AnonPoet:
https://punchng.com/one-month-after-aboki-fx-shutdown-naira-fails-to-rise/
https://punchng.com/one-month-after-aboki-fx-shutdown-naira-fails-to-rise/

Possibly the most useless financial institution in history of mankind. The organisation is run by the most stupid set of humans in this country. Such a pity

Matheusmartin:
...
Tull tomorrow, I still do not understand what Emiefele was trying to do here..

Probably trying to lick buharis ass

AntiWailer:


You were not debating.

You lacking understanding on a topic is not insult, it is just ur ego getting a better part of you.

You have never faulted any of my argument, you only ended up with if you have multiple problems u will tackle major ones first while u dont care if minor ones becomes major later.

If you have a terminal illness and you need a haircut. Keep taking the haircut and neglect the illness.
Abokifx only gathers data and report information.
Address activities making upthe data and there be nothing to gather. It's that simpLe.

Obviously, stopping Abokifx hasn't yielded the right results according to this post.
Small problem can kill you, maybe next week or neverBut major ones will kill you today

UselessBuharist:
Who and what will they blame next

Ipob and Sunday igboho

pacino26:
First the ban on AbokiFx was ill conceived just like many policies of the current administration. AbokiFx or not simple knowledge in Economics shows we are having a deficit Balance of Trade.

A topic about how illegal extortion at the airports prevents Agro expo graced the front page of NL weeks ago. The VP has called out the artificial official exchange rate of the naira.

The only way the government has successfully made FX is through borrowing. I think that is our dollar earner for now.

Let's blame Live Score because Nigeria didn't win the last World Cup.

Funny but true

AntiWailer:
Nobody expected Naira to rise just by shutting AbokiFX down. If you believed that, you are either ignorant, mischievous or just a victim of picking common thoughts on the street.

For Naira to rise, we need to manufacture and export. Reduce imports drastically and reduce our reliance on dollars then the basic Economics of Demand and Supply will kick in on the price.

The problem AbokiFX bring is speculation issues. it is one of the problems and others would be tackled accordingly. There are about 7 other reasons to be tackled.
1. Inflation rate.
2. Interest rate.
3. trade balance.
4. Government debt
5. Terms of trade
6. Political and stability of performance.
7. Recession
8. Speculations.

If you observe the list closely you will discover that the Govt's failure is responsible for majority of them and that is why there is no hope anytime soon. The decision which is a right decision no doubt, at best took care of only item 8. the 7 other monsters must be dealt with.

Many people asked several questions around where AbokiFX get their data from. There was no sensible answer.

Also a lot of people rely on AbokiFX to make decisions on how much they will buy or sell their dollars so let us take an example.

If AbokiFX continues operations and all of a sudden post #750 to 1 dollar (recall we don't have any logic behind the price they post), thousands of people who use AbokiFX to av an idea of how much they will sell will definitely not sell at 450 right ?

Even if people say they are mad, they will not sell cos they believed if AbokiFX says 750, it is likely close. The refusal to sell automatically impacts supply while the demand for dollars keep going up, price will definitely rise at a rate not steady.


Please note that this is highly intellectual. I will try and reply every mention.

If u don't understand, I can forgive you but if your response is only insult because it is too much for your capacity to think, i can also forgive you but will likely ignore you.

I agree it is not every time posts would be interesting like Squid Game or Tonto Dike vs Kpopo.

You forgot the most important reason which is official corruption from Emefiele who knowingly proliferate BDC and increased the number of BDCs from less than 3000 to above 5000. The CBN knew the BDCs and other government officials were doing round-tripping, yet no political will to stop them because the CBN governor was getting kickbacks from them. What about dashing BDC licences out to cronies?

AntiWailer:
Nobody expected Naira to rise just by shutting AbokiFX down. If you believed that, you are either ignorant, mischievous or just a victim of picking common thoughts on the street.

For Naira to rise, we need to manufacture and export. Reduce imports drastically and reduce our reliance on dollars then the basic Economics of Demand and Supply will kick in on the price.

The problem AbokiFX bring is speculation issues. it is one of the problems and others would be tackled accordingly. There are about 7 other reasons to be tackled.
1. Inflation rate.
2. Interest rate.
3. trade balance.
4. Government debt
5. Terms of trade
6. Political and stability of performance.
7. Recession
8. Speculations.

If you observe the list closely you will discover that the Govt's failure is responsible for majority of them and that is why there is no hope anytime soon. The decision which is a right decision no doubt, at best took care of only item 8. the 7 other monsters must be dealt with.

Many people asked several questions around where AbokiFX get their data from. There was no sensible answer.

Also a lot of people rely on AbokiFX to make decisions on how much they will buy or sell their dollars so let us take an example.

If AbokiFX continues operations and all of a sudden post #750 to 1 dollar (recall we don't have any logic behind the price they post), thousands of people who use AbokiFX to av an idea of how much they will sell will definitely not sell at 450 right ?

Even if people say they are mad, they will not sell cos they believed if AbokiFX says 750, it is likely close. The refusal to sell automatically impacts supply while the demand for dollars keep going up, price will definitely rise at a rate not steady.


Please note that this is highly intellectual. I will try and reply every mention.

If u don't understand, I can forgive you but if your response is only insult because it is too much for your capacity to think, i can also forgive you but will likely ignore you.

I agree it is not every time posts would be interesting like Squid Game or Tonto Dike vs Kpopo.

Nice opinion

But I wanna ask, Ghana is also a major import country likewise Benin Republic.... Why is their currency value still strong against the Dollar while Naira is falling like pack of cards?

Is there something there are doing that we failed to do?

AntiWailer:


Ok I will consider that but like i said, If somebody gave me a license to operate and stop dealing with me.

Am i still in operation ? i guess i am just on my own doing my thing.

Meaning anybody can open a 'BDC' shop in quote cos no license or anything is involved again.

Stop being cleaver, they are still in operation, if your distributor stop distribution to you, does that means your business is close? Who you source for your product else where?

Did they revoke the licence of those selling before? No, did CBN ban them from selling? No

CBN just don't want them to be in control as before that's all coupled with the fact that some of them are sponsoring terrorism of which till date this same government have failed to name them.

AntiWailer:
Nobody expected Naira to rise just by shutting AbokiFX down. If you believed that, you are either ignorant, mischievous or just a victim of picking common thoughts on the street.

For Naira to rise, we need to manufacture and export. Reduce imports drastically and reduce our reliance on dollars then the basic Economics of Demand and Supply will kick in on the price.

The problem AbokiFX bring is speculation issues. it is one of the problems and others would be tackled accordingly. There are about 7 other reasons to be tackled.
1. Inflation rate.
2. Interest rate.
3. trade balance.
4. Government debt
5. Terms of trade
6. Political and stability of performance.
7. Recession
8. Speculations.

If you observe the list closely you will discover that the Govt's failure is responsible for majority of them and that is why there is no hope anytime soon. The decision which is a right decision no doubt, at best took care of only item 8. the 7 other monsters must be dealt with.

Many people asked several questions around where AbokiFX get their data from. There was no sensible answer.

Also a lot of people rely on AbokiFX to make decisions on how much they will buy or sell their dollars so let us take an example.

If AbokiFX continues operations and all of a sudden post #750 to 1 dollar (recall we don't have any logic behind the price they post), thousands of people who use AbokiFX to av an idea of how much they will sell will definitely not sell at 450 right ?

Even if people say they are mad, they will not sell cos they believed if AbokiFX says 750, it is likely close. The refusal to sell automatically impacts supply while the demand for dollars keep going up, price will definitely rise at a rate not steady.


Please note that this is highly intellectual. I will try and reply every mention.

If u don't understand, I can forgive you but if your response is only insult because it is too much for your capacity to think, i can also forgive you but will likely ignore you.

I agree it is not every time posts would be interesting like Squid Game or Tonto Dike vs Kpopo.

Simple rocket science and yet CBN had to pass its inefficiency to Aboki FX.


We are not earning enough dollars to stabilise the economy, crude oil isn't commanding much anymore. When we should have built our infrastructure to make production and manufacturing great, we didn't so here we are.


If only we had longsighted leadership, we would plan for the future and implement all the effective policies we have.


Good one ��

nedekid:
Meanwhile oil has hit $80 and rising, lng ie gas prices has shot over the roof. You will expect our dollar inflow to increase and the attendant effect on the naira. I thought they said crude oil prices crashed due to corona etc hence no money, OK, crude oil has hit the roof, so where is the benefit? I put it to you, give these recessionists $500 /barrel oil price and naira will still fall and they will blame "middlemen", "past administration" etc.
Some will still give the lame excuse that we produce nothing. Lies, we produce lng, crude etc. Do you know how many containers of logs leave the country daily? As I wrote earlier, visit any justrite store, 80% of the products there are made in Nigeria, from soap, ketchup, BBQ source, ice cream, confectionerys, plastics, furniture etc. And all these products are exported all over Africa and abroad! Do you know our Stout, trophy, gulder are all exported to as far as Russia? We were not exporting but $ was 140. We were not exporting but pounds was 250 for over 10 years?
Why then is our own different? Other economies are improving ours lie lie.
As I have always said, give this regime the economy of Qatar, Germany, Japan, USA and in 2 years they will crash it. They will blame the middleman, blame the country for producing and exporting too much, blame the country for being too rich and had to become poor!
Hence they are called the RECESSIONISTS!

Apt and well said. A recessionist can only offer recession

AntiWailer:
Nobody expected Naira to rise just by shutting AbokiFX down. If you believed that, you are either ignorant, mischievous or just a victim of picking common thoughts on the street.

For Naira to rise, we need to manufacture and export. Reduce imports drastically and reduce our reliance on dollars then the basic Economics of Demand and Supply will kick in on the price.

The problem AbokiFX bring is speculation issues. it is one of the problems and others would be tackled accordingly. There are about 7 other reasons to be tackled.
1. Inflation rate.
2. Interest rate.
3. trade balance.
4. Government debt
5. Terms of trade
6. Political and stability of performance.
7. Recession
8. Speculations.

If you observe the list closely you will discover that the Govt's failure is responsible for majority of them and that is why there is no hope anytime soon. The decision which is a right decision no doubt, at best took care of only item 8. the 7 other monsters must be dealt with.

Many people asked several questions around where AbokiFX get their data from. There was no sensible answer.

Also a lot of people rely on AbokiFX to make decisions on how much they will buy or sell their dollars so let us take an example.

If AbokiFX continues operations and all of a sudden post #750 to 1 dollar (recall we don't have any logic behind the price they post), thousands of people who use AbokiFX to av an idea of how much they will sell will definitely not sell at 450 right ?

Even if people say they are mad, they will not sell cos they believed if AbokiFX says 750, it is likely close. The refusal to sell automatically impacts supply while the demand for dollars keep going up, price will definitely rise at a rate not steady.


Please note that this is highly intellectual. I will try and reply every mention.

If u don't understand, I can forgive you but if your response is only insult because it is too much for your capacity to think, i can also forgive you but will likely ignore you.

I agree it is not every time posts would be interesting like Squid Game or Tonto Dike vs Kpopo.

My thought about it penned down earlier by you. That was a perfect one.

fashrola:


Nice opinion

But I wanna ask, Ghana is also a major import country likewise Benin Republic.... Why is their currency value still strong against the Dollar while Naira is falling like pack of cards?

Is there something there are doing that we failed to do?

I know Ghana devaluated their currency.

it is a conversation we don't want to have in Nigeria for now

HeadNigga:
there are explanations to this effect already on this thread, one of which you called sarcasm. Go back and read what you called sarcasm with an open mind.

Which explanation? You didn't even say anything important in your post other than the usual rant about Abokifx being the cause which you guys have been singing about it since the day CBN told them to close.

So pls tell me how Abokifx is making the dollar rate to rise?

God help the naira.

Mandesz:
I've always said naira is being devaluated intentionally and systematically by the cbn. 4get abokifx

I am very glad that there are still smart people like you on nairaland. Remember that one of the loan conditions that IMF gave the govt was to devalue the naira and have a fixed FX rate. They have devalued the naira to receive the loan.
IMF Executive Board Approves US$ 3.4 Billion in Emergency Support to Nigeria to address the COVID-19 Pandemic
April 28, 2020

Mr. Emefiele has done well.

Incompetences and failure are the issues.

nairaman66:


AbokiFX was just a simple solution to a simple but rather complex problems of the Naira against the dollars.

If I were the CBN, I would liaise with AbokiFX to peg the rates at a fixed point with the current present bank rates. This would have taken care of the SPECULATED part of our dwindling Naira!! Shutting down the site is totally inhuman, ill timed, myopic and irresponsible from the CBN governor!

Our problems in Nigeria is usually simple- We act most of all the time, other than just simple reasoning!

Thats a smart idea. It could have helped the crashing naira, if abokifx rate was actually the problem

Strengthen the naira by banning website?

Jujueconomics

They didn’t increase exports, we are still predominantly dependent on crude and we have borders closed to trade with neighboring countries but banning a website seemed to be the answer to the falling naira!

AntiWailer:


I know Ghana devaluated their currency.

it is a conversation we don't want to have in Nigeria for now

Well at the moment if you go Nigerian stores most of the items sold are Made in Nigeria unlike years ago, crude oil price has risen to $80pb, We are also exporting LNG on a daily basis... Why is our Naira/Dollar still not improving?

anorexicmuster:
And we still aren't earning enough forex.

Lipstick on a pig is still lipstick on a pig

Polish a turd, it's still a turd.

Earn FOREX, den no fit.

Ship out our oil, ship in products and spend what little money we make paying "subsidy", instead of refining locally as sensible governments do (even those who don't produce oil).

Royal idiots!

SmartPolician:
AntiWailer, keep in mind that the CBN didn't shut down the site, but Emefiele made it look as if they were the architect behind Nigeria's FX problem. AbokiFX stopped posting their rates because of these baseless accusations and witch-hunt.

The question you and I should be asking is, "Why hasn't the exchange rate dropped significantly since AbokiFX stopped posting its rate?" Like you noted, Nigeria's FX issues are by far beyond AbokiFX.

For some of us, what we now have to do is call a couple of BDC operators to know their rates before selling instead of getting the harmonized parallel market rate from AbokiFX.

Why has exchange rate not increased since abokifx was accused of manipulation?

I believe we should be at ₦600 to a dollar if abokiefx still quotes rates

Esseite:
AbokiFX was a major problem...
But we can still fix it better...

Is this you?

TheGreatOne90:

Thats a smart idea. It could have helped the crashing naira, if abokifx rate was actually the problem

Truth is, AbokiFX contributed to the problem in some way, everyone was always looking up to them for Naira against the dollar prices. But the CBN does not have a think tank team to look for ways to resolve things amicably.

As Nigerians, those in power are always looking to flex muscles at any slight instance! Most of our problems can be solved if we try to just do a little bit of thinking!

baumolina:


Why has exchange rate not increased since abokifx was accused of manipulation?

I believe we should be at ₦600 to a dollar if abokiefx still quote rates

It would have risen to N700

SmartPolician:
AntiWailer, keep in mind that the CBN didn't shut down the site, but Emefiele made it look as if they were the architect behind Nigeria's FX problem. AbokiFX stopped posting their rates because of these baseless accusations and witch-hunt.

The question you and I should be asking is, "Why hasn't the exchange rate dropped significantly since AbokiFX stopped posting its rate?" Like you noted, Nigeria's FX issues are by far beyond AbokiFX.

For some of us, what we now have to do is call a couple of BDC operators to know their rates before selling instead of getting the harmonized parallel market rate from AbokiFX.

We also need to ask ourselves why hasn't it increased to N700 since Aboki Fx was shut down.

emmanuelewumi:



We also need to ask ourselves why hasn't it increased to N700 since Aboki Fx was shut down.

I'm afraid you are not making any sense.

[quote author=Matheusmartin post=106804203]...
Tull tomorrow, I still do not understand what Emiefele was trying to do here..


It's called a FREUDIAN SLIP.

If you call him a CLOSET MALLAM FOR POWER,.... ÓMÒ na you sabi!!!

fkj950ax:


Is this you?

Because of a mis-spell from a graphic artist, does that mean he is incapable?

it has nothing to do with d rise or fall.
just d fact a website keep posting it own dollar rate while cbn is posting another becomes unbearable.

one will say 400 d other will say 410.

its not done any where.

SmartPolician:


I'm afraid you are not making any sense.

It rose rapidly in the last 2 months before the hammer on Aboki Fx, with speculators planning to push it to N1000 to a dollar by the end of the year 2021.

So we also need to ask ourselves how come the momentum at which Naira fell in the last 3 months came to a halt with a month

AntiWailer:
Nobody expected Naira to rise just by shutting AbokiFX down. If you believed that, you are either ignorant, mischievous or just a victim of picking common thoughts on the street.

For Naira to rise, we need to manufacture and export. Reduce imports drastically and reduce our reliance on dollars then the basic Economics of Demand and Supply will kick in on the price.

The problem AbokiFX bring is speculation issues. it is one of the problems and others would be tackled accordingly. There are about 7 other reasons to be tackled.
1. Inflation rate.
2. Interest rate.
3. trade balance.
4. Government debt
5. Terms of trade
6. Political and stability of performance.
7. Recession
8. Speculations.

If you observe the list closely you will discover that the Govt's failure is responsible for majority of them and that is why there is no hope anytime soon. The decision which is a right decision no doubt, at best took care of only item 8. the 7 other monsters must be dealt with.

Many people asked several questions around where AbokiFX get their data from. There was no sensible answer.

Also a lot of people rely on AbokiFX to make decisions on how much they will buy or sell their dollars so let us take an example.

If AbokiFX continues operations and all of a sudden post #750 to 1 dollar (recall we don't have any logic behind the price they post), thousands of people who use AbokiFX to av an idea of how much they will sell will definitely not sell at 450 right ?

Even if people say they are mad, they will not sell cos they believed if AbokiFX says 750, it is likely close. The refusal to sell automatically impacts supply while the demand for dollars keep going up, price will definitely rise at a rate not steady.


Please note that this is highly intellectual. I will try and reply every mention.

If u don't understand, I can forgive you but if your response is only insult because it is too much for your capacity to think, i can also forgive you but will likely ignore you.

I agree it is not every time posts would be interesting like Squid Game or Tonto Dike vs Kpopo.

These assertions make sense, kudos

AntiWailer:
Nobody expected Naira to rise just by shutting AbokiFX down. If you believed that, you are either ignorant, mischievous or just a victim of picking common thoughts on the street.

For Naira to rise, we need to manufacture and export. Reduce imports drastically and reduce our reliance on dollars then the basic Economics of Demand and Supply will kick in on the price.

The problem AbokiFX bring is speculation issues. it is one of the problems and others would be tackled accordingly. There are about 7 other reasons to be tackled.
1. Inflation rate.
2. Interest rate.
3. trade balance.
4. Government debt
5. Terms of trade
6. Political and stability of performance.
7. Recession
8. Speculations.

If you observe the list closely you will discover that the Govt's failure is responsible for majority of them and that is why there is no hope anytime soon. The decision which is a right decision no doubt, at best took care of only item 8. the 7 other monsters must be dealt with.

Many people asked several questions around where AbokiFX get their data from. There was no sensible answer.

Also a lot of people rely on AbokiFX to make decisions on how much they will buy or sell their dollars so let us take an example.

If AbokiFX continues operations and all of a sudden post #750 to 1 dollar (recall we don't have any logic behind the price they post), thousands of people who use AbokiFX to av an idea of how much they will sell will definitely not sell at 450 right ?

Even if people say they are mad, they will not sell cos they believed if AbokiFX says 750, it is likely close. The refusal to sell automatically impacts supply while the demand for dollars keep going up, price will definitely rise at a rate not steady.


Please note that this is highly intellectual. I will try and reply every mention.

If u don't understand, I can forgive you but if your response is only insult because it is too much for your capacity to think, i can also forgive you but will likely ignore you.

I agree it is not every time posts would be interesting like Squid Game or Tonto Dike vs Kpopo.

Nonsense.