CBN should abolish the 2 rates and then make the yuan directly available to stabilise the system.

ENGINEERG:
PROBLEMS OF THIS DOLLAR TO NAIRA are:
-Incompetent politicians ruling Nigeria that destroy the economy.

-Bad leadership of CBN that are lost with ideas. They keep doing different policies and non is working. And I don't know why they can't sanction Banks too who are using parralelll rate to determine their bank rate, when official rate is constant.

-Greedy BDC/speculators/ Abokifx that are making millions of naira every day, just to get dollar at a good rate, hoard it, and create scarcity, then increase the value. And make aboki to publish it, then all Nigeria use it as new rate.

SOLUTION TO THIS DOLLAR TO NAIRA are:
- Let any registered business owner be able to get Dollar from any Bank, so parallel market won't have much effect again. It can even be certain amount per month.

-Let China Yuan be in our foreign reserve, so Nigerians can send yuan to China, bypassing the dollar that is not useful for Nigeria and China. Since 70% of importation is from China.

-CBN should have a functional website that everyone can check, than relying on site like Aboki that can be compromised by speculators for their own gain.

Your 2nd point make sense die
But the problem I have is that many Nigerian travel to dollar dominated states and this invariably affects dollar too. What do you think

NAIJA POLICY MAKERS AND COSMETIC SURGERY NA 5 & 6

INSTEAD OF ATTACKING THE MAJOR ISSUES THEY ARE CHASING SHADOWS AND EXPECT A MIRACLE.

Ajiswaggs:
Good move. At least we go hear word small from those people always shouting you don't know dollar don high abi. The Abokifx na criminal, I don't trust his updated rates.

What about Baba Ijebus predictions, should FIFA ban it?

The funny thing in all these matter, is that those in authority know what to do but rather everything blows down to petty politics. Everyone is a MF criminal.

ENGINEERG:
PROBLEMS OF THIS DOLLAR TO NAIRA are:
-Incompetent politicians ruling Nigeria that destroy the economy.

-Bad leadership of CBN that are lost with ideas. They keep doing different policies and non is working. And I don't know why they can't sanction Banks too who are using parralelll rate to determine their bank rate, when official rate is constant.

-Greedy BDC/speculators/ Abokifx that are making millions of naira every day, just to get dollar at a good rate, hoard it, and create scarcity, then increase the value. And make aboki to publish it, then all Nigeria use it as new rate.

SOLUTION TO THIS DOLLAR TO NAIRA are:
- Let any registered business owner be able to get Dollar from any Bank, so parallel market won't have much effect again. It can even be certain amount per month.

-Let China Yuan be in our foreign reserve, so Nigerians can send yuan to China, bypassing the dollar that is not useful for Nigeria and China. Since 70% of importation is from China.

-CBN should have a functional website that everyone can check, than relying on site like Aboki that can be compromised by speculators for their own gain.

AbokiFX has very little influence to impact the freefall the naira is witnessing. It's likened to bLaming one particular Betting agency for the prediction of a football match- CBN should stop chasing shadows.

The FG should lead by example. If too many businesses are chasing the dollar at all cost what does the CBN except?


The FG should be honest with its diversification policy. For now it's a fraud

Check most vital sectors of the economy, they are headed by inexperienced northerners and corrupt proxy put their for political gains. The system was made to fail. They should stop deceiving gullible Nigerians.
For one, Emefele has headed CBN for almost 8 years and it's been one inflation after another. Isn't that a sign of incompetent?

ENGINEERG:
PROBLEMS OF THIS DOLLAR TO NAIRA are:
-Incompetent politicians ruling Nigeria that destroy the economy.

-Bad leadership of CBN that are lost with ideas. They keep doing different policies and non is working. And I don't know why they can't sanction Banks too who are using parralelll rate to determine their bank rate, when official rate is constant.

-Greedy BDC/speculators/ Abokifx that are making millions of naira every day, just to get dollar at a good rate, hoard it, and create scarcity, then increase the value. And make aboki to publish it, then all Nigeria use it as new rate.

SOLUTION TO THIS DOLLAR TO NAIRA are:
- Let any registered business owner be able to get Dollar from any Bank, so parallel market won't have much effect again. It can even be certain amount per month.

-Let China Yuan be in our foreign reserve, so Nigerians can send yuan to China, bypassing the dollar that is not useful for Nigeria and China. Since 70% of importation is from China.

-CBN should have a functional website that everyone can check, than relying on site like Aboki that can be compromised by speculators for their own gain.

just imaging the last time I walk to a bank to open domiciliary account, the banker ask me to withdrew from my account to go get dollars in black market before coming to open the account

ewosk:


Very laughable

You should also ask why do people use black market even when the rate that is high instead of getting at official rate

I understand it’s lack of availability but it’s really depressing to see the constant hike in price

ENGINEERG:

SOLUTION TO THIS DOLLAR TO NAIRA are:
- Let any registered business owner be able to get Dollar from any Bank, so parallel market won't have much effect again. It can even be certain amount per month.

Why do you think your simplistic idea isn't implemented yet?
Because there is shortage of dollar which makes CBN place a limit on the amount it sells.
When businessmen end up buying the balance they need from other sources, CBN starts crying "sabotage and greed".

If you own a business and the dollar you need monthly exceed what CBN can sell to you, what would you do?

Martins9756:
just imaging the last time I walk to a bank to open domiciliary account, the banker ask me to withdrew from my account to go get dollars in black market before coming to open the account

Evenn banks sell their doLLars to Àbokis


Banks and Atm only dispense 1000 and 500 notes

TeLl me, how do the other note find their way into circulation?
CBN should look inward.

bkool7:


What about Baba Ijebus predictions, should FIFA ban it?

Stop using this analogy , it's not being smart.

The devaluation has only brought tears and sorrow since 2015 causing unbridled increment in prices of good and services causing the citizenry untold hardship. It has tragically been a travesty.


The solution to these madness is:

1. Start arresting bank MD and BDC operators and prosecute them for economic sabotage/treason.

2. Completely eliminate black market/BDC

3. Wage war against corruption, combat it the barest minimum.
The CBN and every concerned citizen must understand that the practice of leaders looting our common wealth and laundering the loot (forex) abroad has negative impact and dire consequences for the naira and the economy.

4. Little things/foxes they say spoil the vine. Little things like the High rate of japaing (migrating) abroad to USA & UK, leaders including ordinary people like civil servants sending their kids to study abroad and they themselves go for medical treatment for little health challenge like headache have significant negative impact on the value of the local currency. These things should be checked.

5. There should industrial revolution just like in China. High focus should be placed on relevant technical innovative education like engineering and ICT instead of bogus university education that is theoritical, study is historical in nature, lacks the ability to monetize the knowledge acquired.

6. In fact naija should just copy what China did to develop.

petertamtam6:
Igbo 1:Aboki 0

Oh God heal him for me

FolabiCash:


Stop using this analogy , it's not being smart.

Tell me why?
My analogy is apt.

If you do the right thing you don't have to worry about speculators - especially just one!

They're call speculators for a reason

We have speculators in other countries too.

You can do better

If cbn governor were a northerner ipob miscreants would have been accusing him of implementing northern agenda.

.

Emefiele is just a drowning dog

You blame every other person but you coupled with poor economic policies and let’s not forget the inability to diversify the economy from its dependence on oil!

So now that Abokifx has been shutdown, what’s the exchange rate?

Next thing, they will come after the P2P traders on crypto platforms and accuse them of currency manipulation because P2P rates is not determined by Abokifx… or is it?

A group of thieves reporting to another thief.

joyandfaith:


Yuan?
I prefer yen to yuan. Our reserve should be in yen.

AntiBalaka, APCHaram, RevDesm0ndJuju, MagicBishop, ZombieNation have something to say

Yen is for Japan, Yuan is for China, so he is right

HitRun:


How? I have not understood how they are the problem yet. Abeg explain for me in simple terms.

Those abroad who want to pay something in naira, will always check the abokifx website then send the corresponding value in dollar.

Enyimbamercedes:
Emefiele is just a drowning dog

You blame every other person but you coupled with poor economic policies and let’s not forget the inability to diversify the economy from its dependence on oil!

So now that Abokifx has been shutdown, what’s the exchange rate?

Next thing, they will come after the P2P traders on crypto platforms and accuse them of currency manipulation because P2P rates is not determined by Abokifx… or is it?

Check google front page.

When criminals are in power simple rational solutions like these become an offence.

ENGINEERG:
PROBLEMS OF THIS DOLLAR TO NAIRA are:
-Incompetent politicians ruling Nigeria that destroy the economy.

-Bad leadership of CBN that are lost with ideas. They keep doing different policies and non is working. And I don't know why they can't sanction Banks too who are using parralelll rate to determine their bank rate, when official rate is constant.

-Greedy BDC/speculators/ Abokifx that are making millions of naira every day, just to get dollar at a good rate, hoard it, and create scarcity, then increase the value. And make aboki to publish it, then all Nigeria use it as new rate.

SOLUTION TO THIS DOLLAR TO NAIRA are:
- Let any registered business owner be able to get Dollar from any Bank, so parallel market won't have much effect again. It can even be certain amount per month.

-Let China Yuan be in our foreign reserve, so Nigerians can send yuan to China, bypassing the dollar that is not useful for Nigeria and China. Since 70% of importation is from China.

-CBN should have a functional website that everyone can check, than relying on site like Aboki that can be compromised by speculators for their own gain.

Mikelarteta:
AbokiFx is part of the problem believe me or not but that’s the truth.

Would love to know more about it
Genuine question here. What effect can the likes of abokiforex cause/bring to our naira rates?

ewosk:


Very laughable

You should also ask why do people use black market even when the rate that is high instead of getting at official rate

Good question. Ive asked the same.


The dollar is not available in the banks for easy access. There is a short fall in supply that cannot meet the demand.

PeaceJoyLove:
CBN is just being petty. If you do not want aboki to sell $, start arresting them. How do they still get $ they change. Make it that only banks can give it out. So, why this noise? We know the right thing to do in Nigeria.

AbokiFX has told the governor the truth he needs to hear again which he already knows too. CBN gov is just playing around a game set up by his masters. You know where they are in open markets. You can easily clamp them down. They operate easily there. AbokiFx even told him he asks process in streets. We know the streets. Theybdo it openly. CBN cannot say it doesnt know where they are. Sp, why the useless noise?

The useless noise is Audio noise..

adonainana:


Because its non available to scarce or very limited at the official rate, you cannot walk into a Nigerian bank or CBN office and give them naira and walk out with dollars

Meanwhile people need the dollars to import machinery, raw materials, the phone you are using to type what you are typing was imported using the same dollars,

So semi illiteratee questions like why do people go to the parralel market to source funds you need to avoid asking, we are almost in 2022 please

You misunderstood him. He was being sarcastic

For your last point - Unfortunately, CBN cannot publish parallel market rates on their website. All that would be seen would be the official rates.

ENGINEERG:
PROBLEMS OF THIS DOLLAR TO NAIRA are:
-Incompetent politicians ruling Nigeria that destroy the economy.

-Bad leadership of CBN that are lost with ideas. They keep doing different policies and non is working. And I don't know why they can't sanction Banks too who are using parralelll rate to determine their bank rate, when official rate is constant.

-Greedy BDC/speculators/ Abokifx that are making millions of naira every day, just to get dollar at a good rate, hoard it, and create scarcity, then increase the value. And make aboki to publish it, then all Nigeria use it as new rate.

SOLUTION TO THIS DOLLAR TO NAIRA are:
- Let any registered business owner be able to get Dollar from any Bank, so parallel market won't have much effect again. It can even be certain amount per month.

-Let China Yuan be in our foreign reserve, so Nigerians can send yuan to China, bypassing the dollar that is not useful for Nigeria and China. Since 70% of importation is from China.

-CBN should have a functional website that everyone can check, than relying on site like Aboki that can be compromised by speculators for their own gain.

ENGINEERG:
PROBLEMS OF THIS DOLLAR TO NAIRA are:
-Incompetent politicians ruling Nigeria that destroy the economy.

-Bad leadership of CBN that are lost with ideas. They keep doing different policies and non is working. And I don't know why they can't sanction Banks too who are using parralelll rate to determine their bank rate, when official rate is constant.

-Greedy BDC/speculators/ Abokifx that are making millions of naira every day, just to get dollar at a good rate, hoard it, and create scarcity, then increase the value. And make aboki to publish it, then all Nigeria use it as new rate.

SOLUTION TO THIS DOLLAR TO NAIRA are:
- Let any registered business owner be able to get Dollar from any Bank, so parallel market won't have much effect again. It can even be certain amount per month.

-Let China Yuan be in our foreign reserve, so Nigerians can send yuan to China, bypassing the dollar that is not useful for Nigeria and China. Since 70% of importation is from China.

-CBN should have a functional website that everyone can check, than relying on site like Aboki that can be compromised by speculators for their own gain.

CBN needs someone like you. Very smart way of handling this problem.

Alaigbopress:

Please If I am to buy a product online from a foreign website. At what rate am I buying, parallel market rate or official rate?

Always the official rate.

ENGINEERG:
PROBLEMS OF THIS DOLLAR TO NAIRA are:
-Incompetent politicians ruling Nigeria that destroy the economy.

-Bad leadership of CBN that are lost with ideas. They keep doing different policies and non is working. And I don't know why they can't sanction Banks too who are using parralelll rate to determine their bank rate, when official rate is constant.

-Greedy BDC/speculators/ Abokifx that are making millions of naira every day, just to get dollar at a good rate, hoard it, and create scarcity, then increase the value. And make aboki to publish it, then all Nigeria use it as new rate.

SOLUTION TO THIS DOLLAR TO NAIRA are:
- Let any registered business owner be able to get Dollar from any Bank, so parallel market won't have much effect again. It can even be certain amount per month.

-Let China Yuan be in our foreign reserve, so Nigerians can send yuan to China, bypassing the dollar that is not useful for Nigeria and China. Since 70% of importation is from China.

-CBN should have a functional website that everyone can check, than relying on site like Aboki that can be compromised by speculators for their own gain.

Direct conversion of Naira to Yuan is available at major markets in Lagos. You pay them Naira, they pay supplier China in Yuan.

Their exchange rate is tired to the dollar. Currently 1yuan = 90 naira

jolyment:



Official rate if you have not exceeded your transaction limit and you are using naira account. But the moment you exceed your transaction limit for foreign transactions with naira account, you will not have access to official rate. If you are using a domiciliary account, you can pay any amount with official rate. But you know to get dollars to fund your account is mostly through BDC . That's where the problem will come from.

Even if he never exceed quota, na which bank wan sell dollar give the guy to buy something online? He is on along thing..lol

To submit his application, he needs to open a Form m and insurance, subject to CBN and customs approval. Then after he can fill Form Q forms and start the long wait for dollar at official rate ... he go wait tire!