I wrote this article on the right to law concerning freedom of speech and not intentionally to attack any persons or political party but for the interest and well being of Nigerians and to protect this country against fraudulent activities. if any persons or group of persons find this not true or not accurate. then they can come out clean with reply to explain or correct the wrong impression.



And I start. sometime ago the sanusi leadership of CBN stop banks from paying dollars to citizens. this is what I called a monopolise foreign currency economy. even when money is sent to Nigeria in dollars the bank would simply pay the recipient in the imposed naira equivalent by the CBN. this was the beginning of the era when dollars became scarce in the Nigeria market.


small private owned bureau de change were the biggest hit by this CBN policy. poor bureau de change who relied so much on dollars from common Nigerian citizens packed out of business. those who use to buy dollars from citizens who received foreign remittance had to find alternate sources for dollars and this mark the beginning when dollars rise upward in the black market.

The official price on the dollar is a scam and of what use? since the citizens cannot obtain it officially from bank or neither the CBN except they go through the black market.

This is not only a cheat to the masses by the CBN but also causes inflation. A monopoly currency trade is a fraudulent activities where only the elite and those opportune to determine the price in black market.

I received a foreign remittance and I need to pay tithe in the said foreign currency. What happened? The bank refuse to pay me with the foreign currency rather they pay me in local currency equivalent impose by the CBN. and I had to go to black market to buy back the same foreign currency in exorbitant price. The bank and CBN sells my foreign currency to the bureau de change they make a lot if proceed from this scam..

Thanks to Nigerians who stays and work in abroad, as they said there is no country in the world where you can't find Nigerians. Rate this with our traveling spirit.


These people contributed very well enough to our foreign exchange. If you go to all the bank right now, you will be amazed with the numbers of queue from people who want to receive foreign remittance. This happens on daily basis.

foreign remittance from friends and family and including yahoo boys account of 40% of our foreign currency in circulation. in 2015 the World bank and CIA spy on foreign remittances index shows Nigeria is the number 1 of highest remittance
Received.

The so-called oil proceeds every year is been loted and taken back to foreign countries by our politicians.

many people think that the peg on our naira to dollars is for the interest of the public, but that its not true. If the CBN allows bank to pay citizens in dollars. The market force will determine the price on the black market.

As I was Told. The CBN Chiefs has a bureau de change outlet. the policy makers (referees) also plays the midfield, more like they award contract to themselves. They simply collect peoples dollars at N199 they impose and sold it back to the people at N320.

I also read it somewhere that our President wife is now operating a bureau de change. Wake up Nigeria how long will you continued to be fooled.

As this policy remains there will be no change but rather it will get worst and expect more inflation. Not until this policy is reversed and let bank start paying people in dollars for foreign remittance. There well be enough dollars to go round and this will stabilize the forex market.


By Joel3. Nairaland.

with all sense of seriousness and due respect an average nigerian derives pleasure only in political, tribalistic and religious cowardice, instead of standing up for our right we are always fighting over shadows, while these gullible politicians keep stealing and enriching themselves with our common wealth.

Se na today dem do am?

This article is so on point.
Why would the CBN rob poor Nigerians to feed the rich Bureau de change.
If someone receives $1 from abroad, it is only moral and right for the banks
to give the person his/her $1 not the 199 Naira which is 80% lower than $1 in value.

Lalasticlala, dominique

thank you.

Joel3 I share your opinion. There is no reason for them to forcefully convert our currency to naira when to get dollar is a big problem.

It is the height of cheating.

If not for anything the bank should pay people who receive dollar in dollar or the bank should give then black market rate.

Nobody understands the rationale behind this annoying policy of the cbn. But then there are ways around them.

If you receive telegraphic transfer (tt) of foreign currency to your domiciliary account, the bank might not be able to pay you in dollars due to availability, but they won't pay you in naira either. You would have to find a buyer for your dollars, negotiate with him and transfer the fx while receiving your naira.

As of today, receiving funds through western union or money gram is a no no, cos the bank would forcefully convert your dollars to naira.

Joel3:
I wrote this article on the right to law concerning freedom of speech and not intentionally to attack any persons or political party but for the interest and well being of Nigerians and to protect this country against fraudulent activities. if any persons or group of persons find this not true or not accurate. then they can come out clean with reply to explain or correct the wrong impression.



And I start. sometime ago the sanusi leadership of CBN stop banks from paying dollars to citizens. this is what I called a monopolise foreign currency economy. even when money is sent to Nigeria in dollars the bank would simply pay the recipient in the imposed naira equivalent by the CBN. this was the beginning of the era when dollars became scarce in the Nigeria market.


small private owned bureau de change were the biggest hit by this CBN policy. poor bureau de change who relied so much on dollars from common Nigerian citizens packed out of business. those who use to buy dollars from citizens who received foreign remittance had to find alternate sources for dollars and this mark the beginning when dollars rise upward in the black market.

The official price on the dollar is a scam and of what use? since the citizens cannot obtain it officially from bank or neither the CBN except they go through the black market.

This is not only a cheat to the masses by the CBN but also causes inflation. A monopoly currency trade is a fraudulent activities where only the elite and those opportune to determine the price in black market.

I received a foreign remittance and I need to pay tithe in the said foreign currency. What happened? The bank refuse to pay me with the foreign currency rather they pay me in local currency equivalent impose by the CBN. and I had to go to black market to buy back the same foreign currency in exorbitant price. The bank and CBN sells my foreign currency to the bureau de change they make a lot if proceed from this scam..

Thanks to Nigerians who stays and work in abroad, as they said there is no country in the world where you can't find Nigerians. Rate this with our traveling spirit.


These people contributed very well enough to our foreign exchange. If you go to all the bank right now, you will be amazed with the numbers of queue from people who want to receive foreign remittance. This happens on daily basis.

foreign remittance from friends and family and including yahoo boys account of 40% of our foreign currency in circulation. in 2015 the World bank and CIA spy on foreign remittances index shows Nigeria is the number 1 of highest remittance
Received.

The so-called oil proceeds every year is been loted and taken back to foreign countries by our politicians.

many people think that the peg on our naira to dollars is for the interest of the public, but that its not true. If the CBN allows bank to pay citizens in dollars. The market force will determine the price on the black market.

As I was Told. The CBN Chiefs has a bureau de change outlet. the policy makers (referees) also plays the midfield, more like they award contract to themselves. They simply collect peoples dollars at N199 they impose and sold it back to the people at N320.

I also read it somewhere that our President wife is now operating a bureau de change. Wake up Nigeria how long will you continued to be fooled.

As this policy remains there will be no change but rather it will get worst and expect more inflation. Not until this policy is reversed and let bank start paying people in dollars for foreign remittance. There well be enough dollars to go round and this will stabilize the forex market.


By Joel3. Nairaland.

My dear friend.

You have hit the nail straight on the head.

This is issue, this very issue, though ignored by the media, is the crux of Nigeria's foreign exchange woes.

Nigerians in the diaspora remit approximately $20-$25 billion to the Nigerian economy every year.

This is much more foreign exchange than we earn from oil .

This dual exchange fraud cheats Nigerians of billions of dollars every year.

I don't have much to say about this right ups but I will just ask you some questions?
Have you travelled out of this country before? If yes
In that country were you by any means make use of there banks there? If still yes
Has you sent money to nigeria in diaspora before? If yes
Ask that fellow whether he/she withdraw the money in our currency or there currency.
Always make sure you gather fact before accusing any government.
If you want dollar go take it....

...