richeso:
cooked stories to divert attention. no name of the owner, no confirm address, no picture of the house.

idiotic BMC reports...

Well said. Just to make it look as if Magu is the Mesaiah we are looking for!

My problem is that most Nigerians are just too myopic.
Sooner or later, this trend of discovering money in structures would die down and they come up with another trick.

richeso:
cooked stories to divert attention. no name of the owner, no confirm address, no picture of the house.

idiotic BMC reports...

kindly Open Dis link and Forever Keep Shut!!!
Ode!!!
www.nairaland.com/3738855/esther-nnamdi-ogbue-owns-50m-found

adanny01:


That we know but that only emphasize the fact that Nigerians are absolutely corrupt. One of the reason i avoid police like a plague. They are the most dangerous set of Nigerians.

On the bolded, i think you are finding it hard to believe that this kind of money exist cash in private hands. I want to tell you there is more that will make you say "impossible". This is the evidence of the kind of activity in the last dispensation that caused the weakening of the Naira.

I hope you saw more pictures on this other thread.https://www.nairaland.com/3738542/photos-money-uncovered-efcc-ikoyi

May God help us.

Nah physical currency do not in any way cause the weaknesses of a curency if not the dollar will be weak . Rather lack of positive economic activities is the cause . Ie our relationship with global trade .

erico2k2:

Nah physical currency do not in any way cause the weaknesses of a curency if not the dollar will be weak . Rather lack of positive economic activities is the cause . Ie our relationship with global trade .

I totally disagree.

Too much physical currency in circulation brings inflation and other negative effects. This is with regards to local currency.

Foreign currency is only meant for trade. In this case, buying and selling of the currency itself. While the local currency cannot be bought or sold.

If the foreign currency can be bought or sold, it means the principle of demand and supply will apply to it. In the principle of demand and supply, when there is high demand, supply falls and price increases. When there is low demand, supply increases and price falls.

So in the twilight of the GEJ dispensation, politicians and top members of the administration who had so much illicit money had only 2 means to hide their loot from the expected anti curruption crusader president about to come in. One means was to hide the funds by shipping it out. The second is by hiding cash. The first will incure a lot of losses and risks by going out and bringing back. From the Abacha experience, it is difficult to repatriate money back especially if it's not earned. So most resorted to hiding cash at homes. Hinding cash in Naira is like hiding an elephant. So the only solution is converting the elephant to a mouse. This enables you to store as many elephants as possible without getting noticed.

So they started converting all the Naira they had to USD, GBP and EUR. The huge sums they were demanding was beyond the supply of the BDCs. Note that, this level of transactions cannot be done in the bank as you can change it but illegal to access it in cash. They needed cash so they mopped all they could get from BDCs. The BDCs unable to meet demands of their ordinary customers hiked the price due to difficulty in accessing the cash. Effectively, demand became very high, and supply wasn't increased and price increased.

When the Buhari administration came and saw the low foreign reserve and the demand for the FX was high taking much of the reserve and oil prices had crashed meaning very very low supply or income, they stopped supply to BDCs knowing well that the demand was created to fund corrupt interests.

This is the reason only black market prices were affected by the high price of FX while the CBN window remained the same.

These cash being found here and there are same cash funds that initially created the scarcity in the first place. Believe me or not, the surface has not been scratched. This is just a layman's explanation of the trend to another.

Read further
http://www.cmsfx.com/forex-education/online-forex-course/chapter-2-fundamental-factors/exchange-rates-supply-and-demand/supply-and-demand/

adanny01:


I totally disagree.

Too much physical currency in circulation brings inflation and other negative effects. This is with regards to local currency.

Foreign currency is only meant for trade. In this case, buying and selling of the currency itself. While the local currency cannot be bought or sold.

If the foreign currency can be bought or sold, it means the principle of demand and supply will apply to it. In the principle of demand and supply, when there is high demand, supply falls and price increases. When there is low demand, supply increases and price falls.

So in the twilight of the GEJ dispensation, politicians and top members of the administration who had so much illicit money had only 2 means to hide their loot from the expected anti curruption crusader president about to come in. One means was to hide the funds by shipping it out. The second is by hiding cash. The first will incure a lot of losses and risks by going out and bringing back. From the Abacha experience, it is difficult to repatriate money back especially if it's not earned. So most resorted to hiding cash at homes. Hinding cash in Naira is like hiding an elephant. So the only solution is converting the elephant to a mouse. This enables you to store as many elephants as possible without getting noticed.

So they started converting all the Naira they had to USD, GBP and EUR. The huge sums they were demanding was beyond the supply of the BDCs. Note that, this level of transactions cannot be done in the bank as you can change it but illegal to access it in cash. They needed cash so they mopped all they could get from BDCs. The BDCs unable to meet demands of their ordinary customers hiked the price due to difficulty in accessing the cash. Effectively, demand became very high, and supply wasn't increased and price increased.

When the Buhari administration came and saw the low foreign reserve and the demand for the FX was high taking much of the reserve and oil prices had crashed meaning very very low supply or income, they stopped supply to BDCs knowing well that the demand was created to fund corrupt interests.

This is the reason only black market prices were affected by the high price of FX while the CBN window remained the same.

These cash being found here and there are same cash funds that initially created the scarcity in the first place. Believe me or not, the surface has not been scratched. This is just a layman's explanation of the trend to another.

Who told you we don't buy amd sell naira ? ?
From where did you get that plz ? ?

erico2k2:

Who told you we don't buy amd sell naira ? ?
From where did you get that plz ? ?

You seem to misunderstand the point.

You need a local currency to buy and sell. Technically, it is not the Naira you are buying or selling, it's the foreign currency you are buying or selling.

Example of illegal buying or selling of the Naira is buying N1,000 mint notes for N1, 200.

In forex market, Dollar is the commodity you are buying the Naira you are exchanging is not technically a sell but a matching value for the commodity purchased. The same way around you take your commodity (Dollar) to the market and sell same way a fish seller will go to the market and sell fish. No one buys the Naira.

If you meet a BDC operator, they tell you we buy dollar at say N420 and sell at N425. What is bought and sold? Dollar. Naira is not the commodity bought or sold.

I'M sure is this guy's pastor that is whistle blower or Olosho gf!

Based on logistics, kudos to whistle blower .

igbozionism:


I don't know why you people are like this. so you are now saying that DSS did not claim to have found millions of dollars in judges homes?

http://sunnewsonline.com/what-dss-found-in-homes-of-three-judges/

may God have mercy on zombies

Why don't you stfu, you 1-inch-thick scull mofo.
You're so annoying. Onye iberibe dika gi.

adanny01:


You seem to misunderstand the point.

You need a local currency to buy and sell. Technically, it is not the Naira you are buying or selling, it's the foreign currency you are buying or selling.

Example of illegal buying or selling of the Naira is buying N1,000 mint notes for N1, 200.

In forex market, Dollar is the commodity you are buying the Naira you are exchanging is not technically a sell but a matching value for the commodity purchased. The same way around you take your commodity (Dollar) to the market and sell same way a fish seller will go to the market and sell fish. No one buys the Naira.

If you meet a BDC operator, they tell you we buy dollar at say N420 and sell at N425. What is bought and sold? Dollar. Naira is not the commodity bought or sold.

U don't get it do you ?
We buy and sell physical Naira ask me how and I will tell U.

erico2k2:

U don't get it do you ?
We buy and sell physical Naira ask me how and I will tell U.

I don't think I have to ask you. If you have a point especially one that I will lead from, you should not hesitate or withhold.

However, on this matter, my secondary level economics is still sound but not perfect.

In the shores of Nigeria, you don't buy or sell the Naira. In US, UK or anywhere abroad where Naira is not local currency, Naira becomes a commodity and can be bought or sold. Let me hear what you have to say.

adanny01:


I don't think I have to ask you. If you have a point especially one that I will lead from, you should not hesitate or withhold.

However, on this matter, my secondary level economics is still sound but not perfect.

In the shores of Nigeria, you don't buy or sell the Naira. In US, UK or anywhere abroad where Naira is not local currency, Naira becomes a commodity and can be bought or sold. Let me hear what you have to say.

Ok if I come.on holidays with £€$ . And I want to convert my money , won't I buy the Naira with my £?

erico2k2:

Ok if I come.on holidays with £€$ . And I want to convert my money , won't I buy the Naira with my £?

No, you are not buying ₦, instead you are selling £€$.

By the time you are going back to your destination, you are not going to sell ₦, instead you will buy £€$.

You don't buy or sell local currency. In the UK, the £€ become your local currency, you don't buy or sell it, you use it to buy or sell. The £€ become your purchasing power.

adanny01:


No, you are not buying ₦, instead you are selling £€$.

By the time you are going back to your destination, you are not going to sell ₦, instead you will buy £€$.

You don't buy or sell local currency. In the UK, the £€ become your local currency, you don't buy or sell it, you use it to buy or sell. The £€ become your purchasing power.

yes I do, this is where you are missing the point, any currency can be bought or sold at a price hence its called Forex foreign exchange, I have been earning pounds in 20 years so Im in a good position to know what Im talking about.My local currency is the £, if you approach me Im selling, if I approach you Im buying, it goes both ways when it comes to forex its totally different from goods and services.I have bought Naira in the UK b4 and I have bough the £ in London too cos I had Naira in my bank in 9ja so I transferred to the guys bank in 9ja and he paid me the equivalent.SO in teh context of forex whoever is approaching who is the one buying.
PS:Foreign Exchange is

the system by which the type of money used in one country is exchanged for another country's money, making international trade easier:
Watch the word exchange so it goes both ways.

erico2k2:

yes I do, this is where you are missing the point, any currency can be bought or sold at a price hence its called Forex foreign exchange, I have been earning pounds in 20 years so Im in a good position to know what Im talking about.My local currency is the £, if you approach me Im selling, if I approach you Im buying, it goes both ways when it comes to forex its totally different from goods and services.I have bought Naira in the UK b4 and I have bough the £ in London too cos I had Naira in my bank in 9ja so I transferred to the guys bank in 9ja and he paid me the equivalent.SO in teh context of forex whoever is approaching who is the one buying.
PS:Foreign Exchange is

the system by which the type of money used in one country is exchanged for another country's money, making international trade easier:
Watch the word exchange so it goes both ways.

In the streets, people can use buying and selling anyhow, in economics, it is specific. What I told you is what obtains in economics.

I believe I made that point clear. You can buy or sell Naira in the UK but not in Nigeria. That's because in the UK Naira is a foreign currency but in Nigeria it's not foreign but local currency. Like I said before local currencies are not bought or sold.

If you got to the BDC in Nigeria with £ but intend to travel to US in which case you need $. The BDC will not quote you a direct FX $ to £. They will first give you £ to ₦ then ₦ to $. That's because you are in Nigeria.

In UK a dealer will give you a direct £ to $ rate. This signifies that the local currency must come to play and it is not the one being sold or bought. Saying you are buying Naira in Nigeria is wrong because economics recognise that you are selling a foreign currency not buying Naira.

Not that the forex market in any country is a direct relations between the local currency and any other foreign currency.

In any banking hall you see rates in two columns we sell, we buy. You will then see the rows for different foreign currencies. What they are selling o buying is the foreign currency. All the rates being advertised are a relationship with the local currency and no direct relationship to 2 foreign currencies such as USD to EUR.

adanny01:


In the streets, people can use buying and selling anyhow, in economics, it is specific. What I told you is what obtains in economics.

I believe I made that point clear. You can buy or sell Naira in the UK but not in Nigeria. That's because in the UK Naira is a foreign currency but in Nigeria it's not foreign but local currency. Like I said before local currencies are not bought or sold.

If you got to the BDC in Nigeria with £ but intend to travel to US in which case you need $. The BDC will not quote you a direct FX $ to £. They will first give you £ to ₦ then ₦ to $. That's because you are in Nigeria.

In UK a dealer will give you a direct £ to $ rate. This signifies that the local currency must come to play and it is not the one being sold or bought. Saying you are buying Naira in Nigeria is wrong because economics recognise that you are selling a foreign currency not buying Naira.

Not that the forex market in any country is a direct relations between the local currency and any other foreign currency.

In any banking hall you see rates in two columns we sell, we buy. You will then see the rows for different foreign currencies. What they are selling o buying is the foreign currency. All the rates being advertised are a relationship with the local currency and no direct relationship to 2 foreign currencies such as USD to EUR.

Oya nah I av heard so come chop

erico2k2:

Oya nah I av heard so come chop

Wow that's a huge dinner. How i wish I could help with that.

Apart from the God factor, honestly this country nor fit good again. I'm done believing in any Nigerian! This people are wicked, yet una tell u sey dollar is not in circulation. You can imagine how many more is hidden by others.

Una done kill the small hope I have for Nigeria. Make thunder fire una!

Now they say the money belongs to National intelligence agency and they can't bank it abi? Una don see mumu. Politically, una wan cover the criminal. This country nor fit good again truth.

kayalcomp:
This is serous! Abeg let them keep blowing the whistles, so that we can get our stolen money.

wich yur money? how much them don share giv you since they av been recoverin d money

laribari:
Apart from the God factor, honestly this country nor fit good again. I'm done believing in any Nigerian! This people are wicked, yet una tell u sey dollar is not in circulation. You can imagine how many more is hidden by others.

Una done kill the small hope I have for Nigeria. Make thunder fire una!

Now they say the money belongs to National intelligence agency and they can't bank it abi? Una don see mumu. Politically, una wan cover the criminal. This country nor fit good again truth.

True talk... Ur head dey am..