Business Naira - Dollar Crisis: BDC Operators React To Elimination of Parallel Market

[ProfRem]

The President of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe has hailed the newly proposed abolition of the parallel market.

“The scrapping of multiple markets outside the purview of the CBN will be a welcome development.

“The existence of multiple rates is highly unacceptable,’’ Gwadabe said.



Recommended: Naira Crashes Further As Buhari, CBN Plan To Eliminate Black Market

The Minister of Finance, Mrs. Kemi Adeosun on Tuesday while speaking during an economic conference in Abuja said the CBN has promised to do something by putting a system in place to eliminate the black market because it was damaging the economy after direction from President Muhammdu Buhari-led federal government.

The CBN’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, said the Apex Bank was working towards “ensuring that the forex market operates as effectively as we would envisage”.

 

[LequteMan]

These guys keep shooting 'emselves in the foot.

Who's churning out these egregious policies?

 

[LequteMan]

Maybe when it becomes 1000/$ these guys will be wise enough to accept that it's useless fighting the market.

People will always have wants/needs and will always seek to satisfy 'em, legally or illegally. If CBN isn't providing $$$$ to common Nigerians, it's useless fighting BDCs that provide it to them, albeit at a higher rate.

Fighting BDCs will only make the naira depreciate.

Moreover, in the first place, Buhari shouldn't have let the demand become very high before allowing Emefiele to devalue the currency.

 

[ProfRem]

Maybe when it becomes 1000/$ these guys will be wise enough to accept that it's useless fighting the market.

People will always have wants/needs and will always seek to satisfy 'em, legally or illegally. If CBN isn't providing $$$$ to common Nigerians, it's useless fighting BDCs that provide it to them, albeit at a higher rate.

Fighting BDCs will only make the naira depreciate.

Moreover, in the first place, Buhari shouldn't have let the demand become very high before allowing Emefiele to devalue the currency.

yes jare Bro. What caused Parallel market? Isn't it insufficient on Gov't supplies. When they inject more Dolls into the market....Parallel market will naturally disappear.