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Naira Drops, As BVN Paralyses Forex Market - Business (2) - Nairaland

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Re: Naira Drops, As BVN Paralyses Forex Market by Dabigbroda(m): 12:45pm On Nov 05, 2015
wink
Re: Naira Drops, As BVN Paralyses Forex Market by CSOOnyeka: 12:45pm On Nov 05, 2015
interesting
Re: Naira Drops, As BVN Paralyses Forex Market by RexTramadol1: 12:46pm On Nov 05, 2015
BVN see weytin u dey cause


Even oga presido never do bvn
Re: Naira Drops, As BVN Paralyses Forex Market by ibkgab001: 12:47pm On Nov 05, 2015
BVN = NBV


Bank verification number


bank version version
Re: Naira Drops, As BVN Paralyses Forex Market by seedsower(m): 12:48pm On Nov 05, 2015
Keneking:
great

"...most of them moved to the black market for their foreign exchange needs." So many illegal businesses in Nigeria shocked

1. The next thing is to remove double zeros in Naira, so that N1 equals $1 wink
2. This approach is better than the previous government's led by Jonathan Goodluck, PhD.
3. In the past CBN were interested in injecting cash ...new naira notes i.e N1,000, N500 and N100. The true picture of the economy was
relatively unknown.


Trash

No wonder your baba promised $1=NGN1 now i know how he plans to achieve that.

Instead of working hard like the previous administration did, he want to follow shortcuts.

What again did Prof. Chukwuma Soludo suggested one time?

The new gov't re trying all that the previous gov't tried.

That is what happens when an intending aspirant did not care to know how things actually works but is only interested to take over power.

1 Like

Re: Naira Drops, As BVN Paralyses Forex Market by Truth234(m): 12:52pm On Nov 05, 2015
Kx:
Come to think of it, does it mean I ll submit my BVN to a BDC operator while buying dollars from them?


Is dat not worse than submitting to an online click away scammer?

So, how are we sure the BDC operators are not BVN bank for fraudulent purposes?

CBN managing Nigerian economy as if it's a economy of highly educated 100 peopled population.

Even BDC operators can use your BVN to register transaction for dubious politicians and that does not exclude banks
Re: Naira Drops, As BVN Paralyses Forex Market by menxer: 12:58pm On Nov 05, 2015
Vig86:
Nigerians hate good things and would rather destroy the whole nation than give in to simple instructions.

It beats my imagination that instead of dialing *565*0# and get on with the transaction some people prefer going to the black market, I guess their minds and intentions are black.
Re: Naira Drops, As BVN Paralyses Forex Market by bigass123(m): 1:06pm On Nov 05, 2015
Every good policy must have temporary pains that will later bring a lot of gain.
Nigerians love gains but hate pains, you have to bear some form of hardship before you enjoy success.

1 Like

Re: Naira Drops, As BVN Paralyses Forex Market by bardintentionz: 1:17pm On Nov 05, 2015
Wailers will say Buhari introduced BVN
Re: Naira Drops, As BVN Paralyses Forex Market by bardintentionz: 1:17pm On Nov 05, 2015
Waile.rs will say Buhari introduced B V N
Re: Naira Drops, As BVN Paralyses Forex Market by Nobody: 1:19pm On Nov 05, 2015
Dullard has come to destroy the nation further!

1 Like

Re: Naira Drops, As BVN Paralyses Forex Market by Keegan: 1:21pm On Nov 05, 2015
Nigerians and double standard sha. Say positive thing about the BVN and all praises will go to GEJ and his team of failure but any negative issue on the same BVN will be blamed on PMB and the APC.

1 Like

Re: Naira Drops, As BVN Paralyses Forex Market by miqos02(m): 1:25pm On Nov 05, 2015
SmartProf:
If naira is giving us issues, why cant we revert to kobo
Re: Naira Drops, As BVN Paralyses Forex Market by GeneralShepherd(m): 1:26pm On Nov 05, 2015
Why not clamp down on illegal foreign exchange dealers?

1 Like

Re: Naira Drops, As BVN Paralyses Forex Market by musicwriter(m): 1:28pm On Nov 05, 2015
kelvine:
This BVN ish causing confusion since it was introduced.

When we talk about fighting corruption, it's sad some Nigerians don't just know exactly what fighting corruption means.

The BVN is to help record all your financial transactions (money you send and money you receive), so only people with skeleton in their cupboards will avoid giving out their BVNs to purchase dollar.

Only crinimals or people who have criminal intent will have issues with the BVN.

After the arrival of GSM phone, the BVN is the best thing to happen to Nigeria for the past 15 years!.

2 Likes

Re: Naira Drops, As BVN Paralyses Forex Market by wiseoneking: 1:37pm On Nov 05, 2015
Keneking:
great

"...most of them moved to the black market for their foreign exchange needs." So many illegal businesses in Nigeria shocked

1. The next thing is to remove double zeros in Naira, so that N1 equals $1 wink
2. This approach is better than the previous government's led by Jonathan Goodluck, PhD.
3. In the past CBN was interested in injecting cash into circulation...new naira notes i.e N1,000, N500 and N100. The true picture of the economy was
relatively unknown.
continue to blame Gej till you pass away, buhari your god and saviour has spent more than 12% of his mandate in chasing the wind and you are already suffering you wind of Shameful Change. Until you and your baba goslow let go gej, you will be wailing like the WAILERS. Your sai Buhari is just very confused. He has made the economy worst than that of congosomali. Let him removed pride and beg NOI for economic adviser. Her worst management of Naija economy is the best for now.
Re: Naira Drops, As BVN Paralyses Forex Market by aloeman15(m): 1:43pm On Nov 05, 2015
Is this what obtains abroad? If you travel to a western nation will you need a bvn to exchange your naira for local currency? Do foreigners get a bvn when they arrive at our air or sea ports? Do our african neighbours get a bvn at our border crossings or do they wait until they open a bank account before changing their monies? Do bdcs now issue bvn to these and other customers without a bank account?
Just a few questions that might need clarification on.

1 Like

Re: Naira Drops, As BVN Paralyses Forex Market by 2muchopoTBdope(m): 1:46pm On Nov 05, 2015
Icecomrade:

The office of the CBN governor has been vacant since the Removal of Sanusi Lamido Sanusi.

Emiefule is one big mistake. Despite all his stupid stringent policies FX, naira has not gained any meaningful appreciation rather it keeps depreciating.

I miss SLS

God Forbid!!!

1 Like

Re: Naira Drops, As BVN Paralyses Forex Market by ohenhen1: 1:54pm On Nov 05, 2015
ikenigel:
So BVN is now affecting the value of naira against the dollar?

Speculators trying to make money by deceiving the public. How can BVN affect the value of the Naira?
That is just ridiculous and down right crazy. If you don't have a BVN you can still walk into a bank and get one.

If they like make them sell the Naira at 500N to a $1 at the black market. The CBN governor should not devalue the Naira.
Re: Naira Drops, As BVN Paralyses Forex Market by ohenhen1: 1:58pm On Nov 05, 2015
Criminals or fraudsters trying to make a profit by deceiving the public.
Re: Naira Drops, As BVN Paralyses Forex Market by Icecomrade: 2:06pm On Nov 05, 2015
2muchopoTBdope:


God Forbid!!!

What does. God forbid
Re: Naira Drops, As BVN Paralyses Forex Market by Orikinla(m): 2:41pm On Nov 05, 2015
GTBank Says How Customers Can Solve BVN Challenges

The management of Guaranty Trust Bank (GTB) has reacted to the current situation of anxious customers affected by the Bank Verification Number (BVN) deadline account lock-down.

Many bank customers have been affected by the Central Bank of Nigeria’s (CBN) directive that all unregistered accounts within Nigeria be resticted from debit transactions, The Herald reports.

The bank responded by providing tips to help combat the difficulties associated with the situation.

Re: Naira Drops, As BVN Paralyses Forex Market by Nobody: 2:48pm On Nov 05, 2015
good.
Re: Naira Drops, As BVN Paralyses Forex Market by Exqwizit(m): 2:57pm On Nov 05, 2015
Is the dollar cheaper at the BBC than the black market? If yes is the answer what is the rate of exchange to the naira when buying dollars?
Re: Naira Drops, As BVN Paralyses Forex Market by Kennydoc(m): 2:59pm On Nov 05, 2015
Icecomrade:

The office of the CBN governor has been vacant since the Removal of Sanusi Lamido Sanusi.

Emiefule is one big mistake. Despite all his stupid stringent policies FX, naira has not gained any meaningful appreciation rather it keeps depreciating.

I miss SLS

Guy this is not about SLS, cos he too would have been helpless with the situation of things.
Our naira is depreciating, and our economy is falling because of the drop in crude price. The stringent CBN policies, though affecting businesses adversely are simply meant to prevent naira from plunging further, otherwise we would have been exchanging $1 for about #300 - 350 by now.
All oil-dependent economies are facing hard times now. It's not just about Nigeria.

1 Like

Re: Naira Drops, As BVN Paralyses Forex Market by piagetskinner(m): 3:07pm On Nov 05, 2015
I blame Cbn for the confusion theve caused... The masses were not adequately informed about the benefit of bvn # and if one doesn't do it ones account becomes redundant #



That was how they blocked naira accounts for those outside nigeria... And these Nigerians, especially students became helpless because they couldn't withdraw their monies all due to the lack of insensitivity to the plight of Nigerians

1 Like

Re: Naira Drops, As BVN Paralyses Forex Market by Dee60: 3:12pm On Nov 05, 2015
They should tighten the checks at the airports now....Why buy USD when you dont want BVN? It means that a lot of shady things have been going on.
Re: Naira Drops, As BVN Paralyses Forex Market by cee001(m): 3:23pm On Nov 05, 2015
Keneking:
great

"...most of them moved to the black market for their foreign exchange needs." So many illegal businesses in Nigeria shocked


Please,where do the black marketers(parallel market) get their dollars from?
Re: Naira Drops, As BVN Paralyses Forex Market by olutunde12(m): 3:49pm On Nov 05, 2015
.
Re: Naira Drops, As BVN Paralyses Forex Market by olutunde12(m): 3:56pm On Nov 05, 2015
[quote author=Keneking post=39705546]great

"...most of them moved to the black market for their foreign exchange needs." So many illegal businesses in Nigeria shocked

1. The next thing is to remove double zeros in Naira, so that N1 equals $1 wink
2. This approach is better than the previous government's led by Jonathan Goodluck, PhD.
3. In the past CBN was interested in injecting cash into circulation...new naira notes i.e N1,000, N500 and N100. The true picture of the economy was
relatively unknown.


Every one is now a professional even those who know nothing about the issue. Redecimalization does not make a currency equal the other just like that. It has worst consequencies outside a nation that can worsen the situation.

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