futurenix:
*modif*

They were banned from operating on the 2nd of August except for moneygram, Western union and Ria.

Guess the test caused more harm than good.

What kind of leadership did we find ourselves in this 21st century still trial and error learning.

What test are you referring to?... IMTOs were simply asked by CBN to go get licensed. Now if I understand this report, it means the licenses have been issued.

Ubiero:
Why can't the government/CBN encourage the budding money operators here in Nigeria. Honestly, this administration has got to be the most clueless.

Just 2 weeks back, they banned domestic money operators thereby hindering forex coming into the country when the investors have no clue how to get their funds back.

There's no FDI coming into Nigeria anymore. Instead they're all moving out. A lot of companies are on the verge of shutting down because of the fluctuations affecting the FX market.

How can they ask IMTO to come to Nigeria when we have a lot of people who operate the same business.

Anyways, I said it then that this change will probably be the death of us all.

Uncertainty is one thing that is very bad for business. APC/Buhari should get their house in order abeg, enough of all this nonsense.

helpsystem:
Very soon we go hear naira to appreciate if APC or PDP is voted in. Good people useless leaders

D Leaders Are From D Pple So Let's Say Useless Pple Useless Leaders

Story wash wash

niggi4life:
Abeg make e never appreciate ooooo.

E get Westy wey i wan collect on friday abeg.

I don dey follow western union by d day and d naira kept appreciating every hour.

After this Friday e fit reach $1 to 1Naira.... Abeg CBN

Guy u Sabi, I join you in the prayer

Ubiero:
Why can't the government/CBN encourage the budding money operators here in Nigeria. Honestly, this administration has got to be the most clueless.

Just 2 weeks back, they banned domestic money operators thereby hindering forex coming into the country when the investors have no clue how to get their funds back.

There's no FDI coming into Nigeria anymore. Instead they're all moving out. A lot of companies are on the verge of shutting down because of the fluctuations affecting the FX market.

How can they ask IMTO to come to Nigeria when we have a lot of people who operate the same business.

Anyways, I said it then that this change will probably be the death of us all.

if you are conversant with what his happening abroad you will understand that, people outside naija doesn't post with Western Union or Money gramm as obtainable in those days.

They make use of these IMTs cos they exchange in the parallel market rate and and not the official which is very wrong! CBN couldn't monitor them cos they didn't register in Nigeria but have access to all the Abokis selling dollars and buying. The ban means they will register plus they will be under close monitoring. CBN will be able to appropriate how much that comes into the country, and those IMTs will exchange in the official and not parallel rate which kills the naira. People hardly understand this things but are always forming professor of economics over what they don't have ideas over.

i dont give a damn about what you are saying now, just do it first before taking up up megphone. bunch of useless idiot

JonSnow:
To appreciate by how much? 50kobo?

We of House Delta know no other King than Buhari. I dont care if he is Fulani, presidential blood flows through his veins.

The King in the North!

Keep f*cking the economy up ok. You will still win 2019 because the electorates will be so hungry that they will vote APC for rice and ororo.

Horsesmouth:


We of House Delta know no other King than Buhari. I dont care if he is Fulani, presidential blood flows through his veins.

The King in the North!

Keep f*cking the economy up ok. You will still win 2019 because the electorates will be so hungry that they will vote APC for rice and ororo.

lol

We will put the blame on corruption, dem never see anything yet, 1 USD to 500 naira, sabi your son dey America, he go soon start sending USD for you,

futurenix:
*modif*

They were banned from operating on the 2nd of August except for moneygram, Western union and Ria.

Guess the test caused more harm than good.

What kind of leadership did we find ourselves in this 21st century still trial and error learning.


BTW has anyone observed the exchange rates in banks for online transaction is always an increment of 30 naira minimum with no option of the inclusive numbers between their current and previous rates.

Like leaving 300/310 to 330/350 without passing through other numbers in between like 311, 312, 313,...

Also left 330/350 to 370/380/ again with no 331, 332, 333,... or 351, 352, 353,...

From 370/380 to 400/400+

I really find this strange considering the naira is floating and bidding is done with such increase at a go.

The government made a big mistake devaluing the currency officially. It solved nothing like i have always said and like Buhari initially insisted until he was bullied to listen. Our economics here is not textbook like most other countries, it is unique and need unique solution. Divine almost.

There is and was never any shortage of money transfer operators. As far as I know, those that wanted to bring any amount of foreign currency into the country have always done so comfortably. I do not see how this will make the Naira appreciate. Pls dont engage in fake analysis.

Kunlegzy:
if you are conversant with what his happening abroad you will understand that, people outside naija doesn't post with Western Union or Money gramm as obtainable in those days.

They make use of these IMTs cos they exchange in the parallel market rate and and not the official which is very wrong! CBN couldn't monitor them cos they didn't register in Nigeria but have access to all the Abokis selling dollars and buying. The ban means they will register plus they will be under close monitoring. CBN will be able to appropriate how much that comes into the country, and those IMTs will exchange in the official and not parallel rate which kills the naira. People hardly understand this things but are always forming professor of economics over what they don't have ideas over.

You sound so officious but you hardly understand the nature of what you are talking about. Actually these IMTOs you talk about didn't have much to do with the Abokis as you claim as they didn't send much FX into Nigeria. What they did was bulk currency swaps and this is how they operated: they would first collect the FX from the thousands of people wanting to send hundreds and thousands of FX to Nigeria, then they go into swap deals with people in Nigeria that needed bulk FX overseas. The guys in Nigeria will pay naira into the IMTO Nigerian account, and the IMTO will in turn pay the FX into the designated foreign accounts of the Nigerian counterpart. Simple process! Now the IMTO is able to pay to the diaspora Nigerians something close to the black market rate because their Nigerian counterparties are happy to get the bulk FX they needed without going through the bottleneck of official FX transactions, and are therefore willing to pay the black market rate for that convenience. The IMTOs in turn make their money from the small transaction charges they get from the diaspora individual, and the very little difference between what they charge their Nigerian counterparties and what they pay the diaspora Nigerian.
Your can question the morality or patriotism of this practice, but that is an entirely separate matter. The fact is that most people make economic decisions based on self interest and not some woolly headed notions of patriotism. The environment that created this practice was not created by the IMTOs or the diaspora Nigerian. It was created by the policies of the CBN and the Nigerian govt which has fostered a situation of a wide gulf between the official inter-bank rate and the black market rate. Until the CBN works to eliminate or drastically narrow this gulf, this practices will continue, and it is actually detrimental to the economy for the CBN to try to curtail it as such endeavor only has the unintended consequence of reducing the supply of the FX supply to the economy.

Favibe16:


You sound so officious but you hardly understand the nature of what you are talking about. Actually these IMTOs you talk about didn't have much to do with the Abokis as you claim as they didn't send much FX into Nigeria. What they did was bulk currency swaps and this is how they operated: they would first collect the FX from the thousands of people wanting to send hundreds and thousands of FX to Nigeria, then they go into swap deals with people in Nigeria that needed bulk FX overseas. The guys in Nigeria will pay naira into the IMTO Nigerian account, and the IMTO will in turn pay the FX into the designated foreign accounts of the Nigerian counterpart. Simple process! Now the IMTO is able to pay to the diaspora Nigerians something close to the black market rate because their Nigerian counterparties are happy to get the bulk FX they needed without going through the bottleneck of official FX transactions, and are therefore willing to pay the black market rate for that convenience. The IMTOs in turn make their money from the small transaction charges they get from the diaspora individual, and the very little difference between what they charge their Nigerian counterparties and what they pay the diaspora Nigerian.
Your can question the morality or patriotism of this practice, but that is an entirely separate matter. The fact is that most people make economic decisions based on self interest and not some woolly headed notions of patriotism. The environment that created this practice was not created by the IMTOs or the diaspora Nigerian. It was created by the policies of the CBN and the Nigerian govt which has fostered a situation of a wide gulf between the official inter-bank rate and the black market rate. Until the CBN works to eliminate or drastically narrow this gulf, this practices will continue, and it is actually detrimental to the economy for the CBN to try to curtail it as such endeavor only has the unintended consequence of reducing the supply of the FX supply to the economy.

GOOD that you went deep I don't have that time. World remit et all were blocked! Are u aware? In actual sense we are talking same. The issue now is bringing this guys under control and regulating them will obviously grow the naira. Or you have an objection to this?

Kunlegzy:
GOOD that you went deep I don't have that time. World remit et all were blocked! Are u aware? In actual sense we are talking same. The issue now is bringing this guys under control and regulating them will obviously grow the naira. Or you have an objection to this?

The objective of the CBN is not "bringing this guys under control and regulating them" as you put it. The objective is to force me and other Diaspora Nigerians to sell our FX to the banks at the CBN manipulated inter-bank rate. My point is that provided there is a wide gulf between the official interbank rate and the black market, this policy is dead on arrival. Growing the naira as you put it I don't have any quarrel with, but that should not be put on the back of the Nigerians abroad who did nothing to contribute to the current crisis, and whose remittances, frankly is the one thing that is standing between the Nigerian economy and Armageddon. Ultimately it behooves the CBN to acknowledge that there is no way they can achieve their policy aim here, and actually there meddlesomeness is hurting the economy by reducing the FX supply.

sledjama:
the patient was in the emergency room, her Chief surgeon was wasting precious minutes that could make a difference, scrutinizing academic records of doctors who will help revive her.

Another 6 month to authorize the needed drugs because it may have been padded.

Now that it appears the patient may no longer survive it, they are just trying anything including eenie meenie minie moe in hopes that the patient will survive.

maybe relocating the heart to the left leg will work, you never know.

What a shame.

Nice analogy. It really explains the trial and error. Too late for the right medicine to work.

chysam:



Omo yahoo,Na una way!

bros, no be yahoo o!
Na one of my former colleague wey travel go yankee around January o, i gave him $500 back then and now he wants to pay me back, adding extra $100 for the money, so i just wan make little profit on top the profit o