alizma:

The questions I asked are very clear and require simple answers, stop the history and answer the questions honorably and sincerely.

namo77:


Abokifx does not manufacture the rates posted... They get the rates from banks and bdcs....

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.

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.

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.

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.

Theunbothered:


I have answered, if you don't have the willingness to read the links and understand then I can not help you.

Still I am curious to know why the exchange rate hasn't stopped rising since the abokifx ban.

alizma:

Do you know the difference between official and black market rate, which of the two did CBN accused abokifx of I'll practice on? if yes, what was the rate when abokifx was stopped and what is the current rate?
Though a little, the rate has since dropped from what it was when abokifx was stopped and I don't know what you are blabbing about. I also tell you that prices of goods that have direct link with the dollar has reduced since. CBN decision on abokifx has yield result positively. Is only people like you who don't know what the subject of discussion is that are busy jumping around talking nonsense. Go and read the link you personally referred me to, one of the link clearly stated that naira has recovered a little on the market where abokifx carried out it's activities.

stepaside2:

I agree with what you and AntiWailer have been saying. Clearly govt forex policy flip flops over the years brought the naira to its present state. But on the issue of abokifx, CBN did the right thing. I suspect the trust people had for abokifx since 2016 was abused in the past few months. The question many people have not answered is why the steep decline of the naira was halted once abokifx was forced to stop publishing parallel market rates which in itself runs foul of CBN laws?

In the short term, we need to refine locally and save 40% of current forex demand for petroleum products importation. Next, we need to float the naira and remove the arbitrage that is so conducive for speculators within and out of govt. Longer term, we need to improve productivity, export more and import less and consume what we produce

mightyhaze:
skyrocketed

alizma:

Do you know the difference between official and black market rate, which of the two did CBN accused abokifx of I'll practice on? if yes, what was the rate when abokifx was stopped and what is the current rate?
Though a little, the rate has since dropped from what it was when abokifx was stopped and I don't know what you are blabbing about. I also tell you that prices of goods that have direct link with the dollar has reduced since. CBN decision on abokifx has yield result positively. Is only people like you who don't know what the subject of discussion is that are busy jumping around talking nonsense. Go and read the link you personally referred me to, one of the link clearly stated that naira has recovered a little on the market where abokifx carried out it's activities.

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/

linearity:


I was there with you until you mentioned Speculation.

Speculation and Speculators are a healthy feature of all and any security asset or market. Without them, there will be no security market period.

Starting from stocks, pick any stock sticker, the price you see today listed for that sticker is a speculated future price of that company having discounted everything that may happen or not happen with the stock in the future.

If Apple comes out today and say, their sales last quarter beats estimates by 20%, but because of supply problems, the sales for next quarters will be down by 5%, the stock will take a nose dive and trade in the negatives.

Go to futures, Airlines are able to fly year round with minimal hit to their bottom line due to fluctuation oil prices, because there are huge middlemen who have nothing to do with oil, but would speculate about future prices of jet fuel and sell guaranteed Jet fuel Futures contracts to Airlines at a guaranteed price regardless of the market price of oil throughout the year. This stable price allow these airline to do their budgets, project expenditure without worrying about the future price of oil or jet fuel…. These middlemen do not take delivery of any Oil or jet furl.. the Airline will continue to buy from the market as long as the market price is below their contracted price with these speculators, but when the market price kicks above, the speculators comes in and pay the difference….this is insurance and peace of mind for the Airliners, plus they don’t have to build huge storage facilities with recurring cost to store huge stockpiles of jet fuel, all thanks to speculators in the middle.

Same thing with stocks….Stocks Options are pure speculations about the future direction of the stock, but people who own the actual stocks buy stock option as insurance in case the stock takes a negative turn without the middleman who owns zero stocks speculating this insurance will not be available.

Same with forex and currency trade…..that is why despite the heavy indebtedness of the US, speculators still believe that the dollar is better, because speculators discounted the current debt profile and look at future economic outputs, structures, etc.

Speculation is very healthy, they bring liquidity into the market, CBN cannot supply all the liquidity needed, it does not happen like that anywhere in the whole….Also note that, speculators do not always win, many get burnt after a bad bet, but it is all part of a healthy system. The bitter truth is, everyone cannot win every time, at each iteration, there must be winners and losers.

AntiWailer:

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.

<snip>
You obviously are not reading or u probably lack understanding.

if you have 8 problems affecting you and make effort to take out 1 will it work ? will it be a divert of attention. ?

will your issue disappear. ?

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.

emmanuelewumi:



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

namo77:


Abokifx does not manufacture the rates posted... They get the rates from banks and bdcs....

Nukilia:


May your days be long. Criminals hiding in UK and sabotaging Nigeria's economy must be tried for treason and locked up for a long time so as to serve as deterrent to others. I love your simple analysis!

Abudu2000:
they were receiving bribes from fx traders to inflate rates. That's what's up

alizma:

Thanks very much.
I work in a firm who's products prices are affected by the dollar rate and as such, I have been following abokifx for about 4years now. when you tell people who don't know much about the rate that abokifx in recent time, either consciously or unconsciously took advantage of the confidence of the people to publish rates that encourage steady rise of the dollar at the black market, they start to attack you. Take for example, last year when abokifx published rate, it will be very difficult for you to get to the black market and get something less than that but just before it was stopped, the rate abokifx was publishing was like setting the pace for the aboki on the street in the sense that abokifx could publish 570 and you still get dollars at 565 on the street. That was wrong.

alizma:

Do you know the difference between official and black market rate, which of the two did CBN accused abokifx of I'll practice on? if yes, what was the rate when abokifx was stopped and what is the current rate?
Though a little, the rate has since dropped from what it was when abokifx was stopped and I don't know what you are blabbing about. I also tell you that prices of goods that have direct link with the dollar has reduced since. CBN decision on abokifx has yield result positively. Is only people like you who don't know what the subject of discussion is that are busy jumping around talking nonsense. Go and read the link you personally referred me to, one of the link clearly stated that naira has recovered a little on the market where abokifx carried out it's activities.

erico2k2:

Question. At what point would you agree that AbokiFX ban has no single effect to the nation forex regime? when £ and $ goes above 600 and 800 respectively? cos it is looking that way

alizma:

Before abokifx was stopped, it was so bad that we were changing prices of goods 2times a day in response to the increasing changing posted by that platform. You guys don't know what was happening. In just one week we we recorded about 50naira increase but ever since abokifx was stopped, the dollar rate has been steady in the black market. Go and ask those people trading in the black market and they will confirm this to you.
The questions you guys are not asking is what would have be the date of the naira by now if that trend was allowed to continue till now. That means we would have been talking about 1000 to a dollar by now.

erico2k2:

Let me stop you there, you and you guys are the one who do not know what is happening cos you are at the receiving end of the forex regime you don't send.
2nd the £ is a classic example as its not talked about in Nigeria so the £ and Euro are not used as much as the $.B4 now the highest the £ has ever been was N600 during the election time PMB v GEJ era.I do not need to ask anyone trading in black market cos WE ARE BLACK market, the remitting population of Nigeria who live abroad send money daily Fg and major corporation do not. With this new policy of CBN making BdC to physically ship $$$ to 9ja did you not for once think the cost will go up? there is security fee, transport fee and Insurance fee to move $$$.Who do you think will bear this cost?

alizma:

When you guys are cut up in a circle, you start talking out of point. Can you face the issue on ground and stop running Helter Skelter. The point of argument is on abokifx activities on the black market and the question is whether the CBN decision to stop abokifx have positive impact or not.

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.

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.


Why couldn't abokifx clearly state how they arrive at their quoted FX rates?

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.

babsdeen:



From your analysis, this means for our naira to rise in competition against other currencies, we need to engage in trade we have 75% control on like exportation?


And in the 70s, when they said Naira was equivalent to Dollar, did Nigeria had more of exported products than imported products?