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DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 (39023 Views)

Bureau De Change Operators React To Elimination Of Parallel Market / Dss Raids Makes Naira Stays Firm At N465/$1 / DSS Arrests 40 In Kano Bureau De Change Raid (2) (3) (4)

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Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by Mykellio: 1:41pm On Nov 10, 2016
Very soon, they will use DSS too to try and force down the price of rice. It's broad day light robbery as far as I am concerned.

You cannot use force to regulate a currency that you are not printing. People earn their FOREX through different ventures. If FG is hungry for availability and affordability of the dollar, then they should increase the national FOREX earning capacity which can only happen through export.

Raiding will create scarcity. Scarcity will force the price of dollar further up.

He that lack wisdom let him ask. This government is in wanton deficit of wisdom.

1 Like

Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by stagger: 1:46pm On Nov 10, 2016
onomeasike:

It's a big fat lie. The politicians messed up big time. It was corrupt politicians like Adisa Akinloye,NPN national Chairman and co who were doing round tripping on food stuffs like rice etc. Buhari confiscated those items and ordered that they be exhausted before any further importation. You guys are the criminals trying to bring down this great nation


My father was a unionist and so I had first hand information about what was going on then. Don't confuse the indomie generation unless your family was part of the rot that benefited from the import licenses of that era.
Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by delishpot: 1:48pm On Nov 10, 2016
And what has the government done to make forex easily accessible and affordable to the people?
Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by gemtlesoul123: 1:52pm On Nov 10, 2016
Nigerians need a force power to control the nation stop living consciousness
Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by duni04(m): 2:00pm On Nov 10, 2016
Keyword: "unlicenced operators who were taking advantage of the situation to reap illegal profits"
You don't do something illegal and expect to get away with it. That's just stupid. Kudos to the DSS for proving yet again that no one, absolutely no one! Is above the law.

2 Likes

Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by onomeasike: 2:05pm On Nov 10, 2016
stagger:



My father was a unionist and so I had first hand information about what was going on then. Don't confuse the indomie generation unless your family was part of the rot that benefited from the import licenses of that era.
You are contradicting yourself or your dad. I witnessed it so know what happened. You were tactically blaming Buhari by suggesting that the food scarcity was because Buhari emptied those selling above government approved rates
Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by breakeven: 2:25pm On Nov 10, 2016
This style of governance will never help our economy. People will just go under with their money and the naira will continue to fall period. Put in place measures that will allow a single exchange rate and allow people to pay in dollars into their account and withdraw whenever they want and this scarcity will disappear and the value of the naira will begin to appreciate. Meanwhile encourage Nigerians to export and repatriate their funds while you also encourage Nigerians in diaspora to bring in their funds for investment With free land for such investment.
Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by Ikwuobe: 2:42pm On Nov 10, 2016
PapaBrowne:
Hmmmm. This is communism at its finest.
We are in trouble.
Forceful price controls are the beginning of the end of an economy.

I tell you the consequences. An "underground" black market would be created where things would get worse off because the worst kind of scarcity would hit the market as all the Forex would go underground.

Scarcity can never be controlled by force. Never.
Ever wonder why cocaine is as expensive as it is?

This government keeps using its own lack of knowledge to create terrible consequences for the economy.
When you're used to doing it the wrong way and refused to do it the right way, you always have to be forced to do right. Most people in this country don't like doing it the legal way because they've been benefitting from the illegal ways. If they can't sell at government prices, they should quit the business.
And for you guys here, beware. Your selfish and corrupt opinions do not stand for all of us. We only allow you to run your mouths and fingers because you're less busy. Remember, online opinions went against Donald Trump but we all know the outcome.
Again, I support DSS like I did when those corrupt judges were arrested.
Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by Exponental(m): 3:15pm On Nov 10, 2016
Do they know the buying price from those CBN sellers?
Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by stagger: 3:35pm On Nov 10, 2016
onomeasike:

You are contradicting yourself or your dad. I witnessed it so know what happened. You were tactically blaming Buhari by suggesting that the food scarcity was because Buhari emptied those selling above government approved rates

Was in my early teens at the time. I witnessed it too and used to accompany my mum a few times as she went to get the essenco items for members of my father's union for sharing at our house back then.
Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by MilesLamar(m): 3:57pm On Nov 10, 2016
Na wa
Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by Barcholder: 4:35pm On Nov 10, 2016
Nigerians are so hypocritical, it's funny. I can bet that the majority of people on here criticising the move to force the black market dollar FX rate down, are the very same people who insist that the price of petrol must be pegged at 145, even though they know that it forces NNPC to effectively subsidise fuel again.
Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by Nobody: 4:46pm On Nov 10, 2016
midol:
Abeg which kain stone age forex control method be this. My yoruba brain is not understanding.

Venezuela 2.0 is loading. The CBN or DSS should visit Venezuela to assess the the profound havoc that price and currency controls are having on their economy. The dollar is so scarce in Venezuela that basic imports of food, toiletries, medications and life sustaining goods have totally collapsed. This is from a country that should be awash in petrodollars. There is serious food shortages that people are now eating from the dung hill.

We are still eating (imported) rice, frozen fish, poultry in Nigeria. Wait till dollars totally disappear from the parallel market and then people will know the full impact of the disastrous policies of Nigeria's monetary authorities.
Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by midol: 4:49pm On Nov 10, 2016
kalokalo:


Venezuela 2.0 is loading. The CBN or DSS should visit Venezuela to assess the the profound havoc that price and currency controls are having on their economy. The dollar is so scarce in Venezuela that basic imports of food, toiletries, medications and life sustaining goods have totally collapsed. This is from a country that should be awash in petrodollars. There is serious food shortages that people are now eating from the dung hill.

We are still eating (imported) rice, frozen fish, poultry in Nigeria. Wait till dollars totally disappear from the parallel market and then people will know the full impact of the disastrous policies of Nigeria's monetary authorities.

Very soo they'll soon ban ordinary nigerians from possessing dollars which will even increase it value like cocain.Our muslim dullard president is capable of anything.
Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by pacespot(m): 5:19pm On Nov 10, 2016
I don't think people on this forum understand how Nigerians think, by the way, most of the people here are kids anyway. You can't control a typical black man with levity. Same as a business run by black people.

All this theory of demand and supply will only work with white people, they're all imported theories that haven't shown to work with black people yet.

A black man will rather look for a loophole to cheat a system than seek to earn a legitimate means in it, while a white man will conform with the standards in it so far it benefits all.

Why is it that you will have to price everything up to the last drop of saliva in your mouth before you get the actual price from sellers nowadays.

I will be so happy if government can put in place a stringent price control mechanism in this economy. I'm beginning to have fate in this government.

It seems Buhari knows his onions as his policies are showing that he really knows how nigerians think.

Yes! ...Democracy is not by force but with black people you need some stringent measures to force them to do the right things.

A bureau de change operator who has seen a fellow seller being punished for dubious transactions would be cautious next time a buyer/seller came to transact a business with him, who knows if the next buyer is a detective from DSS?

Black people are not ripe for a pure democracy, I believe the father of democracy Abraham Lincoln himself would have had a second thought about the definition of democracy if he knew the mentality of a black man, when he was defining democracy as the government of the people, by the people, and for the people.

2 Likes

Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by obailala(m): 6:33pm On Nov 10, 2016
Mykellio:
Very soon, they will use DSS too to try and force down the price of rice. It's broad day light robbery as far as I am concerned.

You cannot use force to regulate a currency that you are not printing. People earn their FOREX through different ventures.[/b] If FG is hungry for availability and affordability of the dollar, then they should increase the national FOREX earning capacity which can only happen through export.

Raiding will create scarcity. Scarcity will force the price of dollar further up.

He that lack wisdom let him ask. This government is in wanton deficit of wisdom.
There is nothing wrong with the police or DSS raiding [b]criminal BDCs. Unlike you and I, the BDCs did not get their forex 'through different means,' they got their forex from CBN approved channels (First Bank or Travelex) at a very cheap rate and the AGREEMENT was that when they get their dollars at this cheap rate (N385 I think), they would sell at N400. An agreement is an agreement and anything short of that is criminal.

That notwithstanding, there is everything wrong with the CBN's continued pegging/controlling of the official value of the Naira.
Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by khadaffi(m): 6:48pm On Nov 10, 2016
I'm just laughing hard now.
Re: DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 by VajanahDischaj(f): 1:38am On Nov 11, 2016
GogetterMD:
I'm not understanding. Wetin consign DSS with forex trading? undecided
I tire oh!thereon dey pursue money pass that yeye E.F -ceeci

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