The CBN does not want a parallel market because the government is the highest foreign exchange earner in the country. The parallel market is the official market plus a markup for profit the rates can never be the same. Had it been we had indegineous companies that export and earn dollars in exchange then probably the Naira will be more stable and the parallel market may be an incentive to export.unfortunately, what we have is some gambling companies with billion naira turnover trying to buy all the foreign exchange of the Government only to keep it in their foreign accounts other in other countries. How unpatriotic can some Nigerians be. Always a handful of people bringing down the value of Naira just to feed their greed.

grandstar:
"We sincerely hope this suspension will lead to the appreciation of the Naira from next week" - the article said.

This is the best masked sarcasm I have ever seen. Of course, the free fall of the Naira will continue until the government allows market forces to determine the exchange.

The numbing incompetence of Buhari and his puppet CBN governor has been unparalleled since 2015.

Raymondfayowole:



We don't have to be myopic in this situation. First is he manipulating the rates? I can't say for sure but he claimed he gets his rates from the streets.

Why would he need a legal authorisation before they can display parallel or black markets rates. I guess that's why it's called unofficial rates.

Speculation is part of the market. Tackle the problem from the root. AbokiFX is not the main problem of the country and we cannot say they're innocent .

If there was extra USD liquidity in the system
Will the black market rates hold?
The answer is NO
It is the laws of economics slapping sense into the coconut bald headed CBN governor.
He cut out crypto traders
The rates worsened
He cut out BDC
The rates worsened even more
Froze the account of these fintech companies
The rates fell again

Cant we see the pattern here ?
It's the CBN digging it's own grave

skj1377:
The CBN does not want a parallel market because the government is the highest foreign exchange earner in the country. The parallel market is the official market plus a markup for profit the rates can never be the same. Had it been we had indegineous companies that export and earn dollars in exchange then probably the Naira will be more stable and the parallel market may be an incentive to export.unfortunately, what we have is some gambling companies with billion naira turnover trying to buy all the foreign exchange of the Government only to keep it in their foreign accounts other in other countries. How unpatriotic can some Nigerians be. Always a handful of people bringing down the value of Naira just to feed their greed.

Why would the central bank be the "highest earner " of forex in the first place?
Is that how it is done in normal sensible countries
The decentralisation of the supply of forex is the only thing that will save the central bank
Bald headed Emefiele has dug the grave
E remain to bury am.

Why should anyone who earn forex submit it to the central bank?
Anyways
I have long known that Nigeria is a country filled with mad people at the helm of affairs
And those who support them

Just imagine a markup of over N170 on just 1$. In case you Dont know that Mark up is pure profit which they use to build houses ,hotels buy cars and marry more women. There is no justification for the naira to be at N570 other than the need to make more profit from round tripping the Naira only to depreciate it further. What exactly changed in Nigeria during the lock down when naira was still N365 and crude oil $25 to today naira N570 and crude oil $73. Now ask your self the $ demanded all of a sudden is to do what exactly, import more machines or chemicals or what positive thing is it for other than just to change it to $ and keep in foreign accounts. Even a bank will rundown if 70% of their customers demand for their money consistently over a short period of time.

Now the CBN is collapsing parallel market let me now see how easy it will be to coordinate further aimless depreciation of the Naira. Easy money has to stop let people go and work for money.

asshole country voting asshole leaders with asshole policies

Naira has fallen against everything including locally produced projects such as farm products and not just USD. Was it Aboki FX that made the exchange of Naira to locally produced agricultural products to fall drastically?

Naira to Tomatoes exchange rate before and during Buhari regime:

Before Buhari
300 Naira = 15 - 20 Healthy fresh tomatoes

During Buhari Regime

500 Naira = 15 - 20 premature fresh tomatoes �

Will you still blame AbokiFX for this?

FreeIgboho:


And how would they enforce it on someone who has nothing to do with Nigeria (like TD bank whicj also reports Naija black market rates)?

I don't know where TD Bank gets its rates from but I know that all other exchange rate information providers depend on AbokiFX. The CBN does not need to pursue all offenders. it only needs the strategic ones to get the desired effect.

RodgersAkpafu:

If there was extra USD liquidity in the system
Will the black market rates hold?
The answer is NO
It is the laws of economics slapping sense into the coconut bald headed CBN governor.
He cut out crypto traders
The rates worsened
He cut out BDC
The rates worsened even more
Froze the account of these fintech companies
The rates fell again

Cant we see the pattern here ?
It's the CBN digging it's own grave

Let's see how things unfold in the next few days or weeks.

doncheks:


I don't know where TD Bank gets its rates from but I know that all other exchange rate information providers depend on AbokiFX. The CBN does not need to pursue all offenders. it only needs the strategic ones to get the desired effect.

Nonsense. Answer is, there is no way they can enforce it. All AbokiFx needs do is pull completely out of Nigeria and quietly keep publishing their rates

KillIgbohoN0W:
Calm down

Las las, Emefiele, Malami, Lai Mohammed and alladem clueless delegation go beg AbokiFX as dem beg Twitter.

Must you comment? You don't even know the genesis of the problem and you just open mouth wahhhhh!

RodgersAkpafu:

If there was extra USD liquidity in the system
Will the black market rates hold?
The answer is NO
It is the laws of economics slapping sense into the coconut bald headed CBN governor.
He cut out crypto traders
The rates worsened
He cut out BDC
The rates worsened even more
Froze the account of these fintech companies
The rates fell again

Cant we see the pattern here ?
It's the CBN digging it's own grave

Here is what I think CBN needs to do

1. Increase ATM and card transaction limit to $1000 or more. This should take care of 25-30% of individual Fx Demands.
2. Mandate all banks to publish exchange rate information on their website. This should include the BTA rate, Card Rate, Form M, etc. This removes dependence on unofficial websites like Abokifx and eliminates manipulations of the currency.
3. Create complaints and reporting systems and set strict punishment for banks that violate exchange rate policies, most notably tier 2 banks/microbanks
4. Increase/ Remove the Limits currently placed on Dorm Accounts.
5. Review its Policy on Money Transfer Operators.
6. Eliminate unofficial channels of obtaining FX. This should minimize Political Manipulations
7. Remove all rebates associated with obtaining FX for pilgrimage and other purposes
8. Set a maximum timeline of processing all FX requests like Form A, Form Q, and Form M to a maximum of 2 weeks.
9. Audit Bank FX transactions on a Bi-monthly basis
10. Maintain the suspension of BDC Licenses. They are part of the problem since they are difficult to regulate.
11. Set some scapegoats with any of the erring financial institutions so others can fall in line.

KillIgbohoN0W:
[s][/s]
Abokina. Suya time don reach. Drop phone.

Lols, I no blame you. Enjoy your day my guy.

FreeIgboho:


Nonsense. Answer is, there is no way they can enforce it. All AbokiFx needs do is pull completely out of Nigeria and quietly keep publishing their rates

No need for insults. Regarding your question on where TD Bank gets its rates. This phrase from Aboki Fx Official Statement might explain,

"To most of the users of our platforms, we are just a parallel rates board BUT to many institutions ranging from Ivy League Universities, to global business and Research Centres, we are a key source of data, especially historical data"

Yes, anyone is free to create a website and publish exchange rates but not everyone can become an authority on exchange rate data. We are talking about two different things here.

The owner of AbokiFX can decide to go rogue and keep publishing but that does not stop the government from laying charges and initiating a website takedown via ISP's, search engines and domain providers.

If AbokiFX wants to publish naira exchange rates, it must do so in accordance with Section 2 sub-section 16 of the CBN Act. Unfortunately , it is not possible to get black market rates at this time because CBN has suspended all BDC Licensees which were the primary providers of this Data.

It is deemed an offense to publish street rates which is what AbokiFX is doing.

doncheks:


No need for insults. Regarding your question on where TD Bank gets its rates. This phrase from Aboki Fx Official Statement might explain,

"To most of the users of our platforms, we are just a parallel rates board BUT to many institutions ranging from Ivy League Universities, to global business and Research Centres, we are a key source of data, especially historical data"


Yes, anyone is free to create a website and publish exchange rates but not everyone can become an authority on exchange rate data. We are talking about two different things here.

The owner of AbokiFX can decide to go rogue and keep publishing but that does not stop the government from laying charges and initiating a website takedown via ISP's, search engines and domain providers.

If AbokiFX wants to publish naira exchange rates, it must do so in accordance with Section 2 sub-section 16 of the CBN Act. Unfortunately , it is not possible to get black market rates at this time because CBN has suspended all BDC Licensees which were the primary providers of this Data.

It is deemed an offense to publish street rates which is what AbokiFX is doing.

It is not an insult to say nonsense is nonsense. A powerful repressive cabal like CCP govt of China are powerless against websites criticizing them, how much more Nigeria. Answer to my question is, there is no way they can enforce section whatever against any website that has nothing to do with Nigeria. Anything else is nonsense.
Also AFx said institutions come to them for HISTORICAL DATA not black market rates!

doncheks:


Here is what I think CBN needs to do

1. Increase ATM and card transaction limit to $1000 or more. This should take care of 25-30% of individual Fx Demands.
2. Mandate all banks to publish exchange rate information on their website. This should include the BTA rate, Card Rate, Form M, etc. This removes dependence on unofficial websites like Abokifx and eliminates manipulations of the currency.
3. Create complaints and reporting systems and set strict punishment for banks that violate exchange rate policies, most notably tier 2 banks/microbanks
4. Increase/ Remove the Limits currently placed on Dorm Accounts.
5. Review its Policy on Money Transfer Operators.
6. Eliminate unofficial channels of obtaining FX. This should minimize Political Manipulations
7. Remove all rebates associated with obtaining FX for pilgrimage and other purposes
8. Set a maximum timeline of processing all FX requests like Form A, Form Q, and Form M to a maximum of 2 weeks.
9. Audit Bank FX transactions on a Bi-monthly basis
10. Maintain the suspension of BDC Licenses. They are part of the problem since they are difficult to regulate.
11. Set some scapegoats with any of the erring financial institutions so others can fall in line.

These are laudable
BUT
Why is forex issue even so centralised in Nigeria in the first place
Some liberalisation is needed....
How can a country this big have its people queuing at the Central Bank for forex?
If the market is decentralized
That will be good

doncheks:


No need for insults. Regarding your question on where TD Bank gets its rates. This phrase from Aboki Fx Official Statement might explain,

"To most of the users of our platforms, we are just a parallel rates board BUT to many institutions ranging from Ivy League Universities, to global business and Research Centres, we are a key source of data, especially historical data"

Yes, anyone is free to create a website and publish exchange rates but not everyone can become an authority on exchange rate data. We are talking about two different things here.

The owner of AbokiFX can decide to go rogue and keep publishing but that does not stop the government from laying charges and initiating a website takedown via ISP's, search engines and domain providers.

If AbokiFX wants to publish naira exchange rates, it must do so in accordance with Section 2 sub-section 16 of the CBN Act. Unfortunately , it is not possible to get black market rates at this time because CBN has suspended all BDC Licensees which were the primary providers of this Data.

It is deemed an offense to publish street rates which is what AbokiFX is doing.

The bolded is a pipe dream
Take down what ?

skj1377:
The CBN does not want a parallel market because the government is the highest foreign exchange earner in the country. The parallel market is the official market plus a markup for profit the rates can never be the same.

Thanks for the education. Did this market not exist prior to Buhari's ascension of office? Soludo started the direct sale of forex to the BDC to close the wide gap between the CBN and black market rate and it worked like a charm.

Had it been we had indegineous companies that export and earn dollars in exchange then probably the Naira will be more stable and the parallel market may be an incentive to export.unfortunately, what we have is some gambling companies with billion naira turnover trying to buy all the foreign exchange of the Government only to keep it in their foreign accounts other in other countries. How unpatriotic can some Nigerians be. Always a handful of people bringing down the value of Naira just to feed their greed.

You are now sounding like a layman and not someone proficient in economics.

It is not the duty of businessmen to set up export-oriented companies.. They don't owe you, me or the country that. The primary reason why people go into business is to make profits, and lots of it if possible. Until we throw out these sentiments, the economy won't grow. It is not proactive thinking. As Adam Smith rightly said, people go into business for selfish reasons. The butcher sells meat to make money to feed himself. But in his bid to take care of himself, he provides a service to the community. The duty of government is to have policies to harness these self-serving

If Nigerians aren't are not setting export-oriented factories, why not bring in Foreign Direct Investment (FDI)? That is what China did in the late 1970s. They set up Special Economic Zones which brought in loads of foreign investors. The foundation of China's prosperity that we see today was laid by Foreign Direct Investors.

To say Nigerians don't like to export isn't right. I remembered when the Naira was devalued in 1986, all of a sudden there was a massive surge in exports. Cocoa, cashew nuts, cow bones, shea butter became gold. So, it isn't exactly true that Nigerian businessmen aren't interested in exports. The problem is that, they need to move beyond the "easy picking" which is the export of primary goods.

To achieve that, commercial lending rates need to come down to single digits. If Nigerians companies can borrow at 9% or less, it would lead to a revolution in the real sector of the economy.

You mention indigenous companies who only interested in cornering all the foreign exchange in the country into their pocket. The proper name for them are speculators if true. They exist in every country and they live and die based on the fundamentals that affect the exchange rate. As I said earlier on, businessmen don't exist to please you, me or the country.

The problem is Nigreians have this bad habit of using patriotism to mask incompetence. Use economic tools to address economic problems and stop blaming people for not being patriotic. Patriotism isn't an economic tool.

The Naira's free fall will continue until the government allows market forces to determine the exchange and stops starving the market of forex, both from government and private sources.

This move could solve the problem

Chairman you must be some kind of expert.china does not allow market forces determine value of their currency I Dont need to argue with you find out for yourself besides Switzerland pegged the value of their currency for a few years and nothing happened. Currency speculators are not what they are called but economic sabotuars. Imagine a gambling company converting equivalent value of $430million dollars bought from parallel market under the guise of paying for software update wired to foreign accounts. If that money was in Nigeria at least banks can lend it out to businesses but no. They cashed it out converted it to dollars in the process depreciating the Naira and wiring it out. These are not manufacturing companies but gambling companies with excess cash. If not for the emergency policies of the CBN naira will be N3000 or in fact N20,000 per $. Like I said I can't argue but Nigerians Dont deserve to suffer unnecessary devaluation for no just reason. Your opinion of allowing the currency to be determined by market forces will be very unwise a good example is BTC/USD is determined by market forces of demand And supply but see how it fluctuates; April this year it was $28,000 today five months after it is $48,000. Last few days it dropped to $42,000. Tell me how will companies plan with such unregulated market forces and speculators determining value of your currency. Besides once you do that you have left your economy to political influences from foreign governments with clandestine motivation. They may decide to prop up your currency for whatever reason and make your goods so expensive in the international market that you end up closing many factories down due to uncompetitive prices. You may be the Next CBN governor so am trying to explain the disadvanges of what your proposing. Hhh

grandstar:


Thanks for the education. Did this market not exist prior to Buhari's ascension of office? Soludo started the direct sale of forex to the BDC to close the wide gap between the CBN and black market rate and it worked like a charm.



You are now sounding like a layman and not someone proficient in economics.

It is not the duty of businessmen to set up export-oriented companies.. They don't owe you, me or the country that. The primary reason why people go into business is to make profits, and lots of it if possible. Until we throw out these sentiments, the economy won't grow. It is not proactive thinking. As Adam Smith rightly said, people go into business for selfish reasons. The butcher sells meat to make money to feed himself. But in his bid to take care of himself, he provides a service to the community. The duty of government is to have policies to harness these self-serving

If Nigerians aren't are not setting export-oriented factories, why not bring in Foreign Direct Investment (FDI)? That is what China did in the late 1970s. They set up Special Economic Zones which brought in loads of foreign investors. The foundation of China's prosperity that we see today was laid by Foreign Direct Investors.

To say Nigerians don't like to export isn't right. I remembered when the Naira was devalued in 1986, all of a sudden there was a massive surge in exports. Cocoa, cashew nuts, cow bones, shea butter became gold. So, it isn't exactly true that Nigerian businessmen aren't interested in exports. The problem is that, they need to move beyond the "easy picking" which is the export of primary goods.

To achieve that, commercial lending rates need to come down to single digits. If Nigerians companies can borrow at 9% or less, it would lead to a revolution in the real sector of the economy.

You mention indigenous companies who only interested in cornering all the foreign exchange in the country into their pocket. The proper name for them are speculators if true. They exist in every country and they live and die based on the fundamentals that affect the exchange rate. As I said earlier on, businessmen don't exist to please you, me or the country.

TNigerianNigeriansreians have this bad habit of using patriotism to mask incompetence. Use economic tools to address economic problems and stop blaming people for not being patriotic. Patriotism isn't an economic tool.

The Naira's free fall will continue until the government allows market forces to determine the exchange and stops starving the market of forex, both from government and private sources.

Kingpele:
Ok shut it down completely abeg ,your speculative projections is creating panic in the business world ,panic buying and keeping dollars is rampant amongst the elites thereby making dollars to be limited and very costly.further killing our naira..if u are not conversant with this thread keep quiet ,so that u don't showcase your flaws here ..there is no way naira will recover the pressure from this firm activities as it relates to our local economy ,some selfish guys might benefits from it and is happy even if we go the way of Zimbabwe. U want government to fix the economy but criticize them whenever they try to do something useful for once.though buhari is still clueless sha

It's that clown CBN Gov that should be shutdown not Aboki FX; This is just Incompetence at its peak. Is it Aboki FX that sets the rates and creates the fiscal policies for the nation? I didn't need an economist to tell me that there was going to be a severe economic downturn the moment that daft CBN Gov announced in August that he as shutting down most BDCs across the nation because or terrorism and banditry. Every Nigerian with common sense already know that due to FG-Govts negligence over the years, the BDCs have become very powerful and significantly influential to the Nigerian economy and as such taking a head-on swipe at them will definitely come with its repercussions. Something the CBN shouldn't have attempted considering the dire economic situation of the country.

I would have expected the CBN to develop a solid plan and set roburst FX policies before going after the BDCs. But no, the slowpoke CBN Gov went into a gun fight using daggers and now he's blaming a 'website' for the alarming inflation rates and fall of the Naira.

Aboki FX are just doing their job and the FX rates that they publish are totally accurate creating transparency in the parallel FX Market, Emefiele is a disaster and should be sacked immediately else he will wreck this country with his incompetence. Anyway, I don't blame him but the clueless President who doesn't know any better.

I really miss the days of the likes of Okonjo-Iwuela (Minster of Finance & Co-Ordinating Minister of the Economy) and Sanusi (CBN Gov) but Nigerians don't appreciate good things.

lifenija:
how can we b having two different update self.


simple logic u Nedd dollars go to d bank.
bank should buy from abokis


period.

Solutions to Nigeria's problems aren't usually straight forward but counter-intuitive and this is a classical example. What you are proposing is very logical in a sane society but in reality it has proven to be detrimental if not disastrous.

Bankers are worse sharks than the Aboki on the streets, they will turn the entire FX market into a rackett where only the Elites, Companies and Big Merchants will have access to FX.

Truly, CBN has to put an end to this parallel market madness, however it has to be implemented in well thought out, planned and systematic approach, something this current CBN administration isn't very familiar with.

They will rather wake up and put a ban on BDCs overnight and when they're faced with the repercussion of their decision as expected, they then put a blame on a transparent website like Aboki FX.

Bunch of clowns!!

Brandonx:

I don't know about others but I use abokifx as a guide. For example last week I checked and saw 535, but I finally got a rate closer to aboki (530) as against bank rate of 412.

Just the way you use it as a guide, so do those mallams. The site has become an influencer.

VitoCorleone:
Anyone who thinks it's impossible to manipulate exchange rate should think back to 2017 when exchange rate of Naira to dollar fell from about 515 to 360 in one day. Most of the people hoarding lost money.

If the CBN's allegations are true, then it means that the CBN has failed woefully in it's oversight functions.
In fact , if proven to be true it would mean that Abokifx may be partly responsible for the devaluation of the Naira from 360 to 380 and then 410 due to the huge disparity in black market rates and official rates.

On a broader scale, this can be seen as an act of economic terrorism considering the devastating impact on Nigerians and Nigerian businesses who source funds from the black market.

I remember sometime in 2016, I called my aboki contact for fx and I quoted the aboki fx rate, which was lower, he got angry and asked me to go buy from AbokiFx.

Aboki Fx was not as popular at the time and most of the black market traders didn't know about it.

These days , my aboki is only too happy to quote abokifx rates for me. In fact , one boasted a few days back that they are the ones that control abokifx website.

The fact that the owner of Abokifx resides in London, is very unsettling. I say this because I have lots of friends in diaspora and not one has ever complained about the escalating exchange rate despite how patriotic they claim to be. In fact, they are always demanding for the same rates as abokifx or higher.

AbokiFx has no legal authority to publish exchange rates but they are recognized by all mainstream media channels as an exchange rate information provider. This includes print and mass media outlets like magazines and tv stations. Every newspaper in Nigeria quotes abokifx

This alone creates a dangerous monopolistic situation that can easily be used to manipulate the economy.
I have seen a single individual raise exchange rates by more than 3 naira in binance P2P trading for over a 24 hour period.
The owner of Abokifx only needs to wake up and add 5 Naira to the exchange rate and that determines the rate for an entire country for the day. That is how much power this single individual wields.

The big question remains whether this power has been abused in order to manipulate the rates.

Time will tell. The last 3 weeks has seen the Naira move from around 520 to 570. At this rate, we'd be hitting 600+ by next week.
Let's watch and see what happens.

Any way this goes, I don't see this ending well for the owner of AbokiFx. Even if he were to be innocent, the government is desperately looking for a scape goat for their abysmal financial policies and he happens to be an easy target. I hope he has good lawyers.

Finally ! Someone with sense ! Thank goodness ,NL still has sensible folks.

ivolt:

This is a lie.
Banks will never claim they don't have forex.
If you have genuine business needs your request will be processed
after filling the necessary forms.

I was at the bank twice last week to collect money through western union and the bank said no dollars available. GTB to be precise.

Banks always claim no forex or they put you on an everlasting queue. Most times, they serve only big coys and sell to the same BDCs. Don't speak for the government and bank, go there and find out yourself.

skj1377:
Just imagine a markup of over N170 on just 1$. In case you Dont know that Mark up is pure profit which they use to build houses ,hotels buy cars and marry more women. There is no justification for the naira to be at N570 other than the need to make more profit from round tripping the Naira only to depreciate it further. What exactly changed in Nigeria during the lock down when naira was still N365 and crude oil $25 to today naira N570 and crude oil $73. Now ask your self the $ demanded all of a sudden is to do what exactly, import more machines or chemicals or what positive thing is it for other than just to change it to $ and keep in foreign accounts. Even a bank will rundown if 70% of their customers demand for their money consistently over a short period of time.

Your saying that there is no justification for the dollar to be at N570 means you are an economic novice !
The CBN rate is artificial and not in line with economic reality
Demand and supply dynamics is at play here, and there is not enough liquidity in the forex space to swallow the rising demand.
Just like fuel price is also artificially propped, the exchange rate is artificially propped, and a reckoning is imminent in both instances.
The black market rate IS the actual rate, because that is that the market determined to be the exchange rate, independent of government intervention.

The CBN created this mess and they are trying to look for who to blame.
After antagonising just about anyone and everyone, those who will typically supply the forex in Nigeria have gone rogue and the CBN is handicapped
They had to grovel and beg with style, by bribing nigerians to pass their forec via "official channels" (western union et al) and collect N5 for every dollar recieved. This was after initially antagonising.

Sense will soon fall on the CBN gov bald head.
The chicken have come home to roost, let's see how he digs himself out of it
The forex cabal have become more organised, and even have goons within his own central bank that covertly subvert him
Let us see

ThatPetiteChic:


I was at the bank twice last week to collect money through western union and the bank said no dollars available. GTB to be precise.

Banks always claim no forex or they put you on an everlasting queue. Most times, they serve only big coys and sell to the same BDCs. Don't speak for the government and bank, go there and find out yourself.

They would claim
But they are lying

F117nighthawk:
Scam called ABOKI FX, everything about Nigeria is all about, greed, scam, selfishness and taking advantage to every opportunity to steal or cheat
Awon Ole jati jati

You are the one not using your head. Anyone can go on the street to gather data on Forex rates and then publish the info. As far as I know there is no law against that

ajl:
You are the one not using your head. Anyone can go on the street to gather data on Forex rates and then publish the info. As far as I know there is no law against that

Because u are a scammer, that's why u will not see any law against it, I don't need d to join issues which people who are senseless

FreeIgboho:


You people don't think. How about other entities reporting exact same thing? What if AFx decides not to have anything to do with Nigeria and only reports the rates? What accounts will they freez??

We have lots of acts to address that, sebi the owner of the site is Nigerian?

Minjim:


The CBN put more foreign currency into the economy than these Àbokis now .

The CBN should look inward and be more creative on how they disburse the foreign currencies into the market. Some of their official are manipulating it.

You can't blame the outcome of the World Cup of Champions League on Naijabet.

Have you ever wondered how notes like #200 and below find their way into circulation when banks and atm don't issue it? Some CBN and bank officials sell them. And what has the CBN done about that?

You guys know nothing about naija parallel market, it's a cartel.a well controlled one.Some persons are rumoured to sometimes buy all the dollar available on the streets at a certain period to deliberately create scarcity.

At such times to get ordinary 2000 dollars you have to book ahead with aboki who starts looking for dollar for you in bits and pieces.

Imagine companies who need to complete transactions worth millions at a time like that,any action to cut off the parallel market is long overdue.cut of the head first,then the creative means to survive without it will evolve over time