RodgersAkpafu:

Mental laziness is the bane of black people
That has always been the problem with us
He only want to enjoy himself
Carry women
No thinking for the future or value creation

I don't think it is a case of laziness. It is the government that has failed to create an enabling environment.

Let's assume that Nigerians are lazy. Why aren't foreigners coming to Nigeria to establish these business? The truth is this: it is tough to run businesses in Nigeria.

CooKeed:


We don't even need to make all these fancy things for a start. No country makes everything. Make the one you can make. But make a lot of it and export it.

Just make something. Produce stuff. Two years ago we were celebrating the opening of our first pencil factory. As sad as that sounds, I was able to stomach that.

But I was shocked to learn earlier this year that Nigeria imports maize. Lots of maize. As in, we don't have enough maize to meet the demand of our livestock farmers. Maize that our ancestors have been cultivating for how long?!!! Maize!!! Ah!

been reading all comments here in guest mode but I had to login to quote you, the bolded shows how developed we are as a country.

lwisee:
Good move, most people sit behind their laptops, check the exchange rate on abokifx before giving you quotations.
The next thing you hear is 'Oga everything is expensive now ooo
Even 1 dollar is now N560 I swear, you can check abokifx'

Government need to shutdown the website as well.

Are you for real? The CBN is doing a lousy job, hence the Naira's fall. What we are witnessing is a classic case of "market failure". The website is simply publishing the statistics but unknowingly exposing the incompetence of Buhari and his puppet CBN governor.

The Naira's current free fall isn't rocket science. The government barred the BDC from getting forex. Now, all buyers must go through the banks. People who bought from the BDC got it instantly.

Now to get through the banks, it take 4-5 weeks and that's what's putting pressure on the currency. The artificial scarcity of Forex caused by this policy is why the Naira is on a free fall. I already predicted this would happen when the policy was introduced.

Kokaine:


Dear Nigerians

Innovations in this context does not refer to technological innovation. It means religious innovation. It is called bid'a in Islam.

Bid'a means to introduce acts of worship that are not in the Qur'an and hadith.

Whoever innovates or invents any act of worship in islam, it will not be accepted from him.

An example of bid'a is would be praying four rakkah in maghrib prayers while the religion states that maghrib is three rakkah.

Or fasting every Friday.

Or just any other act of worship that is invented where it is obviously not in the tenets of Islam.


It would be misinforming the public to bring a picture like the one you uploaded and use it in this context. It is quite obvious that the institution in this case is in OYO state and not even in any northern state. Yoruba's are known for scholarly attributes and are in the forefront of technological innovations. This is encouraged in Islam.

May Allah save us from the enemies of Islam who are out to orchestrate confusion and incite hatred. Ameen

Well said, but I don't just have the time to argue today.

Enjoy!

philip0906:
CBN has reportedly shut down accounts belonging to AbokiFx on the basis of publishing rates as it violates the National Intelligence committee act of 2004.

These are the speculation that drives the US Dollar prices and then ppl profit from it and then come back to shout Emefiele.

lwisee:
Good move, most people sit behind their laptops, check the exchange rate on abokifx before giving you quotations.
The next thing you hear is 'Oga everything is expensive now ooo
Even 1 dollar is now N560 I swear, you can check abokifx'

Government need to shutdown the website as well.

Why is CBN behaving like a thug and having people support it? If there is any violation of regulation or law, the appropriate place to go is the Court. Unilaterally placing embargo on a company's account for publishing forex rates when it is not that the bank accounts are being used for fraud is the height of irresponsibility by CBN and its collaborators. Even embargoes on bank accounts need Court orders!

RodgersAkpafu:

You cannot cheat nature
You cannot cheat economic principles
okay
If e sure for the central bank
Let them make the withdrawal limit 1k USD on our cards
Let's see whether the rates will not drop
Scarcity is the issue here
And no voodoo economics can bring u out of it

I can’t agree more. Like one of my mentor will say, the dollar quagmire can only be solved in the factory.

fineboynl:
Still functioning.

Comrade, block account not the website or app

TimeSpaceWizard:
The Feds created a monster and fed it for decades and it becomes a Draco, and you think closing the bank account of AbokiFX is the best way to kill the Draco?

All you have to do is kill BDC and convert all domiciliary accounts to naira, and pay out all incoming fx in local currency.

Even when you do this, watch out how cryptocurrencies will soar.

In essence, it is not too late but almost too late.

Haha CBN will rather be closed before what you suggested will come to fruition. The powers in the higher places will resist that to their last breath. Besides, that will be an injustice to the dom owners.

CooKeed:


I don't think it is a case of laziness. It is the government that has failed to create an enabling environment.

Let's assume that Nigerians are lazy. Why aren't foreigners coming to Nigeria to establish these business? The truth is this: it is tough to run businesses in Nigeria.

That's where the laziness comes from
And it trickles down
Creating enabling environment takes work

TimeSpaceWizard:


You do not need bdc to import anything. You do not nerd dorm account to import anything. As a matter of fact I am sending a memo to CBN today to consider converting all dorm reserves to naira at CBN rate and closure of all bdc.

You do not need to source for usd to import, it is only in Nigeria you get all these parallel fx system. Simply pay your naira and get the dollars from bank at CBN rate to be paid out.

Having bdc and dorm accts destroyed Nigeria fx sector and must be stopped.

Now everyone is just scamming their way to glory under the pretext of affiliate marketing and importation and manufacturing. I am manufacture 3 products and I have businesses offshore too.

I am not a novice

You are literate by half.

So you just pay your naira into your account and it magically converts to USD?

The person you quoted did a good job of explaining in lay man terms yet you are still adamant with these your iya Sadia analysis?

DuduParaPara:
E don set.

But will this stop the free fall of the naira?

So how then do we know the price to negotiate with aboki on the street?

Since CBN has decided to be unfortunate by refusing to be transparent?

Binance P2P bruh!

Please, just ignore him. He doesn't know what he is saying. Some are just proud to admit when they are wrong.

jjman2322:



Brother, as someone who has pending bills in the bank for 5 months, you dont know what youre saying..

Call your bank now, say you want to import some raw material and the bill is $200,000.. see what they tell you. LOL

NIGERIA DOESNT HAVE ENOUGH DOLLARS!! The banks cant fund imports.. simple.. I have a bill in the bank for 5 months now, the amount is around $220,000, they have only given around $28,000 so far... Don't say what you dont know... if there was enough USD from banks at 410 why would prices of goods change... You mfg 3 items, why has your raw material cost gone up

As a manufacturer you should know that LCs and bills for collection for your imports for raw materials, machineries, and spares are not being funded..

RodgersAkpafu:

That's where the laziness comes from
And it trickles down
Creating enabling environment takes work

I absolutely agree with you.

property123:
I am cool with this decision. That site manipulate FX rates. Someone wakes up and click on the site and tells me that is the rate he will work with. Majority of FX buyers or sellers are speculators waiting to reap massive IRO at the detriment of the overall good of the economy. The black market needs to be eliminated by any means.

But how do we eliminate black market when we can’t walk into the bank and get dollar or Chinese RMB or eDollar over the counter?

What’s available is Form Q and A. The payment schedule for these options is so unreliable. If you have a bill to settle next week, that might be difficult through Form Q because you need to have Form M to access Form Q.

lwisee:
Good move, most people sit behind their laptops, check the exchange rate on abokifx before giving you quotations.
The next thing you hear is 'Oga everything is expensive now ooo
Even 1 dollar is now N560 I swear, you can check abokifx'

Government need to shutdown the website as well.

Lol.. Spot on. I'm guilty of this too

jjman2322:



This is why a good business school is needed in Nigeria.. People dont understand Economics 101

First of all, CBN official rate is like 410, so converting any FX inflow to naira means you will get it at 410... Now let me ask you, your uncle in USA has $10,000 for you. Will you tell him to wire the $10,000 to nigeria for N4,100,000, or will you find a third party who needs to pay his supplier in China,India, and sell it to him for 550 (N5,500,000) ? This is whats basically happening.

As someone in the manufacturing, let me try and explain whats going on. There is severe shortage of USD. Lets assume you need raw materials worth $500,000 for the month, you may be lucky to get $5,000 in a month from your bank/cbn (through LC OR BILL FOR COLLECTION), so you now have to go to blackmarket for the rest.

Abokifx just publishes prevailing rate.. Abokifx is irrelevant when it comes to demand and supply.. Im too tired to explain more, but the solution is simple.. CBN needs to provide more USD to the big companies who need it, and the black market price (REAL DOLLAR PRICE) will drop..

The reason why goods are going up in prices (TV, PHONE, AC, FOOD, etc), even though officially dollar is 410, is because NOBODY IS GETTING 410, or even when they do its minimal.. Yes you can get PTA (Travel allowance) from your bank, but thats only like $4000.

The real problem is when as a manufacturer you need $1m.. Good luck getting that in 10 years....

There is real demand for USD from local companies here for at least $500M a day, and CBN is barely giving 10% of that.. See the problem

How much do you think NESTLE spends daily on USD, or Nigerian breweries... Quick example, indomie is made with tapioca starch, Potasium & sodium carbonate, sodium tripolyphosphate, riboflavin which are imported.. They must probably use $millions weekly just for import... So they go to black market = price jump in finished product... Hope i made some sense..

You finished work Boss!!!

alizma:

You don't know how their action can work against the CBN measures to bring the rate down.
About 80% of the people using the black market get information on the rate from their site, now that BDC has been stopped, it is illegal for them to continue to post rate for the business they are not allowed to run again but unfortunately this guys can use their platform to create artificial rise in the rate which will eventually create rush among the buyers and before you know it, the artificial rate becomes the actual rate on the street (black market).
The only rate that should be publish is the bank rate, whatever you get your own outside is your own business which you can share as an individual but not as an organized body.

na wa ooo ... pls write from an informed position .Aboki FX only report what the market is doing in a day and I can tell you they are even miles behind when it comes to giving you updates on rates . ( there are other sites that give updates as the rate fluctuates on the go ) If you are in lagos I will take you the the district on broad street that determines the movement of parallel market rates in this country . It’s a case of demand and supply right in that small avenue in lagos island that cascades to other regions before Aboki Fx even takes the average ( cause what they post is just a bandwidth to guide you that is not a direct player in the market )

jjman2322:



This is why a good business school is needed in Nigeria.. People dont understand Economics 101

First of all, CBN official rate is like 410, so converting any FX inflow to naira means you will get it at 410... Now let me ask you, your uncle in USA has $10,000 for you. Will you tell him to wire the $10,000 to nigeria for N4,100,000, or will you find a third party who needs to pay his supplier in China,India, and sell it to him for 550 (N5,500,000) ? This is whats basically happening.

As someone in the manufacturing, let me try and explain whats going on. There is severe shortage of USD. Lets assume you need raw materials worth $500,000 for the month, you may be lucky to get $5,000 in a month from your bank/cbn (through LC OR BILL FOR COLLECTION), so you now have to go to blackmarket for the rest.

Abokifx just publishes prevailing rate.. Abokifx is irrelevant when it comes to demand and supply.. Im too tired to explain more, but the solution is simple.. CBN needs to provide more USD to the big companies who need it, and the black market price (REAL DOLLAR PRICE) will drop..

The reason why goods are going up in prices (TV, PHONE, AC, FOOD, etc), even though officially dollar is 410, is because NOBODY IS GETTING 410, or even when they do its minimal.. Yes you can get PTA (Travel allowance) from your bank, but thats only like $4000.

The real problem is when as a manufacturer you need $1m.. Good luck getting that in 10 years....

There is real demand for USD from local companies here for at least $500M a day, and CBN is barely giving 10% of that.. See the problem

How much do you think NESTLE spends daily on USD, or Nigerian breweries... Quick example, indomie is made with tapioca starch, Potasium & sodium carbonate, sodium tripolyphosphate, riboflavin which are imported.. They must probably use $millions weekly just for import... So they go to black market = price jump in finished product... Hope i made some sense..

brilliant post.
My problem with this whole chess-like approach to the dollar problem is the useless and vision less leader we posses from community to kingdom to LG to state to Federal level.
Some months back, we read how cocoa due for export were rotting away at the port. If oil isn't seeking as much as it used to and there is acute forex shortage, is it bad if certain channels that can fetch this same forex are unyoked from our regular corruption? The govt is too conscious of who prospers from every move in their attempt at brindging the poverty gap by making the middle-class poorer. I am sure that cocoa wouldn't have been stuck in the port for months if it was kolanuts from Kano or Cotton from Jigawa. Same analogy is applicable for cows vs crops. Power is as unstable as ever. What did the FG expect when thye dashed sudden funds out as questionable pallaitives? People use easy money to buy mostly foreign good and in turn choke the forex market with borrowed money that's being shared. It is economics inspired by dark forces projecting thoughts into people's head.

grandstar:


Are you for real? The CBN is doing a lousy job, hence the Naira's fall. What we are witnessing is a classic case of "market failure". The website is simply publishing the statistics but unknowingly exposing the incompetence of Buhari and his puppet CBN governor.

The Naira's current free fall isn't rocket science. The government barred the BDC from getting forex. Now, all buyers must go through the banks. People who bought from the BDC got it instantly.

Now to get through the banks, it take 4-5 weeks and that's what's putting pressure on the currency. The artificial scarcity of Forex caused by this policy is why the Naira is on a free fall. I already predicted this would when the policy was introduced.

What’s the way forward for businesses?

Only accept USD payments?

How low do you think Naira may fall?

We are currently calculating price of service for this week and next at 600 per usd.

It’s tough!

I wish I had the time to type. But since the CBN closed the BDC markets, their deals become illegal. All was Abokifx is doing is churn out an artificial market rate. He just sits inflates the price and he creates an artificial rate, the market grabs it. 80% of the people depends on this site for exchange rate even the multinational companies while the only acceptable rate ought to be the CBN..

Which of the multiple CBN rates sir? The one subsidized to their cronies and sold to ordinary Nigerians at premium?

Mtcheew Forget it Nigeria is gone let them allow us buy dollar directly from the banks

jjman2322:



This is why a good business school is needed in Nigeria.. People dont understand Economics 101

First of all, CBN official rate is like 410, so converting any FX inflow to naira means you will get it at 410... Now let me ask you, your uncle in USA has $10,000 for you. Will you tell him to wire the $10,000 to nigeria for N4,100,000, or will you find a third party who needs to pay his supplier in China,India, and sell it to him for 550 (N5,500,000) ? This is whats basically happening.

As someone in the manufacturing, let me try and explain whats going on. There is severe shortage of USD. Lets assume you need raw materials worth $500,000 for the month, you may be lucky to get $5,000 in a month from your bank/cbn (through LC OR BILL FOR COLLECTION), so you now have to go to blackmarket for the rest.

Abokifx just publishes prevailing rate.. Abokifx is irrelevant when it comes to demand and supply.. Im too tired to explain more, but the solution is simple.. CBN needs to provide more USD to the big companies who need it, and the black market price (REAL DOLLAR PRICE) will drop..

The reason why goods are going up in prices (TV, PHONE, AC, FOOD, etc), even though officially dollar is 410, is because NOBODY IS GETTING 410, or even when they do its minimal.. Yes you can get PTA (Travel allowance) from your bank, but thats only like $4000.

The real problem is when as a manufacturer you need $1m.. Good luck getting that in 10 years....

There is real demand for USD from local companies here for at least $500M a day, and CBN is barely giving 10% of that.. See the problem

How much do you think NESTLE spends daily on USD, or Nigerian breweries... Quick example, indomie is made with tapioca starch, Potasium & sodium carbonate, sodium tripolyphosphate, riboflavin which are imported.. They must probably use $millions weekly just for import... So they go to black market = price jump in finished product... Hope i made some sense..

You have done well with the above explanation. And for the people blaming aboki, so if Aboki publishes on their site that you can buy $ at the rate of 250Naira, you will then go to the market and get it for that price? Just because Aboki has published it at that rate? It is the market that decides the price of Naira to $

Denn:


You are literate by half.

So you just pay your naira into your account and it magically converts to USD?

The person you quoted did a good job of explaining in lay man terms yet you are still adamant with these your iya Sadia analysis?

That guy is clearly irredeemable. Lool

Why

Denn:


You are literate by half.

So you just pay your naira into your account and it magically converts to USD?

The person you quoted did a good job of explaining in lay man terms yet you are still adamant with these your iya Sadia analysis?

Keep your dirty mouth shut. You guys are so wired to a financial system that is designed for fraud. Nigeria fx system is a fraudulent system. I have a US company and I use that to make payments for imports and its shipped into Nigeria. Why should I depend on a fraudulent system to actuate my destiny?

The person explaining there is suffering alongside you all that have to go through understand a stupid system in order to survive when he can simply incorporate a US company and do businesses in better economies.

I do not know why you guys are primarily Ape-like.

4gunners:
Haha CBN will rather be closed before what you suggested will come to fruition. The powers in the higher places will resist that to their last breath. Besides, that will be an injustice to the dom owners.

Then you all will continue to lament. You prefer to have dorm account and buy dollars and store there but you forget that dollars' value is accelerating upwards because everyone is storing up dollars.

Then you want the aboki bdc fx system in place for you to continue the round tripping, but you want import to be easy cos your currency is not accepted due to its volatility.

Seems you all are too smart to understand that you are the cause of your own problems.

When you have Naira in your account and you instruct your bank to pay in dollars, will your bank move your Naira into the account of your supplier or it dollar equivalent?
Now, say you need 200k dollars to import materials, you have the naira equivalent in your account but your bank can only release 50k dollars at the moment. What happens to you? You need to wait till your bank can release more dollars to be sent to your suppliers. Now tell me the business man that will not find a way to bypass the bank and source for dollars himself.

Thing is, Nigeria importing fuel consumes a lot of available dollars and fuel happens to be a priority. That means other businesses need to sort themselves out or wait forever for the bank to handle their bill.

No one wants to go source for dollars, the current crisis doesn't favour manufacturers and the consumers but they dont have a choice.

TimeSpaceWizard:


You are not crazy, you are silly.

The parallel FX system in Nigeria has birthed too many complexities and all you do is restore the default system as all other countries do.

Do you need to buy dollars and put in your dorm acct before exporting, Only in Nigeria. But that's total bullshit.

When you close all dorm accts and allow naira to be converted at CBN rates via different trade instruments it will be exactly how other countries trade.

For now, you must continue to lament.

folks4luv:
When you have Naira in your account and you instruct your bank to pay in dollars, will your bank move your Naira into the account of your supplier or it dollar equivalent?
Now, say you need 200k dollars to import materials, you have the naira equivalent in your account but your bank can only release 50k dollars at the moment. What happens to you? You need to wait till your bank can release more dollars to be sent to your suppliers. Now tell me the business man that will not find a way to bypass the bank and source for dollars himself.

Thing is, Nigeria importing fuel consumes a lot of available dollars and fuel happens to be a priority. That means other businesses need to sort themselves out or wait forever for the bank to handle their bill.

No one wants to go source for dollars, the current crisis doesn't favour manufacturers and the consumers but they dont have a choice.

Incorporate your business in the US and have an account here for your purchases and bypass use of Nigeria banks.

philip0906:
CBN has reportedly shut down accounts belonging to AbokiFx on the basis of publishing rates as it violates the National Intelligence committee act of 2004.

the website is not helping Nigerian but those in diaspora,they will quote you aboki fx instead of official amount

Solatium:



I have full understanding of everything you stated even before you itemized them.
i was only looking for something that i don't know unfortunately you did not state anything new sir,i am not being arrogant here.
but let me make few corrections to some of the things you said.

1...
Oil prices is not falling, it's actually going up,it was around $75 PB about 24hrs ago.



2... i agree we don't earn enough to balance our trading sheet and we can never earn enough,do you know why?
Remittance from abroad are routed through black market because you get a higher exchange figure when you do sell to them,that singular act alone has wiped off about 40% of your forex from the system,the remaining ones have to come from what is declared legally and whatever most people get from the legal means are divided into 2 and a part sold for profit at the black market while the rest is used for intending purpose,what do you think will happen when we do such? where will the replacement comes from if we all go to the black market to sell? of course you will go to the same black market to buy at any rate when you need them. we are all involved in these .


3.... You can not even have enough dollar in circulation even if our legal tender is American Dollar,it's simple economic term,the more currency you have in circulation the higher your inflammation,we do not even have enough naira to spend at every giving time.
Your o level economic subject an answer that when you flip to that page that talks about how you control excess liquidity which part of (a) OMO open market operations (b) Stock trading (c) withdrawal of cash from circulation and what have you.


I can tell you for free that their is no way your forex needs will keep jumping exponentially every week when the population remain almost the same within the same period.

Speculators which Black market and Abokifx belongs to that category are the major problem

Aboki FX have done nothing to you oga, all the point you tried to make does not add up.

The fact that when you sell your $ to the banks at the official rate they (Banks )turn around and sell it to BDC operators at black market rate, this I have seen. So whose fooling who? The government should go after the banks and BDC or tell us exactly why they are after abokifx

kennymotors:
the website is not helping Nigerian but those in diaspora,they will quote you aboki fx instead of official amount

If they cant tell us how they will stop the banks from selling to BDC at black market rate, they (aboki fx) have not done anything but help Nigerians in diaspora get the best out of their sweat.