I walked into a new generation bank this week for a transaction. While waiting, on order of the bank, I listened quietly to a conversation between 3 of the bank's personnel- senior personnel, I presumed. The discussion was on forex status of the bank. I was dumbfounded when they argued on percentages reserved for certain government officials who banked with them.
I found out that this people- politicians, are milking the bank's of the foreign currencies to go and sell at higher prices in the parallel market.
I believe this is the cause of the forex problems in Nigeria.

We reject bondage, bad experience that is

We have always known that those official idiots are the cause of our present situation. From them incorporating former PDP theifs into their fold. Incompetent finance minister telling us that Recession is just a word...
When u sai baba come 2019,just think abt d picture below, that's how people gonna eat u up.

Only in Nigeria you can see forex black market. Banks should be selling at same price with bureau de change. This will stop prices from going up and people doing business with it by buying at official price and go and sell black market.

c900:
Only in Nigeria you can see forex black market. Banks should be selling at same price with bureau de change. This will stop prices from going up and people doing business with it by buying at official price and go and sell black market.

Kindly give suggestions on how this can be effected. This is in view of the insatiable appetite of the country for dollars far beyond the capacity of the federal government.

The world has moved from just ordinary criticism to proffering solutions alongside any criticism.

Why isn't operating black markets a crime that comes with stiff punishment?

Oh, wait scratch that. I forgot we're talking about Nigeria here.

ISpiksDaTroof:
Why isn't operating black markets a crime that comes with stiff punishment?

Oh, wait scratch that. I forgot we're talking about Nigeria here.

So far the dollar is not readily available at the banks, there will always be a parallel market offering it for sale.

The parallel markets cannot be eradicated by wielding the big stick. It can only be eradicated when anybody that needs dollars can easily walk into any bank to get it.

For the banks to have a ready availability of dollars, then the supply of dollars to them must be higher than the demand.

For this to happen, we must considerably reduce our need of dollars for imports and at the same time, increase our capacity to earn more dollars.

The people whose currency are not free falling against the dollar are those who don't have much need of it for their economy to survive.

The opposite is the case in Nigeria where we need it to import virtually everything ranging from petroleum products, steel, rice, wheat, electronic gadgets, cars, heavy equipment, education, health services, aviation services, etc. This is in addition to the need to import other petty things.