You’re correct…. In my opinion, the only solution to the forex crisis is for government to purge itself of corruption at all levels…. Tackle insecurity by exposing political sponsors, cut down on excessive foreign borrowing spree, reduce cost of governance by removing duplicate MDAs, review and reduce politicians huge allowances especially president, VP, governors and National Assembly…. As a matter of urgency revive at least 2 local refineries to start producing fuel….

Unfortunately this APC government is complacent in all that’s happening in the country….

linearity:


This is happening already and not even for importers but for most people in diaspora who send money back to Nigeria.

It now happens by barter on a daily basis, where is Mr. A in diaspora want to send $100 back home, they readily would find someone who has Naira in Nigeria but needs that $100 abroad for whatever reason. They just look up the Naira to Dollar rate on the black market and viola! the trade is consummated.

In Nigeria the only evidence of this happening is a Naira to Naira transfer from one account to another.

gaby:
Floaters incorporation.

The reduction in trade at the official market isn't very much yet.

With this new policy on remittances, expect diasporans to deal directly with large and desperate importers whom the official market has frustrated and unable to serve.

They'll be getting the remittances wired directly to their suppliers or their designated account, while the Nigerian importers/students transfer the Naira equivalent.

Abi Okoso CBN go still ask me why Ahmed Emeka Adewale dey transfer naira to my Nigerian account?

Olodos.

Ignoring the elephant in the room while having a go at the rats and roaches.

First thing first...

Cardoso or Okoso, what is the current total value of the Naira in the Nigerian banking system and economic space, and to whom and what entities can these figures be traced to?

Gbamsulotely, end of thread, the GIF below is for CBN,APC AND all the criminal politicians in Nigeria , since 1999 who have made Nigeria the headquarters of extreme poverty in the world

They might be so good in politics, but in managing the economy, they are too poor. Since they brought their incompetence to the center, in 2015 the economy has been on a downward spiral progressively and non-stop. It won't stop until the competent hands theu edged out through politics are offered a spot on the table, particularly the economic management team. What an old experienced eyes saw while sitting on the floor, the inexperienced greenhorn on the ladder may never see. A Congress of baboons may manage to dispose a man of his car in the thick of thr jungle, but will never know how to drive that car.

online4business:
Nigerians still dey put money for dom account?

Why? you can take ya money out ooo. They are coming for your money.

I wish I could laugh those people campaigning for tinubulation in that kdp group that year.

I gave myself advice and fleeeeee now tinubulation no hold me ooo.

Advice for Nigerians.

Convert any space you have to a garden.
Plant plant and plant if not hunger go reset your brain.

If you plant make you also plant toxic cassava wey dey kill cow.

if cow eat am na death in less than 5 seconds.

Fulani no go come if their cow dey pai pai

I go drop small update for people wey go give it all it takes.

Now is the best time to earn online.

It's easy if you do it the right way.

What is the right way you'd ask... Give people what they want and they will give you all you ever wanted.

Remember I say give them before you expect a dime.

Most people put their needs first before the needs of their audience that's why online business do not work for them.


People will do ANYTHING FOR THOSE (NOT EVERYBODY) who

encourage their dreams
Justify their failures
Ally their fears
And help throw rocks at their place enemies (no movement ever rises without a devil better find your own devil)


That's how easy it's to make money online.

If you do all these by dedicating your time and resources tinubulation no go fit hold you.

Update I'm already a Ugandan I quite Nigeria.

Now going to get a Gambia passport and possibly Gambia citizenship.

Abeg I don't answer pm but I answer good questions...

People are determined to be RIGHT than RICH.

Boss, can you create a thread about this? I'm new to kdp and I hope these demons won't come for my only hope of escaping poverty.

halmat:


And the corruption begins, again:
Importers go to CBN with their weird proposals.
CBN issues the USD for import purpose.
Importers go to BDC for exchange, convert USD to naira At black market rate.
BDC sells to highest bidder.

Importers go to CBN, with NGN
CBN issues USD for import.
importers go to BDC to exchange at black market rate.
BDC sells to highest bidder

Also, importers would likely buy directly from Diasporans, let Diasporans make the transaction on their behalf, then credit Diasporans with equivalent NGN.

This policy, like every other one:
Take away the benefits that they are receiving from the government.

So, for an average Nigerian to own FX he has to travel out, make FX and return back to Nigeria or will they say FX is contraband too?

Or

He goes to BDC.

An example is, many of FX transactions require relevant currency. How should average Nigerian provide that? Or the Nigerian government would accept NGN use the IMTO FX to change NGN to FX and fulfill the transaction?

This is a messy situation, and as an adult, we should always understand that what ever solution we are trying to provide depends on WHAT angle of the problem we are tackling.

I don’t think these guys are ready to tackle the problem from the people’s PoV.

This would drive the price higher in a very short period of time.

Reducing raw FX available, but there are FX transactions to be made. How do you make the transaction? Survival of the fittest: Know someone in the government, know a diasporan that needs NGN, have enough for BDC rate.

All the corrupt practices you listed above were what Meffy used to destroy the naira. All that is not happening anymore. Importers go to official bidding through the banks. Not directly to CBN.

AfonjaEkiti:


Trying to excuse the failure of a party of mental patients called APC is stupid.

Nobody can cure your delusional wailing. You will wail till death.

drlateef:



Nobody can cure your delusional wailing. You will wail till death.

Like your mother?

Watinhapen:
What exactly are people using dollar for that is increasing the demand? Nigeria is using naira but dollar is what is controlling the naira. I don’t get it. We should kuku be using dollar as our money in Nigeria.

you don't understand means you don't understand my dear but next time before you comment please try to understand..... peace

Naira appreciates today. Good one

ivolt:

Nope.
You obviously don't understand currency speculation market.

Very very few people buy dollar from Aboki to keep at home.
The major buyers are importers.

Speculators dominate the news but make a tiny percentage of the forex market.

You're quoting a guy that said he has all the solutions to the FX crises. I asked him to go become CBN governor, he wan report me.

Bebigiby1:
Such a foolish statement, are Nigerians not working for the money they save in their bank accounts? Most businesses that engage in manufacturing source raw materials in the international market, are you saying their legitimate trade should be disrupted as result of your government’s incompetence? Are you educated? Is Tinubu himself not stockpiling stolen dollars in his Lagos mansion vaults? Are the CBN and bank officials not stockpiling dollars engaging in forex round-tripping for selfish ends….? Your naivety is unhinged and dangerous…. Look at your statement…. “Tinubu should take brutal action on innocent hardworking Nigerians while greedy politicians and bankers are encouraged to continue to rape Nigeria….”

The user is a big time sycophant without a soul.. same person as Thrówback.

A seasoned Agbadorian with over 30 monikers

Nonybb:
Nigeria is one irredeemable country that nobody wants or care to know the cause of the problem. Where are those naira coming from? From the air?
currency is measured in volume and why wouldn't people demand the dollar? When there are excess volume of naira running in trillions printed by that son of perdition Buhari with his nephews and cousins. Until Buhari is arrested, put in the same custody with Emiefele, no body would know the deep truth of the economic havoc Buhari did to this country

This is a very intelligent submission. Although I agree with arresting the APC fraudster known as buhari as permanent solution would have been to stop the production and circulation of 1000, 500 &200 notes then outlaw such notes as legal tender giving a 3 month notice. The trillions of Naira stashed up by politicians will be mopped up. The govt can make money from it by increasing cash-handling-charge of 5% or more for cash deposits above 3m. They can also raise interest rates on deposits to as much as 10% to encourage excess cash remittances to the CBN. This is just basic monetary economics.

linearity:


This is happening already and not even for importers but for most people in diaspora who send money back to Nigeria.

It now happens by barter on a daily basis, where is Mr. A in diaspora want to send $100 back home, they readily would find someone who has Naira in Nigeria but needs that $100 abroad for whatever reason. They just look up the Naira to Dollar rate on the black market and viola! the trade is consummated.

In Nigeria the only evidence of this happening is a Naira to Naira transfer from one account to another.

Yes, this has been happening but an increase in volume will be the resultant effect of that latest policy.

The reasons they give for their poorly thought-out policies are usually far from the actual and they know it.

Why try to play with people's intelligence and savings?

drlateef:




Your argument is illogical. When people don’t receive dollars in Nigeria, they cannot go to Aboki to get naira at black market rate. Aboki would have no dollars to sell and it will improve the value of naira. The banks will then officially declare the dollars obtained from IMTO to CBN. In that way, the over $20 billion diaspora remittance will be going to CBN, not BDC.

baba this your level of reasoning does not make any sense at all.

Fuckyoumod:
Ladies and gents.....

Forget it, Naira is gone.
Nothing can get it back.

NIGERIA is gone, under the watchful eyes of over 270 million people. They sat down and watched thieves destroy this country under the guise of democracy.

Nigerians should deal with it. Now the consequences will be felt by 270 million docile people

Nigeria is not gone

Nonybb:
Nigeria is one irredeemable country that nobody wants or care to know the cause of the problem. Where are those naira coming from? From the air?
currency is measured in volume and why wouldn't people demand the dollar? When there are excess volume of naira running in trillions printed by that son of perdition Buhari with his nephews and cousins. Until Buhari is arrested, put in the same custody with Emiefele, no body would know the deep truth of the economic havoc Buhari did to this country

You are very correct, but the obvious truth is so many Nigerians do not think at all. they leave a human being and start chasing shadows.

halmat:


And the corruption begins, again:
Importers go to CBN with their weird proposals.
CBN issues the USD for import purpose.
Importers go to BDC for exchange, convert USD to naira At black market rate.
BDC sells to highest bidder.

Importers go to CBN, with NGN
CBN issues USD for import.
importers go to BDC to exchange at black market rate.
BDC sells to highest bidder

Also, importers would likely buy directly from Diasporans, let Diasporans make the transaction on their behalf, then credit Diasporans with equivalent NGN.

This policy, like every other one:
Take away the benefits that they are receiving from the government.

So, for an average Nigerian to own FX he has to travel out, make FX and return back to Nigeria or will they say FX is contraband too?

Or

He goes to BDC.

An example is, many of FX transactions require relevant currency. How should average Nigerian provide that? Or the Nigerian government would accept NGN use the IMTO FX to change NGN to FX and fulfill the transaction?

This is a messy situation, and as an adult, we should always understand that what ever solution we are trying to provide depends on WHAT angle of the problem we are tackling.

I don’t think these guys are ready to tackle the problem from the people’s PoV.

This would drive the price higher in a very short period of time.

Reducing raw FX available, but there are FX transactions to be made. How do you make the transaction? Survival of the fittest: Know someone in the government, know a diasporan that needs NGN, have enough for BDC rate.

importers now bid for the dollars though the banks

CorrectionFLuid:


You're quoting a guy that said he has all the solutions to the FX crises. I asked him to go become CBN governor, he wan report me.

When did I claim to have to solution the FX crises? Hope you're not high sha?

iwaeda:


Tinubu will take care of economy. He built men, he has the solutions. A man you can not point to or afirm his educational background. Dollar is the basis of our economy, because we import virtually everything. Every bad policies are driving away in flow of foreign investments and dollars. Now they want to pay money paid abroad with Naira. If you support evil, it will still roll back to you. I am afraid things will get tougher.

who do we offend in this country that we are getting it wrong? Will investors ever come to invest in this country? This is eve of higher hardship

drlateef:




Your argument is illogical. When people don’t receive dollars in Nigeria, they cannot go to Aboki to get naira at black market rate. Aboki would have no dollars to sell and it will improve the value of naira. The banks will then officially declare the dollars obtained from IMTO to CBN. In that way, the over $20 billion diaspora remittance will be going to CBN, not BDC.

Are you aware the difficulty in accessing USD at official rate ? Or you think people saw where to buy it at 900 in December and decided to pay 1250 instead?

There are lots of documentations that make some importers shy away from it. The black market will always thrive because it is easy to access dollar and do your business.

It must exist because of the ease it offers for changing currency for SME especially those without company registeration .if you starve it of dollar the price will keep increasing . Government can stop this by making dollar available to to BDC'S and resume the dollar they give SMEs monthly. Emefiele was giving SME $20,000 monthly with very little documentation between 2017 to 2020 and it helped stabilise the exchange. I know we cannot afford to do this at the moment but at least they should not starve the little that comes to the parallel market.

treesun:


Tried to pay for online course, I couldnt again!

With a dollar card?

TimiRume:
Nigeria is not gone

you can keep decieveing yourself all you want, but please, don't quote me again if you dont know the attributes of a failed state.

Racoon:
The shit is just hitting the fan some more. Everyone who enthroned this hardship go surely feel the heat.

no be una enthrone am. Any you no campaign well for your candidate
Why you no hold inec officials
Any you no get evidence of rigging for court

Watinhapen:
What exactly are people using dollar for that is increasing the demand? Nigeria is using naira but dollar is what is controlling the naira. I don’t get it. We should kuku be using dollar as our money in Nigeria.

everything
What do you buy petrol with
Tv
Phone
Oporoko
Building materials
All imported
While you produce nothing in return
Were you not paying attention in economics class
Demand and supply

Watinhapen:
What exactly are people using dollar for that is increasing the demand? Nigeria is using naira but dollar is what is controlling the naira. I don’t get it. We should kuku be using dollar as our money in Nigeria.

Almost all of the manufactured products used by Nigerians are imported, with what currency do you think the importers bought those products??

treesun:


Tried to pay for online course, I couldnt again!

Through which channel?

Fuckyoumod:
Ladies and gents.....

Forget it, Naira is gone.
Nothing can get it back.

NIGERIA is gone, under the watchful eyes of over 270 million people. They sat down and watched thieves destroy this country under the guise of democracy.

Nigerians should deal with it. Now the consequences will be felt by 270 million docile people

you think there are 270 million Nigerian citizens in Nigeria? lol

Bebigiby1:
You’re correct…. In my opinion, the only solution to the forex crisis is for government to[b] purge itself of corruption at all levels….[/b] Tackle insecurity by exposing political sponsors, cut down on excessive foreign borrowing spree, reduce cost of governance by removing duplicate MDAs, review and reduce politicians huge allowances especially president, VP, governors and National Assembly…. As a matter of urgency revive at least 2 local refineries to start producing fuel….

Unfortunately this APC government is complacent in all that’s happening in the country….

If that is the ONLY solution then Nigeria is gone.

drlateef:




Your argument is illogical. When people don’t receive dollars in Nigeria, they cannot go to Aboki to get naira at black market rate. Aboki would have no dollars to sell and it will improve the value of naira. The banks will then officially declare the dollars obtained from IMTO to CBN. In that way, the over $20 billion diaspora remittance will be going to CBN, not BDC.

Lol. You will understand very soon.

They should ask PDP how they kept the dollar low

Is this Malaria or Typhoid pls?