Team
I have an argument over here and so I decided to get a wider view / contributions

Please is there any difference between the black market rate and parallel market rate in terms of currency exchange?

emmanuelewumi:

Oga here I am

deepwater:
Team
I have an argument over here and so I decided to get a wider view / contributions

Please is there any difference between the black market rate and parallel market rate in terms of currency exchange?

In Nigeria, we use those two terms to mean the same thing - the unofficial currency exchange rate.

Cyberknight:


In Nigeria, we use those two terms to mean the same thing - the unofficial currency exchange rate.

This exactly is the confusion
I understand language can be conventional
But would these terms mean something else elsewhere outside nigeria ?

Should you sign a contract document with the word "parallel exchange" rate with a foreign person and expect to receive black market rate (aboki rate) at the end of time. Wouldn't that be disastrous considering the fact that those two terms might mean something different to your foreign counterparts?

deepwater:


This exactly is the confusion
I understand language can be conventional
But would these terms mean something else elsewhere outside nigeria ?

Should you sign a contract document with the word "parallel exchange" rate with a foreign person and expect to receive black market rate (aboki rate) at the end of time. Wouldn't that be disastrous considering the fact that those two terms might mean something different to your foreign counterparts?

I think in such a case, the "parallel" rate referred to might mean something like the I&E rate here in Nigeria, for example, given that we operate a dual exchange rate system, and that would be the only such exchange rate that can be determined.

due to things i read here that its impossible to withdrew dollars from dorm account,i went to fcmb today and made a dollar withdrawal and process takes less than 10 mins.we should verify our reports before saying them.

chidekings:
due to things i read here that its impossible to withdrew dollars from dorm account,i went to fcmb today and made a dollar withdrawal and process takes less than 10 mins.we should verify our reports before saying them.

No vex sir. Hope say you deposit am back?

deepwater:
Team
I have an argument over here and so I decided to get a wider view / contributions

Please is there any difference between the black market rate and parallel market rate in terms of currency exchange?

It is the same in Nigeria since you are not getting it at the official rate. Either you get it from BDC or from individuals...same same.

deepwater:


This exactly is the confusion
I understand language can be conventional
But would these terms mean something else elsewhere outside nigeria ?

Should you sign a contract document with the word "parallel exchange" rate with a foreign person and expect to receive black market rate (aboki rate) at the end of time. Wouldn't that be disastrous considering the fact that those two terms might mean something different to your foreign counterparts?

I always put it at the parallel market rate at the time of payment except you are dealing with government.

Kaduna refinery staff earn N23.2 billion, as facility posts zero revenue.

https://nairametrics.com/2020/06/16/kaduna-refinery-staff-earn-n23-2-billion-as-facility-posts-zero-revenue/

Yet some impenitent fellows here strongly believe that Nigeria is very poor and needs to devalue to survive. I tell them we have enough to make this country great, if only ...

Cyberknight:


I think in such a case, the "parallel" rate referred to might mean something like the I&E rate here in Nigeria, for example, given that we operate a dual exchange rate system, and that would be the only such exchange rate that can be determined.

It depends, I use aboki-exchange rate or oanda.com for the conversion at the time of payment once parallel market rate is stated in the contract.

@emmanuelewumi FBN Quest is offering 5.5% for 273days Naira denominated CP. Do you think this is a good deal?

Nigeria's top 10 Agric. exports - Q1 2020

Sesamum seeds – N49.1bn
Fermented cocoa beans –N35.2b
Raw cocoa –N16.8b
Cashew nuts –N4.5b
Cocoa butter –N3.9b
Ginger –N2.7b
Frozen shrimps & prawns –N1.8b
Cotton lint –N1.7b
Flours & meal of oil seeds –N986.1m
Soya beans –N774.4m

Any of these exports can easily be ramped up by a factor 10 or more.

ositadima1:
Nigeria's top 10 Agric. exports - Q1 2020

Sesamum seeds – N49.1bn
Fermented cocoa beans –N35.2b
Raw cocoa –N16.8b
Cashew nuts –N4.5b
Cocoa butter –N3.9b
Ginger –N2.7b
Frozen shrimps & prawns –N1.8b
Cotton lint –N1.7b
Flours & meal of oil seeds –N986.1m
Soya beans –N774.4m

Any of these exports can easily be ramped up by a factor 10 or more.

Yam should be up there, but it is not. There is soo much room for growth in the Agric sector

Cyberknight:


I think in such a case, the "parallel" rate referred to might mean something like the I&E rate here in Nigeria, for example, given that we operate a dual exchange rate system, and that would be the only such exchange rate that can be determined.

What do you mean by I and e please

chidekings:
due to things i read here that its impossible to withdrew dollars from dorm account,i went to fcmb today and made a dollar withdrawal and process takes less than 10 mins.we should verify our reports before saying them.

Did you originally deposit the USD INTO YOUR domiciliary account in CASH or via ELECTRONIC TRANSFER? Please confirm. Thank you.

Nigeria's Top 10 imports - Q1 2020

Petrol – N716.7bn
Gas oil –N155.4bn
Used vehicles –N190.6bn
Motorcycles & cycles–N138.9bn
Unused postage–N133.1bn
Durum wheat – N127.8bn
Machineries–N86.2bn
Fully automatic rifles –N51.9bn
Cane sugar–N44.3bn
Kerosene (jet fuel) –N37.9bn

With Dangote refinery on the way, 1, 2 and 10 can easily be taken care of. Why are most of u pessimistic?

Someone here was mocking sukuk investors the other day, yet u practically live here, a thread for Tbills and other government securities. I wonder, what d fùck are u doing here bro?

deepwater:


What do you mean by I and e please

CBN Investor and Exporter Window

olujaidi:


CBN Investor and Exporter Window

Thanks

Thank you, If you followed through with that discussion, the main proponent of that line of discussion was challenged immediately. Why that someone would make a blanket statement with so much certainty is beyond me.

chidekings:
due to things i read here that its impossible to withdrew dollars from dorm account,i went to fcmb today and made a dollar withdrawal and process takes less than 10 mins.we should verify our reports before saying them.

mymadam:


Did you originally deposit the USD INTO YOUR domiciliary account in CASH or via ELECTRONIC TRANSFER? Please confirm. Thank you.

deposited cash

ojesymsym:
Thank you, If you followed through with that discussion, the main proponent of that line of discussion was challenged immediately. Why that someone would make a blanket statement with so much certainty is beyond me.

such statements can spoil someone's mood,process was so free.

deepwater:


What do you mean by I and e please

The exchange rate at the CBN Importers and Exporters window.

ositadima1:
Kaduna refinery staff earn N23.2 billion, as facility posts zero revenue.

https://nairametrics.com/2020/06/16/kaduna-refinery-staff-earn-n23-2-billion-as-facility-posts-zero-revenue/

Yet some impenitent fellows here strongly believe that Nigeria is very poor and needs to devalue to survive. I tell them we have enough to make this country great, if only ...

Iam sure the MD of this refinery was paid a performance bonus.

NL1960:


Iam sure the MD of this refinery was paid a performance bonus.

he earns about 33m naira per anum......shit hole co....un....try ...

Yar a Dua's reversal of the sale of the refinery to me is a treasonable offense.

ahiboilandgas:
he earns about 33m naira per anum......shit hole co....un....try ...

chidekings:
due to things i read here that its impossible to withdrew dollars from dorm account,i went to fcmb today and made a dollar withdrawal and process takes less than 10 mins.we should verify our reports before saying them.

Theconglomerate, hope you are reading this.

ahiboilandgas:
he earns about 33m naira per anum......shit hole co....un....try ...

Imagine that and he generated zero revenue.

OBJ wasted time in privatizing the refineries. Doing it at the last minute was seen as suspicious.

ojesymsym:
Yar a Dua's reversal of the sale of the refinery to me is a treasonable offense.

That last minute action by OBJ was suspicious. Why did OBJ not do it early in his 8 years?.

ositadima1:
Nigeria's top 10 Agric. exports - Q1 2020

Sesamum seeds – N49.1bn
Fermented cocoa beans –N35.2b
Raw cocoa –N16.8b
Cashew nuts –N4.5b
Cocoa butter –N3.9b
Ginger –N2.7b
Frozen shrimps & prawns –N1.8b
Cotton lint –N1.7b
Flours & meal of oil seeds –N986.1m
Soya beans –N774.4m

Any of these exports can easily be ramped up by a factor 10 or more.

What about rice export?

Yes, a few days to handover, but with the benefit of hindsight, it was for the better as whatever trick he may have had up his sleeves, the cost of TAM since 2007 far outweights it.

NL1960:


That last minute action by OBJ was suspicious. Why did OBJ not do it early in his 8 years?.

You really didn't have to go through that stress.

A lot of persons merely speak without core experience or knowledge of the issues at stake.

I made withdrawals in thousands USD from two banks, the same week they were hitting the polity with unconfirmed reports.

Knowledge breeds confidence.

chidekings:
due to things i read here that its impossible to withdrew dollars from dorm account,i went to fcmb today and made a dollar withdrawal and process takes less than 10 mins.we should verify our reports before saying them.