clearcrystal:
Also remove N1000 bill from circulation, it will somehow discourage people from moving physical cash around.

Lol. N1,000 isn't not the reason why naira is losing value neither is the moving around of physical cash. People are simply preying on weak and ineffective economic policies and it doesn't even have to do with physical cash but digital currency.
The way inflation is going and the way naira is losing ground everyday, we will soon have 10,000 naira single note and notes like 2k and 5k with N10, N20, N50 notes disappearing naturally just like coins as they won't have any values anymore. Unless they implement redenomination policy

Spoken about this matter on and on and on.
A capitalist economy operates best in a free market manner.
And there are rules and principles in this, the key principles of which is access, equity and control.

Needless to say the 'free-est' markets will always be the largest market.
The CBN's share of the Nigerian fx-market will remain as limited as its ideals and ideas of a free market are limited.

How can you be as big as a player where an average citizen can walk in trade and leave without fuss.
Whereas yours is meant for bigwigs, government and the politically connected.
A stagnant lake where resources will flow into but cannot flow out without fuss.

My dear CBN.
Disconnect yourselves from politics, from day to day government sentiment and play the true role of the economic referee which is your core mandate. Because all I see here is a David and Goliath fight with David having little protection from the Almighty.

somehow:


Apart from BDC's, where else do you buy foreign currencies on the streets?

You're not suppose to buy from the street ,except for petty retail transactions which should find its way back to the banking system like its done anywhere else in the world.
Enforce a serious ban on black market operators and the banks and other inflow channels no longer has any reason to speculate/hoard forex because who then do they now sell to illegally at high prices?
It now becomes very available and price stabilises immediately.

pharmagba:

Permit me to educate you.
Banning black market forex does not mean taking the bereau de change out of business.
What it means is digitalizing their operations.
Instead of going to the street corner to change, the bereau de change operators will have a digital platform online where you transfer your niara and instant convert to foreign currency of your choice .
No more handling physical foreign currency.
There will be no need for hoarding

As far as this involves smart technology and technical know-how, it wont work.

I need a car for rental to be use for (uber and bolt business), to deliver weekly.

I’m ready to start work immediately.

If you are an intending investor/partner and you are willing to invest in uber/bolt business in Lagos

I will handle your car with utmost care and you will have good return on your investment.

I am ready to pay weekly as agreed without any stories.

I will provide verifiable guarantor as needed.

car security is guaranteed.

SeaTrade:
You're not suppose to buy from the street ,except for petty retail transactions which should find its way back to the banking system like its done anywhere else in the world.
Enforce a serious ban on black market operators and the banks and other inflow channels no longer has any reason to speculate/hoard forex because who then do they now sell to illegally at high prices?
It now becomes very available and price stabilises immediately.

You didn't answer the question.

You said BDC's are not black market operators, so who are the black market operators on the streets?

If you read the article again, it was talking about banning and moving FX related transactions off the street (raw cash) and digitalizing it.

So who are the black market operators hoarding FX on the streets outside the BDC's?

LeoDeKing:
Very painful to enemy of the state. They are coming now to start shedding tears uncontrollably.

So people's opinion about the yeye govt ruling you see as shedding tears. Please how much is per litre of fuel in your area? God will punish you, except this govt is good in ruling.

Think9ja:
The worst and the dumbest Nigerian alive is someone that believes in this jungle. This jungle can never ever ever ever become great with this current structure.

Solution?
Either we pieces this rubbish into 7 different entities to allow each entity determine its own future or we bring the whites to rule us again. It's obvious we didn't learn any single thing from them, reason why we can't govern ourselves.

Weak institutions, corrupt civil service, corrupt leaders, poor security agencies, illiterate masses, bigoted citizens.

At the rate we are going, Somalia will be a paradise in ten years time compared to this dungeon...

Nigeria no fit better. But make we de deceive ourselves with committees and their recommendations..

Thunder fire Obi

Na obi dey rule?

FreeStuffsNG:

·
https://twitter.com/taiwoyedele/status/1716901814820331861?t=9iZ05kjSniVDfg_F9aoq8g&s=08

Oga go earn dollars yourself stop trying to force things on people.

Your politicians just spend about $160 billion buying foreign cars with scares forex those are the people who should be in jail not people struggling to survive.

Tell your oga to fix refineries
Fix insecurities
Fix power

Without these na white elephant project...

When these clowns running this shit show eventually make forex easily and readily accessible in the commercial banks UNCONDITIONALLY, I'll take them serious.
Until then...


...why do I get this feeling that dollar ATM machines are been considered in this country right now?

somehow:


You didn't answer the question.

You said BDC's are not black market operators, so who are the black market operators on the streets?

If you read the article again, it was talking about banning and moving FX related transactions off the street (raw cash) and digitalizing it.

So who are the black market operators hoarding FX on the streets outside the BDC's?

The people you see on the streets trading forex are illegal operators.
I hope you know BDCs have licenses?
Digitalizing fx and removing cash transactions from the streets don't make the BDCs irrelevant as its logistically impossible to have CBN and banks cater for bulk and retail needs.
What now happens is BDCs will now go digital and serve as a bridge between retail transactions and CBN,
And of course physical BDCs will still exist and entry points and high streets,but will no longer be able to trade above some certain volume threshold anymore but simply retail transaction and values.

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

That's why I use my three horse men anytime I'm out of this shit hole veeme wise and Payoneer card.

I can't suffer because I come from Nigeria

Find those card and your life will be easier outside Nigeria

FreeStuffsNG:

·
https://twitter.com/taiwoyedele/status/1716901814820331861?t=9iZ05kjSniVDfg_F9aoq8g&s=08

All over the world there’s black market foreign exchange rate, even in the United States, this is not the first administration to have run Nigeria economy, so stop chasing shadows go back and ask questions from those who previously managed the economy and seek advice otherwise Naira will continue the free fall 😂😂

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

What you just stated is the real solution to the Forex crisis in Nigeria but our selfish and wicked rulers will never reason well. If they allow Nigerian banks debit cards to pay at least 3k dollars/month equivalent in foreign countries then tax the BVN owner accordingly, nobody will have any need to go to the black market.
I was in the UAE during Jonathan's regime around March 2015, just before the election , I was able to withdraw about 30k dollars over a period of two weeks using Enterprise bank dollar card and Polaris bank card, they have the best rates among the banks then. But as soon as Buhari was sworn in, they banned everything including the special dollar card then dollar began to rise astronomically in the black market ever since then.

Typical propaganda stories

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.

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.

Only.thieves will disagree to this your point.

I pray it's being implemented on time. There are some unscrupulous beings in Nigeria that don't see anything good for this our nation. They want the naira continue to drop and dollars go up to 3k per naira. Their prayers will not be answered by the grace of God. I love my country and what has been my prayers is for the naira to appreciate and become 1 naira to 1 dollar.
There is no need of japa to other countries if my country is doing great. There is no need of depending on making money in dollars or pounds if my country is doing well.
I pray their plan works out perfectly and the dollar depreciates against the naira.
There will be positive changes in Nigeria in this era of president Tinubu.
God go shame those that want Nigeria to continue to go down by his grace.

LeoDeKing:
Very painful to enemy of the state. They are coming now to start shedding tears uncontrollably.

A kid you will always be. Deep down you know Ebola can not dare touch Aboki dollar. Even ten of his kind can't.

Think9ja:
The worst and the dumbest Nigerian alive is someone that believes in this jungle. This jungle can never ever ever ever become great with this current structure.

Solution?
Either we pieces this rubbish into 7 different entities to allow each entity determine its own future or we bring the whites to rule us again. It's obvious we didn't learn any single thing from them, reason why we can't govern ourselves.

Weak institutions, corrupt civil service, corrupt leaders, poor security agencies, illiterate masses, bigoted citizens.

At the rate we are going, Somalia will be a paradise in ten years time compared to this dungeon...

Nigeria no fit better. But make we de deceive ourselves with committees and their recommendations..

Thunder fire Obi

At the end of your long epistle, your cowardice took over.
You had to bring Peter Obi in quickly to avoid attacks by batshits. You are like quicksand, a SIMPle man to the core.

omolola12345:
I pray it's being implemented on time. There are some unscrupulous beings in Nigeria that don't see anything good for this our nation. They want the naira continue to drop and dollars go up to 3k per naira. Their prayers will not be answered by the grace of God. I love my country and what has been my prayers is for the naira to appreciate and become 1 naira to 1 dollar.
There is no need of japa to other countries if my country is doing great. There is no need of depending on making money in dollars or pounds if my country is doing well.
I pray their plan works out perfectly and the dollar depreciates against the naira.
There will be positive changes in Nigeria in this era of president Tinubu.
God go shame those that want Nigeria to continue to go down by his grace.

Go and check the prayerless countries and ask them how they progressed. Prayers are useless here.

SeaTrade:
The people you see on the streets trading forex are illegal operators.
I hope you know BDCs have licenses?
Digitalizing fx and removing cash transactions from the streets don't make the BDCs irrelevant as its logistically impossible to have CBN and banks cater for bulk and retail needs.
What now happens is BDCs will now go digital and serve as a bridge between retail transactions and CBN,
And of course physical BDCs will still exist and entry points and high streets,but will no longer be able to trade above some certain volume threshold anymore but simply retail transaction and values.

BDC operators with license are the ones we see on the streets. They come outside to look for customers except for the big ones, until you're brought into their offices, you'd think they don't have license.

(Though there are few unlicensed ones among them but exemptions do not make the rules).

When you're talking about BDC, you're talking black market (parallel) operators.

No BDC's sell within official rate, making them parallel market/black market operators.



Now to the main issue on ground.

A producing and productive nation gain more by floating her currency, what exactly do we produce that can drive in FX inflow?

I'm 90% sure we'd exchange ₦ for $ @₦1500 this year irrespective of whatever the govt does within this year unless they try to defend the rate like it was being done before now.

LeoDeKing:
Very painful to enemy of the state. They are coming now to start shedding tears uncontrollably.

Are you people normal? Check my number from any of my posts I want to have an honest discussion with you

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

I dey tell you

You dy hoard Dollars

Na also you dy blame the government for devaluation of naira to Dollars

You must be very crazy and you need to serve a long jail term

Think9ja:
The worst and the dumbest Nigerian alive is someone that believes in this jungle. This jungle can never ever ever ever become great with this current structure.

Solution?
Either we pieces this rubbish into 7 different entities to allow each entity determine its own future or we bring the whites to rule us again. It's obvious we didn't learn any single thing from them, reason why we can't govern ourselves.

Weak institutions, corrupt civil service, corrupt leaders, poor security agencies, illiterate masses, bigoted citizens.

At the rate we are going, Somalia will be a paradise in ten years time compared to this dungeon...

Nigeria no fit better. But make we de deceive ourselves with committees and their recommendations..

Thunder fire Obi

Don't mind the nay sayers.
Tinubu is the man of the moment.

Ensa777:
Always reeling out stories.
"Na stories we go chop?"

Na statistics we go chop?

omolola12345:
I pray it's being implemented on time. There are some unscrupulous beings in Nigeria that don't see anything good for this our nation. They want the naira continue to drop and dollars go up to 3k per naira. Their prayers will not be answered by the grace of God. I love my country and what has been my prayers is for the naira to appreciate and become 1 naira to 1 dollar.
There is no need of japa to other countries if my country is doing great. There is no need of depending on making money in dollars or pounds if my country is doing well.
I pray their plan works out perfectly and the dollar depreciates against the naira.
There will be positive changes in Nigeria in this era of president Tinubu.
God go shame those that want Nigeria to continue to go down by his grace.

You said and I quote, '...there is no need to depend on making money in dollars or pounds if my country is doing well....'

And you have a PVC and vote and cannot understand the basic, the very basic import of a right balance of trade, trade, trade....trade.

Nawaoh. I just don't know what to say.
Better go school yourself. No offence pls, just advice.

How can a country ever prosper without foreign trade, without external earnings. Show me ANY economy that has done so since antiquity.

masseratti:
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.

The only problem I have with this is that Nigerians are naturally greedy and wicked people and the BDC's will be in control of setting fx rates. See what they're doing now, imagine what they will do when they're the ones in charge of determining the rate

Raskimonojendor:
Wawu. I am just here to read comments

Ps: a few Obidients that came out on Saturday to protest against Tinubu in Canada. Obidients movement don lose steam.

The concept of diaspora can be a source of confusion for many people, especially when it comes to the relationship between those living abroad and those in their home country. It's essential to clarify these misconceptions and educate ourselves on the dynamics of diaspora communities.

First, it's important to recognize that diaspora communities often maintain strong connections with their home countries. These connections are a testament to the deep ties that bind them to their roots. However, it's essential not to generalize or assume that all members of the diaspora think and act in the same way.

One common misconception is that individuals living abroad should not concern themselves with the issues of their home country. This belief arises from the idea that being physically distant means they are not directly affected by the challenges back home. However, this oversimplification ignores the emotional and cultural bonds that connect them to their homeland. Many members of the diaspora maintain a genuine interest in the well-being of their home country.

It's also worth noting that many members of the diaspora actively contribute to their home country's development, both economically and socially. Remittances, the money sent back to their home country, play a significant role in supporting local economies and communities. These financial contributions can improve the lives of loved ones and help bolster the national economy. Thus, the idea that they are the sole beneficiaries of these transactions is not accurate.

So, why do some members of the diaspora voice complaints or concerns about issues in their home country? This is often a sign of their deep care and connection to their homeland. They may be aware of problems that their friends and family back home face, or they may have experienced the same issues before leaving. By raising these concerns, they aim to spark positive change and help address these challenges.

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!

Mad man

pharmagba:

Permit me to educate you.
Banning black market forex does not mean taking the bereau de change out of business.
What it means is digitalizing their operations.
Instead of going to the street corner to change, the bereau de change operators will have a digital platform online where you transfer your niara and instant convert to foreign currency of your choice .
No more handling physical foreign currency.
There will be no need for hoarding

How will that stop hoarding? If I approach a BDC operator and he tells me that his internet connection doesn’t work, but that he has physical dollars to sell and I desperately need it, wouldn’t I buy it?
And let me also assume that he decides to conduct the transaction online, again how does that stop the spike in exchange rate?
Do you think Nigerians are fools? What is happening to dollar is a simple economic principle: it is bowing to market forces. Demand is greater than supply. So it’s not a question of trading online or in cash.
A sensible government would be giving loans to agro business ventures. Export oriented economy will pull in foreign exchange liquidity. Once there are sufficient FOREX to go round, the demand will drop and naira will strengthen.
I thought Tinubu made a 1st class honors in business.
Or have you forgotten?? Heheehe…….