Forwards market, as part of the new policy regime, is a trading window, where people can buy forex at present price for future use and most demands from manufacturers that are not considered as urgent, are channeled there. The settlement dates for.5bn are still some weeks away and Id expect major investors to wait and gauge performance on them before taking any major investment decision in Nigeria. Also the new forex policy has eliminated some distortions in the economy by creating a fair playing field as against the previous arrangement where some people accessed forex at N197/ while others sourced theirs from the parallel market at N380 he said. This served in no small way to stimulate price discovery, with the determination of a marginal rate of /280 through the Special smis process. The combination of the lack of optimal dollar liquidity in the interbank market along with the pressure on the unofficial market by the 41 banned items will not allow for a rate convergence at all.
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This innovation provides opportunities for government, businesses, pension fund administrators, investors, individuals to hedge (not speculate) and cope with exchange rate risks. There were policy changes and it is too early to think that it has not added up issues on the business yet. You see goods and services what is the parallel market for forex are priced at the parallel market rate (black market ) which is usually about double the official rate. It also affords the CBN a greater opportunity to manage exchange rate volatility, thus achieving greater market confidence, liquidity, improvement in business planning, job security, employment, better allocation of resources, global competitiveness of the Nigerian financial markets. The Acting Director of Corporate Communications Department, CBN, Isaac Okorafor, described the take off of the new forex market as a robust one, adding that the bank was happy that its objectives to clear the forex demand backlog, perform. The CBN is asking the bdcs to exercise patience.
This sector is supposed to drive the what is the parallel market for forex nations economy, he said. The situation for many is a continuous postponement of the expected convergence of both market rates, while others see it as a shadow over the ability of the new policy to effectively end the forex challenges or reduce its effect to minimum level. CBN Governor, Godwin Emefiele, sources of supply and quantity supplied have remained at the centre of discourse since the beginning of the all-new flexible exchange rate policy. The consideration to engage the BDCs for forex trading was a good one, which need not be politically motivated by big economic players or any other persons for that matter. Dr Banda explained that those that sell the dollar on the parallel market are then able to bring into the country huge quantities of imports which would not otherwise be possible with the official exchange rate. It should be a rational economic decision with a view to make the foreign exchange policy successful, he added. The implementation of the flexible exchange rate policy is going on very well. I should fold my hands and then wait? This thing about banks is not an issue for us; they dont have the money and we will continue to supply both industry and individuals with the much-needed foreign exchange, both in rtgs and United States dollars, giving the most. Gwadabe claimed the operating modalities for the policy is already being worked-out and should be ready in the next one week, although it is about two weeks now going by his calculations. Specifically, many forex demands still find their way to the parallel market segment, a development that has sustained high exchange rates at the segment.
The Futures market also allows importers to push out their demand at a guaranteed price and therefore, we expect a reduction in immediate demand for foreign exchange to give the CBN time to conclude various negotiations and to shore up cash-flow from exports. The Managing Director of DN Meyer Plc., Kayode Okuwa, reiterated the need for government to assist manufacturers by establishing companies that would serve as intermediaries for manufacturers in accessing forex. The banker said the parallel market cant be shut down because of the strict applications that are needed at the bank. Already, two companies have renewed appeal to the Federal Government over their inability to import raw materials due to paucity and high cost of foreign exchange ( forex seeking the creation of alternative measures to enable genuine manufacturers access forex for enhanced production. Inter-bank Forex Market Since the beginning of the new forex operations, CBNs intervention has contributed no less than 70 per cent of the forex traded at the interbank segment, in expectations of the return of foreign investors and auctions from multinational corporates. Speculators have already indicated that they would be buying USD at 1: 2,5 at the bank rate and sell it on the parallel market on transfer rate of 1:4 before going back to the bank to buy more US dollars. The decision taken by the central bank to float the Nigeria may have been a painful move in the short term, but this could be the first critical steps needed to steer away from oil reliance, while also promoting economic stability in the long term.
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We have more BDCs than we should and it is clearly a sector where regulatory oversight isnt efficient. We may need to reconsider the approach to the banning of the 41 items, amongst other things, in order see some of the desired positive in the unofficial market, he said. Citing the CBN-led Prof. This is based on the request of the customers (since they are requested by banks to state the price in their bid instruction) who just want the foreign currency to complete their transactions. It sold 697m in one-month futures,.22bn in two-month and.57bn due in three months, in order to clear a backlog.02bn of demand, while recent demands are likewise settled at the market, which manufacturers are now becoming uncomfortable with. According to him, the apex bank recognises the BDC sub-sector as a critical segment of the market and is working on how to accommodate them in the new forex regime. The exchange rate of 1:2,5 is the opening float, which will fluctuate daily depending on supply and demand. As expected the level of the demand in the market is driving the exchange rate rather than the CBN fixing the prices.
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Chukwuma Soludo era, he said increased dollar sales to BDCs led to drastic reduction in the spread between the official and parallel market rates to about N2/. It must be allowed to float and any what is the parallel market for forex attempt to artificially fix it will backfire and forex trading transactions will relocate to the parallel market where the exchange rate will be market determined, he said. Naira-settled OTC FX Futures CBN Governor, Godwin Emefiele, at the launch of the Naira-settled Over-The-Counter (OTC) Foreign Exchange (FX) Futures, expressed delight that the foreign exchange market in Nigeria has attained the position where participants can settle foreign exchange futures transactions in Naira. The CBN, in line with its desire to promote a transparent, liquid and efficient market, and in order to engender market confidence and ensure credible price formation, intervened in the market through a special Secondary Market Intervention Sales (smis). For an extended period, depressed oil prices have weathered the nations government revenues, while supply disruptions heightened concerns over a potential slowdown in domestic economic momentum.
With the clearing of the backlog of forex demand and what is the parallel market for forex the introduction of forward contracts and futures market, it is expected that going forward, future demand would be lower and even over the period as artificial demands and speculative activities moderate significantly. However, while it was expected that the Naira should depreciate heavily post de-peg as the natural forces of supply and demand create an equilibrium price, it really does not reflect on the official exchange that showed N281 against the dollar. He noted that the Futures market assures of an exit price that adequately compensates for the investor as a result of the inherent liquidity and country risks. Unfortunately, the policy faces noticeable pressure now, following the fading optimism over the effectiveness of the Naira de-peg and such has created unease throughout the Nigerian economy. African women blow 6bn on hair products. Mawarire out on 2 000 bail as Chibaya released, re-arrested. Since the new policy started, dollar supply from multinationals and foreign currency earning corporates to the interbank market is estimated.2m, by Nigerian units of ExxonMobil, Chevron, Eni and Addax making the combined sale. BY blessed mhlanga, foreign currency parallel market traders are unfazed by the introduction of the interbank market auction of the real time gross settlement dollars (rtgs) and have continued trading on the streets without batting an eyelid. This first two weeks have had the typical teething issues we would expect, but we are still heading in the right direction as long as we are effectively monitoring the market and being dynamic to the challenges, he added. The futures market is an opportunity to transform risk into certainty a major paradigm shift in the financial markets landscape. With fears elevated that Nigeria could enter a potential technical recession in second quarter, the swift decision taken by CBN consequently boosted investor sentiment. Additionally, the difficulty in accessing the interbank market by end users, especially retail and individuals due to the stringent requirements for accessing the market otherwise, is leading to the continued patronage of the black market by the end users.
The BDCs agreed to support the CBN, and deepen their rendition of returns as well as following the guidelines on Know Your Customer requirement. We are only selling to people with invoices that prove they want to import, so if you just come in and try to buy US dollars, we are not selling to individuals, they will have what is the parallel market for forex to. Global instabilities have exposed the Nigerian economy to downside risks while the awful mixture of depressed oil prices and a firming dollar will translate back to a vulnerable Naira. They are still relevant in the scheme of the affairs of the country, he said. With liquidity still lacking, coupled with the 41 banned items, which cannot be purchased on the official exchange, market participants will be naturally attracted to the black markets, he said. It will certainly improve supply in that market and reduce the current premium of about N70/ between the interbank rate and the parallel market rate, he added. If you check the bids submitted to the CBN by banks on the first day of trading, some were as high as N382/US. As with introducing a new product and restarting any process that has been shut down for a long time, we dont expect optimal performance immediately, especially where external parties are expected and needed to come to the table for us to achieve the desired goals. Also, the Executive Director, Investment Finance, BGL Capital Limited, Olufemi Ademola, assessed the new policy as going in the right direction as expected.
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For the Chief Executive Officer of Graeme Blaque Advisory, a financial advisory company with specialty in derivatives risks, Zeal Akaraiwe, the expectations of black market rate to converge with the official rate now is immature. On June 20th, we what is the parallel market for forex heard of the release of so much dollar into the system and everybody thought it was so and would continue so, but as I speak to you now, we are having to do with what. For those expecting Naira to appreciate, this may be feasible in the medium to long-term when the countrys foreign exchange earnings improve and previously active but now dormant sources of foreign exchange inflows get reactivated, particularly Diaspora remittances, foreign portfolio investments. Khupe defends candidates imposition, mDC-T plots protests over ballots, biti claims extra-judicial arrest, deportation. Even on the sidelines of the interactive session, where the CBN representatives statements were far from definite, Gwadabe maintained that a deal has already been brokered and that CBN would soon re-integrate them in the forex market. So, we can state, that the FX demand backlog has now been cleared and behind us for good, he a follow up, he announced the planned launch of Naira-settled OTC FX Futures due seven days later. He said the product is also expected to provide relief to Nigerians seeking Dollars to import critical machinery and raw materials from abroad as they can now lock-in their foreign exchange deals in earnest against their future demands.
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