Theunbothered:
Nigerians are clearly not tired of the high cost of living, the pound should reach 2000 first so you people can wake up.

thebosstrevor1:


Peter obi will not be the president of Nigeria in 2023

Get angry

phorget:




Nah me you think say you dey do abi?

thebosstrevor1:


I guess it is buhari exchanging pounds in the black market.

Black market is banned in Nigeria

nedekid:

You are right.
But my point is that this sudden demand for dollar is because of the huge amount of cash out of the banking system allegedly held by looters, politicians etc.
If the new cbn policy starts tomorrow, it may limit abokis willingness to exchange their dollar for the hourded naira recently in circulation. What will aboki do with the cash if he too cannot bank it?
This means aboki will rather sell his dollar for dom transfers. Ie i transfer naira online to aboki and he credits my dom account from his own dom.
This invariably means the excess hourded cash in circulation will be out of the forex market there by reducing the pressure on the naira.
As per crypto, I think the effect is negligible for now. If eg I have 500m in naira and I want to buy equivalent crypro from you, will you be willing to collect ₦500m in cash? Taking note the cbn deadline in which the old naira will be obsolete and you cannot deposit more than an amount monthly, also that your account will signal red flag with efcc.

nedekid:
my angle is this, aboki has the dollar, the hoarders have bulk money they have stored ie naira in cash they have to change to dollars since they are now incapacitated by the new cbn bank deposit rules. What this means is that if you have 200m cash, you cannot deposit more than 50m in the bank for 1 month. So dollars is the next option. Hence the high demand for fx now and pounds and dollar hitting 1k.
Now if the cbn rules released the past friday takes effect tomorrow, my thought is that aboki that has dollar to sell, then exchanges dollar for naira. What then will he do with the naira if he has passed his limit of 50m monthly cash deposit allowed? Will he decide to warehouse it at home or office since he cannot bank it and not forgetting there is a deadline onto which old notes will become usless?. See, 50m for an aboki that changes money is not much, they do such transactions in days. My thought is why will aboki sell the dollar he has when the naira he gets from hourders will expire soon? Afterall that is why the hourders are rushing to sell in the first instance.
This is how I see it. May be wrong though. But I see the demand for dollar being high, but few abokis willing to sell for CASH.
They will only sell via online domicilary bank to bank transfer. As in you credit abokis naira account while he credits your dom account with dollar.
So all the billions of naira stored by politicians, looters etc will end up being out of the forex market thereby reducing pressure on forex.

Alwaysready:


Taking note the cbn deadline in which the old naira will be obsolete and you cannot deposit more than an amount monthly, also that your account will signal red flag with

At the bolded. There are company accounts that can make 100m transact in a day with your card. Now,if they say 50m,why won't you split the money into two banks and transfer?

I have website that will take your naira and give you dollars but you should use company cards to deposit where the limits are high.

eg I have 500m in naira and I want to buy equivalent crypro from you, will you be willing to collect ₦500m in cash?

Yes. You will have to transfer to my company acct and get the equivalent in crypto asap.

nedekid:
they say multiple acts wount be accepted as they will monitor with bvn.
The issue I no de clear about na this one of company account. That may be a spoiler if it is not limited also.

Alwaysready:
Don't you guys know before? We ,the analyst predicted this since June this year when $1=#600

I called family members and friends to go buy usdt or dollar and save in their Dom acct but they taught I was kidding.

Now,listen carefully all Nigerians. There is nothing any Govt can do about this,Dollar will rise pass #1500/$ next Feb,2023.

Our gold reserve has depleted. We mostly depend on import and foreign made goods. China is our main supplier of such goods .

The blackmoney also is not helping anything. See them loading trailers of stech cash all around running to the banks and abokies. They will gnash their teeth very hard.

I learnt some of the politicians are crying hard now. The CBN has limited individual and companies the max amount they can accept from them.

Check my signature let's trade now.

Bakrabas:



But from the CBN it's not that expensive who's behind the unnecessary expensive of dollars.

Can't our imported goods make use of the CBN rate?

nedekid:


"The CBN has limited individual and companies the max amount they can accept from them."

That is what will checkmate the fall of the naira.
The cbn has blocked deposits to new accounts at 5m and old ones at 50m per month. All monitored by bvn. It was announced yesterday.
Now all man de rush go buy dollar. When aboki buys the dollar, what will he use it to do? He cannot bank the money since he cannot do more that 50m per month. I suspect abokis will soon stop selling dollars as the naira will be Usless to them.
This will make the demand for dollar fall and the exchange rate improve.
What are your thoughts?

ogbonti:



If Obi is rigged out OR fails to win the election - let Nigeria divide - we will not allow useless people to rule over Nigeria anymore

Lets see if there is ODUDUWA Republic - Yorubas will allow Tinubu rule over them

Lets see how AREWA Republic will allow an Atiku Rule over them

Just because it is Nigeria - you field the worst of your kinsmen to ruin the whole country

Its Obi or lets divide Nigeria - simple as ABC D

nedekid:
my angle is this, aboki has the dollar, the hoarders have bulk money they have stored ie naira in cash they have to change to dollars since they are now incapacitated by the new cbn bank deposit rules. What this means is that if you have 200m cash, you cannot deposit more than 50m in the bank for 1 month. So dollars is the next option. Hence the high demand for fx now and pounds and dollar hitting 1k.
Now if the cbn rules released the past friday takes effect tomorrow, my thought is that aboki that has dollar to sell, then exchanges dollar for naira. What then will he do with the naira if he has passed his limit of 50m monthly cash deposit allowed? Will he decide to warehouse it at home or office since he cannot bank it and not forgetting there is a deadline onto which old notes will become usless?. See, 50m for an aboki that changes money is not much, they do such transactions in days. My thought is why will aboki sell the dollar he has when the naira he gets from hourders will expire soon? Afterall that is why the hourders are rushing to sell in the first instance.
This is how I see it. May be wrong though. But I see the demand for dollar being high, but few abokis willing to sell for CASH.
They will only sell via online domicilary bank to bank transfer. As in you credit abokis naira account while he credits your dom account with dollar.
So all the billions of naira stored by politicians, looters etc will end up being out of the forex market thereby reducing pressure on forex.

Thinkam:


God bless you bro, let the country be on fire who cares, APC must rule the ashes.

It is yaruba turn , we yaruba must rule this country

Roysnickz:

Thank God you said you may be wrong though. You are actually are. Your analysis are class room, what it's called paper analysis. The perculial nature of the Nigerian society is not taken into proper consideration in your analysis. In her quest to avert the continue dollar appreciation against the naira, CBN rolled out many policies which though seems excellent on paper failed in reality. The recent was that of June 2021, it actually took dollar to N600 + within a short time. We were all assured that it will come but to no avail.
Start with, you failed to realize that the BDC business is not an Aboki in the street business. The BDC is a highly sophisticated business, run by highly influencial people. Thus, the politics of the BDC is way beyond the CBN governor. He knows it and know too well that a deliberate and patriotic attack on the BDC business to safe the nation's currency may eventually consume him. Arrests can be made to some casualties, but those ones rooted will quickly regain their freedom and continue the business.
Note also that the BDC source their dollar from the CBN. Think about that.
N50m monthly limit is just for you and I, I mean, the common man and not for the so rooted BDCs. Be assured that the BDC sharks will continue to assess billions from banks unabated. Remember, this is a public platform hence I won't be calling so highly placed names involve in the unpatriotic business.
For the normal ( not rooted BDC agents), the deal is as simple as getting 20 different people's account and running N50m each, making a total of a billion naira monthly.
I remember when currency arbitrage was lucrative untill CBN place a limited 100$ per ATM card, within a short time, guys created different bank accounts. A guy with 50+ ATM card could run 5000$ monthly.

Charismatic107:
All this nonsense will come to an end come February 2023

Okoroawusa:
If dollar like let it be 5k I will vote for Bola Ahmed Tinubu in February 2023

Deltafirstson:


Atiku can rule AREWA Republic again and again.
Atiku isn't same class with Tinubu.

Okoroawusa:
If dollar like let it be 5k I will vote for Bola Ahmed Tinubu in February 2023

Hpesoj:



Well, who should we blame for the thriving of the FX black market? The black market actually reflect the reality of our exchange rate. While the CBN rate is fixed, the rate in the black market is determined by the forces of demand and supply. So, if the demand for forex increases, automatically the rate in the black market will rise, and vice versa.


It's high time Nigeria decide whether we want to freely float our exchange rate or fix it. The downside, however, of fixed exchange rate regime is that scarcity of forex will abound and FX black market will still surface. Increasing our export and/or diversifying our export basket well clearly address our FX crisis.

ObosiUkwalla:


Fools like this will blame corruption but not the clueless buhari and his evil satanic party - the APC. Evil personified!!

Okoroawusa:
If dollar like let it be 5k I will vote for Bola Ahmed Tinubu in February 2023

Roysnickz:

Thank God you said you may be wrong though. You are actually are. Your analysis are class room, what it's called paper analysis. The perculial nature of the Nigerian society is not taken into proper consideration in your analysis. In her quest to avert the continue dollar appreciation against the naira, CBN rolled out many policies which though seems excellent on paper failed in reality. The recent was that of June 2021, it actually took dollar to N600 + within a short time. We were all assured that it will come but to no avail.
Start with, you failed to realize that the BDC business is not an Aboki in the street business. The BDC is a highly sophisticated business, run by highly influencial people. Thus, the politics of the BDC is way beyond the CBN governor. He knows it and know too well that a deliberate and patriotic attack on the BDC business to safe the nation's currency may eventually consume him. Arrests can be made to some casualties, but those ones rooted will quickly regain their freedom and continue the business.
Note also that the BDC source their dollar from the CBN. Think about that.
N50m monthly limit is just for you and I, I mean, the common man and not for the so rooted BDCs. Be assured that the BDC sharks will continue to assess billions from banks unabated. Remember, this is a public platform hence I won't be calling so highly placed names involve in the unpatriotic business.
For the normal ( not rooted BDC agents), the deal is as simple as getting 20 different people's account and running N50m each, making a total of a billion naira monthly.
I remember when currency arbitrage was lucrative untill CBN place a limited 100$ per ATM card, within a short time, guys created different bank accounts. A guy with 50+ ATM card could run 5000$ monthly.

Holuwaxheun:


This is a nice thought, but this automatically doesn't mean demand for dollar will fall. What brings about high demand for dollar is our dependence on import, need to Japa and many other. Here is the ripple effect, if policies are put in place to cub the activities of black market without the CBN making plans to make demand of dollar equate supply of dollar, naira will be lose value against dollar.

Let's see how issues unfold in the coming days.