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

jomoh:
This is no problem. It is expected.

When the dollar in circulation finishes, they will have no choice than to go back to the BDCs but before then, the BDCs will have to sell at a cheap rate to attract customers.



BTW if they have no skeleton in their cupboard then why the fear.

The guilty will always run when no one is chasing him.


#FearOfTheUnknown

Slonge2:
Nigerians should prepare for hardtimes which will be shortlived afterwhich we will experience unprecedented growth and progress.



Because surely, after the raggae comes the blues

RealBae:
In a country with no data control policy, you want to leave your data in the hands of fraudulent people

Before you know it, you start looking for all the money in your account.

The problem with this country is too many policies at the same time.
No sane person will like to give out his or her details with cases of hacking and internet fraud going on

O boy... OYO

GeneralShepherd:
Why not clamp down on illegal foreign exchange dealers?

lastpage:


Nigerians dont like to obey rules or do what is right!

Illegality has become a way of life for most people.

The Naira may not have appreciated but l can assure you that it is stable, to a large extent.
Its been hovering within the same range, in the last five months.
It has never gone beyond what it was, prior to the handing over of Govt to President Buhari. Anyone should prove me wrong on this.
I do forex regularly and l can attest to this.

All these "noise" is just to cause panic!


Those looted funds are now difficult to launder! God don catch them!

Any genuine business man should be able to provide his BVN and buy whatever amount of forex he needs ...abi wetin be the "security problem" they are talking about?

Lastpage!

Truth234:


Even BDC operators can use your BVN to register transaction for dubious politicians and that does not exclude banks

RedCapChief:



[size=13pt]First of all, providing your BVN is not a ticket for genuine businessmen to buy 'whatever amount of forex they want - as you claim. Part of the problem exists because[b] nobody knows what the CBN is going to do with the BVN[/b]. Everything they have said has been negative i.e[b] if you are blacklisted in one bank, you are blackisted in all banks[/b] etc

Also, the stability of the naira over the last five months[b] has been artificial[/b]. You can't claim stability when there are stringent restrictions on the flow of dollars. It is very difficult for importers to obtain USD. The unmet demand for forex in Nigeria is nearly 2billion USD i.e the total sum demanded by all the people who want to buy forex is 2billion USD. That is why people are swallowing dollars and traveling with tens of debit cards. Is that an impression of stability?
Let the CBN ease the restrictions and then see what will happen to your 'stability'[/size]

lastpage:


Did you read the part where "the BDC said they have excess Dollasr they did NOT SELL and might have to return same back to the CBN"?
How then do you say there is scarcity of Dollars when the seller says there is excess?

Those who "swallow dollars" with multiple Credit Cards are criminals who are just trying to "BYPASS" the system.
why cant they deposit same money a single bank, apply for forex using their form M, stating what they want to import with it ..and let us see what happens?
The point is they want to evade the "import rule restrictions" and import expired chickens or banned items into the country, which they would now sell for "triple profit"... and be forming big man all over the place!
That is not business, it is criminality

You want every criminal to know the next step the CBN would take so that, in the "Nigerian manner" plan to THWART IT?
Governance does not work that way, my friend!

Yes, blacklisting is now across board and that is a good thing. Same operates in modern, Western democracies.
we dont want someone committing a criminal act in one bank, only to move to another bank.
In the U.S, U.K, e.t.c, it is called a CREDIT CHECK. You are blacklisted across board if you fumble.

Every country applies fiscal and monetary policies on it s currency!. Go and ask if they dont do it in America, U.K, on the Euro, Russia or even Chinese Tuan.
Why should Nigeria be an exception? So that some criminal business man can take advantage?
I am actually baffled at the way some of us reason nowadays!
Even Generator importers are complaining that Electricity is becoming stable and it is affecting their business,...hence PMB should stop his reforms!

Be honest, '"Accept it" that the problem some importers are having now is because they are used to their "criminal methods" of evading CBN's monetary/fiscal policies and this BVN will not allow them to get away so easily!


End of story.

There is always light at the end of the tunnel and calm comes after the storm.
Nigeria will be better at the end of the day. Let us join hands together.


Lastpage!

NB: Yes, we can improve on our Data Controls, put more "checks and balances" to ensure the system is bullet/Scam-proof.... that will always be an ongoing process, even in advance climes.

Idrico:
The reason why CBN is mandating BDC to present BVN of customers is to stop illegal activities of BDC in using fake documents obtained from travel agencies as returns for money sold to CBN..BVN is just like an identity card that dpes not have any relationship with your account balances or details.

RedCapChief:



[size=13pt] Contrary to what you think, many of the so called criminal importers are simple business men who are simply into buying and selling. Maybe when their businesses crumble and they have to become armed robbers to survive, then we will see it.

You mentioned 'Form M'. Are you aware that the use of Form M has been banned for many goods i.e kitchen utensils, geisha, palm oil, woven fabrics etc. Yet, local production can't meet up with the demand for these goods. Even palm oil has to be imported to meet local demand. So, what do you do if you can't access the Form M?

The BDCs have 'excess dollars' because nobody wants to buy from them. Nobody wants the CBN poking their eyes into their business. The mallams on the street are making brisk business because they don't ask you for BVN before you buy dollars from them. Nobody knows what this BVN is going to be used for.

If there was no scarcity, there would be no need for forex controls and dollar restrictions. You can't honestly tell me that all those who want dollars want to launder money [/size]

lastpage:


Did you read the part where "the BDC said they have excess Dollasr they did NOT SELL and might have to return same back to the CBN"?
How then do you say there is scarcity of Dollars when the seller says there is excess?

Those who "swallow dollars" with multiple Credit Cards are criminals who are just trying to "BYPASS" the system.
why cant they deposit same money a single bank, apply for forex using their form M, stating what they want to import with it ..and let us see what happens?
The point is they want to evade the "import rule restrictions" and import expired chickens or banned items into the country, which they would now sell for "triple profit"... and be forming big man all over the place!
That is not business, it is criminality

You want every criminal to know the next step the CBN would take so that, in the "Nigerian manner" plan to THWART IT?
Governance does not work that way, my friend!

Yes, blacklisting is now across board and that is a good thing. Same operates in modern, Western democracies.
we dont want someone committing a criminal act in one bank, only to move to another bank.
In the U.S, U.K, e.t.c, it is called a CREDIT CHECK. You are blacklisted across board if you fumble.

Every country applies fiscal and monetary policies on it s currency!. Go and ask if they dont do it in America, U.K, on the Euro, Russia or even Chinese Tuan.
Why should Nigeria be an exception? So that some criminal business man can take advantage?
I am actually baffled at the way some of us reason nowadays!
Even Generator importers are complaining that Electricity is becoming stable and it is affecting their business,...hence PMB should stop his reforms!

Be honest, '"Accept it" that the problem some importers are having now is because they are used to their "criminal methods" of evading CBN's monetary/fiscal policies and this BVN will not allow them to get away so easily!


End of story.

There is always light at the end of the tunnel and calm comes after the storm.
Nigeria will be better at the end of the day. Let us join hands together.


Lastpage!

NB: Yes, we can improve on our Data Controls, put more "checks and balances" to ensure the system is bullet/Scam-proof.... that will always be an ongoing process, even in advance climes.

lastpage:


Well, if a "simple Business man" is one who imports "prohibited banned items" into the country, then their business not only need to collapse, they also need to be prosecuted.
If they become Armed robbers, well its a risk because if they are caught, its the death penalty for them. Simple Business, right?

It seems you are not for any form of control at all? Anything goes, right? maybe you would advocate that we do away with Customs men sef?
There is a reason Govt bans the importation of frivolous goods (like tooth picks) one of which is to encourage local production. This happens all over the world.
With time, we will produce enough to meet our demands but to try to circumvent that rule make the person a criminal.
So that Importer that is "swallowing dollars through multiple Credit Cards" .. just to circumvent that rule, is a CRIMINAL

This list of Goods, you need to access Form M is openly available. Stop trying to use it to import fake and substandard goods or banned items.
Simple Enough.


I have bought Dollars from BDC, God knows how many times, over the last decade.
I still continue to buy and l am supplying my BVN in my next transaction. I know a guy that bought recently and supplied his BVN. It was plain easy!
It is only criminals that want to subvert the system or those with criminal intentions that are shouting they cant buy dollars or cant supply their BVN.

BVN is here to stay because it will weed out criminality, to some extent, from money launderers.
BVN is not just about forex alone, it is also about traceability, National security, money laundering, accountability, import restriction monitoring, et.c..

Even those that import Guns and Ammunitions for Terrorists will find it difficult to do so because they know that with their BVN attached, Govt can trace who paid for those weapons!

I still say only those with "criminal intentions" are crying over this BVN matter.

Nigerians are too used to "exploiting the system" and when they see changes that does not favor that criminal behaviour, they begin to roll on the floor, shouting "Egbami o"!



Lastpage!

kaboninc:
[s][/s]

Abeg, e don do.

You're probably just an ordinary customer who purchases 5 cents in a reeddd moon.

Allow real stakeholders to comment.

No show for "#Wailing Criminals" anymore,

A new sheriff is in town!

God bless PMB......

Nigeria will be back and bouncing.