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CBN Endorses SSS Raid On Currency traders - Business (3) - Nairaland

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Re: CBN Endorses SSS Raid On Currency traders by Bluffly: 10:11pm On Nov 22, 2016
Dongreat:
I don't have to be an economist to know that this move will be counterproductive. It will result to an further scarcity of the foreign currencies resulting to higher exchange rate. Why can't CBN build BDC centers across the country where people can go, provide the required documents for what they want to use it for, licensed only be the CBN to give out currency at official rate. Importers, students, medical checkups and manufacturers will go to banks to apply for theirs. Stop giving to these black market guys.
How many country have you seen building a center for BDC and how many has BDC rate being the order of the day.

Banks and BDCs are criminal cohorts
Re: CBN Endorses SSS Raid On Currency traders by austinereds(m): 11:58pm On Nov 22, 2016
LOVEGINO:
check my signature
pls whch one is signature. am not getting this correctly
Re: CBN Endorses SSS Raid On Currency traders by austinereds(m): 11:58pm On Nov 22, 2016
LOVEGINO:
check my signature
pls whch one is signature. am not getting this correctly
Re: CBN Endorses SSS Raid On Currency traders by Billygee2u: 4:30am On Nov 23, 2016
MrMcJay:
The question the CBN Governor should be asked is:

Why should licensed Nigerian Banks not have Dollars to sell to Nigerians, but street hawkers have dollars to sell?

Re: CBN Endorses SSS Raid On Currency traders by david22uu(m): 6:04am On Nov 23, 2016
Dongreat:


Like I said "I am no economist". I only said what I think will be best instead of going court martial on every problems faced in this country.

Yes bro... It truly showed... It's not easy as we think. Nigeria policy on forex doesn't give room to personal invincible as we call it... This Week dollar will reach 475 - 480 because they have reduced d amount given to BDC by half
Re: CBN Endorses SSS Raid On Currency traders by GoodSamaritan: 7:25am On Nov 23, 2016
MrMcJay:
The question the CBN Governor should be asked is:

Why should licensed Nigerian Banks not have Dollars to sell to Nigerians, but street hawkers have dollars to sell?

Re: CBN Endorses SSS Raid On Currency traders by asha01: 9:28am On Nov 23, 2016
Papertrail11:



once things starts spriling out of control pple like yu will start calln on govt to control the situation of things....im in full aupport of this move against those street urchins called bdc they are one of the people creating artificial scaricity and a case of round tripping govt sells 400 dey sell 450

who would u blame black market operators whom u patronize as a choice or the government who rather sell to their cronies(black market operators) through back door than selling direct to those who need it.
Re: CBN Endorses SSS Raid On Currency traders by asha01: 9:35am On Nov 23, 2016
LOVEGINO:
check my signature

am interested in this bitcoin stuff
please send me details at bsnet2002@gmail.com
Re: CBN Endorses SSS Raid On Currency traders by Daboomb: 11:21pm On Nov 23, 2016
I have summarised majority of all the responses so far, into THREE CATEGORIES as below:

1.)

iykedare:
Our president thinks he will achieve anything with force in this era. He will only make it worse.

What a country!!

Those like this one, TRIBAL BIGOTS, who out of HATRED for Buhari/APC (due to his trouncing Jonathan at the Polls!) are totally devoid of reasoning or anything sensible to say!
They are the "typical #Wailers" who will blame Buhari for anything, even if rain fall too much, it has to be Buhari's fault!
If Sun shines too hard, it is Buhari's fault! If they fail to go to Toilet out of eating unbalanced diet, it has to be blamed on Buhari.
Such people are better used as manure, to plant cow food! (God forbid you eat a rice planted with such manure! grin )


2.)
walexix:
Ask yourself who appointed Emefiuele? Is it not ur brother? Jonathan. Why calling Buhari on CBN decision? If you can't impregnate ur wife. You will say Buhari cause it. #Think#

In contrast to the above type of person,the above poster looked at where the Policy (monetary Policy - Trading in Forex), actually originated from. He understands that the CBN Governor is "Independent" to control and make forex regulations.
Ememfiele is in-charge and is responsible for all the Policy somersaults we have had in the last eighteen months.

Though, l agree that the President should have sacked him long ago.
He is confused and using "trial-and-error" method to dictate his policies.
At times, he makes policies that are counter-productive but only Buhari can explain to Nigerians, WHY he still kept that guy in office?
Maybe it is Osinbajo's "area" of administration (assuming they have shared the portfollio) and he is the one to blame.



3.)
Bolustic:
In as much as economic economic saboteurs must be severely dealt with, I would like to point out that CBN is the real enemy of Nigeria, [b]how did dollars meant for manufacturers end up in the hands of the black marketeers, CBN needs to put mechanisms in place to track how dollars disbursed are effectively utilized.

They should go the manufacturers too[/b]



MrMcJay:
The question the CBN Governor should be asked is:

Why should licensed Nigerian Banks not have Dollars to sell to Nigerians, but street hawkers have dollars to sell?


These are the type of sensible people this country needs!
They have asked the pertinent question: If CBN is the official provider of Forex to Banks, how do these "Mallams on the roadside get it", yet the banks always tel customers they dont have it?
What happened to all the Forex each bank gets from CBN on a weekly basis?

This question is similar to what l asked the manager of my Branch: [b]How come you dont always have new currency notes, something you get from the Mint every now and then, yet the Mallams, currency hawkers at parties, have bundles of these mint notes?

The obvious ANSWER is that the CBN and Banks collude with these currency hawkers, collect forex at "official rate" and sells it onwards to the road-side Mallams (making a tidy profit), while denying their legitimate customers the access to such forex.
Same goes for the Mint notes.

Thus, the CBN Governor, Emefiele is a HYPOCRITE by saying he supports what the DSS is doing, when in actual fact, he is one of the beneficiaries of these slush funds (profit generated fro such currency Round-tripping).
If Ememfiee is sincere, he would have asked the DSS/EFCC to track down the flow of the forex or Mint Notes, from the CBN to the Mallams and arrest those who pass the Forex/Mint Notes to the road-sde Mallams and currency hawkers.

But like most corrupt Nigerians, Emefiele is skilled in the art of deception and his "tribal wailers" are quick to back him up and ignore the obvious source of the criminality.[/b]

if the CBN top echelon and Bank Managers are not conniving to pass the Forex and Mint currency to these Road-side Mallams, real importers and manufacturers will be able to fill Form-M at any bank and obtain such forex and ordinary customers can ask across the counter for Mint Notes (lie it used to be in the 70's and 80's). This is where the real FRAUD, (round tripping) really occurs.

DSS and EFCC are either complicit or utterly misguided in their harassment of these road-side Mallams.
It is like arresting those who patronise prostitutes.... why dot deny them from the source:Arrest the prostitutes or put measures in-place to make no woman prostitute herself?

if their is no seller, (there would be nothing to buy), there certainly would be no buyer!

DSS and EFCC NEEDS TO CONDUCT STING OPERATIONS on Bank Managers and Banking forex operations, with regards to this forex and Mint currency problems.
Not chasing the "small fry's" that are clearly errand boys
Re: CBN Endorses SSS Raid On Currency traders by iukpe: 12:45am On Nov 24, 2016
iykedare:
Our president thinks he will achieve anything with force in this era. He will only make it worse.

What a country!!
you cannot also just talk to Nigerians and make them see some sense and make a change. If we must achieve some things we need to make it sharp.
We are where we shouldn't be as a nation. God help us recover and heal our wounds not for us only but for the young ones and generations to come.
Re: CBN Endorses SSS Raid On Currency traders by ramalot(m): 1:52am On Nov 25, 2016
ekanDamie:

havnt u thought of it, that if this back doorers don't get forex, to trade on d streets for extra
profit, deld actually allow it be and go through d right channels as u claim?
cos some are using their position to steer it away from d right source for extra profit.

You're missing the bigger picture and the fundamental economic principles at play.

Scarcity drives value.

The only way the parallel market can peg their prices high is the official channel's inadequacy in serving the market.


I don't know if it's any different now, but as an example:

When the gas stations (fuel) in Nigeria are on their perpetual outages, the "black market" gas sellers hike their prices.
It doesn't mean the black market sellers are controlling/manipulating market prices, in the grand scheme of things.

It just means they're capitalizing on the scarcity brought about by Nigeria's inefficient petroleum industry.
The simple solution to get rid of such "black market" holds on an economy is to make the commodity available at the official/regulated source.

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