Una never jam. Artificial means to a temporary cure

@Adolfnigeria
Outlaw transactions in the black market. *

Please what is this ?

Few Nigerians get forex via the banks. The only way to get dollars is from BDC or so called black market.

Government of propaganda. The parrallel/black market is the only way for most Nigerians to get dollar. This is the market that shows the true naira value.

The CBN quote is propaganda. I believe they only use this window to scam foreign investors or unsuspecting victims, from their dollars.




@me
So long as the black market remains, the arbitragers will ensure that the rates widen. Buy more to create artificial scarcity so that the rates will keep increasing consequently increasing the value of their store of value.

It's similar to when a company is about to issue an IPO. The major shareholders will mop up the shares on the exchange to drive up the price. So long as they keep buying the price will keep going up not that it reflects the fundamentals of the company.

You can't outlaw black market as it is driven by market forces of demand and supply. The incompetence of the government and financial institutions to provide FX for SMEs, manufacturers and the general public created the parallel market. This nonsense policy just like the rest will further destroy this economy and cause massive unemployment. Above all it is clear that the major driver of rapid devaluation of our currency is not parallet market but fuel subsidy, servicing of foreign loans and reckless spending of this government just like the one before it looted by politicians. Why will Nigerians continue to bear the brunt of this incompetent government.? The corrupt national assembly are also not left out in adding to the FX crisis and recently we all witnessed how they each got imported cars worth over N160 million....including corrupt CBN officials and bankers involved in racketeering and dollar round tripping....

Naira currency can only appreciate in value if there is a deliberate effort to look inwards, stop reckless borrowing of foreign loans, stop excessively looting of public funds, invest in stable electricity, refine fuel locally (Government must build and operate at least one refinery) and reduce the cost of government by dissolving duplicate ministries, parastatals and pubic offices including reducing the number of senators, reps and ministers as current system of government is bloated and too expensive.

This news is another disaster that will accelerate job losses especially in the manufacturing sector....

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

Great job by Taiwo Oyedele 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!

Tinubu wants to corner foreign remittances of hardworking Nigerians based abroad!! we will see how that will work! after squandering our oil and gas revenue,,,,,,,,,,their eye don dey shook for abroad money! thieves!

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

Great job by Taiwo Oyedele 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!

"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."

The hoarding of forex is an indication of lack of confidence in the government ability to maintain the value of the currency.

Once confidence is restored, the hoarding will reduce drastically.

I met an importer of POP cement today and he says that they are compelled to purchase forex the second they dispose of their goods as they don't trust the Naira.

I keep telling Nigerians that Buhari tried.

Now I am sure they are starting to agree with me.

Honestly Nigerians should be plotting to impeach Tinubu.

Eriokanmi:
Which result...? If not for the parallel market readers, where we fir see fx put into pur account and order our goods? Banks can't support SMEs. Visit any branch and see endless queues of thise looking for fx. I had ti withdraw my application after waiting for nearly 4 months. Na biack market save me.

I travelled recently to Hungary. My bank couldn't support me with BTA. Na parallel market save me cos our cards aren't working overseas for transactions. Gone were the days when we'd insert our debit card in thehr atm abroad and we'd withdraw as if we're in Nigeria in their currency.

Apc has killed our economy under the pretext of discouraging import. Woth thus heinous move, dem.kuku wan finish Nigeria. They know what they're doing

You can't ban the black market. You'll just make it blacker.

Even if the official market is efficient, Nigerians prefer the informal market. Even the BDC boys use those black market guys a lot.

Armchair economists.
Too much talk zero results.

Nothing will really change unfortunately, the extra cost from excise tax on FX et al will be passed to buyers of FX. The sure way to boost liquidity is to eradicate foreign PMS purchase or better put, we must refine locally, increase production and export to earn more forex. Any other cosmetic efforts will most likely worsen the issue. Our environment is very sensitive

The corrupt govt came in through the back door

joseph1832:
Na wa oh. How feasible will this be? Nigerians always seem to have a back door for everything.

# All motion, NO MOVEMENT!
Useless govt of self serving THIEVES!

The Government is the biggest importer.

ZaddyJ:

I beg o can someone summarize pls because me I ve 2k dollar wey I never change o . Make FG no dull me o

It’s the report from the committee set up to look into how Nigerian government can effectively cure the damages on the economy of the nation which is occasioned by the current state of foreign exchange and tax system the country is operating.

Part of the committee’s recommendation is : the foreign exchange market would be expanded to include not only the old popular foreign exchange players BDC but also other new operators.

The implication of the above is , the naira will stop crashing against every other foreign currencies, not just dollar.

Then it means your $2k dollar may end up dropping to two thousand naira (N2000).

The committee actually came up with enviable , logical and practical ideas and solutions which if truly followed , the economy of the country would favor everyone and perhaps a viable ways to attract reliable foreigner investors with long term goals of running their business ventures in Nigeria.

sunboy:


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.

The japa syndrome is to blame, it’s putting a lot of strain on the demand for dollars as Nigerians who are desperate for purple pastures travel overseas.

Believe these rubbish at your own peril. Nigeria is at a dead end. Only true solutions can save Nigeria now not propaganda.

Increase export and reduce import. Support local manufacturing and fix power sector. Any other talk na balderdash

Black market is not the problem, there are forces that operate beyond them who benefit from the massacre of naira, na those people dem suppose tackle. They should identify loopholes and tackle the situation from the root cause. May God help Nigeria.

That is the only way to curb this Dolla overwhelming increments. Let the banks through their outlet be doing the exchange and prosecute black market. Don't limit any amount any one want to buy with that Dollars will be chasing nair too, once u make dollars surplus only through the back the black market will die a natural death!

joseph1832:
Na wa oh. How feasible will this be? Nigerians always seem to have a back door for everything.

You share same mind with me.Hmmm its not enough to make stiffer laws but to follow it up. Na today.Has leopard changed her colours? Indeed Nigeria would away have a backdoor for everything. If it were possible they will settled God for anything. Kasimawooo

Adolfnigeria:
* Outlaw transactions in the black market. *

Please what is this ?

Few Nigerians get forex via the banks. The only way to get dollars is from BDC or so called black market.

Government of propaganda. The parrallel/black market is the only way for most Nigerians to get dollar. This is the market that shows the true naira value.

The CBN quote is propaganda. I believe they only use this window to scam foreign investors or unsuspecting victims, from their dollars.

How does a black market show the true value of the naira? What mechanism do they use to quote their daily prices? Please Kindly educate us.

Imposition of excise tax on foreign exchange transactions outside the official market. This one is good

You wan close aboki business. Ban open grazing first. Then we can talk about aboki changing dollar

Well, the only solution I see fit is for FG to allow local naira card be eligible for international transactions to a tune of $10,000 monthly.

After all, bank get fx from CBN at the official rate, hence, international payment via naira card can be charged using the official rate.

This would seriously reduce the need for dollar at a black market since one can easily make transactions via your naira card

Also, international students would be able to make payment also at ease with no need for an aboki to buy dollars from at black market rate.

Imagine, I needed to renew a domain name for just $16, and guess what, I couldn't using my GTB Naira card, I had to resort to chipper which charged me #1290 to a dollar..

Just imagine, something that by allowing the Naira card , I could have just been charged #750 to a dollar..

So you see, until we allow the use of naira card for international transactions, we won't leave this stage.

No one would need to buy dollar or use chipper exorbitant price if one could use his local card.

Majority of the need for dollar arises from international students and a few others.

After all, banks get dollars from CBN at the official rate.

CBN can then be funding huge request for the dollar maybe huge importation and co with very strict standards and follow up to ensure the money released by it is being used for exactly what it's intended for.

I tell you, this would force the price seriously down

After all, before the advent of former President buhari, and Good luck, we literally made payment for international transactions using our local Naira card and there was little or no need for a Domiciliary account.

Mostly, those with a domi account then we're pple who received inflows in dollars and not for an online payment..

The Nigerian government needs to look into this.

Theories! We need practical results.

samintegrity:
Well, the only solution I see fit is for FG to allow local naira card be eligible for international transactions to a tune of $10,000 monthly.

After all, bank get fx from CBN at the official rate, hence, international payment via naira card can be charged using the official rate.

This would seriously reduce the need for dollar at a black market since one can easily make transactions via your naira card

Also, international students would be able to make payment also at ease with no need for an aboki to buy dollars from at black market rate.

After all, banks get dollars from CBN at the official rate.

I tell you, this would force the price seriously down

After all, before the advent of former President buhari, and Good luck, we literally made payment for international transactions using our local Naira card and there was little or no need for a Domiciliary account.

Mostly, those with a domi account then we're pple who received inflows in dollars and not for an online payment..

The Nigerian government needs to look into this.

This makes more sense.

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

Great job by Taiwo Oyedele 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!

If you see forex, will you know?
If they get "burned", is it your burn?
So I will see a daily dwindling naira and commonsense will not encourage me to change it to dollar or pounds to protect the value of my money? De play, even the government official that wrote this policy episode, keeps his money in dollars.

Eteka1:
This makes more sense.

I tell you sir.

I don't understand why we need to make payment in dollars when our local currency is Naira.

If CBN can achieve that, most BOC and fine tech companies would be forced to close down.

Well, perhaps they know this but maybe because someone somewhere is making huge money from it hence the reason why they just aren't looking at this direction.

I may be wrong thou.

mecustika:
Armchair economists.
Too much talk zero results.

Dagbo economist. Show me one business or industry they have run in all their lives. They will tell you Lagos.
Lagos they increased taxes and had excess money to blow, despite that they still plunged the state into debt.

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

Great job by Taiwo Oyedele 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!

I don't think even professors of efonomist in Nigeria understand what makes you excited based on your extracted points above because why? Things don fall apart and center no hold

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TAX PROMAX

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