crismark:

It is easier said on nairaland.

Currency exchangers exist almost in all developed countries with strict regulations. So eliminating BDCs completely is out it.

This whole problem started when CBN stopped selling forex to the BDCs. This made the number of speculators increased and also increased demand.

Make them jejely begin BDC operation back.

There is strict money laundering adherance in other countries. If you have lived in advanced economies, you will know the strict KYB/KYC process you'd have to go through to book trades. That is to curb money laundering. But in our beautiful country, anyone can launder cash without any KYB/KYC process.

To save our Economy, you must ban BDC or launch an online FX platform that eliminates the BDC, so government can regulate and tax the sector. It is the only solution on that angle.

Additionally, Government must allow every Tom, Dick and Harry to bring in hard currencies. Do not help the West to fight inflow into our country, cos the west does not help us fight oil theft.

I wish I can talk to Tinubu about these. Nigeria will be worst than Venezuala. Mark my words. You must ban BDC. Round tripping is messing up our Economy. I do not see why anyone should build factories and hire people when you can simply trade currencies in high volume and make easy money.

TheBillyonaire:


Remember, Economy has no emotions, economy does not go to heaven, otherwise [b]Nigeria will go the way of Venezuela, [/b]mark my words.

But Venezuela is Suffering from sanctions imposed by the US and it's allies because Hugo Chavez decided to be sharing oil money to the people.
Venezuela is not the cause of it's problems but external forces that has its eyes on Venezuela vast oil and gas resources.

Name them and stop empty ranting. Nonsense

dre11:
Naira is currently undervalued, says Ag. CBN Governor

…adds: We’ll name, shame commercial banks engaged in illegal sales of Dollars



https://www.vanguardngr.com/2023/08/naira-is-currently-undervalued-says-ag-cbn-governor/

All na wash! All talks no action.

IconicR:
Everything will be fine

Has every thing being fine the past 10 years?

$1 is almost at N1000 and all you can say is "everything will be fine"!

I shake my head in utter amazement at your cluelessness!

omohayek:
What is this claptrap about "Illegal remittances"? This is utter nonsense from an economic point of view, and solid evidence that this guy has no business staying in place a day longer than necessary. Remittances actually strengthen the Naira regardless of how they are conducted, as they represent demand for the currency. Nowadays, Nigeria actually gets more of its USD from remittances than it does from oil, and without them the . The only thing "illegal" about them is that Emefiele's greedy CBN tried to force Nigerians abroad to yield to an "official" exchange rate that effectively gave them half of what their money was really worth, and sadly this incompetent clown seems set on continuing this pig-headed policy meant to create a steady source of funds to siphon through arbitrage schemes like "round tripping". Any source of foreign exchange strengthens the domestic currency, no matter the route it flows through, just as any source of demand for tangible goods strengthens the bargaining position of those selling them.

As urgent as the Niger coup matter may be, Tinubu needs to act quickly to find a new permanent CBN governor who actually understands economics and is willing to sweep the CBN clean of all ignorant holdovers from the Emefiele era such this one. Until someone serious and confidence-inspiring is put in charge and given a free hand to clean shop, the Naira will continue to drop in value like a stone, as the status quo gives little confidence to markets that the root cause of Nigeria's ever-weakening currency - namely inflationary monetary policies - will be nipped in the bud. Enough of incompetents trying to shift blame to "AbokiFX" or "greedy [sic] bankers" for their own self-inflicted failures.

The Bible says evil men are not satisfied and fulfilled until they have committed at least one evil DAILY..............Nigerians can even corrupt Stan himself! Round Tripping agents ought to be jailed upon trial and conviction! The evil men in Nigeria who frittered away our oil income over the decades.........are now plotting to seize remittances! them no reach!

Dem gat you guys in a corner😄. Naira will hit 10000 very soon.

“If you were to conduct an economic modeling of Nigeria using purchasing power parity, you would discover that the Naira is currently significantly undervalued,” Shonubi stated

Nigeria is one country that oddly defies economic models, I have believed in that for a long time. There are too many forces contending with the economy of the country and these are forces benefiting massively from the state they've put it in.

'We will'

Na today, talk another thing.

Just name and shame?

Acekidc4:
Why will Naira not fall when all we do is to import everything even up to ordinary Tooth pick. Let's start Producing and Manufacturing at least 60 percent of things we import and watch our Naira regain it strength.

Some will still talk nonsense on my Mentions!!

How can we produce if ordinary electricity that will power the economy is a day dreaming, what type of useless country and irresponsible leaders we have...

Always spewing rubbish at all times.😌😌

Even Cbn is like soko loan shark. Other banks should sue them to court.
All blaming import should learn from zambia, south Africa, Tunisia, and even Kenya. Naira was stronger than Kenya shilling during Obama time, unfortunately the reverse is the case now.
In 2008-2014 during Obj, Yar'adua, and Goodluck tenure.
I remember traveling to China for the first time. I went to open domiciliary account with diamond bank (now merge as access bank). They told me I must have $100 in the account. I call my uncle and and #32,000 was sent. Meaning 1USD was #320. Both banks and cbn even aboki were trading in this price. What suddenly gone wrong now?

1. Currency backup. CBN should stop deceiving themselves. Nigeria has nothing in reserve other than oil&gas. Ghana has gold, zambia has copper, South Africa has diamond + gold, Tunisia, Libya has gold. UK has the largest gold reserve in the world. So bring a currency like naira comparing with these other currencies is like putting drop of water in an empty cup.
2. Corruption: Every banks and government in Nigeria are not selling dollars to agents. Just like POS agents. They'll prefer giving and agent bags of naira to sell than give a pensioner his withdrawal.
3. New currency in circulation. Know this and have peace. Every new currency introduced has a bad effects on the countries Forex. Take for instance the Britain pounds, the russian rubble, the USD etc.
The UK,the US highest paper note is 100. Why did Nigerian government in Sanusi era jump from 500 to 1000 notes? Does it make sense? Other than his criminal intentions of stealing money. If it was necessary for economy, USA by now would've had 5000 notes. The lower the currency notes being used the stronger the currency compared to other higher. Notes. Take Zimbabwe dollars, Rwanda currency etc into consideration. But look at zambia currency. The highest is 100notes and it's trading at 1usd = 18.9 kwacha.
4. Political gains: Believe me this is deliberate by the tinubu adminstration to recover his dollars during the election time. So don't blame Forex, don't blame aboki, don't blame imports. Even the US, UK knows and they're busy giving thousands of Visas to UK because our currency is a shame.

Half-witted animals so called leaders anytime dey fail dey blame it on others

IconicR:
Everything will be fine

that is the Nigerian citizens mentality from 1960 till this minute

NO VISION NO DIRECTION,BY AMERICAN TRUMP, PLS SING THE SONG FOR THE FOOLISH NIGERIAN AND THEIR LEADERS

dre11:
Naira is currently undervalued, says Ag. CBN Governor

…adds: We’ll name, shame commercial banks engaged in illegal sales of Dollars



https://www.vanguardngr.com/2023/08/naira-is-currently-undervalued-says-ag-cbn-governor/

So,, CBN doesn't know that hoarding dollars would lead to its scarcity,, and thus high demand? And this would still lead to it being costly again in the black market??

And that this time,, almost everybody would become a black-marketer of dollars?

Why is it so difficult to allow free flow of dollars??

Acekidc4:
Why will Naira not fall when all we do is to import everything even up to ordinary Tooth pick. Let's start Producing and Manufacturing at least 60 percent of things we import and watch our Naira regain it strength.

Some will still talk nonsense on my Mentions!!

WHAT ARE THEY PRODUCTS DO YOU SUGGEST THAT WE START MANUFACTURING? DO YOU REALIZE THAT WE DO NOT HAVE ELECTRICITY HERE? DO YOU REALIZE WE DO NOT HAVE GOOD ROADS TO TRANSPORT WHAT WE PRODUCE TO THE MARKET?

Acekidc4:
Why will Naira not fall when all we do is to import everything even up to ordinary Tooth pick. Let's start Producing and Manufacturing at least 60 percent of things we import and watch our Naira regain it strength.

Some will still talk nonsense on my Mentions!!

Nor be if economy dey favourable to people them go fit manufacture? Do you know how many businesses that have shutdown or left the country since 2015?

How won't the Naira be undervalued after Ag. CBN Governor released so much physical naira into circulation, thereby undermining what Emefiele did. Inasmuch as the transition from cash to cashless economy hurt Nigerians so much, throwing away all the gain achieved, after people got used to cashless economy, is horrible.

Banking is another way of legalizing subtle thievery.

Is it today Nigeria started importing? Lol, poor leadership without vision and political will is the problem here. There are ways to discourage people from importing, it requires a leader to champion it and that leader is what Nigeria lacks.

Acekidc4:
Why will Naira not fall when all we do is to import everything even up to ordinary Tooth pick. Let's start Producing and Manufacturing at least 60 percent of things we import and watch our Naira regain it strength.

Some will still talk nonsense on my Mentions!!

TheBillyonaire:


There is strict money laundering adherance in other countries. If you have lived in advanced economies, you will know the strict KYB/KYC process you'd have to go through to book trades. That is to curb money laundering. But in our beautiful country, anyone can launder cash without any KYB/KYC process.

To save our Economy, you must ban BDC or launch an online FX platform that eliminates the BDC, so government can regulate and tax the sector. It is the only solution on that angle.

Additionally, Government must allow every Tom, Dick and Harry to bring in hard currencies. Do not help the West to fight inflow into our country, cos the west does not help us fight oil theft.

I wish I can talk to Tinubu about these. Nigeria will be worst than Venezuala. Mark my words. You must ban BDC. Round tripping is messing up our Economy. I do not see why anyone should build factories and hire people when you can simply trade currencies in high volume and make easy money.

I don't think you know what BDC is. Even after i told you that BDCs have been suspended since the last two years. Abokis selling fx in streets are not BDC. You just keep shouting ban BDCs without even knowing BDCs have been suspended since last 2years. This FX problems started when BDCs were suspended. Recalling their operations would make USD readily available and the naira would gain a little value.

Se won ti e gbe eyin werey yii sepe ni?

IconicR:
Actually and truthfully Jonathan and Buhari are responsible for all these rubbish and not the new government who is trying to put things back on track

cashmyles:
Se won ti e gbe eyin werey yii sepe ni?

akpoda alagbaoshi ekaro

Why name and shame?

Remove the Directors!

Keep naming and shaming up and down.
Dollar is now 900+ to naira.
Useless set of incapable people

CBN forget; una no go fit!
Just thesame way Lai lai Mohammed named and shamed sponsors of terrorism. Abi?

The rates are crazy lately


We offer God fearing rates for FX currently

Mail: segun [at] usepassport.co

TheBillyonaire:


There is strict money laundering adherance in other countries. If you have lived in advanced economies, you will know the strict KYB/KYC process you'd have to go through to book trades. That is to curb money laundering. But in our beautiful country, anyone can launder cash without any KYB/KYC process.

To save our Economy, you must ban BDC or launch an online FX platform that eliminates the BDC, so government can regulate and tax the sector. It is the only solution on that angle.

Additionally, Government must allow every Tom, Dick and Harry to bring in hard currencies. Do not help the West to fight inflow into our country, cos the west does not help us fight oil theft.

I wish I can talk to Tinubu about these. Nigeria will be worst than Venezuala. Mark my words. You must ban BDC. Round tripping is messing up our Economy. I do not see why anyone should build factories and hire people when you can simply trade currencies in high volume and make easy money .

Word..