Theultimate:
With this news again! I just remembered a story being told by an elderly man that during Buhari military regime..... you either sell at his(Buhari's) goods fixed price or forfeit your goods to military by selling out your stocks on your behalf.

Some Nigerians are bad though.

Yep! That was early 1984. People were jubilating on the streets that a messiah had come...until the good dried up from the market and people had to go to the essenco warehouses to queue for things as basic as tissue and toothpaste.

MicroBox:
Many more sector need to be raid
I don't know what concerns pure water, chicken egg even the so called 1 minute passport with force
Anybody taking advantage of this recession will surely be judge by God.

God bless you. Imagine, the prices of palmoil, garri and other stuff made locally have increased by almost 200% yet the price of Gala, Coca Cola etc who use imported raw materials have remained the same. Government should raid these saboteurs in all the sectors!

989900D:


This country is a special country, where the citizenry is its own major plague!

Activities of saboteur BDCs or banks inflating prices may be morally wrong (especially as they got the forex at a cheap rate), but it is an inevitable human action as long as the CBN continues to enforce a wide gap between official and black market rates.

In a country where 98% of citizens and businesses get their forex from the parallel market and pay black market rates, it is just silly for the CBN to still maintain 'official or interbank rates' which have a very large spread from the black market rates (true value). It is impossible for the CBN to enforce this present policy of forcing merchants to sell at a particular price, natural human forces of greed must take precedence and the business of round-tripping will surely continue. Which leaves me wondering the kind of 'float' which the CBN claimed it implemented some 5 months ago...

stagger:


Yep! That was early 1984. People were jubilating on the streets that a messiah had come...until the good dried up from the market and people had to go to the essenco warehouses to queue for things as basic as tissue and toothpaste.

It's a big fat lie. The politicians messed up big time. It was corrupt politicians like Adisa Akinloye,NPN national Chairman and co who were doing round tripping on food stuffs like rice etc. Buhari confiscated those items and ordered that they be exhausted before any further importation. You guys are the criminals trying to bring down this great nation

Buhari is a Dullard, simple!

Sometime we don't need to blame d CBN governor,min of fin, n budget cos buhari is their major problems, he makes them look stupid n dumb. Bohr believe on directive, Which u must obey and we know nigerians integrity is far away from them.assuming they av any,they would av resign. And leave dis dullanovic to continue stupid policies

When DSS raided Fani-kayode, Dasuki, Nnamdi kanu and continued to detain them after bail was granted. We called it silencing the opposition and dissenting voices; they called it Anti-corruption drive.

When DSS raided Homes of Judges, without adequate search warrants, we called it a raid/intimidation of the Judiciary, and abuse of power; they called it a sting (abi na bite) operation/raid on corruption and enforcing National security - even though we had an idle EFCC.

Now 2 Major licensed Bureau de change have raided by DSS, abeg what is this one Oooh!!? Zombies report and defend your 18yard box........

Is it a National security issue? An anti-corruption (or uncle-corruption) issue?? Or is it abuse of power??

Is Bureau de change now a threat to National security that they are using DSS?? Or is this another sting (abi na bite) operation?? Wetin come happen to CBN or EFCC?? Abi CBN don get ear infection??

Nonsense and Ingredient............

In 1984-85
Traders who bought bar soaps at the rate of N10 were forced to sell at N6
Those that bought a tin of milk at N5 were forced to sell at N3
Those who locked up their shops and went away were informed that their shops had been forced open by Federal agents who were selling the items below cost price.

We shouted about these during the election but we were called names

Here we go again 32 years later

Goodluck Nigeria

tonio2wo:
If this is not dictatorship, I dont know what it is.

Have you ever heard of the phrase economic crime ? Buying dollars at 390 and selling at 470 is economic crime

Good.

This is a welcomed development.



I am happy they are taking a hint @ what ifeanyi uba said about dollar.

Some people are doing business with it and reaping off the economy.


One more thing, they should just go and do this kinda thing in the CBN and commercial banks and see dollar sell below 280 naira.

AnodaIT:
[size=14pt]We are back where we started[/size]

Thank you sir for this attachment.

obailala:
Activities of saboteur BDCs or banks inflating prices may be morally wrong (especially as they got the forex at a cheap rate), but it is an inevitable human action as long as the CBN continues to enforce a wide gap between official and black market rates.

In a country where 98% of citizens and businesses get their forex from the parallel market and pay black market rates, it is just silly for the CBN to still maintain 'official or interbank rates' which have a very large spread from the black market rates (true value). It is impossible for the CBN to enforce this present policy of forcing merchants to sell at a particular price, natural human forces of greed must take precedence and the business of round-tripping will surely continue. Which leaves me wondering the kind of 'float' which the CBN claimed it implemented some 5 months ago...

I wish I could type a long one, but I'd paste the below from my other post here:

The gov't wouldn't fold its arms and watch them breech agreements for free either. They had an understanding with the CBN before getting the dollars from First bank and Travelex (the agreement was N385) . . . Gwadabe the chairman BDCs was all over the press foaming on all available mic, pledging compliance and integrity -- this is a classic case of '419'.

They were given concession for a reason. BTW, I believe the CBN and DSS would have better intel than Nairaland.
This was the same thing Ifeanyi Ubah called out, and asked why the government was watching hands akimbo, while all these go on.

Some few items would have to get off that list. Meanwhile, our major problem is not the inflow of dollars (be as important and chronic that holds), our major problem is/are saboteurs -- all the way from the Presidency, CBN, banks, politicians, BDCs, foreigners, companies, exporters, to Nairalanders, even the common man on the street without internet.

The above named are part of the problem, that ensures all policies have no/minimal effect.

I checked inflow and outflow, and in a sane country, even with all the issues, the Naira would still have exchanged comfortably between N220-N280.

We are just too smart and greedy for own good! "Over skill na hin dey kill monkey".

Forex racketeering is the new oil subsidy racket, albeit with a larger number of players.

BTW, the trading volume in the BM is low compared to the FMDQ and other windows. We have a managed/dirty float (which is improving in inflows, albeit slowly) just like most other countries, but we have unrepentant saboteurs too. The CBN could do better, agreed, but we have to look at ourselves, every one of us.

No matter how good a policy is, if it is being waylaid by both insiders and outsiders, it is DOA. Take the issue of pipeline vandalization,, refineries, and gas plants to power for example.

30 years ago buari's soldiers decended on market traders to force down d price of goods n services. 32 years later buari's dss decends on bdc forex traders to force down d value of dollar.
no doubt history is repeating itself in buari's regime.

Everything in this government is just force...

Hmmm.... which customer would sell at 390?.... and how would the BDCs sell if they can't buy? This would push the BDCs out of business and instead of an official parallel market.... there would now be a blackmarket. Forex would be more scarce and we know what would happen to the rate then... no turning back.

This is speechlessly appalling..... DSS now has a financial and economic crimes department?

Gosh, the things we see these days are inconceivable.

stagger:


Yep! That was early 1984. People were jubilating on the streets that a messiah had come...until the good dried up from the market and people had to go to the essenco warehouses to queue for things as basic as tissue and toothpaste.

Seriously!

AnodaIT:
[size=14pt]We are back where we started[/size]

Sorry but the two scenarios are quite different. In this case they are not being forced to sell below the cost price but at a price agreed to by the parties involved including the BDCs. It would have been a different case if the BDCs were sourcing for forex on their own but as long as they get it from First Bank and Travelex, they are obligated to sell at the agreed price or they will be forced to do so. Like the poster below mentioned, CBN and DSS have better intel than nairaland.

AnodaIT:
[size=14pt]The gov't wouldn't fold its arms and watch them breech agreements for free either. They had an understanding with the CBN before getting the dollars from First bank and Travelex. They were given concession for a reason. BTW, I believe the CBN and DSS would have better intel than Nairaland.[/size]

Very soon there name will be changed to (BSS) the b there stand for buhari

It's now by fire by force

If this is true; we are no longer in a free market economy but in some dictatorship. This is not sustainable but rather will increase the fx rate by the time BDCs determine a more effective way to manage DSS raid. Those effective ways will be paid by customers. This commend and control strategy do not work and not for free market enterprise. We have to create a free market economy. What we need to a strong economic blue print and the will, and knowledge to implement it. it appears the government is unsure of the right way to deal with the economy and am not sure either of what the country's economic direction is.

The governor of uk's central bank is from Canada. FG should get good guys to restart the economy. lay away politics, ethnic or religious bias.

This is the painful truth: the government just got two steps ahead of the greedy speculators.

Usually the naira/dollar rate at the black market is widely run by speculation.

With oil marketers complaining of high exchange and the us elections. The BDC's where planning on a making a killer profit by shutting rates to N500.

News of this got filtered and govt stepped in.
Here is the interesting part. The govt just gave them a profit margin of 15 naira and told them not to buy dollars from anyone above 395 naira.
It is actually the people that get dollars at 380 and run to the black market to sell at 460 that givt is after

dunkem21:
Nice one..

I am waiting for them to go and force market women to sell a bag of rice for N10k. .

A carton of indomie for N1k and painter of Garri; N300.

dunkem21:
Nice one..

I am waiting for them to go and force market women to sell a bag of rice for N10k. .

A carton of indomie for N1k and painter of Garri; N300.

dunkem21:
Nice one..

I am waiting for them to go and force market women to sell a bag of rice for N10k. .

A carton of indomie for N1k and painter of Garri; N300.

Lolzzz Dss is already in the market square, the other day, a friend of my told me how her bags of Chicken and Turkey was taking away by customs. It is so sad, people are becoming scared!

Soon DSS will so start arresting market women for high prices of commodities in d market. Pmb n apc are really stupid. Wahali! They think is by arrest they make dollar go down? Foolish govt

Olaposiwaju:


Sorry but the two scenarios are quite different. In this case they are not being forced to sell below the cost price but at a price agreed to by the parties involved including the BDCs. It would have been a different case if the BDCs were sourcing for forex on their own but as long as they get it from First Bank and Travelex, they are obligated to sell at the agreed price or they will be forced to do so. Like the poster below mentioned, CBN and DSS have better intel than nairaland.

Inasmuch as you convinced me a little, i just wondered whether you would have been as objective if it happened under Jonathan

HAH:


Have you ever heard of the phrase economic crime ? Buying dollars at 390 and selling at 470 is economic crime

Are we suppose to be buying dollar at the streets in the first place?

What happened to d banks? Oh! Lemmi help u, they are worse than d black marketers.

tonio2wo:


Are suppose to be buying dollar at the streets in the first place?

What happened to d banks? Oh! Lemmi help u, they are worse than d black marketers.

BDC operations is backed by law, those you see on the street are black marketers normally agents of BDC. BDCS are registered companies with license to participate in foreign exchange market, please note that not only banks are authorised to sell fx, so when the bdc sell above the regulated brice given to them it is economic crime, there is usually a spread allowed.

even gadaffi did not rule libya like this. God will deliver us.

spartacus11:


no wonder d 16 years of pdp has brought up many stupid people

Cudnt agree more.
Though this may fail because ab initio govt stupid policies brought us to this path,but people that type rubbish on the net don't know that even in the most liberal of mkts,the U. S,there is heavy controls and that price speculation or even a group deciding to keep prices at an agreed,inflated rate,carries very heavy punishment.
For this govt though,inaction and selectiveness has been it's forth and it has cost us dearly.

patriotic9jaboy:
Good. Nigeria can only be fixed by dictatorship

@patriotic9jaboy, I have read most of your posts and can tell that you went to a 'very very' good school. Go and ask the like of abusidiq; how market? If you don't know the meaning of dictatorship, Google Hussein Habre, you ll have an idea of who a dictator is.

saintkel:
Everything under dis administration has got to do with d DSS, nawa o

Daura is in charge ...so Daura Security Service is working