Has Sahara Reporters ever heard of NAFEX or the I&E Window?

They should read about them before coming to write rubbish here.

LikeAking:


This measure will only destroy the economy more and more,because investors will exit the country when that are unable to make remittances to their mother land.

It's more of a balancing act.....temporary too...even the most savy business men can understand that and will not in anger pull out because of a temporary measure after investing so much....if you said deterring new investors that I can understand.....but like I said temporary measure.

omenka:
Sometimes, deliberately suppressing the rise of one's currency against the dollar is a strategy deployed by governments to attract FDIs. Nowhere else is this more entrenched than in China, which is one of the reasons behind their endless squabbles with Uncle Sam.

I am not really sure if similar strategy would augur well for Nigeria anyway, since the other factors necessary to attract such FDIs, such as dependable critical infrastructure, are lacking.

Come what may, I wish my dear country well. We'll come out of the current economic quagmire stronger I believe.

Difference is that China is an exporting country, and Nigeria is predominantly a consumer. This can only hurt Nigeria's economy.

Itisallright:
I don't know why we're so selfish in Africa, most especially our leaders.....

The selfishness thing is quite tiring, how much do they want to spend in their life time, they have made enough money to last then 10 lifetimes but no, they keep squandering and looting, greedy lot

lilprinze:
This present government led by mr integrity and APC, is the most corrupt and useless government in the history of this country.

If pdp or any other party were to take power, that's when we would hear figures they've stolen


The figures would make abacha the great shake in his grave

omenka:
Sometimes, deliberately suppressing the rise of one's currency against the dollar is a strategy deployed by governments to attract FDIs. Nowhere else is this more entrenched than in China, which is one of the reasons behind their endless squabbles with Uncle Sam.

I am not really sure if similar strategy would augur well for Nigeria anyway, since the other factors necessary to attract such FDIs, such as dependable critical infrastructure, are lacking.

Come what may, I wish my dear country well. We'll come out of the current economic quagmire stronger I believe.

Well spoken like an economic illiterate.
China keeps it's currency exchange high in relation to the dollar because it's a manufacturing economy who exports to other countries. A low currency value means those countries can buy more of their goods which drives up production, and employment and as a result, a higher GDP. It is for this reason that Trump was able to impose a tariff of $500bn on Chinese goods. Just imagine volume and value of goods that attracts that magnitude of tariffs. Nigeria on the other hand is an importing economy which means a higher exchange rate will help our balance of payments and therefore help our economy further. A weak currency is why we have to pay more for goods and services including petroleum products. So you can see how the weak currency is affecting our economic well being.

DuBLINGreenb:
This writeup is not well researched and as such it is unclear and difficult to understand.

There may be some truth to the piece but it needs to be clearer

The Central Bank keep dollars and issue promisory notes or tell banks to give such and such person the naira equivalent of whatever dollar money was sent to him or if he wants dollar they'll tell the bank to give him or her the dollars the banks have while the CBN holds the dollar the sender sent in the USA this is to regulate the amount of dollars in Nigeria and prevent over dependence on dollar as well as too much dollars from entering Nigeria or too many Nigerians seeking dollars this helps give the naira the little value it has

Your theory defeats the purpose of demand and supply. If you stifle supply of dollars, does it drive up the value of dollars against naira or down? The problem with our currency has always been too much naira chasing a few dollars. While the dollar is needed for international trade as well. The idea of keeping the dollar in foreign reserves is healthy but it's useless if it does not reflect in our reserves which is what this article is contending

leokid866:

It's more of a balancing act.....temporary too...even the most savy business men can understand that and will not in anger pull out because of a temporary measure after investing so much....if you said deterring new investors that I can understand.....but like I said temporary measure.

Remitting their profits aboard is way of proteci g their funds from the constant devaluation of the naira.

Once they are unable to ship their money abroad they are doomed in hell.What ever profit they make during this perilous times will be eroded by the tormenting economical hardship and currency devaluations that will soon act their various scenes on the grand stage of the Nigeria economy.

The only reason why many businesses exist in Nigeria and still make profits till yesterday is because they hedge the cash against the weakened naira in stable currencies abroad.

Thieves everywhere

So if I received dollars in my domiciliary account from the business transaction online. CBN wouldn't allow my bank to pay me dollar cash in over-the-counter withdrawal?

Any expert in the field should share light on this.

Islie:
How Central Bank Of Nigeria Deliberately Prevents Naira From Appreciating Against United States Dollar



https://saharareporters.com/2020/07/02/exposed-how-central-bank-nigeria-deliberately-prevents-naira-appreciating-against-united

When pple like femi falana leave the scene I wonder who else will be speaking up

Truetalk3139:




You successfully mentioned the youths in same category with hushpuppy. There are millions of youth out there that if given the opportunity will turn this country around in just a week.

Go to Ile-Ife and see with your eyes what a youthful Monarch (OONI OF IFE) is doing compared to the yesterday Monarch.

Yes there are a few bad eggs but please don't tell me youths are not the way

unfortunately, the good ones can't be in politics because Nigerians are very stupid to demand for bribe in order to vote people into office. My dear, no hope jare

Itisallright:
I don't know why we're so selfish in Africa, most especially our leaders.....

that’s how the system has been designed long ago. The Europeans and Americans had similar situation of government and institutional corruption, aimed at benefiting a particular set of people until the people demanded and got more political rights. The problem with Africa is either the people are too scared or reluctantly comfortable to make a move to change things( e.g. Nigeria) or some people lead a revolution and simply change the set of people benefiting from the government(e.g. Egypt). It’s an unfair battle between the rich and the poor. We have a long way to go my brother.

oruma19:
unfortunately, the good ones can't be in politics because Nigerians are very stupid to demand for bribe in order to vote people into office. My dear, no hope jare

the people that vote are less than the people that don't vote, for success to be achieved all hands must be on deck

Truetalk3139:



the people that vote are less than the people that don't vote, for success to be achieved all hands must be on deck

u are right 100%. I am just tired of the country jare. Insincerity everywhere. May God deliver us all by giving us the heart to confront our oppressors

oruma19:
u are right 100%. I am just tired of the country jare. Insincerity everywhere. May God deliver us all by giving us the heart to confront our oppressors

a big Amen to that!

omenka:
Sometimes, deliberately suppressing the rise of one's currency against the dollar is a strategy deployed by governments to attract FDIs. Nowhere else is this more entrenched than in China, which is one of the reasons behind their endless squabbles with Uncle Sam.

I am not really sure if similar strategy would augur well for Nigeria anyway, since the other factors necessary to attract such FDIs, such as dependable critical infrastructure, are lacking.

Come what may, I wish my dear country well. We'll come out of the current economic quagmire stronger I believe.

You have spoken well.

More firmness to your kponjas

dynicks:
I tire for the set of leaders existing in this very part of the globe.......them no fit kill me aswear...

Abeg mama nkechi,...u get fufu?...abeg arrange on plate pass give me ....uhmm..u fit still use your church mind add some collabos into it but know say I no hold enough money reach....just do it for me biko as your long time customer.....

Naija matter really tire person....ehe! Add hero join give me abeg....I go try pay u all next week

Lol...this your Osho pics funny die...it really represented that short fufu story you presented up there...and see how e be like a vulcanizer...

This administration has the worst economic team since independence.

omenka:
Sometimes, deliberately suppressing the rise of one's currency against the dollar is a strategy deployed by governments to attract FDIs. Nowhere else is this more entrenched than in China, which is one of the reasons behind their endless squabbles with Uncle Sam.

I am not really sure if similar strategy would augur well for Nigeria anyway, since the other factors necessary to attract such FDIs, such as dependable critical infrastructure, are lacking.

Come what may, I wish my dear country well. We'll come out of the current economic quagmire stronger I believe.

what you are saying is called currency devaluation, which has it’s pros and cons. But what this post contains is fraud being perpetuated by government officials. To add, there is hardly any middle income country whose currency is as weak as ours.

Bluffly:
Banks have been paying in USD and GBP

tell me which banks, the ones that will frustrate your life to give you 200$ of the 2000$ you requested. The 200$ sef is after visiting many branches.

djon78:



It's not even about class room economics rather the terrible level of non transparency going on.

Nigerian elites actually don't want Nigeria to get better.
If things get better, they won't gain much from the system again.
And when I say elites I mean everyone of them. Irrespective of the political divide they belong.


But one-day a true honest reformer will rise on the throne
And clear all the mess.
Fixing Nigeria is not a rocket science
The basic fundamentals are there

Huge population
Enough educated workforce
Abundant natural resources

The main problem is the elites

Gbam!!

leokid866:
Whoever wrote this did not do his research properly....cause I have been receiving dollars since January through the lock down even till now....and I've been collecting the dollar and trading it off on the black market....what I know is that they stopped any dollar within the country from leaving....but any dollar from outside will be allowed passage....for example if someone transfers dollar to me from the US and I transfer it to another Nigerian bank account whoever I transfer it to cannot transfer the money out of the country.....but if from my account I transfer it out of the country it will be allowed to pass....I believe this is done to help shore up our foreign exchange reserves and keep a running on the dollar from happening because it's after effect would be a complete fall of the naira....I know they have ignored helping the naira on the black market because that's not a fight they can afford now so they have stuck to the windows that are important while they work on merging all trade windows.

which banks is gving you the dollars because all i was graced with is cock and bull stories everyday.

samsard:
China manipulates it's RMB to allow its goods compete favorably. Japan's currency as you may know also has a wide gap to the dollar.

that'scorrect, trade protectionism for their exports.it does not favours countries that trades on deficit like nigeria.importers are losers in that arrangement.we all know that china and japan are major export countries.So that corrupt policy does not work in nigeria.

We have four (4) major revenue generating arms of d FG: Custom, NNPC, CBN and FIRS. These fours arms are d biggest thieves of all time. They're under d control of d presidency. The NFIU which spearhead d dollar market is a drain pipe.
Lemme not reveal some things happening there, but d whole thing is crazy!

Huspuppi strategy

HIbreed:
which banks is gving you the dollars because all i was graced with is cock and bull stories everyday.

G.t....Firstbank.

coputa:
that'scorrect, trade protectionism for their exports.it does not favours countries that trades on deficit like nigeria.importers are losers in that arrangement.we all know that china and japan are major export countries.So that corrupt policy does not work in nigeria.

Federal government still uses it to get more Naira to fund the budget. When they have a lot less dollars in revenue they just devalue the Naira to get more bang for the buck

samsard:
Federal government still uses it to get more Naira to fund the budget. When they have a lot less dollars in revenue they just devalue the Naira to get more bang for the buck

When there is scarcity of dollars in the economy,you stimulate export.Do you know that if you delibrately devalues your currency to attract the dollar,your will be bedevile by inflation.A project of 1 billion will sky rock to 5 billion i.e low purchasing power of the currency.That is why the economy is not growing.We need havard trained crack economic team in Nigeria.