MsFaith:

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

China manipulates her yuan. Japanese yen is much reliable.

How Nigerians choose this slowpoke gworo chewing aboki as a President of this country is really appalling.

I still can Not believe how dumb Nigerians can be.

Prevention they say is better than cure but here in Nigeria suffer no dey tire this people.

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.

You have said it all. Salute

Reforms that bring development don't happen overnight.

When the finance sector stated it needed to consolidate banks with higher reserves everyone screamed blue murder,it was done and today we are no longer afraid of banks closing shop with depositors funds, (yes that used to happen in Nigeria)

Then the finance sector came out with plans to identify and record every client and transaction in a traceable database..BVN every Nigerian home and abroad must be registered to use an account.everyone screamed impossible again.today its been done

The finance sector has come again with plans to clamp down on a parallel market thats dangerous to the finance ,economy and security of he country,it's a process ,it's possible but the stone throwers association have come with their its impossible speech,we hear you.But the real question is what do you really stand for? The unpatroitic destroyers or the builders...

That said those that stand for the growth of the country and her future must all support these steps to make the future better.It starts with our voices .

To the CBN I'll say in addition make the yuan easily available in every Nigerian banks.Theres no option for dorm account with the yuan,create it.let yuan transactions be made easy with a yuan card and watch the demand for the dollar reduce significantly

There will still be speculators and hoarders, the treasonous few whose sole strategy is to make profit by creating artificial scarcity.Those few must be sought and made examples of under the treasonous felony act or any another act with stiff penalties

Every action to strengthen the naira must be promoted, supported and celebrated.better late than never

-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. >>> Remember too they manipulate currency to so not a soloution but yes bwe can keep Yuan in reserve

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.>>> To add to this , Allow the Naira to be determine by Market forces , supply and demand not one rate for Politicians and Pillgrims and another rate for the man in the street

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.

owagbeba:


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!

That's serious

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

Hope Everything is okay with you...
Because I gave response to a statement...and should not be quoted out of context of that statement.

You even sound like a dimwit for someone quick to tag another as a semi illiterate which you can't even spell correctly.

So 2021 Semi illiterate let me break it down for you, I am implying that if people can easily get dollar to exchange at the official bank rate no one will continually go for the black market rate.

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?

The seller is selling to you at official rate but you may need to buy the currency at parallel market rate, just to fund your wallet where you will pay the money. So indirectly, we can say you are buying at official but paying at parallel.

A lot of Nigerians are speculators. They don’t love Nigeria one bit. That’s why the rate keeps going higher.

Iseoluwani:



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

Request for dollar will be minimal. Once China is ready to accept Yuan from any Nigerians, all China’s sales to nigeria should be requested to be paid in Yuan.

I don’t know why Nigerian government is not accepting Naira from those that buy crude oil from us.

Let crude oil buyers too be looking for Naira to pay our FG so that our Naira can appreciate. Every country should request to be paid in her own currency. Why must we be using another country’s currencies to accept payments? It will now be left for any county that cannot export anything to be left behind.

VanuatuWycombe:


Request for dollar will be minimal. Once China is ready to accept Yuan from any Nigerians, all China’s sales to nigeria should be requested to be paid on Yuan.

I don’t know why Nigerian government is not accepting Naira from those that buy crude oil from us.

Let crude oil buyers too be looking for Naira to pay our FG and our Naira can appreciate. Every country you request to be paid in her own currency. Why must we be using another country’s currencies to accept payments? It will now be left for any county that cannot export anything to be left behind.

This will be cool but our economy is more of import dependant. Hence, sourcing foreign currencies to finance our import would create a bigger problem.

Our balance of trade deficit is a big barrier