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Why Is CBN Acting So Dumb? - Politics - Nairaland

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Why Is CBN Acting So Dumb? by ruffhandu: 5:10am On Sep 26, 2023
How on earth does CBN thing a Nigerian outside Nigeria will send money to Nigeria and use official rate when the difference is about N300? Who thinks like CBN? Which Nigerian will do such? They can only do that to foreigners. And, they are trying to force the useless e-naira on Nigerians.

Simple solution, when official rate is lower than black market by only N1. For now, no man in his right senses will, after hussling, send $1000 to Nigeria and willingly accept N783,000 instead of N980,000. I am looking for that man. If such a person can't be found, then CBN, if a person, is simply mad.

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Re: Why Is CBN Acting So Dumb? by money121(m): 5:13am On Sep 26, 2023
Wo
Oni agbara
Re: Why Is CBN Acting So Dumb? by Iamanoited: 5:24am On Sep 26, 2023
CBN IS DUMB AND FRAUDULENT.

5 Likes

Re: Why Is CBN Acting So Dumb? by MrsTwrite(f): 5:41am On Sep 26, 2023
CBN is one of NIGERIA'S problem.

2 Likes

Re: Why Is CBN Acting So Dumb? by ican2020: 5:49am On Sep 26, 2023
Bereft of ideas yet lowlife like Reno who badly needs job to survive will be screaming Tinubu master strategist and one begin to ask how can a master strategist appoint a lazy man as CBN governor

3 Likes

Re: Why Is CBN Acting So Dumb? by ruffhandu: 5:29am On Sep 27, 2023
ican2020:
Bereft of ideas yet lowlife like Reno who badly needs job to survive will be screaming Tinubu master strategist and one begin to ask how can a master strategist appoint a lazy man as CBN governor
I wish all Nigerians will be like be, ignore reno omokrikri

3 Likes

Re: Why Is CBN Acting So Dumb? by ruffhandu: 5:31am On Sep 27, 2023
MrsTwrite:
CBN is one of NIGERIA'S problem.
Honestly, this is not a flimsy statement, it is just the truth. Since almost all Nigerian leaders are corrupt, leaving such sensitive institution to the hands of an average Nigerian leader is nothing but a mess. They print money as they like, defraud Nigerians, bring out useless policies that will favour their cronies. I just dey look Nigerian youths, many think there is something for them to loot in future.

3 Likes

Re: Why Is CBN Acting So Dumb? by joyandfaith: 5:37am On Sep 27, 2023
ruffhandu:
How on earth does CBN thing a Nigerian outside Nigeria will send money to Nigeria and use official rate when the difference is about N300? Who thinks like CBN? Which Nigerian will do such? They can only do that to foreigners. And, they are trying to force the useless e-naira on Nigerians.

Simple solution, when official rate is lower than black market by only N1. For now, no man in his right senses will, after hussling, send $1000 to Nigeria and willingly accept N783,000 instead of N980,000. I am looking for that man. If such a person can't be found, then CBN, if a person, is simply mad.

What is the way forward ?
Re: Why Is CBN Acting So Dumb? by Chizaam2008: 5:42am On Sep 27, 2023
You go wonder taya! grin
Re: Why Is CBN Acting So Dumb? by Mindlog: 5:42am On Sep 27, 2023
CBN staff have been facilitating the fraud of getting cheaper foreign currencies, then resell in the black market.

4 Likes

Re: Why Is CBN Acting So Dumb? by ruffhandu: 5:47am On Sep 27, 2023
joyandfaith:


What is the way forward ?

the Government should focus on production, make the youth productive by creating an enabling environment for all to thrive. People who left the country just feel they are not appreciated. The youths now feel it is only crime that you can successfully make money from. The president needs to run an open-book policy and convince all Nigerians that he is tackling corruption. Then Nigeria can earn USD, and the rate will drop on it's own.

Let me tell you honestly, if every drop of crude produced in this country is sold and remitted to the coffers of the government, just in one month exchange rate will start take a good shape. In Saudi, the government watches on a screen every drop of oil extracted in the country. WE MUST LEARN A LESSON. I will never send money to Nigeria through CBN, unless the difference is not worth the stress. NEVER!

2 Likes

Re: Why Is CBN Acting So Dumb? by ruffhandu: 5:49am On Sep 27, 2023
Mindlog:
CBN staff have been facilitating the fraud of getting cheaper foreign currencies, then resell in the black market.

100%. I have experienced this many times. Just like the Nigerian govt, they adjust their policies to suit a particular fraud per time.

2 Likes

Re: Why Is CBN Acting So Dumb? by joyandfaith: 5:58am On Sep 27, 2023
ruffhandu:


the Government should focus on production, make the youth productive by creating an enabling environment for all to thrive. People who left the country just feel they are not appreciated. The youths now feel it is only crime that you can successfully make money from. The president needs to run an open-book policy and convince all Nigerians that he is tackling corruption. Then Nigeria can earn USD, and the rate will drop on it's own.

Let me tell you honestly, if every drop of crude produced in this country is sold and remitted to the coffers of the government, just in one month exchange rate will start take a good shape. In Saudi, the government watches on a screen every drop of oil extracted in the country. WE MUST LEARN A LESSON. I will never send money to Nigeria through CBN, unless the difference is not worth the stress. NEVER!

Yes. Fix corruption in oil sector.

2 Likes

Re: Why Is CBN Acting So Dumb? by ruffhandu: 8:13am On Sep 27, 2023
joyandfaith:


Yes. Fix corruption in oil sector.
It cuts across all sectors? but oil is the golden goose Nigeria has.

3 Likes 1 Share

Re: Why Is CBN Acting So Dumb? by omohayek: 9:15am On Sep 27, 2023
Sadly, the CBN's fraudulent policies are enabled by the gullibility of all the Nigerians who so badly want a "strong" Naira that they'll happily enable all sorts of rip-offs for the sake of this illusion - hence the multiple exchange rates which produce opportunities for "round tripping", and the schemes to cheat the senders of remittances through an artificial rate that also scares away foreign investors. The one thing the "Strong Naira" zealots never ask themselves is what point there is in having a "strong" exchange rate that you can never get access to unless you're Dangote or some other such well-connected figure.

1 Like

Re: Why Is CBN Acting So Dumb? by ruffhandu: 2:43pm On Apr 25
omohayek:
Sadly, the CBN's fraudulent policies are enabled by the gullibility of all the Nigerians who so badly want a "strong" Naira that they'll happily enable all sorts of rip-offs for the sake of this illusion - hence the multiple exchange rates which produce opportunities for "round tripping", and the schemes to cheat the senders of remittances through an artificial rate that also scares away foreign investors. The one thing the "Strong Naira" zealots never ask themselves is what point there is in having a "strong" exchange rate that you can never get access to unless you're Dangote or some other such well-connected figure.

That question make sense. Do you know that some few years ago (not too long), CBN reaches out to the elites to tell them they have USD allocation. EL rufai, Sanusi, and many others, even when they have not requested for it? El rufai was give 700 million usd at that time. Meanwhile, students were denied access to USD to pay school fees.

1 Like

Re: Why Is CBN Acting So Dumb? by Beautifulday: 3:25pm On Apr 25
ruffhandu:


That question make sense. Do you know that some few years ago (not too long), CBN reaches out to the elites to tell them they have USD allocation. EL rufai, Sanusi, and many others, even when they have not requested for it? El rufai was give 700 million usd at that time. Meanwhile, students were denied access to USD to pay school fees.


Are you kidding me right now?
Re: Why Is CBN Acting So Dumb? by Paraman: 3:27pm On Apr 25
ruffhandu:
How on earth does CBN thing a Nigerian outside Nigeria will send money to Nigeria and use official rate when the difference is about N300? Who thinks like CBN? Which Nigerian will do such? They can only do that to foreigners. And, they are trying to force the useless e-naira on Nigerians.

Simple solution, when official rate is lower than black market by only N1. For now, no man in his right senses will, after hussling, send $1000 to Nigeria and willingly accept N783,000 instead of N980,000. I am looking for that man. If such a person can't be found, then CBN, if a person, is simply mad.
Tinubu administration has put an end to this nonsense
Re: Why Is CBN Acting So Dumb? by ruffhandu: 9:38pm On Apr 25
Beautifulday:


Are you kidding me right now?

I am 100% correct, especially in the case of el rufai. Sanusi himself had indirectly alluded to such fact that only the fx savvy person will decode. He said if he needed money that he knew what to do, he will just trade some Fx. People who lack understanding will think he meant online fx trading. But if you know you know.

1 Like

Re: Why Is CBN Acting So Dumb? by ruffhandu: 9:39pm On Apr 25
Paraman:
Tinubu administration has put an end to this nonsense
Better, because it portrayed the government as so so dumb. I WOULD NEVER HAVE DONE SUCH NONSENSE.
Re: Why Is CBN Acting So Dumb? by FatherOfJesus: 9:49pm On Apr 25
ican2020:
Bereft of ideas yet lowlife like Reno who badly needs job to survive will be screaming Tinubu master strategist and one begin to ask how can a master strategist appoint a lazy man as CBN governor
Ignore that modafucka.

I blocked him since last year. How una go dey pay attention to that nitwit?
Re: Why Is CBN Acting So Dumb? by ruffhandu: 3:14am On May 08
ican2020:
Bereft of ideas yet lowlife like Reno who badly needs job to survive will be screaming Tinubu master strategist and one begin to ask how can a master strategist appoint a lazy man as CBN governor

There is only one or two differences between FFK and Reno - one lives in Nigeria and cannot do any other job, while the other lives abroad and can possibly do some menial jobs (or may have another job) there. But for me, they are all stomach infrastructure men.

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