What a pitty?

Congrats Nigeria , £1 is now N 400. We should clap for ourselves.

Zoharariel:
Then I expect PMB & the CBN to revoke the licenses of these saboteurs before dollar skyrockets to 900Naira - Kobaakaba?

Their license is as useless as a used tissue paper. What's the need of the license when they cant source for dollar genuinely with it? The difference between the black market operators and license BDCs is the advantage of using the license to source for forex but now that CBN has closed all regulated windows to source for forex, the license is useless.

Guy, why not do some basic research before making such an embarrassing statement?
Since our refineries shut down, where will manufacturers get petroleum products like plastics and petrochemicals for their factories?
How much food is produced in the country compared to our needs?
What currency will you use to import machinery, parts, tools, construction, medical, agric, military and every other equipment needed for our most basic needs?

Angoni:
With what are they buying the dollars in other countries? Naira or fufu ? If people are so desperate to dispose their Naira an buy dollars , then most likely their source of the Naira is dodgy, the bdc are abetting crime and should be closed.

Buhari has put Nigeria in reverse gear in a speed of 56km/h

Lexusgs430:
We import Rice, Tomato, Oil, toothpick, chicken, Turkey, Dollars!!!
What other things do we import?

We also import humans to build Shoprites and other Chain Stores for us.
Walahi, we are too lazy to the extend that we can't use our brain!

When abnormality is practised for too long, it will be seen as normal. Nigeria is the ONLY country in the whole world where the Central bank or any bank sell foreign currencies to Bureau de Change. Everywhere else in the world, BDCs source their currencies from tourists, visitors etc who need local currency of host country.

arsenal1:

Their license is as useless as a used tissue paper. What's the need of the license when they cant source for dollar genuinely with it? The difference between the black market operators and license BDCs is the advantage of using the license to source for forex but now that CBN has closed all regulated windows to source for forex, the license is useless.

What's the diff between the black mkt and BDC?

Del..

DankemzI:
What Did'nt Federal government ban the importation of dollars Oooooo! I almost forget, it's a business done solely by the northerners. If certain tribe were involve, i believe it would be banned and confisticated to help the "Most Vulnerable" up north..... I solely believe this is Government of the North, by the North, and for the North.
#adiokOnoBuhari

No mind them...it shall be well someday

[size=18pt]which way Nigeria? which way to go?[/size]

aloeman15:
Guy, why not do some basic research before making such an embarrassing statement?
Since our refineries shut down, where will manufacturers get petroleum products like plastics and petrochemicals for their factories?
How much food is produced in the country compared to our needs?
What currency will you use to import machinery, parts, tools, construction, medical, agric, military and every other equipment needed for our most basic needs?

The central bank provides dollars for essential or authorized purchases, and a lower rate to boot, so why not get dollars from central bank if one wants to import machinery, military equip etc? You argument does not stand my friend.

Deleted.

SmartMugu:
This is what happens when CBN policy makers appear confused, switching rules every week like kindergaten pupils.
Why won't they import when this is the best time for them to make money from the high price of USD?
Banks get to purchase from CBN at N195 and sell to us at N305. That's crazy profit for banks, BDC needs their share too. They are limited to purchasing from independent sources at around N295 and reselling at N305. So, who is cheating the system? Banks or BDC?
These daft CBN mules need to be replaced asap.

Daft CBN gov or daft FG which is imposing those measures?

mindtricks:


Daft CBN gov or daft FG which is imposing those measures?

I don't think the measures were imposed by bodies outside CBN. FG would consult with them in the way forward, I guess this is what CBN leadership thinks is best for the nation.

We never see chom chin !

Angoni:


The central bank provides dollars for essential or authorized purchases, and a lower rate to boot, so why not get dollars from central bank if one wants to import machinery, military equip etc? You argument does not stand my friend.

How many tens of thousands are you suggesting should troop to the cbn to apply for funds? Or the basic foods that are imported aren't essential? And you really expect the suppliers to wait patiently for the 2 or more weeks it takes cbn's bureaucracy to approve each application?
Stop cherry-picking parts of my analysis, abeg you.

Meanwhile, someone is talking about 9ja being the only country where cbn sells dollars to bdc's. Help me ask am how many countries dey fix dia currency, make him tell you how dia economy be.

HAH:
Criminals kawai, that is how they go and wreck the economies of this small west african countries by making their currencies weak by over demand of dollars for export to Nigeria.

BDC business should be made illegal, normal banks should handle FX at regulated price by CBN.

where will the importers get forex from)? Sanusi and Soludo both condemned Buharis policied

Lexusgs430:
We import Rice, Tomato, Oil, toothpick, chicken, Turkey, Dollars!!!
What other things do we import?

So do most other countries far poorer than Nigeria.

The problem is that the country does not export

Angoni:


The central bank provides dollars for essential or authorized purchases, and a lower rate to boot, so why not get dollars from central bank if one wants to import machinery, military equip etc? You argument does not stand my friend.

The bureaucracy is something.

Also many genuine importers are not getting enough forex.

Soludo and Sanusi have both condemned these policies

grandstar:
So do most other countries far poorer than Nigeria.

The problem is that the country does not export

We export 419, brain drain, drug carrier's etc etc etc

grandstar:
where will the importers get forex from)? Sanusi and Soludo both condemned Buharis policied

importers of. Items that are not on prohibition list and are to do LC get dollar from CBN at official rate through their banks, only those who are on prohibition or no forex list sought for dollars from black market.

Do you know that every dollar that comes from CBN is from our foreign reserve accounts, why should we deplete our reserve by supporting those that will import things that can be produced at home don't you know that when we buy imported items we are only growing the economy of the country it is imported from.

Left to me BDC will be totally illegal and anyone caught selling dollars by road side will be. arrested , only banks will handle dollars at regulated rate and electronically, no physical dollars cash.

aloeman15:

How many tens of thousands are you suggesting should troop to the cbn to apply for funds? Or the basic foods that are imported aren't essential? And you really expect the suppliers to wait patiently for the 2 or more weeks it takes cbn's bureaucracy to approve each application?
Stop cherry-picking parts of my analysis, abeg you.

Meanwhile, someone is talking about 9ja being the only country where cbn sells dollars to bdc's. Help me ask am how many countries dey fix dia currency, make him tell you how dia economy be.

Make your research bro , the entire middle east countries fix the exchange rate to the dollar to their local currency

Jantamanta kill and dry

This sort of comment is sad but expected.

How are the m.East nations faring?
Have you heard of the fiscal tightening policies that S.Arabia and other nations in the region have been implementing- despite each of them having up to or over 10 times our foreign reserves, huge volumes of fdi and the combined largest market share of crude oil sales?
Stop joining arguements about international economics with a limited viewpoint.

HAH:


Make your research bro , the entire middle east countries fix the exchange rate to the dollar to their local currency