pat1612:

Unfortunately this system stops once the import have been made and circle remains incomplete on portal.to complete it we have to go to banķ for manual submission of documents and wait for allocation from cbn at mercy of this bank to allocate us fund.
But if this portal is further advance to allocate funds automatically once all formalities are completed by bank and allocation awarded to person depending on form number on first come first serve bases it will remove a big chunk of corruption and bring transparency in allocation with all record available online.

I admit I've never heard of this, but you've pointed out that the circle is incomplete. This is deliberate I'm sure. Remove more of the middleman, and you reduce the chance for people to cheat the system and beneficiaries.

kaboninc:
What then is your solution...

A single rate for all transactions as was the case under Jonathan leading to only small difference between the official and parallel market while inflows and outflows went on unhindered.
The presumably tight control and multiple rates is simply CORRUPTION by the team of the illiterate old man who is steadily ruining our country as he did before over 30 years ago.



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kaboninc:


What then is your solution...

No country thrives when there are multiple exchange rates with spreads so far apart. Unfortunately that's the situation at hand in Nigeria.

Obviously the masses is impacted, don't want to keep living their lives in circles and be taken as specimens from these experimentations from unstable policies.

BDCs have one rate, CBN is forcing a much lower rate, money transfer businesses like Western Union etc have their own rates.

Rates should be defined by the forces of demand and supply, not imposed on the populace. All authoritative bodies just need to sit together and decide is devaluation is the way out.

daywalker12911:

I don't know about your bank but in mine it's 100% free and fair.

please which bank?

I was told yesterday by a banker that it has taken effect since two days ago (20/02/17)

Is confirming from your bank is what you may do.