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Nairaland Forum / Nairaland / General / Business / Concerns As One Pound Trades For ₦1000 At Parallel Market (16134 Views)
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Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Nobody: 9:27pm On Nov 06, 2022 |
ObosiUkwalla: 30k is better than anger. as i said earlier, I am not the cause of your failure in life |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by ObosiUkwalla: 9:28pm On Nov 06, 2022 |
thebosstrevor1: Don't mistake me for the failure you call father 1 Like |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Nobody: 9:31pm On Nov 06, 2022 |
ObosiUkwalla: You don't know my father, so you opinion means nothing to me. A poor man is an angry man, as i said, i am not the cause of your failure in life 2 Likes |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Bakrabas: 9:32pm On Nov 06, 2022 |
adonainana: But from the CBN it's not that expensive who's behind the unnecessary expensive of dollars. Can't our imported goods make use of the CBN rate? 2 Likes |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Fearyourcreator: 9:32pm On Nov 06, 2022 |
phorget:Some of your friends sef like as e dey go up... |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Fearyourcreator: 9:32pm On Nov 06, 2022 |
tamdun:You dey mind them... 2 Likes |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by ObosiUkwalla: 9:33pm On Nov 06, 2022 |
thebosstrevor1: Again, I say don't mistake me for the daft failure you know as your father |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by OChimex: 9:34pm On Nov 06, 2022 |
Okoroawusa: Destroy una selves there, nobody bloody cares 1 Like |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Nobody: 9:36pm On Nov 06, 2022 |
ObosiUkwalla: Ok sir...anyway tell your mother that your father is a failure that is why you are angry at the world. Have a nice day |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by ObosiUkwalla: 9:38pm On Nov 06, 2022 |
thebosstrevor1: Again, urchin, don't mistake me for the failure you call father at home. And for your mother, I rather leave her to the dogs and pigs (her kind) 1 Like |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Nobody: 9:40pm On Nov 06, 2022 |
ObosiUkwalla: Peter obi will not be the president of Nigeria in 2023 Get angry |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by fxexperts: 9:41pm On Nov 06, 2022 |
Bakrabas:These Abokis are foolish. I know you are all fools. Go to the bank and ask for dollars and see if you get it. You all dont know what anything about this country. You are all so daft. thebosstrevor1:Just say dollar is ban in Nigeria. Are you okay? You lots makes me laugh. 1 Like |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Nobody: 9:43pm On Nov 06, 2022 |
fxexperts: Dollar isn't official currency of Nigeria 1 Like |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by ObosiUkwalla: 9:49pm On Nov 06, 2022 |
thebosstrevor1: Stop hiding behind the laughing emoji to cry your eyes out. |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Alwaysready(m): 9:49pm On Nov 06, 2022 |
nedekid: The demand is always at the high side and has no direct relationship with the printing of new naira notes. The demand and supply at the parralel market always determine the rates of exchange each day and even after the election,the rate will still be at the high side. The abokies will always exchange whether there is new or old naira in circulation. What happens to online transactions? Most people do their transactions online through crypto. Is the CBN aware about that? Or do they have any influence on limit on how much one can transact online using those means? So,just leave it. Our Gold reserve is nothing to write home about and the demand for dollars will keep increasing for export reason why it will never have any direct relationship with new notes printing. 1 Like |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by broadman20: 9:50pm On Nov 06, 2022 |
Okoroawusa: I've been wondering if you are a human being or a ROBOT, I can now confirm what you are. You are doing what you are created to do. Keep it up. |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by ObosiUkwalla: 9:51pm On Nov 06, 2022 |
thebosstrevor1: See the dunderheads routing for a candidate.. Blockhead
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Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Brushstrokes20: 9:55pm On Nov 06, 2022 |
# lifeless legacies The lifeless animal in human skin is Nigeria's WORST BLUNDER! VOTE WISELY COME 2023! |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Alwaysready(m): 9:55pm On Nov 06, 2022 |
nedekid: No,that's not the angle you should look it from. Anyone wey get too much cash,the abokies will exchange the one available to them at a ridiculous price and leave them to the mercies of the bank. Now,when there is no enough dollar to pay for the Naira,don't you know it will take the price of dollar upwards?Or how are you reasoning this or from what angle? |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by t2luv1: 10:04pm On Nov 06, 2022 |
Thinkam: A mind is a terrible thing to waste indeed. Partner Intelligent has been running after you, but you have always been faster |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Ance4Liverpool: 10:05pm On Nov 06, 2022 |
You are very wicked and an ethnic bigot, Infact God will treat you and your family the way APC government treated Nigerians since 2015 till date. Don't vote for party,religion and tribe but vote for competency. For me Peter obi is not a saint but he is better than tinibu and Atiku Vote wisely if you like ooo Okoroawusa: 1 Like |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by chymeze: 10:07pm On Nov 06, 2022 |
One4me:It still doesn't make sense. Why didn't the CBN ban the BDCs at the same time they thought about redesigning the naira in order to overcome this problem of kidnappers and politicians going through the BDCs to exchange naira for dollars? Such action would have solved many problems at once. It would have removed the parallel system and made rates at CBN rates (430 to a dollar). It would also have incapacitated the politicians and kidnappers. But they didn't do this because it's this same corrupt politicians and Buhari cabal that run the BDCs in order to make massive profit. That's why we need a competent and decisive leader who puts this nation above his croonies and family relatives. A simple solution to this problem has now been made complicated by an inept CBN governor who acts to please cabals. 1 Like |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by kelvinovie25(m): 10:08pm On Nov 06, 2022 |
The scarcity of the dollar will always increase the price of the dollar due to high demand and low supply, CBN does not have dollar in reserve to match the current demand of the people in need, because nnpc are remitting zero balance from the sale of crude oil, so no single usd is being earned. The scarcity will always increase the price. |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by adonainana: 10:17pm On Nov 06, 2022 |
Bakrabas: Everyone wishes to use CBN rate but the only problem is it's not for everyone, in other words if you need to import 40 million dollars of goods Into nigeria today you will approach your BANK and the bank will approach CBN for you via a form called FORM A. Getting dollars from the CBN at the CBN rate is like waiting for Tinubu to come to a presidential debate. Thus giving birth to a black market the unofficial market The unofficial market is simply based on demand and supply of dollars left in the nigerian economy which isn't in the control of the CBN. This is the most realistic place full of abokis and BDC, all types of people, the BLACK MARKET is where you can buy 40 million dollars using your naira and you will get it fast, The rate you get it once again depending g on the demand and supply of the dollars you are looking for In summary hope you understand better now why although dollars is not nigerian currency it is the most determinat factor in the Nigerian economy as to how much a load of bread would cost 8 Likes |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Eriokanmi: 10:24pm On Nov 06, 2022 |
ObosiUkwalla:Dem really get mind my guy , despite the obvious failures |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by nedekid: 10:24pm On Nov 06, 2022 |
Alwaysready:my angle is this, aboki has the dollar, the hoarders have bulk money they have stored ie naira in cash they have to change to dollars since they are now incapacitated by the new cbn bank deposit rules. What this means is that if you have 200m cash, you cannot deposit more than 50m in the bank for 1 month. So dollars is the next option. Hence the high demand for fx now and pounds and dollar hitting 1k. Now if the cbn rules released the past friday takes effect tomorrow, my thought is that aboki that has dollar to sell, then exchanges dollar for naira. What then will he do with the naira if he has passed his limit of 50m monthly cash deposit allowed? Will he decide to warehouse it at home or office since he cannot bank it and not forgetting there is a deadline onto which old notes will become usless?. See, 50m for an aboki that changes money is not much, they do such transactions in days. My thought is why will aboki sell the dollar he has when the naira he gets from hourders will expire soon? Afterall that is why the hourders are rushing to sell in the first instance. This is how I see it. May be wrong though. But I see the demand for dollar being high, but few abokis willing to sell for CASH. They will only sell via online domicilary bank to bank transfer. As in you credit abokis naira account while he credits your dom account with dollar. So all the billions of naira stored by politicians, looters etc will end up being out of the forex market thereby reducing pressure on forex. 2 Likes |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by kayzkayz(m): 10:33pm On Nov 06, 2022 |
tamdun:it’s Aboki 1 Like |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by nedekid: 10:39pm On Nov 06, 2022 |
Alwaysready:You are right. But my point is that this sudden demand for dollar is because of the huge amount of cash out of the banking system allegedly held by looters, politicians etc. If the new cbn policy starts tomorrow, it may limit abokis willingness to exchange their dollar for the hourded naira recently in circulation. What will aboki do with the cash if he too cannot bank it? This means aboki will rather sell his dollar for dom transfers. Ie i transfer naira online to aboki and he credits my dom account from his own dom. This invariably means the excess hourded cash in circulation will be out of the forex market there by reducing the pressure on the naira. As per crypto, I think the effect is negligible for now. If eg I have 500m in naira and I want to buy equivalent crypro from you, will you be willing to collect ₦500m in cash? Taking note the cbn deadline in which the old naira will be obsolete and you cannot deposit more than an amount monthly, also that your account will signal red flag with efcc. 1 Like |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by godofuck231: 10:42pm On Nov 06, 2022 |
Just complete the suicide plan , change the naira and it is finished kpatakpata |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Donbarry043: 10:44pm On Nov 06, 2022 |
Deltafirstson: I saw this money money on a short I bought and when I checked the exchange rates I realized Nigeria is still mile ahead some countries
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Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by favor914: 10:48pm On Nov 06, 2022 |
Jummyh:Lazy Things, ask them what commodity did their State Government export for foreign exchange? Almijiris. |
Re: Concerns As One Pound Trades For ₦1000 At Parallel Market by Nobody: 11:08pm On Nov 06, 2022 |
Deltafirstson: @Moh247 PandoraObi Leodeking FreeStuffsNG Abdul05 lhordspy Batified2023 Biodun556 Your party is really doing wonders. |
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