the inflation rate on the toilet paper currency called naira is already a huge tax, taxing people ontop of the inflation is just trying to starve people to death.

Anybody wanting to tax people ontop useless naira is very wicked indeed.
A currency whose value has been dropping like a stone since inception is government theft.
They steal from you everyday with inflation as they print to much money, then they want to tax the public ontop of that.

Eventually the power of the almighty God will have to be sort before people loose all hope.

Armed robber has more dignity than the edifice calling itself Nigerian govt.

How can you want to increase tax on a currency that virtually has no value. nobody wants the naira , you cant save money in bank in naira cause its value will spoil as fast as meat rottens in open air.

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

100%

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!

You know very well that this won't work.
The Naira is on a free fall. Twill get to 1500 before the end of the year. The politicians keep Stealing and hoarding dollars and they are here making audio recommendation for their papa

gabbytabby:
There are those who are committed to being part of the solution and then there are the evil village people looking the destruction of Nigeria.

May God continue to reward them and their lineage based on the wish in their hearts for Nigeria.

Where they engage in acts of sabotage may they be caught and exposed.

No weapons (be it local or foreign) from any angle fashioned against Nigeria shall prosper.

you vote and support bad leaders and you want nigeria to work.. keep playing

@Vision101
Do u even get the point?

I applied for PTA because I am travelling, and no clarity on if/when I would receive it.

The only other market to get it is the black market. This is the only supply for majority of Nigerians and their businesses.

So this policy is rubbish if the CBN is unable to guarantee supply, and its only propaganda.

Vision101:
@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.

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

Tell me the reason why thunder go leave you and fire Obi.
You that is not beneficial to this country

The very best Federal Government grammar I've read in some years going back to the administration of Honourable ancestor former President Umaru Musa Yar'Adua (salaa allah ealayh wasalam) administration.
Now let's all collectively will it into reality instead of being low-budget naysayers that are almost always mouthing off the the internet as usual.

FreeStuffsNG:

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

Do you know that the highest patrons of dolar black marketers are politicians, they pay bribe in dolars now.

@pharmagba

Permit me to educate you.
The Nigerian govt states you can apply for PTA.
You log on to TMS provide your ticket, tcc, visa.
Your application is forwarded to the bank.

At the end of the day you most likely won't get it. But CBN has in the past been given out dollars to politicians. Remember during the APC primaries?

Same government, different scam!

For your information, BDC and so called black market, sell at the same rate. There is no substancial advantage using the BDC.

---------

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

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.

Nigerian parents send more than 7 millions youth abroad and pay there school fees hustle in naira to pay dollar fees

Anaya4life:


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

The BDC (the civilised arm of the black market) is the only TRUE foreign exchange market in Nigeria. That is why it is the largest player, the majority stakeholder. It is the Nigeria equivalent of the global foreign exchange market folks daily trade in.

And the reason it is so is simple.
It is apolitical, it does not consider who is in power, what his policies are, or what his dogma is about.

It is does not consider the background of the customers. You come into it in rags or Rolls-Royce's, with a naira or a billion naira.

It is not sentimental. You want to buy tickets to pilgrimage, to school, to tour, to fix your health, to buy AK-47's to terrorize your fellow citizens, to buy houses in Dubai from public funds theft, anything, the market is at your service at an equitable rate.

How will the CBN beat such a market that is more diverse, less restrictive and more equitable than theirs.

When the CBN was busy offering a hundred different exchange rates at the whim of government for decades, when they were busy providing fx exclusively to government lackeys to round trip at the expense of the citizens, and all sorts of anti free market practices they didn't know they were undermining their credibility and by so doing growing smaller and weaker.

For where else in the progressive, capitalist world does the Central Bank or Reserve Bank hold exclusive rights to foreign exchange or is the defacto market maker.

The government had better wake up to the reality that to float the naira means the rate making has been concede to the so called black market and the CBN has taken a back seat to watch and control the means of access, not the market itself.

In a nutshell. The CBN can do no more than ticketing at the gates of the market not set up shop to trade like it's counterparts the world over.

Handle the banks very well

Chingyyy878:
This guy dey try sha.

Even Seyi tinubu and Mc oluomo no show this kind support for Tinubu.

Despite the insults, him no send.

Anyways, Wetin be the free stuffs wey him dey share maybe I fit benefit something.

Is there anyone who has benefited from the free stuffs?

Na fear of ig*bos dey motivate am o
Nothing more
Na still AMC(Ag**bado) member e be o
😄😄😄

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!

calm down, hoard money no be crime
God bless Nigeria, bdc will be official

this what i have been advocating for

FreeStuffsNG:
This is a follow up to this report
FG Moves To Digitise FX Transactions To Punish Naira Speculators
https://www.nairaland.com/7888581/quick-wins-report-fg-outlaws
Check my signature for free stuffs!

for this to work, we need emefiele idea of no cash policy, also make law of no dolar cash policy put your dollar in bank then we regulate

Xxxxtentacion2:
LOL...
Another epistle to deceive the gullible masses...
You go explain tire with no evidence...
The government was voted in to deliver results not to write essays to give people hope.
You cant run a government with propaganda... All these APC propaganda wont save our economy...

can you please tell us what government should do then

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

no ibo man will be president

Chingyyy878:
This guy dey try sha.

Even Seyi tinubu and Mc oluomo no show this kind support for Tinubu.

Despite the insults, him no send.

Anyways, Wetin be the free stuffs wey him dey share maybe I fit benefit something.

Is there anyone who has benefited from the free stuffs?

begger

Bagga.ge man cannot make any progress, talk is cheap, deceiving people with English. Grabbing and snatching power man, ran away with it but he's confused how it works.

omooba969:


Hey Maria 😁, how u dey na - where have you been hiding?

I dey fine, thanks. Aso rock.

mariahAngel:


I dey fine, thanks. Aso rock.

Aso rock báwo 🤷, don't you know your President resides there - I thought you don't like him.

Inosky:
Bagga.ge man cannot make any progress, talk is cheap, deceiving people with English. Grabbing and snatching power man, ran away with it but he's confused how it works.

Be calming down...biko.

omooba969:


Aso rock báwo 🤷, don't you know your President resides there - I thought you don't like him.

Who does, besides zombies and urchins?

Xxxxtentacion2:
LOL...
Another epistle to deceive the gullible masses...
You go explain tire with no evidence...
The government was voted in to deliver results not to write essays to give people hope.
You cant run a government with propaganda... All these APC propaganda wont save our economy...

See why no one want to allow the sore losers access to power.
Enemies of Nigeria.
Politically irrelevant.

They want someone who failed in Economics, and government to oversee the nation's treasures.

No brain

Will this laudable recommendation be able to fly?

Just like the oronsaye report, Will it be implemented

Anaya4life:


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

my brother... The beauty of the BDC or aboki on the street not having any control on FX if it's truly floated is that the NNPC, IOCs, NPA, Customs are the highest FX earners in the country IOCs through their royalty duties and taxes attract nothing less than 63% of FX into the country, next is Nigerians in diaspora 19.5% the rest to others..
Now in any market anyone that can do even 35% of the market can "influence" mark my word not "control" cos to control means regulations.. If the official rate is abolish, government will run BDCs, Black marketers of the market.. It's just has simple has that.

Am busy now but for this your question let me try and answer a lil bit.. Let's say $ was 1000 yesterday to an aboki with just with $50000..and a IOC or CBN or a bank with $1,000,000,000.00 why won't The IOC or banks sell at 9950 naira? They will once there is no item restricted on their selling platform.. Let everyone go and buy at the parallel rates, the rate will come down... Another thing we need to watch out for is our unnecessary outrageous debt profile, it's ridiculous and no result for it... Anyway let everyone both govt and individuals trade at the "real" market rate.. Naira will stabilize.. If not by February we will be in major economy catastrophe.. If not before then.. We need to act now please.

Reference:


The BDC (the civilised arm of the black market) is the only TRUE foreign exchange market in Nigeria. That is why it is the largest player, the majority stakeholder. It is the Nigeria equivalent of the global foreign exchange market folks daily trade in.

And the reason it is so is simple.
It is apolitical, it does not consider who is in power, what his policies are, or what his dogma is about.

It is does not consider the background of the customers. You come into it in rags or Rolls-Royce's, with a naira or a billion naira.

It is not sentimental. You want to buy tickets to pilgrimage, to school, to tour, to fix your health, to buy AK-47's to terrorize your fellow citizens, to buy houses in Dubai from public funds theft, anything, the market is at your service at an equitable rate.

How will the CBN beat such a market that is more diverse, less restrictive and more equitable than theirs.

When the CBN was busy offering a hundred different exchange rates at the whim of government for decades, when they were busy providing fx exclusively to government lackeys to round trip at the expense of the citizens, and all sorts of anti free market practices they didn't know they were undermining their credibility and by so doing growing smaller and weaker.

For where else in the progressive, capitalist world does the Central Bank or Reserve Bank hold exclusive rights to foreign exchange or is the defacto market maker.

The government had better wake up to the reality that to float the naira means the rate making has been concede to the so called black market and the CBN has taken a back seat to watch and control the means of access, not the market itself.

In a nutshell. The CBN can do no more than ticketing at the gates of the market not set up shop to trade like it's counterparts the world over.

You mean everyone should go to bdc to get dollars

Scary

Hmmmm

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.

You have a point and what you have recommended is full floating of the Naira. This will stabilize the Naira but it will exchange at about #2000 to about $1 until we start producing sufficiently for our consumption and exportation.


@reference, you are certainly on point the restrictive policy of the CBN to favour a couple of people is not sustainable.

You made sense almost completely but bleeped up at the bolded.

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

Blaqputin:

You know very well that this won't work.
The Naira is on a free fall. Twill get to 1500 before the end of the year. The politicians keep Stealing and hoarding dollars and they are here making audio recommendation for their papa

you still dey talk end of year

End of the week jare

From frying pan to fire. Forex arbitrage that boys look up to apart from Yahoo has been painted black.now it's outlawed to go patronize aboki in the market. Anyway sha,I've given up on the country over 8yrs ago. Las las I go pack go the smallest madagascar

I dont vote i just pray for the ones you lot voted for to succeed.

Xxxxtentacion2:
you vote and support bad leaders and you want nigeria to work.. keep playing