As long as Aboki is still allowed to be buying and selling of dollars and other forex, Naira will keep struggling.

If CBN drop even $200 billion to the market in other to stabilize the market, these guys will mop up the money from the system.

CBN have used the carrot option and its not working, its time to use stick.

Setup a strong Mopol task force that will work with EFCC to arrest and shut down all bureau DE change shops nationwide. only banks should be allowed to buy and sell dollars.

And banks will be allowed to sell and buy Forex at our international airports so that foreigners can change their money as they are coming into the country.

If CBN is not ready to shut them down then they will continue to be the one who control the Forex market even if it gets to 1$ = N2,000


We are no longer in the 80s and 90s during the Military Era, these guys shouldnt be allowed to be in control of the value of dollar.

Dollars appreciation is against all currency pairs, euro and pounds even yen

War in Ukraine and middle east means US sells more weapons, gas and crude oil


US is a $26.950 trillion Economy

Nigeria is a $440billion economy

MS2471:



Dollars appreciation is against all currency pairs, euro and pounds even yen

War in Ukraine and middle east means US sells more weapons, gas and crude oil


US is a $26.950 trillion Economy

Nigeria is a $440billion economy

South africa, Ghana and other african countries have make sure they in control of forex markets not 3rd parties.

the problem with Nigeria is (any howness ) if you permit me to use the word, is destroying us as a country.

Don't forget in this country some people were allowed to import all kind of medicine without licence, and these guys were in control of medicine in the country, until Dora Akunyili brought out her sword and hammer to fight them dirty. She destroyed all their businesses with force, she even defeated them with their lobbyist in the National assembly. As she said, She cant regulate what she cant control.

CBN need that kind of spirit, because even if they give the banks $500 billion it will still be sold to these bureau de change guys. But if you go real hard on them and take them off market the banks will have no choice but to comply with CBN guidelines

nototribalist:
As long as Aboki is still allowed to be buying and selling of dollars and other forex, Naira will keep struggling.

If CBN drop even $200 billion to the market in other to stabilize the market, these guys will mop up the money from the system.

CBN have used the carrot option and its not working, its time to use stick.

Setup a strong Mopol task force that will work with EFCC to arrest and shut down all bureau DE change shops nationwide. only banks should be allowed to buy and sell dollars.

And banks will be allowed to sell and buy Forex at our international airports so that foreigners can change their money as they are coming into the country.

If CBN is not ready to shut them down then they will continue to be the one who control the Forex market even if it gets to 1$ = N2,000


We are no longer in the 80s and 90s during the Military Era, these guys shouldnt be allowed to be in control of the value of dollar.

It's disturbing that you can't find naira in the bank but you will see with aboki. The blackmarket shouldn't exist at all. nlfpmod mynd44

The problem is, before banks will sell you a dollar, you'll need many clearance. But these Abokis does not require anything other than cash to sell you the dollar.

What you should have said is that CBN should scrap domiciliary accounts and force all banks to directly accept and convert all foreign currencies received into Naira. That is, your Naira account should be able to receive Euro, dollar, yen, etc. and be converted directly to Naira. Even if you're a foreigner, you'll be required to open a Naira account and whatever dollars you send into it will automatically be converted to Naira. Anything other than this will not change anything.

nototribalist:
As long as Aboki is still allowed to be buying and selling of dollars and other forex, Naira will keep struggling.

If CBN drop even $200 billion to the market in other to stabilize the market, these guys will mop up the money from the system.

CBN have used the carrot option and its not working, its time to use stick.

Setup a strong Mopol task force that will work with EFCC to arrest and shut down all bureau DE change shops nationwide. only banks should be allowed to buy and sell dollars.

And banks will be allowed to sell and buy Forex at our international airports so that foreigners can change their money as they are coming into the country.

If CBN is not ready to shut them down then they will continue to be the one who control the Forex market even if it gets to 1$ = N2,000


We are no longer in the 80s and 90s during the Military Era, these guys shouldnt be allowed to be in control of the value of dollar.

I think they can start with electronic monitoring of foreign exchange transactions. Ban the black market but still allow bureau the changes but used a reasonable fiat exchange rate maybe with evaluations every three months. But all bureau the changes should conduct transactions electronically. Customers should provide NIN number, or CAC registratio number, or BVn and then reason for the transaction and set a limit for the transaction. Then ban the black market. It can become a serious economic issue if a large number of people with money are able to control the fx market just for pure speculation and not for trade or travel related reasons.