SeaTrade:
I understand your point,you wanna make aboki obsolete.Very superior argument and I endorse this.
But then again,pushing the rates up to the aboki figure is called devaluation.
Foreign investors both in Nigerian stocks and some real sectors will lose confidence in Nigeria and want to cut their losses and pull out their cash at once!
How do you think the CBN can manage that?
So why lose all that just because you are chasing away some group of abokis?

The big players like the foreign investors, Dangote, oil majors will still have access to dollar via the I&E window at CBN.

owagbeba:


The big players like the foreign investors, Dangote, oil majors will still have access to dollar via the I&E window at CBN.

Then this has just created the biggest possible round tripping cartel you say you wanna eliminate and this time it'll be worse because these are people with enough naira to buy a lot of dollars for arbitrage purposes.
No one passes over a chance to make a quick huge buck ,multinational or not.
What they will do is to sell to aboki slightly lower than what your "CBN aboki segment" will sell,hence bringing aboki back full time into the streets and back in business Because the gaps will be too wide,hence a lot of rooms for them to discount to aboki and still have their arbitrage profitable.

SeaTrade:
Then this has just created the biggest possible round tripping cartel you say you wanna eliminate and this time it'll be worse because these are people with enough naira to buy a lot of dollars for arbitrage purposes.
No one passes over a chance to make a quick huge buck ,multinational or not.
What they will do is to sell to aboki slightly lower than what your "CBN aboki segment" will sell,hence bringing aboki back full time into the streets and back in business Because the gaps will be too wide,hence a lot of rooms for them to discount to aboki and still have their arbitrage profitable.

That’s true... I never thought these big wigs like Dangote and oil majors may do a round trip on fx bought at I&E window.

Won’t it be easier for CBN to checkmate these big wigs by making it a requirement they provide exchange control documents for fx bought at I&E rate before they can access new fx funds at I&E window. Just the way they are currently doing under the Form Q scheme.



Again, do you think the likes of Dangote and oil majors may sell to Aboki for profit? I think these companies are already made, no need for filthy lucre.

owagbeba:


That’s true... I never thought these big wigs like Dangote and oil majors may do a round trip on fx bought at I&E window.

Won’t it be easier for CBN to checkmate these big wigs by making it a requirement they provide exchange control documents for fx bought at I&E rate before they can access new fx funds at I&E window. Just the way they are currently doing under the Form Q scheme.



Again, do you think the likes of Dangote and oil majors may sell to Aboki for profit? I think these companies are already made, no need for filthy lucre.

All these big companies na them dey do filthy things pass.
Is multichoice not in soup now for evading over $20B as tax evaded from the Nigeria government?
What of banks that are hoarding dollars and selling to Aboki?
Abi one oil trading major that was caught buying Nigeria stolen crude?
These are the filthiest creatures you can ever find on the surface of the earth,all these multinationals.
Even if you ask for documentation,they will give you na.Aren't they making purchases after all?
All they need to do is pad the sum of the invoice they wanna purchase overseas and go there to ask for a refund,and since it is a big company that is making the purchase,oyibo won't hesitate to give them their excess funds abroad which they will later sell to aboki. .
Very hard and brain racking thing.

SeaTrade:
All these big companies na them dey do filthy things pass.
Is multichoice not in soup now for evading over $20B as tax evaded from the Nigeria government?
What of banks that are hoarding dollars and selling to Aboki?
Abi one oil trading major that was caught buying Nigeria stolen crude?
These are the filthiest creatures you can ever find on the surface of the earth,all these multinationals.
Even if you ask for documentation,they will give you na.Aren't they making purchases after all?
All they need to do is pad the sum of the invoice they wanna purchase overseas and go there to ask for a refund,and since it is a big company that is making the purchase,oyibo won't hesitate to give them their excess funds abroad which they will later sell to aboki. .
Very hard and brain racking thing.

Na wow! I give up.

Ok seatrade, I am going out for a road walk.
Nice having this discussion with you. I wish we had more guys like you on this platform. You made my morning

Many thanks

owagbeba:


Na wow! I give up.

Ok seatrade, I am going out for a road walk.
Nice having this discussion with you. I wish we had more guys like you on this platform. You made my morning

Many thanks

Was great talking to you too,
Take care man.

SeaTrade:

-To actually help that country's manufacturing sector and industry grow.No one wants its country to be a dumping ground for finished products from other places,especially in 3rd world countries that really need industries to grow.
-Limiting it is because they don’t even have that much dollar to begin with and also Nigeria debt in dollars is very huge right now,so no room for unnecessary dollar expenses.
-Seme border closure was for same reason as my first point,grow local industry.
That place is used to smuggle all sorts of things into Nigeria,with Nigeria making almost zero revenue from it.
You can't pay Duty in Cotonou and not pay anything to Nigeria,no Country will let you do that.

How can the local industry grow when there are is no constant electricity and manufacturers have to rely on diesel generators to generate electricity for themselves?

How can the local industry grow when there are no good roads to transport the finished goods from the factory to the end user?

How can the local industry grow when you have to bribe police and agbero at every checkpoint before you get to your location?

How can the local industry grow when you have to bribe your way through every necessary process?

How can the local industry grown when it is cheaper to import than manufacture finished products?

There are more internal issues that need to be resolved first before you can expect any growth in the local industry. Banning and limiting is basically putting the cart before the horse.

Datedoboy:
Are people not financing terrorism or siphoning money through banks? You need to understand what is going on here. It's like Nigerian government saying that we don't have the capacity to build refineries. Some guys in Niger Delta started refining crude and they were arrested. Why? The government said they were operating illegal refineries. I saw that statement and I was happy. You know why? They used the word illegal refineries. So why not legalize it for those guys by giving them licences since they don't have money to legalize it. After all said and done I saw that Nigerian government is out to fraustrate the youths of these country cos dey see us as a threat to their shady practices. When u are looking for loan for a small business nobody will give u but wen u gather some little amount to start small the government will fraustrate u with policies that will make you run back to poverty. Last time I checked, they said they cannot name sponsors of terrorism in Nigeria but Emefiele can close accounts of protesters who want a good society for their unborn children.

Who says the government doesn't know what it's doing?


They know what they are doing



They are making it worse everyday

HellVictorinho:



Who says the government doesn't know what it's doing?


They know what they are doing



They are making it worse everyday

Exactly. They are perfectly okay knowing things are getting worse as long as their kids school on the UK and they can fly there anything they feel pain in their ears

Isaacmacdon:



Sense Is far from you.

you think its close to you who can't be civil in your comment?

Buckeyemedia1:
Only a Mumu will exchange his forex in a bank, but how would you know, what business do you have with foreign exchange? When last did you hold a foreign currency? Just to be wailing upandan.

Don’t know much about this exchange of a thing please enlighten me why is it that it’s mumu that exchange forex with bank, is there any downside to it cause I intend buying some pounds soon

rhames:
The policy or law that empowers the government employing only bankers to manage the apex bank should be amended to include economists....

What were Soludo and Sanusi?

charlsecy:
What were Soludo and Sanusi?

The laws were changed to bring only people from the banking mafia after Soludos sweeping changes.