I don't know if this is proper place to voice out my thought about Nigeria Govt. Pardon my write up, I'm not a journalist.

First of all, we all know what problem Nigeria are facing, expecially in terms of exchange rate. Will like to talk bout that precisely. And I want somebody to help ask our Financial Authority why tighten Dollar from Nigerians and not float it as it done in the past (during Obasanjo regime ).

Don't misquote me, I'm not saying govt should give every Nigerian dollar as they requested, but govt should atleast give dollar to any transaction coming from abroad. Afterall, the money was given to CBN in dollar, why stock pile it and give Naira. Then, give chance for corruption from their.

In the past, when transaction is completed on the sales of export, we receive our money in dollar through Western Union or any other means , sell to BDC , that's where they have enough dollar and will be ready disbursed it. A lot of BDC. Had so much hard currency on their care, they don't want to sell, cos of it scarcity, with the float of dollar to Nigerians, they will sell as quick as possible not make loss out of it.


The Nigeria current policy is making few richer while many Nigerians are suffering out of it.


The Emir Lamido Sanusi, who introduced the policy, to stop given dollar to Nigerians had came up severally, that policy was wrong and is for the rich. According to him, we make mistakes, but if the mistake is not corrected, this Govt will fail and worse than the past Govt.

Nigeria don't really need much Economist to tackle some problem, they need to make correction first, no amount of dollar will be sold BDC and expect it to be sufficient, they will take advantage and abuse the system.

Investors came in to the Country everytime, some don't bring cash with them, call their stake holder outside country for more fund, if the money is given to them in dollar, they will sell to BDC, then, there will be surplus in the circulation not in CBN where it can be embezzled.

Hmmmmmmmm.

Serious matter

I being importer know how this scarcity is affecting me.but if you are importer you will know that thr is a system in place to import goods in Nigeria thru trade.gov.ng.
Best possible way to remove inflation as per my view is to enhance the procedure available on ground rather than looking for solution in BDC. This portal trade.gov.ng is must to import anythg in country which starts from applying for FORM M (cbn)the first step of importation and ends at custom release. After which you have to submit relevent documents to your corresponding bank for getting Dollar for payment of import.
This is were banks have role and CBN loses control as dollar is given in bulk to ban to further pay to customer with form M valid for forex.but most of bank gives priority to some customer and majority of it is left out without forex.so if you are influential person with connection you get if not you are left out. Roundtripping and all other means of diversion happen at this level.

Solution to it is eliminate bank from making decision who gets and doesnt get forex. Each import has a exclusive form M number generated by system at trade .gov.ng if this portal is further extended to automatically allot forex to Form M as per first come first serve bases this will eliminate most of bogus form M and CBN will have better control on forex rather then relying on Banks to file return for allocation of forex which is usually not correct as highlighted by cbn many times.
CBN can get reports of forex allocated to each form M with precision and at click of button.

Just my view.want the system to improve for country to grow.
#eliminatecorruption
#iamnotcbn

checkolatunji:
Hmmmmmmmm.

Serious matter

More than serious ooo. Imagine the exchange rate now, so exorbitant

No one seems to get me answer. May be seun or lalasticlala has concrete critics to my write up...