datigbogirl:


So what should someone like me that has changed naira to dollars do now...I wanna buy something abroad but it's pretty difficult right now...what should I do? I think it should be possible to open a gtbank account in cotonou or ghana now?

otumopkor:


Emmm bring the dollars and lets see what we can do about it

AhmadMind:

[size=18pt]
@barcanista
@teeowl
@lastpage
@MizMyColi
@mickey45
@jomoh

AND ALL OTHERS [/size]

[size=19pt]
DOES IT MEAN THAT CBN must Now back ALL the Naira purchases done online ?

DOES IT MEAN THAT CBN must Dip into its Forex Reserves to back ALL legitimate demands for school fees etc?

What happens when all Forex is snapped up by Traders from other neighbouring countries

What happens when dollar in circulation out side banks becomes very scarce

I put it to you that its not 'speculators' .....but sensible Nigerians that converted their Naira to ensure they held unto the value of their money long term/.[/size]

datigbogirl:


Ori eh lo buru!

jmoore:
No celebration till $1 = ₦1

Mynd44:
To answer these questions, the OP needs to put in the post above what led to the Naira depreciating from 154/156 in November2014 to 196 in December 2014 first.

When you do that, we can then start to track the primary factors and how we can tackle the strength of the Naira viz-a-viz the price of goods in the market.

To take this issue from the events of May 2015 is just you attempting to put squares pegs in round holes.

Mynd44:

But was there ever any time they sold petrol for 87? We all know that was all for election campaign na

jomoh:


Yes. Only CBN should be able to back the Naira. It also means that demand for school fees has to go through the CBN. Better for the country (better statistics of inflow and outflow of Dollars from the economy. less money laundry, less corruption of the currency market etc) and better for the buyer(cheaper than from speculators)



Forex cannot be snapped up by anybody. It is will be in the custody of CBN and other banks.

Anyone who wants to trade with forex should go to Forex market online and trade. it is for every one all over the world to trade in (free entry, free exit). You don't have to be in Nigeria to trade with Naira. You can be in Nigeria and trade with Japanese (Yen) and South African (Rand)



What is dollars doing in circulation? Is it our official currency? NO.

So why use it to distabilize our economy by causing confusion



The only legal and sensible way to trade your Naira to dollars is through the CBN and Banks not through speculators. If there are no speculators, people wont go about converting Naira into dollar.




LOL @ bold Purple sentence

Your choice of words is contradictory to your experience described up there.

I expected an opposing view to what I wrote but your experience only buttressed my points.

BTW did you read the Paragraph below in my initial comment? If not. Please read again and pay attention to the words in bold. Thank God you know the ideal situation should be the RED COLOURED STATEMENT in your comment.

AhmadMind:
[size=18pt]DEAR JOMOH.....

I Like Reviewing the past.....

CBN has WASTED DOLLARS trying to control the Naira....... Months later CBN is still plummeting the Foreign Reserves and yet.... I just converted euros @ N262/€1.....

The Best Antidote as I said earlier is for the Naira to seek its true value

[/size]

otumopkor:


Bros why you they toggle your capslock like this. If english is not your major, no be by force to use am o. And by the way you are breaking every rule i the rule book by using large fonts. Beware lol! Na joke o

jomoh:


My broda even though I've forgotten most of our conversation, I've not forgotten what I stood for. There can be nothing like "finding true value" if there is no policy protecting the economy because we still have a very fragile, highly volatile (very elastic) economy.

First let me ask you where you got you euro from. The bank or the BDC? Expecting your answer.
I am pretty sure you got it from the BDC(mallams). What do you need foreign currency for that you cannot get it from the bank at a more favourable price. If the currency is made to be easily available to anyone through the bank, no one will patronise the BDC but because you go to banks and they refer you to the BDC. The BDC sees that you have no choice than to come to them, they increase the price.

BTW am not against the dollar or any foreign currency to take its normal course am only against it flooding my country to the point that everyone now prefer it to our country's currency because it is stronger and more stable.

What is dollar doing in circulation in our economy when it is not our currency. If we are going to have dollars in our system at all, let it either be only in electronic form or easily accessible through the banks so that people will have the choice to either choose fromm the cheaper one from the bank or the expensive one from the BDC.

Let there be restrictions on the amount of dollar that can be withdrawn in a day like it is on the Naira. This is to curb the amount of dollar a single person can have in his hands and also curb hoarding of the currency.

[size=28pt]DEAR JOMOH.....

I Like Reviewing the past.....

CBN has WASTED DOLLARS[/size]




Let there be a maximum amount of dollar you can have in your account for a period of time. This will curb the hoarding of the currency to make it scarce and expensive.

There's a limit to the amount of dollar Nigeria can make in a day. There is no limit to the amount of dollar that can be withdrawn. The more dollars in peoples hands, the more they hoard and when the FG, CBN, Banks is short of dollar to sell to genuine business men, they will have no choice but to fall back to the people hoarding it who will then sell at a very high amount.

Presently the CBN is pushing out the dollar to flood the economy so that there will be more than enough in the economy thereby making it cheap but our porous borders and corrupt customs are frustrating the process. This is what the CBN failed to put into consideration before putting up their "no deposit" policy.

These is my own opinion but it is subject to argument which could be superior than mine.