Truthshscrazy:

Your brain is off point and you have comprehension issues and low IQ

With your high IQ and lack of comprehension issues, you still ended up writing plenty offpoint over and over for 2 simple questions?

lexy2014:


With your high IQ and lack of comprehension issues, you still ended up writing plenty offpoint over and over for these simple questions?

Who told you that there's no dollar to change? Why will BDC not accept old notes?

I don’t have time to reply every idiot on nairaland.You are a very stupid person . I pity the first debater wasting his time on a fool like you. Now fvck off my mentions and go play with your fellow kg 1 children. Ewu. Silence is the best answer given to a F OOL like you.

Truthshscrazy:

I don’t have time to reply every idiot on nairaland.You are a very stupid person . I pity the first debater wasting his time on a fool like you. Now fvck off my mentions and go play with your fellow kg 1 children. Ewu. Silence is the best answer given to a F OOL like you.

Oh dear, you already getting emotional. Can't you use your high IQ to control your emotions? Or is it the 2 simple questions crawling under your skin?

TenQ:

Yes!
Easily you'll change up to Equivalent of $1million in BDC at Abuja.

Nice one! Not quite Easily tho. It still presents its own unique set of Economic challenges; Every BDC operator in Nigeria has a Weekly Limit pegged at about $20k only in one week presently. . That’s an $80k maximum capacity(~56million Naira) in Four Weeks/lMonth /30days. 7billion naira is a whooping $10million dollars.

Just one politician alone can possibly have over 7billion hidden somewhere. One shudders to think of the short limited time period of about 100days only to suddenly get rid of so much liquidity of over 2.5Trillion.

Over 80 per cent of the currency in circulation is outside bank vaults & unaccounted for according to statistics of CBN . As at September 2022, a total of N3.2 trillion was in circulation, of which N2.73 trillion Naira was outside the vaults of the banks,

Na unwise Thief dey store Embezzled money in Naira form sha instead of dollars.They gonna be the ones stressing so much more right now running from Aboki to Aboki ; stomping the Black market as they cannot officially go to Bank to simply Deposit Large unbelievable mouth watering sums of Naira embezzled & not commensurate with their wages; without attracting the EFCC attention.


Anyway January 15th is still over two months away!!! . With so much Naira liquidity of over 2.5Trillion chasing & scampering for Limited Available Dollar, ln Addition to already existing high demand, l pray the Naira does not get devalued further against the dollar, as Hordes of criminals begin fighting to convert their monies to dollars over 100days period.

DamnnNiggarr:
Senator Shehu Sani



https://twitter.com/ShehuSani/status/1585281479919243267?t=kJ5vMajF1YeXIm31TvI3Gw&s=19

He seems to be the only President with brains

Truthshscrazy:

Nice one! Not quite Easily tho. It still presents its own unique set of Economic challenges; Every BDC operator in Nigeria has a Weekly Limit pegged at about $20k only in one week presently. . That’s an $80k maximum capacity(~56million Naira) in Four Weeks/lMonth /30days. 7billion naira is a whooping $10million dollars.

Just one politician alone can possibly have over 7billion hidden somewhere. One shudders to think of the short limited time period of about 100days only to suddenly get rid of so much liquidity of over 2.5Trillion.

Over 80 per cent of the currency in circulation is outside bank vaults & unaccounted for according to statistics of CBN . As at September 2022, a total of N3.2 trillion was in circulation, of which N2.73 trillion Naira was outside the vaults of the banks,

Na unwise Thief dey store Embezzled money in Naira form sha instead of dollars.They gonna be the ones stressing so much more right now running from Aboki to Aboki ; stomping the Black market as they cannot officially go to Bank to simply Deposit Large unbelievable mouth watering sums of Naira embezzled & not commensurate with their wages; without attracting the EFCC attention.


Anyway January 15th is still over two months away!!! . With so much Naira liquidity of over 2.5Trillion chasing & scampering for Limited Available Dollar, ln Addition to already existing high demand, l pray the Naira does not get devalued further against the dollar, as Hordes of criminals begin fighting to convert their monies to dollars over 100days period.

I agree with you mostly!

Speaking about the CBN limitations to the BDC, don't forget that for some time now, they have been sourcing their dollars outside the CBN.

Even when they were sourcing dollars officially from the CBN, a single BDC operator may have up to 10 -15 different licenses.

Occasionally you find situations when almost all the dollars in the Wuse BDC market is mopped up because some big men came with large dollar demands.

The policy will certainly drive the Naira value down wrt the dollar, euro and pound sterling. I will not even be surprised if people buy Chinese currency just to evade taking monies to the bank.

The CBN had always acted as if adjusting monetary policies would strengthen the Naira against the dollar. The economics is so simple that they miss it. They speak big economic grammar to no effect.

In the case of Nigeria: government is the number One killer of the Naira. They made sure Nigerians are IMPORT dependent because they make most of their Naira from duties and sales of dollars rather than income and company taxes. Is there any nation that is import dependent but has a strong currency?

I hope the dollar doesn't hit $1 to N900 by January 1, 2023

Cantonese:


And you are from Lagos state?

Yes. Isa le Eko! Lafiaji.

TenQ:

I agree with you mostly!

Speaking about the CBN limitations to the BDC, don't forget that for some time now, they have been sourcing their dollars outside the CBN.

Even when they were sourcing dollars officially from the CBN, a single BDC operator may have up to 10 -15 different licenses.

Occasionally you find situations when almost all the dollars in the Wuse BDC market is mopped up because some big men came with large dollar demands.

The policy will certainly drive the Naira value down wrt the dollar, euro and pound sterling. I will not even be surprised if people buy Chinese currency just to evade taking monies to the bank.

The CBN had always acted as if adjusting monetary policies would strengthen the Naira against the dollar. The economics is so simple that they miss it. They speak big economic grammar to no effect.

In the case of Nigeria: government is the number One killer of the Naira. They made sure Nigerians are IMPORT dependent because they make most of their Naira from duties and sales of dollars rather than income and company taxes. Is there any nation that is import dependent but has a strong currency?

I hope the dollar doesn't hit $1 to N900 by January 1, 2023

I must have been living in a Cave. Had to look it up to get updated. Wow! I didn’t even know that CBN officially stopped dollar sales to the over 5500 BDCs since July 28th 2021 as a result of foreign exchange infractions due to greed; quest for abnormal profits at the expense of naira stability & corruption of operators; & Facilitating graft/conduit for illicit financial flows; lnstead of being small end customers dollars retailers, actively trading FX in wholesale quantity over $5000 to the tune of millions of dollars per transaction, in contravention of Nigeria’s FX regulations.

Analysis by Ripples Nigeria lends credence to the ugly reality that Banks are as culpable as BDCs in Forex intraceptions. A cumulative N2.55 billion was paid by 10banks from 2018-2020 for FX related penalties. FCMB, Fidelity, GTB & Defunct Union were guilty of forex infractions to the tune of N100million in 2019 alone.
In 2018; Standard Chartered, Stanbic IBTC, Citibank & defunct Diamond pay a total of N5.9b as penalty for forgeries in FX transactions between 2007 & 2015.

Nigeria is more of consumer nation than producing Nation; over $22billion is spent annually on food importation alone. I have not seen any nation that is import dependent but has a strong currency. The Demand for the dollar is already unhealthy enough on a normal day. With this high demand for dollars; coupled with unharmonised rates with very wide disparity margin between official rates & more accessible black market rates; $1= 900 is not even very far fetched considering the more accessible parallel market rate was just $1/N500 at the MPC meeting communique No 137 in July 26th 2021, and already drastically slumped & depreciated spirally by 30.7% & crashed to $1/N722 per dollar by 286th Monetary Policy Committe (MPc)meeting of the central Bank CBN one year later july 2022.

Unless something is done about it fast, if we keep on going like this, l won’t be surprised or shocked at all to wake up my future kids one day and $1=2500 Naira; only to tune on the TV to see Lai Mohammed & some top government officials blaming some Black Swan Events & blowing other big Economic grammar to explain $1=2500 away .

Lols it’s always the Economic grammar for me. Was even rushing to check the days headlines to catch breath of the latest grammar from the Finance Minister . Seems they were caught unawares by the Redesign. They are still coordinating their next official speech to the media. The country na better cruise!!!. Na God go really epp us
https://www.nairaland.com/7406270/redesigning-naira-notes-not-aware

tnerro1:


True, do you know that when this New VIO certificate or road worthiness came out, u couldn’t get it unless you took ur car to be inspected.

Today the VIO guy brought the certificate to my office without them even seeing the car

The big men who are insiders will provide loopholes to their cabal members, don’t be surprised they are in CBN working on it already

Pease can you connect me to the vio guy