Imustreturn:
one of my references was rejected. You see this hopeless people? I had to look for another reference today and went back to submit. Which am praying it will come out positive

they reject the two i brought. but i quickly use aboki africa take collect my money with little charges. Before person wen get money come they live like poor man simply of some dead policies

True.
That's why I said we have to fight our greed first!

justmondris:

And where do your think those northerners are getting their dollar supplies from? They have high profile politicians that are into supplying them dollars directly from this same CBN.

Our leaders are jokers. Even if they completely banned the buying and selling of USD (Legally and Illegally), with this high level of unemployment and poverty, the value of Naira will still continue to fall. The only way to grow Naira is to empower Nigerians to generate more revenue and also consider making 200 or 100 Naira note our highest denomination.

DubaiLandLord1:
I agree with the CBN Governor on this.

You can't just sit down in the UK, speculating about the naira, telling us you're getting data from abokis on the street.

The CBN should treat BDC operators still buying and selling dollars like a terrorist group. Only banks should be in charge of buying and selling of dollars and must be fully monitored by the CBN.

AbokiFX is more or less a "journalist".

He doesn't trade in FX.

It was a struggle getting 620 euros today at the BM. Even with abeg, they sold @ #660 when Aboki FX reported selling @655.
I see the platform as a mirror of the BM rates which should not be seen as a threat if the government is serious about salvaging the naira.
Till we stop becoming an import dependent economy, we shall continue this rat race of volatility.

Mr. CBN, you cannot grow Naira in CBN laboratory. The only way to grow Naira is for government to empower Nigerians to generate more revenue. Eradicating 500 and 1000 Naira notes is also a good thing.

You are fighting a one sided battle. Why are you not fighting the northerners that are hawking dollars in the streets like agege bread?

how can a person successfully manipulate a institution

Make fx available at banks whether abokifx won't go extinct

gambia:
I think CBN got it right on this one

How?

Care to explain?
How us the website manipulating our currency?

CBN is just looking for those to blame for the poor mismanagement of the Nigerian economy by this Current administration. When they where printing Naira for Mr.president to share for states or when Buhari was jumping from one country to another borrowing money, they did not know it will lead to inflation and also cause the value of Naira to fall??

Abokifx and the northerners on the street selling dollars have been operating for years now even before Buhari was appointed and Naira did not fall like a fool. Why is Naira now falling like a fool under this current administration and the leadership of the CBN governor?
Food for thought

Truthissupreme:
You are really naive if you believe buhari would hurt Northern businesses

If the country can suffer because of bandit business, fulani terrorists business Abokey dollar won't be different

After all how would jihad continue without them

But the owner of Aboki FX is a Yoruba man, is it because Aboki is the name of the company that you think is owning by Northerner? One thing I understand is that a bad person is a bad person no matter his tribe.

If CBN can make FX available all dis abokifx go run comot from BDC. They cannot be regulating Nigeria currency. Only cbn can be doing that

alexvic12:
The truth is that BDCs are partially responsible for the free naira fall.

People go to these websites and get quotes for FX (remember that anybody can just write a figure on their website and others will copy it).

How can the dollar to naira increase by over N50 within a week and we say people are not manipulating the figures?

Nigerians are just after quick gains!

Go to Binance P2P, those guys keep updating new prices every day.

Where do they get their quotes from? Is there a particular official channel that announces the quotes for the day?

If yes, why are they not following the official CBN rates?


Let's be honest!

CBN set a rate, BDCs increased it.
Nigerians go along with it and turn around to insult the CBN for the free naira fall.

Tell your relatives, friends, and colleagues who are into BDC to stop increasing the rate anyhow.

Let's stick to the official rates.


P.S: Before you jump to insult me, have you wondered why these BDCs (and P2P) buy high and sell low?

For example, someone buys dollars at N480 and sells to someone else at N500.

Where is the conscience? Dead!

Stick to the official rates!

Stick to the official rates ? How? When there is a scarcity of dollars?

When there is fuel scarcity, the fuel black market thrives.

When there is scarcity of dollars, the black market thrives. No official rate won't change that.

The parity between the official rate and Black market wasn't much before this administration came into power.

I remember when CBN admitted that they spend billions of naira defending the exchange rate every month instead of floating it to the actual price.

Ex CBN governor Lamido Sanusi condemned them for this. He said he could make money easily by buying dollars low from the CBN and selling it at the actual rate

AbokiFX should apologise and just post $1= 1 naira so that the naira can get back to its original value since they are blaming abokifx for holding naira's destiny���

overseasnbeyond:
why you no go agree, since you no get work

Support criminals because he is from your tribe. Bastard.

CBN should shut the hell up. FG should close it's face in shame. Which nonsense fire-brigade approach is this. When the idea of diversifying the Economy was flying around, they pretended and paid lip service to it. Now see us. Chasing start ups that have seen our problems and found ways to grow themselves by providing us with 20% of the solution.

ElectronicMoney:


He didn't mean it literally

Okay, I get the twist.


By the way, can I tap from your electronic money?

DubaiLandLord1:
I agree with the CBN Governor on this.

You can't just sit down in the UK, speculating about the naira, telling us you're getting data from abokis on the street.

The CBN should treat BDC operators still buying and selling dollars like a terrorist group. Only banks should be in charge of buying and selling of dollars and must be fully monitored by the CBN.

Oga,
The CBN governor has mismanaged the forex market and you're supporting it. The governor is simply shooting the messenger rather than accept the message. I'm not surprised at the downward spiral the Naira is going. It is due to mismanagement.

As long as the CBN refuses to allow the Naira to react to market forces, the mess in the market will continue. As long as an economically illiterate president continues to guide forex policies, the "child confusion" plaguing the exchange rate will fester.

DubaiLandLord1:
I agree with the CBN Governor on this.

You can't just sit down in the UK, speculating about the naira, telling us you're getting data from abokis on the street.

The CBN should treat BDC operators still buying and selling dollars like a terrorist group. Only banks should be in charge of buying and selling of dollars and must be fully monitored by the CBN.

Rubbish, why did CBN not go and arrest all the real Aboiki fx on the streets, markets, Hotels in Nigeria that are the true black market, it is digital Abokifx he saw to attack?

grandstar:


Oga,
The CBN governor has mismanaged the forex market and you're supporting it. The governor is simply shooting the messenger rather than accept the message. I'm not surprised at the downward spiral the Naira is going. It is due to mismanagement.

As long as the CBN refuses to allow the Naira to react to market forces, the mess in the market will continue. As long as an economically illiterate president continues to guide forex policies, the "child confusion" plaguing the exchange rate will fester.

What concerns President Buhari? If it was an Hausa Fulani man that was the CBN Governor, the abuses would have been out of this world, your Delta State Brother has failed, yet you choose to behave like an ostrich & hide your head in the sands of shame? Monetary policy is the sole jurisdiction of the Central Bank.

GeorgeTheCoder:


Seun should make serious attempts restrain stupid people like the one above from commenting on his forum.

How on earth can AbokiFx be the problem ?

Not Boko haram and terrorism, not a mannequin leader who rarely addresses the nation, not a an absentee finance minister, not reduced inflow of investment, not increasing poverty, not a customs service that is out of control, not the lack of an economic team or clear policy direction, not arbitrary borrowing without end to build railways to economically dead countries ...

Not all those, but AbokiFx - a website run from London that almost nobody outside tech and a few dealers has heard of.
The naira is collapsing because Buhari's team is incompetent. Period

Give this man a crate of beer!!!

You are a saboteur this boy Godwin. You are not fit to be the governor of CBN. You and your boss have destroyed the Nigerian economy. Shame on you

If a good percentage of people are using abokifx to guide them when they want to buy and sell forex, then yes, abokifx is contributing to the fall of the naira, if indeed they're manipulating the rates.

gurunlocker:


Be like say everyone don dey useless... Come out, let's fight?

Abokifx if not your problem, stopping them won't change anything. All those absurd policies are not working and you are blaming abokifx. Blame the failure of an administrative instead.

Naira is doing a free fall currently, less than 2 weeks ago, it was 539 and today, it's 572!

gambia:
I think CBN got it right on this one

CBN is wrong.

The free fall of the market is due to market failure.

The government banned the sale of dollars to BDC. When people went to the BDC, they got dollars instantly.

Now, you have to wait for 4-5 weeks through the banks. That has led to artificial scarcity and that's what is causing the freefall.

You read about the alleged offences of abokifx owner Oniwinde Here
https://nairametrics.com/2021/09/17/mr-oniwinde-the-owner-of-abokifx-is-an-illegal-fx-dealer-emefiele/

Ade3131:
You guys need to know that BDCs are licensed operators and not just some scaliwag dealers. Some banks have BDC registered as subsidiaries....

I need to understand the rationale for the ban of AbokiFX b'cuz we're yet to hear his real offence. Was it that he now buys and sells FX illegally?

Or his offence is that he owns a platform that reports the value of Naira against foreign currencies on the parallel market?

I know the government will be sued again and as usual, the government will be made to pay for damages.

Yes these black marketers are the problem of forex ecchange. You will meet an aboki and he will start negotiating.
Dollar exchange rate is suppose to be a fixed price , not something to negotiate. All countries i have visited. you see the exchange rate on a screen. But for naija everything them go wan use am scam u. useless people

angelfallz:
If a good percentage of people are using abokifx to guide them when they want to buy and sell forex, then yes, abokifx is contributing to the fall of the naira, if indeed they're manipulating the rates.

We will see results in 2 weeks... Please don't forget to come back.

Buckeyemedia1:
What concerns President Buhari? If it was an Hausa Fulani man that was the CBN Governor, the abuses would have been out of this world, your Delta State Brother has failed, yet you choose to behave like an ostrich & hide your head in the sands of shame? Monetary policy is the sole jurisdiction of the Central Bank.

I wish I could side with you but can't.

The present failed forex policies commenced the same time Buhari ascended office. He has said he does not believe in devaluation and that singular statement explains why the forex market is a mess.

Buhari, a man with zero knowledge of economics is guiding forex policy

henryobinna:
on paper this seems to be the solution but in reality it won't work because the problem is bigger.

See the demand for dollars is higher than what the CBN can supply. If the CBN lifts the limit already placed on the amount of the dollar businesses are allowed to get, the CBN would quickly run out of dollars which would result in a much wores crisis than what we have because there won't be a single dollar. Anyone available would be sold at a premium price.

The reason the CBN doesn't have enough dollars is because the country in general doesn't earn enough dollars. Remember a huge chunk of it is already being used for importation of crude oil products.


Baba the problem is big and it didn't start today. It's a result of the decades long mishandling of the economy.

You couldn't have said it better.

GeorgeTheCoder:


Seun should make serious attempts restrain stupid people like the one above from commenting on his forum.

How on earth can AbokiFx be the problem ?

Not Boko haram and terrorism, not a mannequin leader who rarely addresses the nation, not a an absentee finance minister, not reduced inflow of investment, not increasing poverty, not a customs service that is out of control, not the lack of an economic team or clear policy direction, not arbitrary borrowing without end to build railways to economically dead countries ...

Not all those, but AbokiFx - a website run from London that almost nobody outside tech and a few dealers has heard of.
The naira is collapsing because Buhari's team is incompetent. Period

Bro, you don't actually understand how this thing is denting the forex economy......try go Ghana or Togo, you can change money almost around any corner of the street and it's never above 1.00 difference to the bank rate but check out your every profiteering country, someone sits in London, get paid by some people and he just speculates the price of the naira and bammm....some people are cashing out be dat and all corners hike their prices yet CBN rate no gree change and even the so-called commercial banks because of profiteering will rather wanna follow the speculation. So should that continue without proper regulation?

Imagine you build a hospital, equip and staff it but the government is telling you the amount you are charging for your surgery is too high. Does that make sense to you? If the govt wants to force you to reduce price or kick you out of business it only needs to set up well equipped hospitals and then encourage people to go there for treatment. Same thing here. The CBN knows what to do but will rather use force. CBN can effectively decide price if it can meet the demand of dollars. How do you think anyone can decide the price of a commodity they don't have? CBN created BDC

alexvic12:
The truth is that BDCs are partially responsible for the free naira fall.

People go to these websites and get quotes for FX (remember that anybody can just write a figure on their website and others will copy it).

How can the dollar to naira increase by over N50 within a week and we say people are not manipulating the figures?

Nigerians are just after quick gains!

Go to Binance P2P, those guys keep updating new prices every day.

Where do they get their quotes from? Is there a particular official channel that announces the quotes for the day?

If yes, why are they not following the official CBN rates?


Let's be honest!

CBN set a rate, BDCs increased it.
Nigerians go along with it and turn around to insult the CBN for the free naira fall.

Tell your relatives, friends, and colleagues who are into BDC to stop increasing the rate anyhow.

Let's stick to the official rates.


P.S: Before you jump to insult me, have you wondered why these BDCs (and P2P) buy high and sell low?

For example, someone buys dollars at N480 and sells to someone else at N500.

Where is the conscience? Dead!

Stick to the official rates!

Wait you agree with CBN knowing that CBN gives forex to politicians on a different rate to what a normal person gets and that is if you get from your bank as it's all fro Dangote .

Until the Naria is left for demand and supply to determine the rate we are wasting out time on any fake forex regulations CBN brings out

Thank you for this. A lot of people commenting on this issue do not have a clue how exchange rate mechanism work.

Banning Aboki is not a policy based decision. It is a cosmetic solution to feed the sentiment of people who believe you can regulate exchange rates by trial and error.

CBN has multiple exchange rates, why is that? The CBN is deliberately creating arbitrage to enrich a few people. If CBN really wants the Naira to stabilize, CBN should have a uniform rate across board. The parallel exchange market exits due to arbitrage created by The CBN.
CBN should leave the Naira to float, at some point it will find it's right rate (determined by the market). All these donkey shot and panic approaches will only create more uncertainties and lack of confidence in the Naira. The CBN does not even have enough FX to meet demand, yet it is subsidizing FX for some people. What is the economic sense in that?

Aboki fx suppose put 1 dollar is equal 1 naira make cbn happy small...lol