All the years I was in an European country I didn't see any "black market" USD sellers hanging around Banks selling dollars. Only licensed BDC shops exchange USD, €, £ to any currency you need. If you had dorm account and needed Dollars you walk into your Bank to cash it. The rates had little price changes.

I don't understand why our country own is different. Why can't the CBN direct only Banks to issue Dollars to dorm account holders only and desist bank from dealing with 3rd party sellers hanging around banks?

Also will unlicensing BDCs to issue dollars stem this Naira to Dollar slide as well?

I read somewhere (although debunked) that CBN plans to convert about $30b in dorm accounts to Naira. Will this solve the situation?

In an European country, the Govt. offered incentive to dorm account holders to swap their dollars for local currency. Can't the CBN do same as well.

Also FG needs to encourage SMEs like myself to do more export to bring in more FX. So many commodities to export but little capital to carry out export.

The FG and CBN need to holistically do something drastic about this Naira slide against USD.

What's your take on this matter everyone?

Mods, pls front page so everyone can deliberate on this

What is this one saying....there are money shops abroad that changes currency for individuals...

Banks will only do officially payment like school fees, hospital bills, etc ...

advanceDNA:
What is this one saying....there are money shops abroad that changes currency for individuals...

Banks will only do officially payment like school fees, hospital bills, etc ...

Sorry I corrected myself.

I meant that why are those countries not experiencing issues the way Nigeria is?

Allowing only Banks to issue/sell the dollar will not solve any problem.. address inflation, reduce unemployment and increase domestic production (surplus balance of trade) and see how our economy will swell like garri.

commoditiesnig:

Sorry I corrected myself.

I meant that why are those countries not experiencing issues the way Nigeria is?

U already know naaa..we are not manufacturing anything that will drive demand of naira and make our currency high

Sadly the oil that we have..which would have been an advantage to earn plenty dollars and boost our foreign reserve enough for us to peg our exchange rate like oman and Kuwait...is not effective because of our leaders that are useless ...always embezzling

@juwonn and @advanceDNA, you both have made excellent submissions