Does your country have a parallel currency exchange market?

Niyi Briggs · Jan 18, 2023

In the context of currency, a parallel market for currency refers to a market in which individuals buy and sell foreign currency at rates that differ from the official exchange rate set by the government.

This can occur when the official exchange rate is artificially high or low and the parallel market provides a more realistic exchange rates.

Magnus2022 · Jan 19, 2023

In Nigeria, the financial institution will tell you that they don't have dollar and if you want to open dollar account, you will come with the dollars. They will advice you to go and buy from black market and bring to the bank. Nigeria institutions are so shameless

Niyi Briggs · Jan 19, 2023

Magnus2022 said:
In Nigeria, the financial institution will tell you that they don't have dollar and if you want to open dollar account, you will come with the dollars. They will advice you to go and buy from black market and bring to the bank. Nigeria institutions are so shameless

This one cracked me. When an organized player in an industry advises you to go and buy from the black market It shiwns something is terribly wrong

Stardom22 · Jan 19, 2023

For me my country doesn't have such like thing. What are there in my country is the normal beauro exchanging sites.

flower · Jan 31, 2023

There are lot of parallel exchange market in my country where you can change foreign currencies, most especially dollars.

uptrendfinancialsignal · Feb 27, 2023

My country has a parallel market for foreign exchange and the parallel market hours a very good exchange rate.

Reedex · Feb 28, 2023

In my country, there is a parallel exchange market that the people utilise to make money.

Niyi Briggs · Feb 28, 2023

The CBN has fixed the rate which is unrealistic with demand and supply. The interesting thing is that it doesn't even have sufficient supply of the foreign exchange as compared to the black market people.

Reedex · Mar 7, 2023

Niyi Briggs said:
The CBN has fixed the rate which is unrealistic with demand and supply. The interesting thing is that it doesn't even have sufficient supply of the foreign exchange as compared to the black market people.

It is true that the black market has sufficient foreign currency.

Niyi Briggs · Mar 7, 2023

The black Forex market in Nigeria make more transactions in a day than CBN and all the banks combined. Government went to close down abokifx site but we find a way and still access it.

uptrendfinancialsignal · Mar 12, 2023

There is parallel market where you can carry out foreign exchange activities in my country.

Niyi Briggs · Mar 12, 2023

The parallel market for currency exchange in my country is bigger than the official market. The government in my country is trying to cripple them but it's not possible because they are unregulated.

jetsaints30 · Mar 12, 2023

Niyi Briggs said:
In the context of currency, a parallel market for currency refers to a market in which individuals buy and sell foreign currency at rates that differ from the official exchange rate set by the government.

This can occur when the official exchange rate is artificially high or low and the parallel market provides a more realistic exchange rates.

Hmm Im not sure but thats an interesting question. Have you had any experience with using a parallel currency exchange market?

Niyi Briggs · Mar 12, 2023

That's what we majorly use if you want to get the dollars quickly. Banks might not be able to access dollars for like a month. Those guys on the streets have excess supply of it

jetsaints30 said:
Hmm Im not sure but thats an interesting question. Have you had any experience with using a parallel currency exchange market?

RicAngelo · Mar 13, 2023

I never know about this black market, the only market I know is the legal one, but if I want to go to another country, sometimes I just used my card to buy something there and it turned out the rate is good (before using it I get a lot of info from my friends)

Bisolami · Mar 13, 2023

T

Magnus2022 said:
In Nigeria, the financial institution will tell you that they don't have dollar and if you want to open dollar account, you will come with the dollars. They will advice you to go and buy from black market and bring to the bank. Nigeria institutions are so shameless

They are very shameless. It is so funny but it is the truth. I hope things change.

Does your country have a parallel currency exchange market?

Niyi Briggs

Well Known

Magnus2022

Notable

Niyi Briggs

Well Known

Stardom22

Very Familiar

flower

Notable

uptrendfinancialsignal

Well Known

Reedex

Well Known

Niyi Briggs

Well Known

Reedex

Well Known

Niyi Briggs

Well Known

uptrendfinancialsignal

Well Known

Niyi Briggs

Well Known

jetsaints30

Somewhat Known

Niyi Briggs

Well Known

RicAngelo

Notable

Bisolami

Very Familiar

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