POLITICSNIGERIA.COM EXCLUSIVE

As the Central Bank of Nigeria (CBN) struggles to stabilise the currency exchange rate, its Governor, Godwin Emefiele, has accused some local and foreign investors of buying dollars from the parallel market, popularly referred to as 'black market'.

A dollar was sold for N460 at the parallel market on Wednesday, which is higher than the interbank rate of N361 to a dollar. More so, the dwindling oil prices caused by the Coronavirus pandemic have greatly affected the country's economy and have reduced the dollars in circulation.

The situation was also compounded by the suspension of sales of foreign exchange to Bureau de Change operators by the CBN.

POLITICS NIGERIA reports that the investor and exporters window is also badly affected by the liquidity crisis in the foreign exchange market.

However, since the demand for dollars by importers, foreign investors in the debt market who want to repatriate their funds, is higher, many have resorted to buying from the parallel market, which takes its toll on the country’s economy.

The Virtual Meeting

In video footage exclusively obtained by POLITICS NIGERIA, the apex bank's Governor warned the investors against buying dollars from the parallel market.

He spoke at a virtual meeting held sometime in May 2020, with some foreign and local investors including Africa's richest man, Aliko Dangote; Huawei, a telecommunications company and Herbert Wigwe, the managing director of Access bank group.

Mr Emefiele said: "We've seen your account already but we are appealing to you to stop and do what is right and what is legal so that Nigeria can be a better place for you to live in."

"Don't go into illegal business. Do your business legally and make your money. I repeat and I know it. I know some of you are involved. Stop now! By you going to the parallel market, you are helping to overheat that market."

He also spoke about the implications, which is losing their earnings as a result of overheating the market.

"Not only that you'll lose money (because you would have bought at a price that is not realistic)... I can tell you that you are going to lose money."

"We are seeing some of those transactions and I feel I need to call you guys for this meeting let us talk. Don't overheat the market by sounding desperate and buying dollars at those exorbitant prices."

He then promised that the apex bank will provide more liquidity for the investors to stop patronising the parallel market.

"We have taken note of some of you- on what you need. Go ahead and do your business. Nothing will stop your forward. Your forward will be at the committed price. We are going to provide more liquidity to the market so that you people can stop going to the parallel market. Don't go there!" he said.

Watch the Videos below;


https://www.youtube.com/watch?v=3n4i9SlenyA


https://www.youtube.com/watch?v=JmSJ-3p_m-4

SOURCE: https://politicsnigeria.com/exclusive-emefiele-caught-on-tape-accusing-nigerian-business-moguls-of-patronising-illegal-markets/

"We've seen your account already but we are appealing to you to stop and do what is right and what is legal so that Nigeria can be a better place for you to live in."
"Don't go into illegal business. Do your business legally and make your money. I repeat and I know it. I know some of you are involved. Stop now! By you going to the parallel market, you are helping to overheat that market."


ECONOMIC SABOTEURS !!!

When there are wails from a politician, just know no percent of the backward deal reached him.

Never
favour those who flatter you most, but hold rather to those who risk your displeasure for
your own good. Never neglect business for
pleasure,organise your life so that there is
time in it for relaxation and entertainment.
Give the business of government your full
attention. Inform yourself as much as you can
before taking any decision. Make every
effort to get to know men of distinction,so
that you may call on them when you need
them. Be courteous to all, speak hurtfully to
no man.

No wonder the prices for most dangote products have skyrocketed. It's a vicious circle and only the masses suffer.

[s]

Gandollar:
No wonder the prices for most dangote products have skyrocketed. It's a vicious circle and only the masses suffer.

[/s]

Their tribalism is so sickening, at no time did he mention dangote but because of hate they put his name on the thread name and are now pressing on with their slander.

I don't understand this sort of jealous and hatefulness that propels some people.

I am confused. Is the parallel market legal or not ?

If it is, why is Emefiele interested in their business ? If it isnt, why is the CBN not sanctioning those who access it ?

The CBN governor's response is very lame.

Humn! Sabotaging the economy by mopping up any of the available dollars/forex.Meanwhile was it not the inconsistent policies of the CBN that allowed the dollar to skyrocket? So you're all criminals

Who will save Nigeria?

[s]

Racoon:
Humn! Sabotaging the economy by mopping up any of the available dollars/forex.Meanwhile was it not the inconsistent policies of the CBN that allowed the dollar to skyrocket?

[/s]

Always sympathetic to criminals, always excusing their evil ways and leading the charge to normalize them.

:ored

Sharp practices

No Ethics anymore

[center][/center]

Everyone is in business to make money......

Booked

Na wa ooh


Who is leaking all these info. That person need to be arrested.


From what I am seeing, Nigerians aren't running our economy like see the numbers of foreigners in the virtual call

A cry for help from CBN

nonsense..

vedaxcool:
[s][/s]

Their tribalism is so sickening, at no time did he mention dangote but because of hate they put his name on the thread name and are now pressing on with their slander.

I don't understand this sort of jealous and hatefulness that propels some people.

What is this one saying?

Can our economic experts explain this video?

Nawa ooo

Just like his oga always blaming someone

;Dz