Does your country have a parallel currency exchange market?

[Niyi Briggs]

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]

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]

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]

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

 

[flower]

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

 

[uptrendfinancialsignal]

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

 

[Reedex]

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

 

[Niyi Briggs]

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]

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]

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]

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

 

[Niyi Briggs]

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]

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]

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

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

 

[RicAngelo]

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]

T

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.