Sometime in the life of last regime, the former CBN governor said that Abokifx was a contributor to Naira decline. People, especially a section of the country went frenzy with accusation of ethnic bias.

Then they blamed Emefiele for it, now Abokifx has closed its parallel (black) market report. Noone is talking, but when Emefiele said they were part of the problem, ethnic champions went to market.

Soon they will come back to their senses. Dollar is now N1300 and I hear that Black Market has been outlawed. My question has been, was Black Market lawful before?
Was Abokifx not committing an economic crime for publishing Black Market rates?

Why have the operators of such a website not been arrested by DSS? Who is going to police the black market now that the government have woken up to its responsibility?

Validated:
Sometime in the life of last regime, the former CBN governor said that Abokifx was a contributor to Naira decline. People, especially a section of the country went frenzy with accusation of ethnic bias.

Then they blamed Emefiele for it, now Abokifx has closed its parallel (black) market report. Noone is talking, but when Emefiele said they were part of the problem, ethnic champions went to market.

Soon they will come back to their senses. Dollar is now N1300 and I hear that Black Market has been outlawed.

They didn't close it, you have to subscribe to be able to see the rates.

You can no longer see the rates for free. You can keep on seeing the rates on Abokifx for $25 a year

It's a good development. Speculation is the sole contributory factor to this decline.

Validated:
Sometime in the life of last regime, the former CBN governor said that Abokifx was a contributor to Naira decline. People, especially a section of the country went frenzy with accusation of ethnic bias.

Then they blamed Emefiele for it, now Abokifx has closed its parallel (black) market report. Noone is talking, but when Emefiele said they were part of the problem, ethnic champions went to market.

Soon they will come back to their senses. Dollar is now N1300 and I hear that Black Market has been outlawed. My question has been, was Black Market lawful before?
Was Abokifx not committing an economic crime for publishing Black Market rates?

Why have the operators of such a website not been arrested by DSS? Who is going to police the black market now that the government have woken up to its responsibility?

Your question I think should be: why do Nigerians resort to black market in the first place if you can get cheaper rates in the official market?

Raheeqilmaktoom:


Your question I think should be: why do Nigerians resort to black market in the first place if you can get cheaper rates in the official market?

People often patronise black market when the official market is failing to meet demand.

Our problem is FX supply, Naira is fairly stable at the official market, the demand drives people to the black market which is prone to manipulations by the big players. Once our FX supply improves, the black market loses relevance.

Diaspora remittance this year might exceed $30 billion, we also need a working refinery that will conserve about $25 billion we spend to import petrochemicals and add billions of more FX through export, while improving our non oil export, and all FX harmonized into a single FX digital system like Oyedele's committee recommended will improve the Naira tremendously.

We might make little progress now with good policies, but the real economic recovery and strong Naira begins with a working refinery.

Validated:
Soon they will come back to their senses. Dollar is now N1300 and I hear that Black Market has been outlawed. My question has been, was Black Market lawful before?

Why this APC urchins no just get sense. Aboki FX were banned a long time ago, what difference did it make to the rate fluctuations?
No difference!

Validated:
Sometime in the life of last regime, the former CBN governor said that Abokifx was a contributor to Naira decline. People, especially a section of the country went frenzy with accusation of ethnic bias.

Then they blamed Emefiele for it, now Abokifx has closed its parallel (black) market report. Noone is talking, but when Emefiele said they were part of the problem, ethnic champions went to market.

Soon they will come back to their senses. Dollar is now N1300 and I hear that Black Market has been outlawed. My question has been, was Black Market lawful before?
Was Abokifx not committing an economic crime for publishing Black Market rates?

Why have the operators of such a website not been arrested by DSS? Who is going to police the black market now that the government have woken up to its responsibility?

Beneficiaries of diaspora remittances are very greedy! Instead of them to cash their remittances at the bank, they go to Aboki, Biinance etc.

If I were in the government, I would make sure every foreign remittance passes through the banking system and stiff penalty for beneficiaries who go against the rule.

Elliotwaveforec:
Beneficiaries of diaspora remittances are very greedy! Instead of them to cash their remittances at the bank, they go to Aboki, Biinance etc.

If I were in the government, I would make sure every foreign remittance passes through the banking system and stiff penalty for beneficiaries who go against the rule.

Remittances are personal funfs; so receivers can do what pleases them. The same government you are asking to make sure all remittances pass through the banking system does not allow individuals buy from the banking system. They make the process impossible for people hence black market thrives.