Nigeria Running 3 Forex Market Regimes? - Business - Nairaland
Nairaland Forum › Nairaland General › Business › Nigeria Running 3 Forex Market Regimes? (809 Views)
| Nigeria Running 3 Forex Market Regimes? by chibecan(op): 12:26am On May 14, 2016 |
Following the announcement by the federal government that it is removing fuel subsidy and by wffect directed all marketers to source forex at 298naira to 1$ i am a bit confused about the whole arrangement. Prior to this new forex regime we have the official rate@198naira to 1$ and the black market rate around 322 naira to 1$. Does it now mean we have 3 different forex markets namely the official market, the parallel market and the newly imtroduced one for fuel importers? I need a good explanation of the new scenario from experts here on nairaland. The floor is open. Thanks for your inputs 1 Like |
| Re: Nigeria Running 3 Forex Market Regimes? by Coolgent(m): 3:28am On May 14, 2016 |
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| Re: Nigeria Running 3 Forex Market Regimes? by scribble: 3:38am On May 14, 2016 |
There is the former Jonathan rate The sai baba rate And the other rate 1 Like |
| Re: Nigeria Running 3 Forex Market Regimes? by chriskosherbal(m): 3:51am On May 14, 2016 |
No, I don't think so |
| Re: Nigeria Running 3 Forex Market Regimes? by shocker007(m): 6:51am On May 14, 2016 |
The Naira will be devalued to 290. So that will be the official rate. 1 Like |
| Re: Nigeria Running 3 Forex Market Regimes? by chibecan(op): 8:39am On May 14, 2016 |
shocker007:so if it is devalued to 290 then there will be 2 markets still |
| Re: Nigeria Running 3 Forex Market Regimes? by shocker007(m): 10:12am On May 14, 2016 |
chibecan:There have always been black market from the very start and their price is always higher than the official rate. Remember Buy price can't be same as Sell price. The official Sell price will always be higher than Buy price. |
| Re: Nigeria Running 3 Forex Market Regimes? by chibecan(op): 9:37am On May 15, 2016 |
We need expert opinions here please |
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