because the CBN is meddling with the price discovery mechanism by restricting access to forex at the official rate. Remove the CBN's restrictions and its other dodgy market manipulation and the parallel market dies a natural death. 27 Likes 7 Shares |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by courage89(m): 6:16am On Dec 21, 2016 |
This is a great idea, if implemented properly. Again, the devil is in the details. The black market was supposed to be eliminated when CBN devalued naira back in June. Lets hope this time around, it is for real. And our Bureau De Change members will not start another campaign to discredit this effort. 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Stalwert: 6:24am On Dec 21, 2016 |
[s] aaronson:[/s] oga bear parlor analyst comot for road 8 Likes
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Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by okosodo: 6:28am On Dec 21, 2016 |
courage89:How is it a great idea? Is it the federal government that is printing the dollars? Water is finding its level with the useless policies of buhari 10 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by APCmyheart(m): 6:42am On Dec 21, 2016 |
Freedom2016: I swear i think that is exactly what should have been done a very long time ago, I talk about this same thing with a friend few months ago and i think it's best option.. No black market anymore, CBN should have their agents in different banks in some location where they will sell dollars to private individuals and make sure it's a fix amount weekly and purpose of the money should be known.. The buyer most provide his/her international passport before buying, Only international should be made the only means of ID.. 7 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by checkolatunji: 6:43am On Dec 21, 2016 |
okosodo: Can't you make your point without insult ? Tufiakwa |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Flexherbal(m): 6:43am On Dec 21, 2016 |
Hope after eliminating the parallel market, they will be making it available to all! |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Atiku2019: 6:44am On Dec 21, 2016 |
Nice |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by APCmyheart(m): 6:48am On Dec 21, 2016 |
Flexherbal: I guess so, black market is the main problem, Most of them travel to Ghana to buy dollar and resell in Nigeria... The new Policy will help alot as lot's of people will stop patronizing BDC.. |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by onatisi(m): 7:27am On Dec 21, 2016 |
ThinkSmarter:It seems you don't understand what is happening in Nigeria. The problem.is that even thenbanks don't have dollars to sell,there is shortage of dollar supply ,these abokis have been able to source it somehow,the only way to curb the black market is for the government to pump in about 30billion dollars into the banks ,but Nigeria foreign reserve is even less than that if I am not mistaken. 7 Likes 1 Share |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Wiseandtrue(f): 7:29am On Dec 21, 2016 |
Y |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Clone2020(m): 7:29am On Dec 21, 2016 |
About time. |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by oluseyiforjesus(m): 7:30am On Dec 21, 2016 |
2019 come Like Jet pls 2 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Nobody: 7:30am On Dec 21, 2016 |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by onatisi(m): 7:31am On Dec 21, 2016 |
APCmyheart:which yeye policy are u talking about? You are talking about Ghana ,the difference between the black market rate in Ghana and their bank rate is just about 30peswa. So nobody even bother going to banks for dollars. The question u should be asking is how will the cbn fund naika fx demand which is rumored to be about 2billion dollars daily? Does cbn have that capacity? 3 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by dollaflow(m): 7:31am On Dec 21, 2016 |
Ok |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by ThinkSmarter: 7:31am On Dec 21, 2016 |
onatisi:Seriously, dunno b4 |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Elchappo: 7:32am On Dec 21, 2016 |
They ve come with another "Try ur Luck" policy... Govt Uwa Mmebi.. 3 Likes |
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