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Nairaland Forum / Nairaland / General / Business / Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars (13968 Views)
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Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Dabronze(m): 9:40am On Jul 29, 2021 |
The problem in this country is very easy to solve but the greediness and the self-centerdness mentality that most of nigeria have is somethin that needed to deal with is problem not by secession. 1 Like |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by masakk(m): 9:41am On Jul 29, 2021 |
what he is saying is the real truth |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by CyberHustle: 9:43am On Jul 29, 2021 |
So true but banks stand better chance of being monitored and leaking out info back to CBN. |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Navalsadiq(m): 9:44am On Jul 29, 2021 |
Ceenachi:you can't stop thee dollar from being a legal tender because it is the most widely accepted currency for trading on the international market.business men,companies and other organization needs the dollar to buy raw materials abroad as it is the most accepted currency for trading on the international market |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Kccheechy(m): 9:45am On Jul 29, 2021 |
owagbeba:I have been thinking about this too!! If they can come up with a law to mandate landlords or developers to be responsible for covering the drainage and fixing the roads in front of their properties, it will go a long way to fix this problem of bad inner roads and add to beautifying the environment 2 Likes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by FarahAideed: 9:46am On Jul 29, 2021 |
The policy is already failing ..the Naira sliding by the minute |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by another1: 9:47am On Jul 29, 2021 |
Ceenachi:. Oh my God God bless you abundantly. 2 Likes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Simplythebest: 9:48am On Jul 29, 2021 |
Yeah and thats why is a good decision cus CBN can not control those BDC or monitor them. Am sure for this initial time dollars will be scarce but within short time Naria will bounce back and everything will be fine. This really a welcome development post=104206763: 1 Like 1 Share |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by FBIBOT(m): 9:51am On Jul 29, 2021 |
Ceenachi: There are 100s of rules that should be scraped in Nigeria... Rules that are affecting we the masses negatively bt the crooks won't do anything about it even tho they know such rules and practices is outdated.... This is one 1 Like |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Ventura1: 9:54am On Jul 29, 2021 |
Not totally true, the BDC are more guilty of these allegations. Check the newspapers, Banks do publish returns of FX being sold to them by CBN weekly. I believe they'll be more accountable than the BDC's. 3 Likes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Bright2(m): 9:58am On Jul 29, 2021 |
Allow the people to use cryptocurrency which they have found as alternative for their transaction, CBN said no ! Now provide the dollar which you have accepted as non volatile and regulated tender , CBN also kick while making the dollar more volatile in Nigeria. This was thesame mistake we made in 2015 ,creating problem for ourselves with the impression that we've got the solution. Today , here we are still battling with Naira and Dollar policy. 1 Like |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Naijaepic: 9:58am On Jul 29, 2021 |
I can't see his best recommendation. Why he is saying this after government declaration. As ex-cbn staff, he should talk best alternatives to this national burning issues. My 2cents 2 Likes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by ghettochild(m): 10:00am On Jul 29, 2021 |
valentineuwakwe:Why cbn no kuku sell directly to those who need the dollars then?? |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by maste: 10:02am On Jul 29, 2021 |
This man is saying the gospel truth. Only a fool can fail to see that this government is bent on destroying the economy and bankrupting the nation. Look at the level of the national debt. Industries have closed down amidst massive layoffs. Nobody is secure except the fulanis who are above the law. |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Yazmin: 10:03am On Jul 29, 2021 |
owagbeba: Your idea has always been postulated as a way out of the FX quagmire we have had to live with in the entire life of our Nationhood. In practice however the fact remains that either with the use of e currency (FX) or Travellers' Cheque (or a combination of both), the issuing bank would still need to settle it's forex positions with the honouring institutions (counterparty) and would need the CBN to sell it the scarce FX at a competitive rate ,due to the plethora of needs. There is a huge and insatiable demand for FX from Nigerians and Nigeria for various reasons, the most prevalent being: - Our status as a non capital and consumer manufacturing/producing Nation, which puts pressure on importation(and thus FX). - Our likes for foreign products and services (against available local alternatives) - Our over dependence on oil as a main source of FX (with dwindling fortunes of this and almost zero FDI's). - Also, Diaspora remittances are also not adequately deployed and channeled to economic activities. The underlying issues causing the scarcity in the first place must be addressed, then the channels for effectively making them available can be deployed. Warm regards. 6 Likes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Zanco: 10:10am On Jul 29, 2021 |
Its only the DMBs can handle it well and it will make the dollar rate fall below 450, sir you are saying this because you are into exchange. 1 Like |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Ojemedad: 10:13am On Jul 29, 2021 |
HenryDion:Is paypal now working in Nigeria? |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by jacoik(m): 10:15am On Jul 29, 2021 |
Ceenachi:this is pure and bitter truth 1 Like |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by mkoabiola: 10:19am On Jul 29, 2021 |
Werey ppu Emefiele. D worst CBN governor. Jus coming up with harsh policies. Banks Wil definitely hoard d dollars 1 Like |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by wealthyhenry(m): 10:22am On Jul 29, 2021 |
My dad is Bureau d'Change operator. His business has been affected. 1 Like |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by dingbang(m): 10:26am On Jul 29, 2021 |
design113:good question. 1 Like |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by dingbang(m): 10:26am On Jul 29, 2021 |
Zanco:good point |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by 27Pushing30: 10:33am On Jul 29, 2021 |
Moferere: The same malafia fit get him own BDC guy just calm down and see how it unfolds with 4 Likes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by descarado: 10:39am On Jul 29, 2021 |
Have been asking, why do we have BDC? Why must we go through them? 2 Likes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by babyfaceafrica: 10:40am On Jul 29, 2021 |
Simplythebest:yes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by iswallker(m): 10:41am On Jul 29, 2021 |
Simplythebest: Wanted to pay school fees one yr - bank staff advised me to go buy from mallam - as theirs could take forever |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by yetunsbay(m): 10:44am On Jul 29, 2021 |
Moferere:of course this can never stop |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by yetunsbay(m): 10:46am On Jul 29, 2021 |
Ceenachi:lol u want to trace our thieving politicians corruption level and citizens illegal dealings be that 1 Like |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by nedekid: 10:48am On Jul 29, 2021 |
CharlesJok3r:It is just demand and supply. The alternative is for cbn to flood the market with dollars (instead of flooding only dangote and presidency). With excess dollars in the market to meet demand needs, the dollar will fall. Problem is that most of our earning from crude has been tied to debt especially loans to build "infrastructure". When you have morons like amechi, fashola that have no business experience handling the fortunes of 200m Nigerians what do you expect? Which sane businessman will in the time of slow business, where his sales is down, his stock is depleted will then go and take loans at high interest rates to renovate or build a new office, or to buy a Mercedes benz for his transportation, buy a new mikano generator too? Does that make sense? Wount you rather manage yourself and wait untill business picks and you have stabilized before borrowing for capital projects? Anyway this government has deeply buried this country in debt and poverty. And it is from mismanagement and nothing else. |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Yuslaw2438: 10:53am On Jul 29, 2021 |
valentineuwakwe: Nigeria People are the most greedy and heartless human on this earth this man called Obadila was a former deputy governor of CBN and they are the people behind the BDC that we are talking about they all have access to the foreign currency in the country instead of him to come clean he's pretending as if he was fighting for common people on the street....Oloriburuku werey Jatijati |
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