{"id":32793,"date":"2020-11-25T19:15:34","date_gmt":"2020-11-25T19:15:34","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=32793"},"modified":"2020-11-25T19:15:34","modified_gmt":"2020-11-25T19:15:34","slug":"black-market-is-shallow-cant-dictate-naira-rate-emefiele","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/black-market-is-shallow-cant-dictate-naira-rate-emefiele","title":{"rendered":"Black market is shallow, can\u2019t dictate naira rate \u2013Emefiele"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>Nigeria\u2019s official exchange rate cannot be controlled by the parallel market, where the local currency has depreciated to its lowest level in three months, Godwin Emefiele, the Central Bank of Nigeria (CBN) said on Tuesday.<\/p>\n

\u201cWe do not agree that the determining factor for our currency should be based on a market that is tainted, where people go to offer bribes,\u201d the regulator\u2019s chief said in Abuja while announcing the decisions of the bank\u2019s monetary policy panel.<\/p>\n

On Tuesday, naira exchanged at 483 to the United States dollar on the unofficial parallel market, data from abokiFX, a website that analyses rates from street currency traders in Lagos, showed.<\/p>\n

Meanwhile, at the spot market known as the Investors and Exporters (I&E) forex window, mostly used by manufacturers, naira changed hands at 385.50.<\/p>\n

Liquidity has been at low ebb at the reasonably cheaper I&E window, implying that those in need of the greenback resort to the black market, causing dollar to be more expensive.<\/p>\n

The International Monetary Fund has recommended that the CBN give more room to flexibility at the I&E window in a bid to cut forex demand in the parallel market.<\/p>\n

\u201cThe black market is illegal where people do not provide documentation to support transactions. It is unfortunate and unfair for analysts to say Nigeria\u2019s exchange rate is at 480 per dollar,\u201d Mr Emefiele said.<\/p>\n

\u201cThe parallel market is a shallow market of only about 5 per cent of the foreign exchange market which is patronized by people who go there for cash to offer bribes and corruption.<\/p>\n

\u201cParallel market is the place where people who don\u2019t want to provide documents go,\u201d he added.<\/p>\n

Naira has weakened massively this year by as much as 24%, relative to the currencies of nations like India, South Africa, Russia and Indonesia, the apex bank boss added.<\/p>\n

Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Nigeria\u2019s official exchange rate cannot be controlled by the parallel market, where the local currency has depreciated to its lowest level in three months, Godwin Emefiele, the Central Bank of Nigeria (CBN) said on Tuesday. \u201cWe do not agree that the determining factor for our currency should be based on a market […]<\/p>\n","protected":false},"author":84,"featured_media":32790,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,1688,653,254],"class_list":["post-32793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-black-market","tag-emefiele","tag-nigeria"],"yoast_head":"\nBlack market is shallow, can\u2019t dictate naira rate \u2013Emefiele - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/black-market-is-shallow-cant-dictate-naira-rate-emefiele\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Black market is shallow, can\u2019t dictate naira rate \u2013Emefiele\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Nigeria. Nigeria\u2019s official exchange rate cannot be controlled by the parallel market, where the local currency has depreciated to its lowest level in three months, Godwin Emefiele, the Central Bank of Nigeria (CBN) said on Tuesday. \u201cWe do not agree that the determining factor for our currency should be based on a market […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/black-market-is-shallow-cant-dictate-naira-rate-emefiele\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-25T19:15:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/11\/img-5fbe8d261bef5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/black-market-is-shallow-cant-dictate-naira-rate-emefiele#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/black-market-is-shallow-cant-dictate-naira-rate-emefiele\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Black market is shallow, can\u2019t dictate naira rate \u2013Emefiele\",\"datePublished\":\"2020-11-25T19:15:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/black-market-is-shallow-cant-dictate-naira-rate-emefiele\"},\"wordCount\":323,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/black-market-is-shallow-cant-dictate-naira-rate-emefiele#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/11\/img-5fbe8d261bef5.jpg\",\"keywords\":[\"Africa Press\",\"black market\",\"Emefiele\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/black-market-is-shallow-cant-dictate-naira-rate-emefiele#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/black-market-is-shallow-cant-dictate-naira-rate-emefiele\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/black-market-is-shallow-cant-dictate-naira-rate-emefiele\",\"name\":\"Black market is shallow, can\u2019t dictate naira rate \u2013Emefiele - 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