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Nairaland Forum / Nairaland / General / Business / FOREX: FG Orders CBN To Abolish Parallel Market - Leadership (19061 Views)
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Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by APCmyheart(m): 8:26am On Dec 21, 2016 |
eph12: The best mode of ID should be international passport, Our official currency in Nigeria is Naira so no one is spending dollar here and if you need to spend Dollar locally then use your bank to make that transaction. Most of the that needed Dollar are mostly those traveling might be for business or pleasure, So before selling to them they should be able to know the purpose and what the money is meant for. If National ID is allow you will see those greedy men paying people to go and buy for them so as to hoard it again.. |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Nobody: 8:26am On Dec 21, 2016 |
grandstar: Who gives Banks dollar every day to sell at 305? |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by omonnakoda: 8:27am On Dec 21, 2016 |
onatisi:Where does the $2 billion figure come from.I am not saying it is right or wrong but WHERE do yo get it from?? According to you we are importing $1 billion worth of fuel daily? i.e $365 billion a year? How do you know this? |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Worksunlimited: 8:29am On Dec 21, 2016 |
fineboynl: What hurts me is that when you go to some banks, their exchange rate board isn't up to date.. I went to one of this so called banks and i saw it saying they buy dollar for 305 but they aren't selling.. Who in his sane mind would go sell his dollar at that price...? 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by omonnakoda: 8:29am On Dec 21, 2016 |
onatisi:Where does the $2 billion figure come from.I am not saying it is right or wrong but WHERE do yo get it from?? According to you we are importing $1 billion worth of fuel daily? i.e $365 billion a year? How do you know this? What is our balance of trade? Nigeria has never had $2 billion a day from anywhere so my question is why are we experiencing a c risis NOW over the last 1 year has our income dropped by $2 billion a day? |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Worksunlimited: 8:32am On Dec 21, 2016 |
omonnakoda: 1 billion dollar daily isn't 365 billion dollars a year... It's significantly more than that.. |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by grandstar(m): 8:33am On Dec 21, 2016 |
checkolatunji:I don't notice any insult |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Whynotthetruth(m): 8:34am On Dec 21, 2016 |
iykedare: Isn't 305 a political rate? Can they allow forces of demand and supply to determine at which price you sell or buy? Pegging it is a form of deepening the crisis... 2 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by omonnakoda: 8:34am On Dec 21, 2016 |
Worksunlimited:I no know book |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by passey: 8:39am On Dec 21, 2016 |
Freedom2016: How can you source it outside the bank when the outside sources have been banned? Are you not then implying the creation of another "black market"? I think the solution is not as simplistic as the government is making it out to be. My idea, our policy makers should again study the situation and identify the point at which we lost it. They should then study other countries that may have been in a similar situation (there is no way Nigeria can be the only nation to have seen this problem) with a view of understanding thier solution approach while incorporating our unique factors. It worked for us during the banking crisis of the Sanusi Lamido Era, it may work now. The government should be sincere in its approach to economic matters and not continue to create opportunities for a few connected individuals to grow rich. My two cents 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Worksunlimited: 8:42am On Dec 21, 2016 |
omonnakoda: Lolz.. Nope! U actually do.. Na the passion of unhappiness for wetin dey go on around you cause am.. |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by MichaelSokoto(m): 8:43am On Dec 21, 2016 |
talktimi:cutting trees keh? so dat ahboki nor for see where stand dey call customers? dis con3 is filled to d brim wit clowns, walahi. 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by fineboynl(m): 8:48am On Dec 21, 2016 |
Worksunlimited:they steal and profit from this scheme. any foreign remittance that's legally sent to Nigeria is automatically converted to naira unlike before. and the Rate is 305. some people now use other means to bring the money to Nigeria like aboki. |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Nobody: 8:50am On Dec 21, 2016 |
If the CBN can legalize digital currency like Bitcoin. It shud reduce pressure on the naira now that some sites allow payments tru Bitcoin |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by frisky2good(m): 8:50am On Dec 21, 2016 |
Once BDCs are banned there will be no legal OUTSIDE THE BANK to buy FOREX from. Freedom2016: |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Ibime(m): 8:55am On Dec 21, 2016 |
Stalwert: You are the "beer" parlour analyst here my friend. You can't even spell beer. The black market rate is the real exchange rate as determined by demand and supply. For all intents and purposes, no one can access Forex at the CBN rate anyway, so we are using the black market rate. So yes, they should use the black market rate. How can any FDI flow into the country when investors transfer money in at $/#305 but can only repatriate profits made in Nigeria at $/#490. That means you lose 30+% of your money as soon as you decide to do Business in Nigeria. Tell Buhari to take his hands off the Naira and let it find it's natural level. Like Sanusi said, who will invest in a country with 5 different exchange rates? 7 Likes |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by onatisi(m): 8:56am On Dec 21, 2016 |
danjumakolo:Legalize digital currency That will cause big problem.the main problem is production,Nigeria isn't producing enough,the nation has to start producing,the major reason why all these discussion and problem exist is because the nation needs to import goods and fuel. If the nation productivity level is high noone will even bother much about dollar rate |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by ozoemenaca: 8:58am On Dec 21, 2016 |
Its like this Minister of Finance does not understand how economic policies work. Infact she does not know anything about economic policy and I suggest Buhari scout for a good hand and not this present Minister 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by kingsamosy(m): 9:09am On Dec 21, 2016 |
another try and error policy. it is a trying time to even say "I am Nigerian" with the kinds of policy makers up there. spite....walks away |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by drnoel: 9:10am On Dec 21, 2016 |
Freedom2016: U mean after their owners have been turned to billionaire |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Nobody: 9:14am On Dec 21, 2016 |
onatisi: We do know that the import bills are far more than export receipts which is causing a negative net balance for our dollar acct..I can prefer to be paid in Bitcoin when I offer service overseas..offering service overseas is part of this production I am talking about |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by monex(m): 9:14am On Dec 21, 2016 |
APCmyheart:i just dey laugh. I am sorry, you will be surprised at how ineffective this approach will be. |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by eph12(m): 9:25am On Dec 21, 2016 |
APCmyheart:And you think those men don't have international passports? |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by APCmyheart(m): 9:25am On Dec 21, 2016 |
monex: Let wait and see. |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by APCmyheart(m): 9:26am On Dec 21, 2016 |
eph12: How many? They are not entitled to more than one passport.. |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Nobody: 9:29am On Dec 21, 2016 |
fineboynl: But don't forget that BDCs get about $30k from CBN tru the banks monthly...This is surely a way of collaborating part of this $30k to the abokis... Bottom line is our import net balance of payments in dollars is negative due to revenue fall and low capacity utilization of our productive sector. You may also wanna blame the fed gvt for not saving into our reserve. |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by eph12(m): 9:30am On Dec 21, 2016 |
APCmyheart:Oh is that what you meant? The new national id card is standard and has NIN linked to the owners profile for confirmation. With adequate investigation everything they need to know about the holder of the id is available. |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by grandstar(m): 9:35am On Dec 21, 2016 |
Freedom2016: Thanks for your matured answer (COL 4:6) In economics, the government must have enough forex to defend the exchange rate. Its a law. Presently, the gocernment cant do thst as it does not hsve sufficient forex at thst rate. Once importers cant get enough forex , they turn to the black market.Thats why things are so bad. SLS ssid Buhsris policies have not wirked anywhere in the worldw 1 Like |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Codes151(m): 9:38am On Dec 21, 2016 |
This people get mind dey carry us do trial and error!? After defrauding us through parallel market!? Like seriously for what reason were your giving 197 to people for!?? Now I know that aliens are in sensitive positions in this country |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Nobody: 9:39am On Dec 21, 2016 |
sarrki: Why do you keep breathing through your president's anus? |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by Nobody: 9:40am On Dec 21, 2016 |
Stalwert:He's actually speaking the fact, black market measures the real supply and demand situation of the $ interbank is just official channel for government and financial fraud. |
Re: FOREX: FG Orders CBN To Abolish Parallel Market - Leadership by fineboynl(m): 9:40am On Dec 21, 2016 |
danjumakolo:enough of the excuse of oil price. before this government comes to power oil price has already falling. Nigerians knows of it. the now President said he will stabilize oil price and the naira. they should stop all this excuse. they accuse Jonathan even with the oil price falling they took advantage of it. what can I say about this attached pic? 1 Like
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