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FG Outlaws Black Market FOREX Transactions - Business (3) - Nairaland

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EFCC Probes Dangote, BUA, 50 Other Companies Over Forex Transactions / Dollar Hits N600 At Parallel Market, FOREX Supply Shrinks / Forex Transactions On Investors & Exporters Window Hit $7.62bn (2) (3) (4)

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Re: FG Outlaws Black Market FOREX Transactions by Tohmey(m): 11:42pm On Oct 24, 2023
Story story, 2k loading before the end of november

5 Likes

Re: FG Outlaws Black Market FOREX Transactions by mariahAngel(f): 11:44pm On Oct 24, 2023
LeoDeKing:
Very painful to enemy of the state. They are coming now to start shedding tears uncontrollably.

You truly have no shame.

Country don dabaru finish, odoyon still dey yan nonsense!

5 Likes

Re: FG Outlaws Black Market FOREX Transactions by ShootThemAll(m): 11:44pm On Oct 24, 2023
All these rubbish is about how to get money through Tax to enrich themselves. It's not about how to reduce the cost of governance. It's all about TAX! Who pays the tax indirectly, NIGERIANS!!! BUNCH OF CRIMINALS...

6 Likes 1 Share

Re: FG Outlaws Black Market FOREX Transactions by Bullfallo(m): 11:44pm On Oct 24, 2023
it was a wasteful read. all this are jargons and cosmetic approach.

fx is currently 1310, sadly i bought digital for 1500.

before December there would be massive protest. this i have seen.

6 Likes

Re: FG Outlaws Black Market FOREX Transactions by emperor863(m): 11:44pm On Oct 24, 2023
socialmediaman:
Lol how many times will they outlaw black market forex? Keep playing grin grin grin

They’ll soon blame Peter Obi when there’s nobody else to blame for their nonsense policies


Who is Peter obi? How relevant is he in the scheme of things? Has anybody called him out or mention his name in an academic discuss?

Your Agulu clown is not even relevant as things stand today.

2 Likes

Re: FG Outlaws Black Market FOREX Transactions by mariahAngel(f): 11:45pm On Oct 24, 2023
omooba969:
Lol 🤣 comedians everywhere. grin

Your own na to dey laugh nonsense laugh. undecided
Re: FG Outlaws Black Market FOREX Transactions by FreeStuffsNG: 11:46pm On Oct 24, 2023
Smartguyboy:


90% of BDC are northerners the policy will never work.
They are not phasing out BDCs. Read nah. Haba.

1 Like

Re: FG Outlaws Black Market FOREX Transactions by TheBillyonaire: 11:48pm On Oct 24, 2023
FreeStuffsNG:
They are not phasing out BDCs. Read nah. Haba.

The BDCs are not phased out. Yet the black market profiteers are street muscle of the BDCs. For this to work, BDCs must go.
Re: FG Outlaws Black Market FOREX Transactions by masseratti: 11:50pm On Oct 24, 2023
This must be a joke of the century.. No way any Government can outlaw black market.... In any product or currency... There is a reason it's called black market... Abolish the official I&E window and trade at the value of the "parallel market" the naira will stabilize instantly.

5 Likes

Re: FG Outlaws Black Market FOREX Transactions by globalresource: 11:50pm On Oct 24, 2023
LeoDeKing:
Very painful to enemy of the state. They are coming now to start shedding tears uncontrollably.

Is it enemy running the country? Or tinubu is an enemy of the country. How come na enemy dey make dollar fall. The picture u used now made me know your life is so full of hate and karma will catch up with u and it is going to be within 1 year

3 Likes

Re: FG Outlaws Black Market FOREX Transactions by profmallor: 11:52pm On Oct 24, 2023
let me explain it the way I seem to understand it. No one would be allowed to have more than a certain amount of foreign currency as cash at any given time. let's say $20,000, all foreign currencies must now be deposited into the bank. All transactions must be done digitally using say master cards that work internationally. Anyone in possession of foreign funds over the stipulated value would be liable to been charged to court and the currencies confiscated.

Some interesting days ahead, but I believe it would work. make the money available to those who truly need it for business or schooling.



COMPAQ:


Can you properly explain what all that means? Oya what does digitalize fx transactions mean?
Not seeing anything here that adreses the fundamental issues.

1 Like

Re: FG Outlaws Black Market FOREX Transactions by omooba969(m): 11:53pm On Oct 24, 2023
mariahAngel:


Your own na to dey laugh nonsense laugh. undecided

Hey Maria 😁, how u dey na - where have you been hiding?
Re: FG Outlaws Black Market FOREX Transactions by LikeAking: 11:55pm On Oct 24, 2023
More deadly mistakes..

2 Likes

Re: FG Outlaws Black Market FOREX Transactions by sunboy(m): 11:58pm On Oct 24, 2023
Menclothing:
Fx in china and Turkey is Digitalize no hoarding
People are doing round tripping to cash out give should wake up

And aside that, Nigeria does not spend dollars locally yet our demand for dollar is crazy and unexplainable.

Countries that solely depend on importation are not crazy about this usd like we are.
Re: FG Outlaws Black Market FOREX Transactions by Ckonnet: 12:01am On Oct 25, 2023
Benjamin na your mate!!
Re: FG Outlaws Black Market FOREX Transactions by Xxxxtentacion2: 12:02am On Oct 25, 2023
Sillymoderators:
Are they your God?
KEEP PLAYING... cheesy
Re: FG Outlaws Black Market FOREX Transactions by LikeAking: 12:02am On Oct 25, 2023
KillIgbohoN0W:
I'm tired of all these plenty English with no single change!!

Na d scam na.

Format!

Confuse them self with rubbish essays..
Re: FG Outlaws Black Market FOREX Transactions by InvertedHammer: 12:03am On Oct 25, 2023
/
Dead on Arrival (DOA).

If there is nothing about earning through exportation, they are merely kicking the can down the road to appear like they are working. Are they still doing the crude oil swap? grin

No be by long grammar.

A few months ago, they claimed that US$ would be readily available in commercial banks. But that was a lie. People would transfer $ to aboki's dom account and aboki would transfer naira to their banks. The people standing on the roads are doing minimal transactions.

Apparently the hardship hasn't touched many people. A time will come when hunger will force them into the streets to protest.
/

6 Likes

Re: FG Outlaws Black Market FOREX Transactions by sunboy(m): 12:04am On Oct 25, 2023
Adolfnigeria:
@ Ladech
since 1960 your money has been devaluing, don't blame the symptom blame the root cause. BLAME your government for the mismanagement.

Government that illegally prints money via ways & means. Too many naira chasing too few dollars. This is the problem - blame your government not the problems.

Me I applied for FX for travel, and no hope of getting it.

Where else to go, except the black market?

The black market is the only exchange we have in Nigeria. I$E etc are just scams.




This is not government this is we Nigerians sabotaging ourselves. When you put in a request for funds, remember it is being handed by the banks, the banks and its managers decide who get dollar first. This bank managers are deliberately frustrating funds to ordinary citizens and channel the funds to Abokis, cos they get their cut.

This round tripping corruption is happening from the banks. government have other issues to be blamed for but this highlighted above is we Nigerian problem. Our greeedd!

If you tip somebody who works at the bank, that funds will be available in 1-3 weeks. This I know!

1 Like 1 Share

Re: FG Outlaws Black Market FOREX Transactions by nathyx(m): 12:07am On Oct 25, 2023
FG should also include tax for anyone who owns more than one Vehicle wink
Re: FG Outlaws Black Market FOREX Transactions by LikeAking: 12:10am On Oct 25, 2023
ZaddyJ:
grin
I beg o can someone summarize pls because me I ve 2k dollar wey I never change o . Make FG no dull me o

No change am o..

Nothing go happen..
Re: FG Outlaws Black Market FOREX Transactions by NewDea4: 12:11am On Oct 25, 2023
Re: FG Outlaws Black Market FOREX Transactions by warlordd(m): 12:17am On Oct 25, 2023
This needs to be implemented asap! Anything that will ruthlessly crash the price of dollar is highly welcome.
Re: FG Outlaws Black Market FOREX Transactions by killsmith(f): 12:19am On Oct 25, 2023
Ebola is about to monopolize forex trading through his boys

3 Likes 1 Share

Re: FG Outlaws Black Market FOREX Transactions by grandstar(m): 12:23am On Oct 25, 2023
How can you outlaw the black market? Outlawing it will just make it blacker.

I remember an incident that happened to me way back in 1994. That year, government banned black market operations. My dad had given me $40 and I went to Airport hotel, Ikeja (Yes, it was existing back then) where I change $20).

When I left there. I was heading to Isolo for a studio production if I am correct. When I was nearing Oshodi, a policeman stopped my bus and I was asked to come down. He said he observed I had gone to the black market to change money which was illegal. Eventually he and his boys took most of the cash I exchanged. They weren't aware of the extra $20.

What the country needs most is a reduction in corporate tax to 15% or less. This is essential in fuelling huge foreign investment into the country, especially if the government is determined to achieve the goal of achieving a $3 trillion GDP by 2031 (I doubt it is attainable)

Do you know why Ghana has a local of foreign owned mines? Because their profits are taxed at 10%.

It would also stimulate local investment and encourage many companies to move into the formal economy rather than remain in the dark.

3 Likes

Re: FG Outlaws Black Market FOREX Transactions by Justhere: 12:24am On Oct 25, 2023
Them carry economics textbook
Copy and paste here.

Theory can't work for nations like ours,
All these is for well organized country

1 Like 2 Shares

Re: FG Outlaws Black Market FOREX Transactions by linearity: 12:29am On Oct 25, 2023
Was black market Forex lawful before?

It is called ‘black’ market for a reason. These are just much talk about nothing.

They know the system and those profiting from round trips, because they are the ones releasing dollars to them in millions.

Additional, until they start arresting all those Aboki and Mallams around Transcorp Hilton Hotel Abuja and International Airport Lagos truly prosecute them and throw them and their Bosses in prison, they have not started anything.

4 Likes 1 Share

Re: FG Outlaws Black Market FOREX Transactions by Abagworo(m): 12:36am On Oct 25, 2023
Back in square one. Emefiele wins once again
Re: FG Outlaws Black Market FOREX Transactions by jaxxy(m): 12:38am On Oct 25, 2023
FreeStuffsNG:
13. Expand the official foreign exchange market to incorporate BDCs, forex apps and retail fx dealers, and outlaw transactions in the black market

14. Digitalise Nigeria’s fx regime and discourage speculative demands and hoarding of fx in cash

15. Imposition of excise tax on foreign exchange transactions outside the official market


[b]Great job by Taiwo Oyedele [/b]and his team of patriotic Nigerians. These are bold audacious moves by the Asiwaju Tinubu-led Federal Government. This is absolutely brilliant!

Only unpatriotic and greedy people will go buy fx to hoard and they deserve not only to lose their funds but must be prosecuted for economic sabotage as well.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las.

It's criminal and unpatriotic mindset that will make an otherwise educated person who spends almost 100% of his day to day expenses in naira to still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will deter such unpatriotic elements.Not even EFCC that Mr Emefiele kept sending after them will make them stop.

All the enemies of Nigeria will lose las las. They always lose. God bless Nigeria for ever! Check my signature for free stuffs!

Chasing too many things at thesame time while stirring up too many things at thesame time leads to more confusion of the problems and maze like situation where u are Chasing everything and catching nothing. undecided Lmao

I don't know how else to explain it to these guys but u have complicated a big problem into a much larger problem. And now it's time to speak grammar grin

Great job by my tribesman u mean to say. U think u can solve all these problems with these long grammar? This is what we call theory in school. grin

5 Likes

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