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Nairaland Forum / Nairaland / General / Business / FOREX: FG Orders CBN To Abolish Parallel Market - Leadership (19053 Views)
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Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Nobody: 7:33am On Dec 21, 2016 |
Stalwert: Its beer parlour sire... 2 Likes
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Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by yinkslinks(m): 7:33am On Dec 21, 2016 |
If they can supply dollar like in sa, kenya, tanzania and morocco, then it will work. In these mentioned countries, you just go to shops and get your dollar with shop owners begging usef. We can do it in this country but people like magu and babachir wont let it happen Freedom2016: 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Femich18(m): 7:35am On Dec 21, 2016 |
ThinkSmarter:All these exorbitant rate is as result of greed... it will be a good measure if this happen |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by omonnakoda: 7:38am On Dec 21, 2016 |
onatisi:Agree with you though I don't what is the basis for the $30 billion figure ,why not 50 or 300 . I think you just plucked that figure out of the air. We should allow the forces of demand and supply to determine the dollar prices |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by onatisi(m): 7:39am On Dec 21, 2016 |
ThinkSmarter:This is a big and serious problem. And I must say that the cbn has done its best.but without a concrete economics policy or blue print all their effort will be thwarted. Banks don't have dollars, even airlines operating in Nigeria have scaled down their operations because they cant get fx to buy,they have over 5billion naira in the naija economy that they cant remit back.companies need fx to get important raw materials,they too cant get any dollars to buy. Now everybody rushes to the black market for dollars . 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by onatisi(m): 7:41am On Dec 21, 2016 |
omonnakoda:Plucked figure out of the air Ok I have heard u. |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by dallyemmy: 7:45am On Dec 21, 2016 |
IT IS NOT PARALLEL BUT AN ADJACENT MARKET |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by omonnakoda: 7:45am On Dec 21, 2016 |
Stalwert:There is nothing black about the parallel market .It is open , transparent and realistic. For most of the the last 16 years the difference between the government rate and the parallel rate has been minimal because government interference was minimal. The reason for the crisis is the government intervention to create artificial prices. The foreign exchange market is widely recognized by economists as coming closest to "perfect" in terms of the forces of demand and supply playing the greatest role in price discovery. Government should sell government dollars at the highest price that people are prepared to pay. #305 is a joke and only creates room for arbitrage and corruption. The most painful bit is that government is shortchanging the other tiers of government when distributing oil revenue dollars at the rate of 305. 7 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Zdoh(m): 7:46am On Dec 21, 2016 |
Freedom2016:And seriously, these gonna be a big freedom to us. This is just a simple and straight analysis. |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by omonnakoda: 7:48am On Dec 21, 2016 |
onatisi:Is there a basis for that specific figure? Where does it come from? Why $30 billion why not 21 or 44.I am keen to learn how you came about $30 billion. Did we arrive in this position because of the sudden disappearance of $30 billion 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by talktimi(m): 7:49am On Dec 21, 2016 |
sarrki:you will agree with me that names are shared by millions of people, you'll also agree with me that the term "ineffectual buffoon" aptly fits Nigeria's current president 3 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by eph12(m): 7:49am On Dec 21, 2016 |
APCmyheart:Why only international? What's wrong with the national identity card? |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by ReubenE(m): 7:49am On Dec 21, 2016 |
Lets hope it works. But then, they should understand that the CBN right now lacks the capacity to meet our dollar needs. The dollar demand is high so this in my opinion is an attempt to climb Everest. 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by seguno2: 7:50am On Dec 21, 2016 |
More controls that will only worsen the supply side without reducing the demand side leading to further crash of the exchange rate. The dullard is truly in charge. 6 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by mployer(m): 7:51am On Dec 21, 2016 |
omonnakoda: The only sensible comment on this thread so far. There is actually nothing black about the market. It is the real market. Government is in self-delusion. 4 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by mployer(m): 7:54am On Dec 21, 2016 |
Very stupid government. How can they eliminate parallel market? Did they establish it? If they sell dollar to me @305, Do they have a means of stopping me from selling it to my neigbour who wants it badly and willing to pay 490 for it? It is market forces, it is dumb thinking you can control it that way. The more restrictions you place on it, the higher the price will go. 4 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by ekenetheorg(m): 7:55am On Dec 21, 2016 |
aaronson: Just remember, TBC is a scam. BTC is a real deal. Use nairafinex.com if you have your Naira 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by onatisi(m): 7:58am On Dec 21, 2016 |
#000000 |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by onatisi(m): 8:02am On Dec 21, 2016 |
omonnakoda:The Nigeria economy needs an average of 2billion dolllars every day to cater to it fx deals, for you to make sure that the money makes enough impact u will need to to sustain it for 2,to 4 weeks . And I know that many bankers will fault my estimations of 2billion dollars daily as grossly under estimated because even fuel importers alone can take half of this ,multiply 2billion dollars daily by 15,days . Then you willl see how I arrive at 30 billion 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by onatisi(m): 8:04am On Dec 21, 2016 |
mployer:It is not cbn but the government that has decided to turn a blind eye to the problem. They even based their budget on 305 or 320, this is a nation that is operating on 5 different fx rates. It is simply madness 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by bettercreature(m): 8:05am On Dec 21, 2016 |
sarrki:It's very easy to eliminate but seems impossible at the moment To eliminate it,CBN have to meet Nigerias dollar demand 100% These people are just stupid and arrogant 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by fineboynl(m): 8:10am On Dec 21, 2016 |
the government is not telling the truth. the black market rate is the reality on ground. the fixed rate at CBN is politicizing. so unfortunately you cannot politicized the economy or forex in hope to stabilize it to your favor just as simple as that. the market force will always suppressed everything. the aboki is not just selling at 490, they also buys the currency in close range. as of today. USD BUY / SELL 484 / 490 that's it. they don't buy at 305. the FG and banks also cheat the public for foreign remittance who the bank pays 305 to a dollar. any money legally sent to Nigeria is automatically converted to naira in 305 rates. 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Dee60: 8:14am On Dec 21, 2016 |
Clueless! What is parallel market? It exists anywhere you have shortages in the official market. Now you want to switch operators. How would you monitor banks? Are they not more corrupt? Shows you they have run out of ideas. 2 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by iykedare(m): 8:14am On Dec 21, 2016 |
Freedom2016: Exactly. This is what they should do. Sell dollars to individuals at the rate of 305naira to a dollar. Can they do that ? They can't . 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by grandstar(m): 8:19am On Dec 21, 2016 |
Freedom2016: And where will they source the forex from? The White Market?? 3 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by APCmyheart(m): 8:22am On Dec 21, 2016 |
onatisi: bank rate is 305 in Nigeria so why the BDC is exchange at a different of 185 please is that also teh fault of the Govt? BDC's in Nigeria are greedy and corrupt body.. $2billion daily abeg for what? |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by onatisi(m): 8:23am On Dec 21, 2016 |
grandstar:Honestly ,bro. ppl still don't know the kind of mess buhari and his team have put Nigerians into. If they know maybe they would have started rioting by now. Next year will be tougher than this most especially if buhari still goes ahead to borrow more money. 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by yahmohy27: 8:23am On Dec 21, 2016 |
AdeniyiA:Yes,but now saying they should stop it |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by onatisi(m): 8:24am On Dec 21, 2016 |
APCmyheart:Ok I have heard u |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Worksunlimited: 8:25am On Dec 21, 2016 |
Freedom2016: When you say source it outside the bank.. What do you mean? |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by yahmohy27: 8:25am On Dec 21, 2016 |
onatisi:We don't hope for that bross |
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