 And thanks for joining us. We look at the nyris gain marginally against the United States dollars on Friday appreciating 0.04% a day after it fell at the sports market. But overall the currency continued to fall that has continued and has been made worse by increasing demand for the dollars. The currency open market trading at 434 narrow 0.83% per dollar or closer at 436.33 narrow to a dollar has against 436.50 as it traded in the previous session. The local unit traded between 436.50 narrow and 436.25 narrow to a dollar within the past three weeks. It reached an eight month low of 436.50 narrow on September and a Monday the narrow exchange hand with the greenback at 436.50. It gained on Tuesday slightly by 0.06% 436.25 narrow but currently the currency weakened to 436.50 narrow on Wednesday and the same rate it traded on Thursday again marginally on Friday closing at 436.33 narrow. At the power market the narrow lost significantly during the week and that's what the dealers are called there to say as traders said that they bought the dollar at 710 narrow it depreciated to 711 narrow and 712 narrow on Tuesday and Wednesday respectively according to black marketers. We have Dominic Auriri a certified Metaverse expert joining us from Delta State. Thank you so much Dominic. Thank you very much more than me. All right so quick one watch the dollar you know and so much demand especially when we know that the exchange rate for us the scenario that's official exchange rate what's making the demand for the dollar on the high. The demand for the dollar is currently on the high because first and foremost you know currency is a live load of every economy and that's one of my favorite phrase and the dollar being a currency is one of the major drivers of global movement of sales commerce around the world and Nigeria as a country is an import dependent country. Now we do not produce as much as we import and you see the fact that we need a lot of these particular effects to be able to facilitate that particular process creates a demand and a supply factor and this particular demand and supply factor is majorly now crippled by the Nigeria economy because one of the major ways we get dollar into the country is via crude oil exploitation and we can see that Nigeria in the last few years on a yearly basis alone we spend about six billion dollars in terms of what's bringing some of the products of the crude that we're exporting out for refining which already takes away a lot of dollars out of the out of the country because it matches with the statistics that came that in the last six years we have spent about 36 billion to be able to bring in foreign what foreign products especially when it comes to crude related products. Now you see our major source is source of foreign direct income which is this particular effects is crude because we have it as cash crops that produce this particular effects for us and we have the oil crops that the oil type of commodity that produces this particular effects for us. The oil is the very high one that brings the major force the others have been crippled in the last say two decades or three decades so the demand and supply factor has come to see that there is no revenue being generated especially dollars coming into the country and you can see that foreign direct investment is not also coming in a lot of people need money to travel abroad to maybe go for schooling and they need money in terms of the fact that they need it urgently maybe they want to go for something like a medical checkup or something and they need it urgently and maybe if they write to the CBN because the only way you can actually get dollar at the official rate is that you write to CBN saying that you need dollar for maybe traveling purpose schooling purpose and they give you at an official rate else any other thing other than that you have to get it at the black market rate and because the black market rate know that this particular window of premium they can make money from it you can see it has become a mess. All right why do we still have two markets in terms of the exchange rate operating in Nigeria I mean this obviously is not healthy for the economy the official rate you know FX rate dollar to NARA has been over around 436 last week into this week parallel rate 710, 711 and some people say you know jettison the the the official rates I think they moved from where they were to the I and E the important export you know window jettison that and let everyone go with the with the black market rate but I think that even if you do that still you're gonna have two rates again so what's going on what's going on with this old parallel market thing I could call it black market it is important to state and mention that this particular two tier exchange system that we have in Nigeria is not strange at all anywhere in the world it is normal everywhere in the world you have the parallel market and you have what is with the what's the CBN now the problem is that even the parallel market consists of a very small window of this particular exchange the major outflow of FX is from the Netflix that's from the CBN which is which consists of about 93 percent the parallel market is just seven percent now how is it now possible that it is just the news coming in from the parallel markets that we are hearing we are focusing on is takes us back to the reason that I said before the supply and the demand was factor so the CBN is unable to meet the demands for Nigerians in terms of the official application that they would need to apply to the what's to the CBN now there are some other people which more like the elites possibly they have access to a lot of money and they buy this particular dollar or maybe during the time of the covid-19 you know they printed a lot of money about one trillion narrowing to the economy and they shared it one hundred thousand yet it's possible that some people might have used that particular money to what to also buy the last speculating on the what's on the rise so that particular in those this particular incident has created a supply and a demand was factor now the people in the parallel markets they are not able to sell at a premium rate higher than what the CBN is going to be able to give because if you write to the CBN and you don't have a letter backing your admission to one of the countries or maybe your basic traveling allowance or maybe something that is tangible you will not get effects inflow into your what into your coffers into your bank or into your account but you can go to the local black market and get that to be able to I guess what I'm asking is is sorry to interrupt at the point I mean I mean why why where is the the so-called black market getting to fix it seems to organize and it is too organized to be just there or based on supply and demand I mean we hearing the news the narrow felt is lowest against the dollar on Friday guess how much it fell to 720 but officially it's not 720 is 430 something how that's what's going on and I mean where do these guys get to to factor because it's basically even more a manual than it is a you know electronic so where do they get to because you have one rate in Abuja same rate in Podhakot same rate in Lagos same rate in Kano same rate in Calabar are you telling me that the demand in all these cities are the same at the same time on the same day so so so what what's going on so this is the way they get it you know there are people that have access to this particular positions of the CBN there are elites that have money to be able to go buy this particular thing there are people that already also know about the arbitrage strategy that is already in the market and ideally you see that once foreign direct investment is not coming in there are people that have bought this particular dollar before there are people that use it for elections there are people that have this particular dollar stored up some people have been the dollar rise their economy before now some of the people they actually do not even take payments in terms of NERA they take payments in terms of dollars so this particular absorption that they have had from the economy before now not created with this particular news scarcity that has come because you know the dollar has also strengthened worldwide because currently the dollar went up by 12 percent against every other currency because the dollar has been trying to they remove that quantitative easing from around the world so it has now made people to especially people that are smart to now say that okay there is and because they've been playing in the market for the last 20 years or thereabouts you expect them to also know much more than you in the business that they are doing so when they saw this particular window of opportunity what they did is to be able to what leverage on it and Nigeria has actually been failing in terms of providing enough resources or enough facilities that can augment for the demand of Nigeria now if I have as a rich man and I do not take mine out what of as Nigeria's economy is implementing we are using much more money towards to export oil that is not my concern now the economy lacks enough dollar to be able to feed our citizens but then I have and I can be able to work quickly so that particular window which I said is very tiny Dominic we have to go now but but just before we go quickly what's the implication on our economy what does this mean for the common man does this have any implication yes it does you can see that first and foremost for the price of diesel it has targeted by 400 percent it was 200 nap at a time right now is about 800 the common man which possibly had the peer water factory running that uses this particular diesel for production it then means that the cost of water will now rise from five narrow to what to possibly about 30 59 the market for the common man the economy too would also see that the influx of products into the country as Nigeria is an export you know is an import dependent economy reduces because the people would have to pay more to be able to get goods towards to come into the country amidst that there is a very good sign and a particular good sign is that we can also start diversifying our economy in terms of producing much more things like the cash crops into electrical property that can be exported to now bringing effects into the country so that we can balance that particular demand and supply what problem all right thank you so much Dominic Riri a certified Metaverse expert is reaching his life from Delta State we appreciate your time I think it's good you ended on the positive note that has bright side to this as well hope to have you next time soon thank you for your time all right thank you very much all right mercy I mean I would always ask you know where if you said there's no dollar in the economy so the one in on the black market is it in another economy no I mean they're talking about the rates now it's no no we don't have dollars in the economy that's why the comment can't give so the one there yet you're exchanging on the black market paramount is it another economy no so I so for me I don't think that there's no economy so the question is another country no we're talking about the rates now and no no availability it's not available government can't give you but the ones that are being exchanged on the black market isn't another country well we take a break no we have to so where is it coming from when we return some other time I'm hoping that we have time to talk about it I always say something is not it's not right somewhere but anyway you can go follow us on social media we have Facebook Twitter and Instagram accounts plus cv africa on YouTube we have plus cv africa and plus cv africa lab style our website is also up as well my name is kofi bar to help us see you tomorrow my name is messia bopu thanks for joining us