But they can't fix anything by deciding or fixing prices. The solution to kill the black market is for them to meet demands, at least 80-90% of it. But then, the forex they have are spent on importing fuel and others on corruption, little left to meet other legitimate needs.

alexvic12:
Then this is a welcome step to solve the problem that they "created", right?

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.

Are the BDC operators not licensed by the same CBN? Was it not some months earlier that same CBN Governor was distributing BDC Licenses reportedly to politicians?

After raising the licensing fees for the BDCs and supplying them dollars for years, the CBN now wants to do away with them despite realising that a large volume of Forex transactions go through these same BDCs even for legitimate purposes?

It is understandable that simple economics will lead to increase in exchange rate by the BDCs from having to source scarce dollars through various avenues.

Those suggesting BDCs should be wiped out, have you considered the economic impact of their sudden wipeout without addressing the circumstances that led to their existence in the first place?

upengineer:
The last time I checked, www.abokifx.com is a privately owned website and the owner of the page usually put an addendum at the bottom of the page. I never heard that he forced anyone to accept his rate. Why is CBN blaming him. Most of the street sellers don't know who abokifx.com is. It is not only abokifx.com that gives rates, there are other websites too that displays exchange rate, Why is CBN governor engaging only abokifx.com. CBN governor should come up with a better way of handling the situation

Emefiele is very uncivilized. Technologically unexposed. I noticed he must have been a man devoted to eye service before he became the Zenith Bank MD. We all saw him taking instructions from the Presidency Cabal few years back. Some years back, I always discuss with some people working at his filling station (formerly NNPC, changed to NIPCO few months ago ) at Lagos / Ibadan expressway to know more about his personality.

What has AbokiFX got to do with naira exchange rate in the black market ? There are so many online platforms doing exchange rate speculation after they might have gathered details information from the streets.

Emefiele has only popularized AbokiFX. Most black market dealers and people don't even know AbokiFX. Online, you can get an overview of the black market rate even without AbokiFX.

It is impossible to buy dollars at the banks. Rather than working on the economy, he is fighting a website owner and BDCs.

Emefiele is just looking for those to blame for the poor mismanagement of the Nigerian economy.

He is not very intelligent. He is just lucky. CBN governor sir, if AbokiFX publish 1 naira to 1 dollar on her website for one year will that make the price of naira equal to dollar?

Before you know it now, Nigerian government will tell Abokifx to go and register to CAC,. Confusion government.

All this na big grammar what we need is someone with common sense

Jerryherd:




Only economist should head CBN, Emefiele is just a misfit for the Job as a professional banker

Policy formulation at CBN level is far more powerful than what a banker can handle, a seasoned Economist is needed


.

Bornsinner7:
I definitely would like to watch the fight

is it physical fight?

folks4luv:
But they can't fix anything by deciding or fixing prices. The solution to kill the black market is for them to meet demands, at least 80-90% of it. But then, the forex they have are spent on importing fuel and others on corruption, little left to meet other legitimate needs.

Meet the forex demands of a country of 200million people? Where even the most basic things are imported? That's impossible.

More like Nigerians should look inward and do more of import substitution with locally available items.

captainamiedi1:


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

I just tire for Nigeria

At first you most likely be full � if I have the opportunity to shot or kill you I will do it. What did you mean by all these day to days policy. You are the Worst Governor ever did you know how hard it is to open a Dom account in Nigeria. You say make will open Dom account, now to open Dom account na problem if you bring 2 referee they say it not approved. Now the bank will tell you the minimum opening balance of Dom account, if you won buy dollar they say, they no d sale dollar.

And if you buy the dollar for Black market they will told you they don't accept dollar deposit.

Nawa oo abeg no put the blame on just a website.

You are still working under big legend Buhari so before you make any policy is think wise anyway if you like chop the country e no consign me.

That's a solution, or say a part of the solution. The problem is bigger than we are seeing and i strongly believe corruption is a big factor. Nigeria is spending lesser forex on food importation but forex is still scarce, more scarce than pre-2015 when we import maize, wheat, milk and others

onegig:


Meet the forex demands of a country of 200million people? Where even the most basic things are imported? That's impossible. Why is it this bad when it should be getting better? CBN knows the solution but they seem to be handicapped. They'll rather chase shadows instead

More like Nigerians should look inward and do more of import substitution with locally available items.

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.

You no sabi anything

Swealy:


https://ratecaptain.com/2021/09/17/cbn-confronts-aboki-fx-on-live-tv-says-come-out-and-fight/

... Bull jivin'.

GeorgeTheCoder:


I see your point but EVERY market has speculators and if indeed they exist in Nigeria we are no different. The test of whether AbokiFx is the cause of the nairas collapse will be seen in a few weeks. They have ceased operations, I wait to see who Meffy will blame if the slide continues.

Dats when we go go borrow hands and cane to come slap human beings naaaaa

captainamiedi1:
You guys are mad or something. Do you know the stress to open a dom account in Nigeria?? Why do I need 2 reference to open dom account in the first place?? Pls review your policies. Why do I need to spend hours to days b4 I can get a f**king dom account??. My colleagues in other countries didn't even sweat to open one but here in Nigeria is madness

Emefiele may wake up one day and convert all the dollars in Don accounts to Naira with the way he's going.

JubrinElSudan:
Emefiele may wake up one day and convert all the dollars in Don accounts to Naira with the way he's going.

Hahaha I can't stop laughing. The seems confused and Buhari seems to be comfortable with him

captainamiedi1:
You guys are mad or something. Do you know the stress to open a dom account in Nigeria?? Why do I need 2 reference to open dom account in the first place?? Pls review your policies. Why do I need to spend hours to days b4 I can get a f**king dom account??. My colleagues in other countries didn't even sweat to open one but here in Nigeria is madness

Lol!

Dom accounts are like full fledged current accounts. That’s why you require references.
If you open any without references, there will be restrictions on the account. Or you may have limited features on the account.

“If you don’t create an arbitrage opportunity in foreign exchange market, how do you create corruption there? So, I think we need to look at the structures and processes and make sure we eliminate the avenues and incentives for people to be corrupt.”

..Lamido Sanusi, 2nd of October 2021