In view of the FOREX exchange rate, after the CBN chose to float the exchange rate in the official market, that is now ridiculously high in value against the Naira, especially the dollar.

I have observed some intervention efforts by CBN but I hope we can discuss some possible solutions and efforts that CBN can introduce to improve the situation of the Naira.

I personally feel CBN needs to withdraw all BDC licenses with immediate effect and encourage all legitimate buyers and sellers of forex to approach commercial banks or DMBs.

CBN must ensure FOREX liquidity of DMBs to meet legitimate demands for FOREX and ensure all banks properly document, with evidence, and report all transactions for proper tracking and confirmation of the use. CBN should also enforce a threshold or maximum amount of FOREX that DMBs can hold on their account for speculative purpose, all the excess should be sold into the market to meet demands of legitimate buyers.

The federal government must complement CBN by criminalizing open transactions in FOREX within nigeria, instead of with the DMBs, and prosecution of offenders promptly in compliance with the laws.

These steps will help to arrest the increasing demand for dollars and other forex.

A lot of persons and organizations, including airline operators, oil and gas companies, property managers and developers and others chose to transact on businesses within Nigeria in FOREX. This is abnormal.