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Nairaland Forum / Nairaland / General / Politics / CBN, Abokifx And The Resurgence Of Authoritarian Regulation (14681 Views)
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CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Omooba77: 10:49am On Sep 20, 2021 |
Ordinarily, the decision by the policy committee of the Central Bank of Nigeria (CBN), at its September meeting, to clamp down on www.abokifx.com, a web portal that aggregates the naira’s exchange rate at the parallel market would have been welcome. Coming on the heels of the apex bank’s decision to excise Bureaux de Change (BDCs) from the domestic foreign exchange supply chain, this looked like a further signal of the CBN’s new resolve to clean up the nation’s foreign exchange market.https://www.premiumtimesng.com/news/headlines/485779-editorial-cbn-abokifx-and-the-resurgence-of-authoritarian-regulation.html#. 8 Likes 2 Shares
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Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by rottennaija(m): 10:57am On Sep 20, 2021 |
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Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Truthissupreme: 11:07am On Sep 20, 2021 |
Shebi Emefile said they are ending all black market forex trade How come abokeys are still doing bureau de change till date I never knew an unknown website could be the cause of naira plummeting till Emefile vomited his statement 45 Likes 3 Shares
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Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by sapientia(m): 11:08am On Sep 20, 2021 |
Big big Grammer is the reason Nigerians dont know their right from their left Just to tell us that CBN could not prove abokifx manipulates exchange rates. That CBN is just practicing trial by error and hoping for the best luck, premium times is just blowing Grammer up and down Naira will sink further and Emefiele might blame endsars protest, when it happens, explain it in a way every Nigerian will understand. 60 Likes 4 Shares |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by SirBlack999(m): 11:09am On Sep 20, 2021 |
This regime could have been avoided if not for Lagos Intellectuals. I remember one tweeting something that goes like; 'Buhari imprisoned my father, but I'll vote for him because he's a reformed Democrat'. Lastly, it will never be well with them 37 Likes 2 Shares |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Omooba77: 11:36am On Sep 20, 2021 |
The same approach used in Venezuela that collapsed the economy..... Democratic dictators If nothing urgent is done, it will be 800 to dollar in few weeks time.... Lalasticlala... 5 Likes 1 Share |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by ichidodo: 12:04pm On Sep 20, 2021 |
Whatever fundamentals that has been floundering the Naira back in the 80s are still the same elements wreaking havoc in today's economy, therefore we understand the steady, I reiterate, steady decline of the Naira to the dollar,at least steady enough for the economy to grow at some demographic levels with a relatively stable inflation rate but the past few months have become worrisome if not alarming..The rate of erosion of today's Naira to the dollar can only be explained if the country is going through a catastrophic natural disaster or war but if not so then there's only one identifier SPECULATION...The likes of abokifx have only sought to engineer values so as to reap profits off the sweat of hardworking Nigerians, therefore moving against them should shore up the Naira, at least if Naira would reach 1000 to 1 Dollar let it get there in 3 years rather than 3 months with the way one man in the UK is fixing our currency rates..At least before 3 years I for don jakpa leave una. 11 Likes 1 Share |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by SarkinYarki: 12:08pm On Sep 20, 2021 |
Hmm |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by BruncleZuma: 12:28pm On Sep 20, 2021 |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by philip0906(m): 12:29pm On Sep 20, 2021 |
Let them be deceiving themselves. Today, the dollar sold for 595. The real black market are the guys on the streets not AbokiFx who simply curates. We shall see if Buharinomics can beat the basic economic principle of demand/supply. 12 Likes 1 Share |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Brandonx(m): 12:29pm On Sep 20, 2021 |
This government and blame game always shying away from taking responsibility. Fix the economy. 1 Like 2 Shares |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Nobody: 12:29pm On Sep 20, 2021 |
1 Like |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Yankee101: 12:30pm On Sep 20, 2021 |
How much is dollar today abeg |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Corporate2020: 12:32pm On Sep 20, 2021 |
Darkness shall never overshadow light. |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by forgiveness: 12:36pm On Sep 20, 2021 |
When you don’t export more than you import what do you expect? It’s not as if we can’t export but... 3 Likes 1 Share |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by money121(m): 12:36pm On Sep 20, 2021 |
philip0906:Lobatan |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Skillsnigeria: 12:37pm On Sep 20, 2021 |
Hmmm |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by phineas: 12:39pm On Sep 20, 2021 |
Premium times,and you too? What demand and supply is controlling the naira please? Is it the sum of our imports versus exports? Or an aboki association doing price fixing for its members on What the dollar price should be through a common platform? If premium times can tell us of 1 developed country that allows a website publish the rates indivuals agree to part with their currency separate from its validated National rate then we will agree that it may be an acceptable practice. However if you can't name 1,then ask yourself are they stupid to not let that happen? Or can we do better? Is this not trying to do better,the final question what side are you on PT 7 Likes 1 Share |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Nobody: 12:42pm On Sep 20, 2021 |
The CBN took the right decision, ABOKIFX was fast becoming another CBN without regulations.. it was the go to hub for street rates and open to fraud. E.g Aboki Fx could buy 1 million dollars this morning and sell in the afternoon with the propaganda on an increase in rates.. it's open to manipulations. ABOKIFX took away the haggling of rates by putting in a fixed rate. CBN did good, since they shut down ABOKI, dollar has remained same price without the increase on hourly basis we had before now. 12 Likes 1 Share |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by jojofola: 12:42pm On Sep 20, 2021 |
sapientia: 1 Like |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by phineas: 12:45pm On Sep 20, 2021 |
philip0906: The real effect of a policy is not always short term,it's long term.eg the real effecnt of BVN was not in the first 3 months. Plus you expect the parallel market not to fight back with its rate fixing? What is the explanation of over 30% increase above the Official rate? Like someone mentioned above when there is no war or natural disaster then something is wrong somewhere.before you all shout demand and supply,when economists talk demand and supply in relation to forex the don't mean your middle men abokis,you all made the abokis and their spokesman the defacto CBN in Nigeria,thats very abnormal In Nigeria its simply a middle man problem in buying and selling matters.The solution,remove the middleman and their enablers.Thats whats done everywhere in the world,thats common sense. 6 Likes 2 Shares |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Technology14: 12:47pm On Sep 20, 2021 |
Local production and patronage should be encouraged. Too much dependence on dollars for importation weakened our naira. CBN should stop blaming aboki's for their abysmal perfomance . check my profile for your solar flood lights , precise resistivity meter for geophysical survey with one year warranty. 3 Likes 1 Share |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by philip0906(m): 12:48pm On Sep 20, 2021 |
phineas:Can you please name any policy enacted by this clueless regime, that has had any positive or wanted effect on the country? Border closeure? Cycle of policy sommersaults from the CBN? Crypto ban? 5 naira for every dollar policy? Kindly name one policy 3 Likes 1 Share |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Pharaoh4rin(m): 12:48pm On Sep 20, 2021 |
Aisha Buhari, Late Abba Kyari and Tinubu's family are in charge of dollar business in this country and there's nothing Nigerians can do. Ask "Innovate". That's the name of the company in charge of Abuja and Kano 2 Likes 1 Share |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by cybertruss(m): 12:48pm On Sep 20, 2021 |
When FG only know how to borrow, how can the economy be ok. They borrow money to build railway in Niger republic when Nigeria do not have good rail system. Even me that did not read banking, economic, etc knew that they are wrong 3 Likes 2 Shares |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by bayelsaowei(m): 12:48pm On Sep 20, 2021 |
philip0906:Lol...the government forgets that no one can fight against reality... 1 Like 1 Share |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by TenQ: 12:49pm On Sep 20, 2021 |
ichidodo:No sir! The steady decline in the dollar is not caused mainly by speculations BUT the law of demand and supply. Almost everything we use in Nigeria (from toothpicks, pens, papers, clothings, jewelries, pins, needles, threads, etc) is IMPORTED, this means 1. The is a very STRONG demand for the dollar 2. The CBN cannot meet the demand need for this dolar 3. Therefore, the price of Dollar to Naira goes UP. Its quite simple. Only that our economic experts think there is a FISCAL solution to this problem. The only solution is to begin an IMPORT substitution Local Manufacturing Economy. Unfortunately, these people wouldn't want to go this line. They will rather find someone to blame. 3 Likes 1 Share |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by careytommy37(m): 12:50pm On Sep 20, 2021 |
SirBlack999: Even if I'm long dead and of my offspring say such rubbish in secret, my spirit will torment them for the rest of their days. Omo isonu 2 Likes 1 Share |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Nobody: 12:50pm On Sep 20, 2021 |
Go and manipulate United states dollars and see if you won't end up in jail 1 Like 1 Share |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Kingpele(m): 12:51pm On Sep 20, 2021 |
Fg this borrow borrow government ,the next phase will be if u criticize this government ,they will simply come and borrow money from you ,if u do crime ,they will keep you in jail and borrow all your savings from you by force, the painful except of this borrowing is the tendency of looting part of the borrowed funds by government officials 1 Like 1 Share |
Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by iswallker(m): 12:51pm On Sep 20, 2021 |
[s] ichidodo:[/s] this made little or no sense.. you couldnt pick anything from what premium times wrote on the issue - why not be quiet anyways - one thing they said is this - if any single entity can sit and speculate and drive the value of your currency south like the naira is going - there is something inherently wrong with your policy 3 Likes 1 Share |
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