Seunpapa65:
If una like blow grammar from now till tomorrow nothing go come out see this kind of great idea that is here but the will keep employing dullards as a minister and so on

All ideas sound great on paper but will Naija factor ever give an enabling ground

Op idea sounds good but is it different from what Cbn did against Abokifx site under buhari administration, what changed

2mch:
They need to pass a law making BDC’s and other currency speculators illegal. Only banks at official rate can and should issue exchange. Otherwise they are just t playing here. Also, platforms that have made money through such sabotage should be raided and their money confiscated for sabotage. You can’t try this in any first world country, speculate against their currency and go free. They will cripple you to the 10th generation and you will spend a long time in prison.

The problem is that the people that will pass the law are hoarding billions of dollars already,they contributie immensely to this problem.

Bobloco:


You have got a real solution

Declare BDC's and currency speculators illegal

If one needs foreign exchange, approach the bank

that can only happen when you divide the country. Because if FG should do that, abokis will cry that you are against them.

Naira will continue to fall as long as our politicians continue to embezzle the treasury with carelessness, by not utilising the little money will make as a country, do you think nigeria is rich? The answer is NO but Nigeria has potentials to be rich which I agree, Nigeria budget is not upto a region in france which is like a state in nigeria,france with a population of about 66million and nigeria over 200million. What a serious govt need to do is to reduce all avenue of corruption in wasteful manners, and also try to be creative in generating more revenue to the economy, by doing this, there will be more productions enough for both local and foreign demands and consumptions with this, the naira will be stabilised.

Know this and have peace of mind
Beside dollars,euro,pound and one or two more curreny others are shitty currency.


Just focus on earning in dollars,Euro and pound

oz4real83:
Not until the proper thing is done concerning our economy, the dollar will continue to rise. Nigeria is still an import-dependent economy and imports even the most basic things

Abegi....

Ain't you guys tired of all these lies?

When dollar exchange rate was as low as N250 per dollar was Nigeria not an import dependant nation then?

Is Nigeria they only import dependant nation?

The truth is that people have hijacked the common wealth of Nigeria for private us at their own suitable terms, while others horded stolen monies in foreign currencies for speculation.

Government needs to take hard & bold actions.

Seunpapa65:
If una like blow grammar from now till tomorrow nothing go come out see this kind of great idea that is here but the will keep employing dullards as a minister and so on

It's not a great idea...its only temporary.... the truth is that they know what to do , but they wudnt do it...

Bobloco:


You have got a real solution

Declare BDC's and currency speculators illegal

If one needs foreign exchange, approach the bank

More like cyclic redundancy!

The reason there is a parallel market in the first instance is because banks and government are unable to meet forex needs.
So people who need dollars for private business and other needs buy it on the streets at higher rate.

When you tag BDCs and other channels illegal, how do you meet the dollar needs of everybody that needs dollars?

lwisee:


That if banks have enough and willing to give you.
There is scarcity of forex.

Why should banks give you dollars? For what? I am asking to learn.

If we can have a unified exchange rate, close all domiciliary accounts, and transfer the value of whatever currency is there to naira, depositing it into the owners' bank accounts. If we have a system that auto-converts all incoming funds in foreign currency to naira and deposits it into the receivers' accounts, and also a system that, when shopping online internationally, will take the naira from your cards and automatically convert it to the foreign currency as done in other countries, we will have less need for dollars. This means less pressure on the naira. I believe if these steps are taken, the naira will gain massively.

Tallesty1:
Why should banks give you dollars? For what? I am asking to learn.

If we can have a unified exchange rate, close all domiciliary accounts, and transfer the value of whatever currency is there to naira, depositing it into the owners' bank accounts. If we have a system that auto-converts all incoming funds in foreign currency to naira and deposits it into the receivers' accounts, and also a system that, when shopping online internationally, will take the naira from your cards and automatically convert it to the foreign currency as done in other countries, we will have less need for dollars. This means less pressure on the naira. I believe if these steps are taken, the naira will gain massively.

Where do you get the dollars you want to convert naira into?

And blocking other channels from selling forex has severe consequences.

Nigeria produces next to nothing that it consumes.

This is a hard choice that can give results but is Nigeria ready for that?

Like close the borders from imports and force everyone to use home-made.

The citizens will resist it because the political leaders themselves are economic saboteurs.

They patronize schools abroad, hospitals abroad and store loots abroad. This is grand unpatriotism.

10mobile:
I think you've got an idea here. Unfortunately, we have a government of dullard that can't value it. There's another idea shared by someone on YouTube about using remote jobs to bring in foreign exchange but until now, no one is talking about it.

Nigerian IP are blocked on some remote jobs' websites.

2mch:
They need to pass a law making BDC’s and other currency speculators illegal. Only banks at official rate can and should issue exchange.

There is no official rate!

Otherwise they are just t playing here. Also, platforms that have made money through such sabotage should be raided and their money confiscated for sabotage. You can’t try this in any first world country, speculate against their currency and go free. They will cripple you to the 10th generation and you will spend a long time in prison.

Trading currency is not illegal.
BTW, you seems to think you can bully the economy into submission.
Not even North Koreas absolute leader can achieve such feat.
At best you celebrate for a few days/weeks and the market will adjust itself with ferocious consequence.

abhosts:
I went to a BDC to buy dollar today and observed the BDC staff were monitoring the rates on Binance P2P website. The rate they sold me dollars was within a 2 Naira margin of the going rate on Binance P2P. I later went on Binace P2P and noticed that liquidity was very low on the platform. The Naira could lose N100 to USDT but trading volume within that period could be as low as $50,000. If Binance P2P is the de-facto indicator of dollar rate in the parallel market, I thing it is time for the CBN to intervene there.

If the CBN can float 5 merchant accounts on Binance P2P and provide them liquidity of $5m weekly, the price of USDT would easily crash to about N1,200(or lower) and stay there in the short term.

At what price and to whom would they sell and whats the limit?... can't fraudulent dealers mop up this liquidity and sell at exorbitant prices and further drive the price up. And for how long is this sustainable. It won't work.

chidiokay:



Why are the banks not willing to give? when they are meant to be the official distributors

banks tell you there is no dollar but if you are persistent they direct you to an Aboki outside, where are those abokis getting it if not from the banks, same way customers hardly get mint notes from the bank but when you get to owambe you see some agent selling mints who is there source if not banks

We can call the Govt all sorts of name but even people aint helping matters, presently there are so many uninvited players in the fX market staking against the Naira hence the free fall

i wanted to buy mint in a wedding celebration as i was told 20k of 200 notes is 34k. I had to spray the 1k notes in my hand like that. I also got intel that cbn is selling mint to banks. The corruption in this country is deep

Hmmm