Agbegbaorogboye:
This is the main reason our naira has been tanking while they blame it on oil price. The BDC and other highly placed people in the admin have been getting free dollars from the CBN and selling at whatever rate they like. This leads to much pressure on the Naira as BDCs make mad profits.
Plus, the fact BDCs are not into any productive activity in the economy. Sometimes I wonder what we need them for anyway.
I'm sure if BDC was mainly run by southerners, Buhari would have banned them just as they did with rice and other imports and closed the borders. He know southerners are the majority in those areas, even fuel importation.
Fact is, nepotism is the worst form of corruption!!

PlayMaker14:
I remember how Buhari Media Cow's (BMC) in this forum went all out to call former president Goodluck Jonathan unprintable names when the Naira fell to 180 per dollar at the official market in 2014.

Now, the lifeless Baba they enthroned, thinking he was the next best thing after Nelson Mandela promised to make the Naira equal to the Dollar....

We can now see how "Equal" the two currencies are in the market..

Agbegbaorogboye:
This is the main reason our naira has been tanking while they blame it on oil price. The BDC and other highly placed people in the admin have been getting free dollars from the CBN and selling at whatever rate they like. This leads to much pressure on the Naira as BDCs make mad profits.
Plus, the fact BDCs are not into any productive activity in the economy. Sometimes I wonder what we need them for anyway.
I'm sure if BDC was mainly run by southerners, Buhari would have banned them just as they did with rice and other imports and closed the borders. He know southerners are the majority in those areas, even fuel importation.
Fact is, nepotism is the worst form of corruption!!

PlayMaker14:
I remember how Buhari Media Cow's (BMC) in this forum went all out to call former president Goodluck Jonathan unprintable names when the Naira fell to 180 per dollar at the official market in 2014.

Now, the lifeless Baba they enthroned, thinking he was the next best thing after Nelson Mandela promised to make the Naira equal to the Dollar....

We can now see how "Equal" the two currencies are in the market..

PlayMaker14:
I remember how Buhari Media Cow's (BMC) in this forum went all out to call former president Goodluck Jonathan unprintable names when the Naira fell to 180 per dollar at the official market in 2014.

Now, the lifeless Baba they enthroned, thinking he was the next best thing after Nelson Mandela promised to make the Naira equal to the Dollar....

We can now see how "Equal" the two currencies are in the market..

obembet:
2023 still far o

Agbegbaorogboye:
This is the main reason our naira has been tanking while they blame it on oil price. The BDC and other highly placed people in the admin have been getting free dollars from the CBN and selling at whatever rate they like. This leads to much pressure on the Naira as BDCs make mad profits.
Plus, the fact BDCs are not into any productive activity in the economy. Sometimes I wonder what we need them for anyway.
I'm sure if BDC was mainly run by southerners, Buhari would have banned them just as they did with rice and other imports and closed the borders. He know southerners are the majority in those areas, even fuel importation.
Fact is, nepotism is the worst form of corruption!!

TOPCRUISE:
IF GEJ finished Nigeria, then Buhari destroyed it.

PlayMaker14:
I remember how Buhari Media Cow's (BMC) in this forum went all out to call former president Goodluck Jonathan unprintable names when the Naira fell to 180 per dollar at the official market in 2014.

Now, the lifeless Baba they enthroned, thinking he was the next best thing after Nelson Mandela promised to make the Naira equal to the Dollar....



And you still remember, oga una no go make heaven
We can now see how "Equal" the two currencies are in the market..

omohayek:

You are mistaking a side-effect for the cause. The reason the Naira slides in market-value isn't because the BDCs exist, but because the Federal Government, with the active connivance of the CBN, is irresponsibly printing money to cover the hole in its finances. This then turns into ever more paper chasing after a stagnant pool of goods and services, leading to high inflation.

The relative inflation rate is the main determinant of the exchange-rate between any two currencies, not whatever "official" rate a government decides it to be, and certainly not because a central bank is foolish enough to sell forex to middlemen at that official rate, leaving the middlemen to generate riskless profits by selling that forex at its true market value. If you were in business and your supplier decided to sell to you at below market cost, wouldn't you take full advantage?

It's useless to blame the BDCs for seizing an opportunity thrown into their laps - blame Emefiele's stupidity for creating the opportunity in the first place (as well as his spinelessness in acting as a money-printing machine for Buhari's government). If he abolished the "official" rate and simply allowed the Naira to float, all the BDCs would be broke overnight, and billions of USD in precious forex could be used for more important things. Unfortunately most Nigerians are financial illiterates who can't distinguish between causes and effects, so the scam goes on with the blame directed at the wrong parties.

htdot:
Why can the cbn open its branch in every cranny of a major city so they can sell to nigerians at that price instead of selling to these greedy aboki

Agbegbaorogboye:

And what's most unfortunate is when the borders were closed and price of rice and other commodities rose in response, majority of those who were writing articles upon articles to defend that policy were majorly southerners. They failed to see the big picture of starving the southern businessmen to enrich the northern middlemen.
Not until the closure began to affect dangote and bua did Buhari make a volte face on the matter.
Southerners are their own worst enemies!!

buckeyemedia:
I have been hearing Nigeria is finished since I was a kid, yet people keep progressing & prospering irrespective, blame Godwin Emefiele & Yourself for not thinking futuristic.

Agbegbaorogboye:
This is the main reason our naira has been tanking while they blame it on oil price. The BDC and other highly placed people in the admin have been getting free dollars from the CBN and selling at whatever rate they like. This leads to much pressure on the Naira as BDCs make mad profits.
Plus, the fact BDCs are not into any productive activity in the economy. Sometimes I wonder what we need them for anyway.
I'm sure if BDC was mainly run by southerners, Buhari would have banned them just as they did with rice and other imports and closed the borders. He know southerners are the majority in those areas, even fuel importation.
Fact is, nepotism is the worst form of corruption!!

freshvine:


You want the naira to "float" into 1000N for a dollar?

Disband these BDC and allow commercial banks to do the job of banking....forex exchange. Their operations are illegal.