eph12:

Why only international? What's wrong with the national identity card?

The best mode of ID should be international passport, Our official currency in Nigeria is Naira so no one is spending dollar here and if you need to spend Dollar locally then use your bank to make that transaction.


Most of the that needed Dollar are mostly those traveling might be for business or pleasure, So before selling to them they should be able to know the purpose and what the money is meant for.

If National ID is allow you will see those greedy men paying people to go and buy for them so as to hoard it again..

grandstar:


And where will they source the forex from? The White Market??

Who gives Banks dollar every day to sell at 305?

onatisi:

The Nigeria economy needs an average of 2billion dolllars every day to cater to it fx deals, for you to make sure that the money makes enough impact u will need to to sustain it for 2,to 4 weeks . And I know that many bankers will fault my estimations of 2billion dollars daily as grossly under estimated because even fuel importers alone can take half of this ,multiply 2billion dollars daily by 15,days . Then you willl see how I arrive at 30 billion

Where does the $2 billion figure come from.I am not saying it is right or wrong but WHERE do yo get it from??

According to you we are importing $1 billion worth of fuel daily? i.e $365 billion a year? How do you know this?

fineboynl:
the government is not telling the truth. the black market rate is the reality on ground. the fixed rate at CBN is politicizing. so unfortunately you cannot politicized the economy or forex in hope to stabilize it to your favor just as simple as that. the market force will always suppressed everything.

the aboki is not jus selling at 490 they also buys the currency in close range.

as of today.

USD
BUY / SELL
484 / 490

that's it. they don't buy at 300.

they also cheat the public for foreign remittance who the bank pays 300 to a dollar.

What hurts me is that when you go to some banks, their exchange rate board isn't up to date.. I went to one of this so called banks and i saw it saying they buy dollar for 305 but they aren't selling..

Who in his sane mind would go sell his dollar at that price...?

onatisi:

The Nigeria economy needs an average of 2billion dolllars every day to cater to it fx deals, for you to make sure that the money makes enough impact u will need to to sustain it for 2,to 4 weeks . And I know that many bankers will fault my estimations of 2billion dollars daily as grossly under estimated because even fuel importers alone can take half of this ,multiply 2billion dollars daily by 15,days . Then you willl see how I arrive at 30 billion

Where does the $2 billion figure come from.I am not saying it is right or wrong but WHERE do yo get it from??

According to you we are importing $1 billion worth of fuel daily? i.e $365 billion a year? How do you know this? What is our balance of trade?

Nigeria has never had $2 billion a day from anywhere so my question is why are we experiencing a c risis NOW over the last 1 year has our income dropped by $2 billion a day?

omonnakoda:
Where does the $2 billion figure come from.I am not saying it is right or wrong but WHERE do yo get it from??

According to you we are importing $1 billion worth of fuel daily? i.e $365 billion a year? How do you know this?

1 billion dollar daily isn't 365 billion dollars a year... It's significantly more than that..

checkolatunji:




Can't you make your point without insult ?

Tufiakwa

I don't notice any insult

iykedare:


Exactly. This is what they should do. Sell dollars to individuals at the rate of 305naira to a dollar. Can they do that ? They can't .

Isn't 305 a political rate? Can they allow forces of demand and supply to determine at which price you sell or buy? Pegging it is a form of deepening the crisis...

Worksunlimited:


1 billion dollar daily isn't 365 billion dollars a year... It's significantly more than that..

I no know book

Freedom2016:
This will be the best thing that will happen to Nigeria. Before you embark on this, make sure there is dollar supply to banks to sell to public at 305....CBN must monitor them closely because the banks are also corrupt. They can also ration it, lets say $10,000 a week at 305 for private individuals. If you choose to buy more than $10,000 a week, its your responsibility to source it outside the bank.

How can you source it outside the bank when the outside sources have been banned? Are you not then implying the creation of another "black market"?
I think the solution is not as simplistic as the government is making it out to be. My idea, our policy makers should again study the situation and identify the point at which we lost it. They should then study other countries that may have been in a similar situation (there is no way Nigeria can be the only nation to have seen this problem) with a view of understanding thier solution approach while incorporating our unique factors. It worked for us during the banking crisis of the Sanusi Lamido Era, it may work now.
The government should be sincere in its approach to economic matters and not continue to create opportunities for a few connected individuals to grow rich. My two cents

omonnakoda:
I no know book

Lolz.. Nope! U actually do.. Na the passion of unhappiness for wetin dey go on around you cause am..

talktimi:
This govt once decided that cutting trees in Abuja would stopo forex black marketers from operating. The present Nigerian govT is run by innefectual bufoons

cutting trees keh?
so dat ahboki nor for see where stand dey call customers?

dis con3 is filled to d brim wit clowns, walahi.

Worksunlimited:


What hurts me is that when you go to some banks, their exchange rate board isn't up to date.. I went to one of this so called banks and i saw it saying they buy dollar for 305 but they aren't selling..

Who in his sane mind would go sell his dollar at that price...?

they steal and profit from this scheme. any foreign remittance that's legally sent to Nigeria is automatically converted to naira unlike before. and the Rate is 305.

some people now use other means to bring the money to Nigeria like aboki.

If the CBN can legalize digital currency like Bitcoin. It shud reduce pressure on the naira now that some sites allow payments tru Bitcoin

Once BDCs are banned there will be no legal OUTSIDE THE BANK to buy FOREX from.

Freedom2016:
This will be the best thing that will happen to Nigeria. Before you embark on this, make sure there is dollar supply to banks to sell to public at 305....CBN must monitor them closely because the banks are also corrupt. They can also ration it, lets say $10,000 a week at 305 for private individuals. If you choose to buy more than $10,000 a week, its your responsibility to source it outside the bank.

Stalwert:


So they should use the black market rate? Many bear parlor analysts in nairaland

You are the "beer" parlour analyst here my friend. You can't even spell beer.

The black market rate is the real exchange rate as determined by demand and supply. For all intents and purposes, no one can access Forex at the CBN rate anyway, so we are using the black market rate. So yes, they should use the black market rate.

How can any FDI flow into the country when investors transfer money in at $/#305 but can only repatriate profits made in Nigeria at $/#490. That means you lose 30+% of your money as soon as you decide to do Business in Nigeria. Tell Buhari to take his hands off the Naira and let it find it's natural level. Like Sanusi said, who will invest in a country with 5 different exchange rates?

danjumakolo:
If the CBN can legalize digital currency like Bitcoin. It shud reduce pressure on the naira now that some sites allow payments tru Bitcoin

Legalize digital currency
That will cause big problem.the main problem is production,Nigeria isn't producing enough,the nation has to start producing,the major reason why all these discussion and problem exist is because the nation needs to import goods and fuel. If the nation productivity level is high noone will even bother much about dollar rate

Its like this Minister of Finance does not understand how economic policies work. Infact she does not know anything about economic policy and I suggest Buhari scout for a good hand and not this present Minister

another try and error policy. it is a trying time to even say "I am Nigerian" with the kinds of policy makers up there. spite....walks away

Freedom2016:
This will be the best thing that will happen to Nigeria. Before you embark on this, make sure there is dollar supply to banks to sell to public at 305....CBN must monitor them closely because the banks are also corrupt. They can also ration it, lets say $10,000 a week at 305 for private individuals. If you choose to buy more than $10,000 a week, its your responsibility to source it outside the bank.

U mean after their owners have been turned to billionaire

onatisi:

Legalize digital currency
That will cause big problem.the main problem is production,Nigeria isn't producing enough,the nation has to start producing,the major reason why all these discussion and problem exist is because the nation needs to import goods and fuel. If the nation productivity level is high noone will even bother much about dollar rate

We do know that the import bills are far more than export receipts which is causing a negative net balance for our dollar acct..I can prefer to be paid in Bitcoin when I offer service overseas..offering service overseas is part of this production I am talking about

APCmyheart:



I swear i think that is exactly what should have been done a very long time ago, I talk about this same thing with a friend few months ago and i think it's best option..

No black market anymore, CBN should have their agents in different banks in some location where they will sell dollars to private individuals and make sure it's a fix amount weekly and purpose of the money should be known..

The buyer most provide his/her international passport before buying, Only international should be made the only means of ID..

i just dey laugh. I am sorry, you will be surprised at how ineffective this approach will be.

APCmyheart:



The best mode of ID should be international passport, Our official currency in Nigeria is Naira so no one is spending dollar here and if you need to spend Dollar locally then use your bank to make that transaction.


Most of the that needed Dollar are mostly those traveling might be for business or pleasure, So before selling to them they should be able to know the purpose and what the money is meant for.

If National ID is allow you will see those greedy men paying people to go and buy for them so as to hoard it again..

And you think those men don't have international passports?

monex:

i just dey laugh. I am sorry, you will be surprised at how ineffective this approach will be.

Let wait and see.

eph12:

And you think those men don't have international passports?

How many? They are not entitled to more than one passport..

fineboynl:
the government is not telling the truth. the black market rate is the reality on ground. the fixed rate at CBN is politicizing. so unfortunately you cannot politicized the economy or forex in hope to stabilize it to your favor just as simple as that. the market force will always suppressed everything.

the aboki is not just selling at 490, they also buys the currency in close range.

as of today.

USD
BUY / SELL
484 / 490

that's it. they don't buy at 305.

the FG and banks also cheat the public for foreign remittance who the bank pays 305 to a dollar. any money legally sent to Nigeria is automatically converted to naira in 305 rates.

But don't forget that BDCs get about $30k from CBN tru the banks monthly...This is surely a way of collaborating part of this $30k to the abokis...

Bottom line is our import net balance of payments in dollars is negative due to revenue fall and low capacity utilization of our productive sector. You may also wanna blame the fed gvt for not saving into our reserve.

APCmyheart:



How many? They are not entitled to more than one passport..

Oh is that what you meant? The new national id card is standard and has NIN linked to the owners profile for confirmation. With adequate investigation everything they need to know about the holder of the id is available.

Freedom2016:


Who gives Banks dollar every day to sell at 305?

Thanks for your matured answer (COL 4:6)

In economics, the government must have enough forex to defend the exchange rate. Its a law.

Presently, the gocernment cant do thst as it does not hsve sufficient forex at thst rate.

Once importers cant get enough forex , they turn to the black market.Thats why things are so bad.

SLS ssid Buhsris policies have not wirked anywhere in the worldw

This people get mind dey carry us do trial and error!? After defrauding us through parallel market!? Like seriously for what reason were your giving 197 to people for!??

Now I know that aliens are in sensitive positions in this country

sarrki:



That Name IB is for sir Jonathan

Why do you keep breathing through your president's anus?

Stalwert:


So they should use the black market rate? Many bear parlor analysts in nairaland

He's actually speaking the fact, black market measures the real supply and demand situation of the $ interbank is just official channel for government and financial fraud.

danjumakolo:


But don't forget that BDCs get about $30k from CBN tru the banks monthly...This is surely a way of collaborating part of this $30k to the abokis...

Bottom line is our import net balance of payments in dollars is negative due to revenue fall and low capacity utilization of our productive sector. You may also wanna blame the fed gvt for not saving into our reserve.

enough of the excuse of oil price. before this government comes to power oil price has already falling. Nigerians knows of it. the now President said he will stabilize oil price and the naira.

they should stop all this excuse. they accuse Jonathan even with the oil price falling they took advantage of it. what can I say about this attached pic?