₦airaland Forum

All thanks to our bony buhari

When NNAMDI KANU said that naira will one day become like tissue paper, you thought he was joking.. Keep waiting for a better Nigeria!

CBN operators have never been this dumb.
- Who owns and runs the black markets?....
- who patronizes them?
- who makes the black market business lucrative?
- who creates scarcity to boost the black market?
- Who's rounding tripping dollars btw official rate and black market?
- Who has access to official rate?

come 2019 Buhari will answer why he failed to sack the entire board of CBN.

Reality states below:

bookface:
Emefiele is either an idiot or just clueless. Of course, the black market reflects the true value of the currency. The true value of anything is how much willing participants in a transaction are willing to pay for it.

The currency will continue to be under pressure as long as the government does not address the huge amount of deficit spending that they want to embark on! This is not something you can blame on the black market. The black market functions whenever the real market does not.

Nigerians complain about the value of Naira to Dollars.

The country does not print dollars and most of the world don't want Naira.

Until we reduce importation, increase exports, have rule of law and make the country desirable the value of naira will keep going down.

Until past government crooks are punished more people will keep joining govt and politics to steal and it will only get worse.

Keep doing same thing while expecting a different result is ......?

[quote author=lifestyle1 post=52136674]90% of this dollars go to China and then exchanged to Yuan. Why not just adapt yuan as the main Forex for trading ?

And In few months dollar will crash naturally. [/quote
]

Na so e easy...

centvin008:
The Central Bank of Nigeria (CBN) is seeking to ensure there is no black market as the naira sinks to 490 to a single dollar.

On Wednesday, the naira was trading at 314 at the official market, with parallel market recording 490/$1.

The British pound stood at 605, while the European Union currency, euro went for 510, a far cry of its 388,  327 range at the official side of the market respectively.
Vice President YemiOsinbajo, and Kemi Adeosun, minister of finance, had previously said the CBN was working on a foreign exchange system that eliminates arbitrage in the forex market.

Isaac Okorafor, the spokesperson for the bank, was quoted by Reuters to have said the bank was “ensuring that the forex market operates as effectively as we would envisage”.

He also said the aim was to “ensure there is no black market” but did not give details of how this would be achieved.

Godwin Emefiele, governor of the CBN, had said consistency that the parallel market could not be used to evaluate the true value of the local currency.

“It is unfair to use the shallow market as a basis for determining the value of our currency. No one uses the Travelex rate at Heathrow to determine the exchange rate for the pound in the United Kingdom,” Emefiele had said.

“So it is unfair to use that to determine the value of our currency. Those who are dealing in the market are doing so illegally. We should not be encouraging the tendencies of those people who are involved in capital flight, or those who want to conduct foreign exchange business without providing necessary documentation.”

http://leadership.ng/news/564735/naira-dips-to-n490-as-cbn-seeks-end-to-black-market

This is what I have been saying since. End all black market exchange business. How can you empower black market against your own established institutions and expect to make progress?

Artixmentor:
can we really eliminate the black market as far as forex is concerned, these people should look for solution rather than creating more problems for us through their policies

Yes we can and very easy.

Stop selling dollar to them

Give free hand to banks to sell dollar of not more than $3000 to only those with confirm flight tickets.

Every business transaction involving dollar must be made through bank.

Monthly check of all dollar transaction through banks

Deal decisively with any individual or institution found wanting.

Black marketer will run out of the country or lose their money due to low patronage.

eflintsone:
if u nigeria u will knw that naira started to fall the very mnth goodluck jonathan sacked sanusi lamido and employed emefiele as the cbn governor... dnt put the whole blame on d present government ..

What has the incumbent done to reverse the trend?

[quote author=FrancisAdl post=52151816][/quote]It's not easy but it's possible.

idupaul:
Smart pants ehh ...you think it's that easy

It's not easy but it's possible.

AroOkigbo:
What has the incumbent done to reverse the trend?

thats what thwy are tryna do bro

lifestyle1:
90% of this dollars go to China and then exchanged to Yuan. Why not just adapt yuan as the main Forex for trading ?

And In few months dollar will crash naturally.

It is not as simple as that, you simpleton!

dee02:
It is not as simple as that, you simpleton!

Yea but its doable

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