Omoawoke:
Let me say something.

If you have ever gone into CBN and see the way the staff are working and the kind of people there, you will know Nigeria’s problem is deeper than you think.

When you have a sensitive system occupied by incompetent people, people who got the job through slots and nepotism.
Enter cbn office and see their staff watching movies in their laptops, doing little or nothing other than occupying space and earning salaries.

How do you expect such system to function

So a cbn staff said. No more professionalism. Big mens children that just want to have a place they call office or work. They breeze in and pop out. They cannot be controlled, abi you Wan caution eg sanator, governor, minister or ex vp pikin?

It doesn't stop at releasing the green back to the commercial banks. What are the measures or steps that will be taken to ensure these banks sells to who needs it, so as to counter middle men hoarding.

I was at the bank sometime ago to get dollars for my business and the staff I met directed me to see one aboki sitting at a corner, inside the banking hall.

One thing with Nigerians is that most of us are greedy and are fast to point fingers at the government, forgetting we too have a major role to play in the rebuilding process of our great country. When there's an economic downturn, some advantaged people will seize that opportunity to upturn their financial gains, even if it cost ur fellow country man to suffer, and perhaps, death.

The great Chinua Achebe compared the tragedy of Nigeria to a broken fan oscillator. Instead of making it work for everyone to enjoy it's rotation, we rather fight for who stands in front of the fan to enjoy, thereby depriving others of the air.

The bankers will rather sell this dollars to the bureau d change guys( aboki) , thereby creating artificial scarcity. Albeit, u can remember what happened during the cash crunch that ushered out Buhari's administration, where bankers were selling notes to POS merchants and who in turn sells to citizens. Shaking my head!

Omihanifa:
Upon all the dollars the CBN is pumping into the market through the banks the naira keep sliding

Speculation and hoarding is the major problem. An average Nigerian is buying USD as an asset to hold. Just give it one week they will buy everything even the banks are hoarding too to profit from speculation.

Saturnalia:
CBN sells to Banks @ 1,490 Naira? And the Banks will sell to the BDC operators @ 1,690 Naira; BDC will sell to the general public @ 1,890 Naira, and the cycle continues.

Until the Black Market is scrapped, trust me, this is an exercise in futility.

You clearly don't understand the Nigerian economy and the role black market plays

If they are scrapped, how do you think people will pay school fees for their japa move or for their children abroad?

How do you think people will pay for medical emergencies like cancer and serious operations in India?

Don't forget that $100 cash now is subject to availability at the bank...

Banks will now sell all of it to Bureau de Change Operators. Then BDC will sell to citizens at a higher rate.

saintjimos:
If you sell @ 1490 to the banks , how much do you think they will resell

Can’t we use dollar for only online transactions in this country and any other fiat payment is through naira

Dorm acct should be phase off as well

Reasons government can't do what is right by scrapping BDC, put heavy charges on Dom accounts and allow only online transactions;

1. BDC operators are helping them to exchange looted fund into dollars.

2. All of them has secrets domiciliary account where they keep their ill gotten wealth.

3. Majority of them are into dollar/naira arbitration trading.

4. They save physically in dollars in their underground homes.

5. It is not easy to steal big in Naira, so dollars is their safe heaven to steal enough.

Number 1 enemy of Nigeria is our Politicians, follow by elites, business tycoons, civil servants and the messes.

NextUK:
But a sound you can't think of anything to do but comment foolishly about what you know nothing about.

I stand by what I said oya come & beat me if E pain you.

chiefolododo:
CBN selling at 1490, how much then will the banks sell it ?

How much will aboki sell it to me?

spiSeyi:
The USD will be 800 NGN this year and I forsee the current inflation reduced by 20%

Are you ok?

And your cbn is selling to the banks at #1490/dollar?

yewit37486:


I thought you had issues with him as a person, not as a banker.

oh no I never even heard about the guy or knew who he was till he died

sukkot:
oh no I never even heard about the guy or knew who he was till he died

right, okay.

SensualMan1:
Tinubu will handle the economy,
Shettima will handle the security

My westside G'z Holla.. Ebi n pawa ooo!

Your parents are selling their kids in Anambra because of hunger. Dey holla SW doing better than you there.

BarrElChapo:
Low rate of N1490, so we're never going to see aless than a thousand rate anymore😭😭😭

You get the scope
Awon oni ranu

seunny4lif:
Wait oooh, can’t CBN sell it lower than that for Banks?
How much will Bank sell dollar if CBN sold it for that price.

That was a bidding price. If all the banks bided a lower rate, the rate will be lower

the CBN sold the dollars at a rate as low as N1490 per dollar

Did I just read 'as low as'...And the banks are still going to add their own margins in order to sell to buyers? Anyway, let the recovery plans begin at least. May God bless your efforts as you begin to set things aright dear Jagaban.

Saturnalia:
CBN sells to Banks @ 1,490 Naira? And the Banks will sell to the BDC operators @ 1,690 Naira; BDC will sell to the general public @ 1,890 Naira, and the cycle continues.

Until the Black Market is scrapped, trust me, this is an exercise in futility.

Exactly. They should ban the Black Market and the CBN should direct banks to sell fx to the public at the same rate they got it from CBN. The black market created avenue for round tripping and manipulation of the fx market.

... for as low as #1490/$...

I need to be educated on the meaning of "low"

Omoawoke:
Let me say something.

If you have ever gone into CBN and see the way the staff are working and the kind of people there, you will know Nigeria’s problem is deeper than you think.

When you have a sensitive system occupied by incompetent people, people who got the job through slots and nepotism.
Enter cbn office and see their staff watching movies in their laptops, doing little or nothing other than occupying space and earning salaries.

How do you expect such system to function

The first tip of the rot is having over 4000 members of staff at the HQ. In other words, if some did not come to the office, it will even be appreciated rather than being noticed.

The second tip is the reluctance of some staff to leave the HQ.

The third tip is the opulent life style the staff live.

Truth is, the problems are deeper than Nigerians can imagine.

Ego shock una one by one God will take out those holding Nigeria to ransome.

It is time to repent.

SensualMan1:
Tinubu will handle the economy,
Shettima will handle the security

My westside G'z Holla.. Ebi n pawa ooo!

Omihanifa:
Upon all the dollars the CBN is pumping into the market through the banks the naira keep sliding

Maybe without all those interventions the dollar to naira rate would have surpassed #2,000

All these measures are like taking Panadol, when you need surgery.

Cut off the dollar manipulation of our economy by limiting the amount of dollars we demand by approaching China for currency swap deal, and join BRICS so we use naira for imports. No demand of dollars, no dollar scarcity, the rate comes down compared to naira. Sell crude and gas in naira, so nations go buy naira to pay for our gas and crude...this is how to strengthen your currency and economy...this is why America spends money like water, because nations are busy speculating, demanding and buying their currency, they can be very wealthy off that alone.

We need brave visionary leaders like South African president. He quietly removed his country from the chains of dollar economic enslavement and joined BRICS, South Africa is already far better than they were a few years ago, they have surpassed Nigeria once again as biggest economy in Africa. BRICS will make South Africa prosperous.

It's comical that a nation, with our economic team, minister for economy high flying technocrats, go to the job only to listen to the dictates of IMF

We must remove ourselves from this economic enslavement perpetuated by IMF. IMF just asked Nigerian government to further increase prices of electricity, they don't care if Nigerians die of hunger, seems like it's a deliberate plan to sabotage our economy to make us weak.

IMF have never corrected UK against giving welfare to it's people, America subsidize food, pay it's citizens social security money, subsidize healthcare, education and financing for it's people, likewise UK...but Nigerians get nothing from the government, yet IMF want the people strangulated.

Saturnalia:
CBN sells to Banks @ 1,490 Naira? And the Banks will sell to the BDC operators @ 1,690 Naira; BDC will sell to the general public @ 1,890 Naira, and the cycle continues.

Until the Black Market is scrapped, trust me, this is an exercise in futility.

It does not matter if all the middlemen get cut off and CNB decides to directly transact with the general public.

Good money will always go into hiding and bad money will eventually die. Gresham’s Law.

hansomb:

Maybe without all those interventions the dollar to naira rate would have surpassed #2,000

Very myopic way to look at it. The question should be, why are we depending on the dollar in the first place.

Using IMF advice of floating the naira will be a disaster, because the naira, as it is can not compete with the dollar. Our dollar demand keeps getting higher as our imports volume increase by the day, more Nigerians are into dollar hoarding business, this also increase the value, due to scarcity, as more Nigerians go to school and treatment abroad we demand more dollars...naira has no chance.

The only way is dealing/trading with nations that will accept naira, at least if we cover only 50% of our imports with this arrangement of currency swap/receiving payments with local currency...naira value will quickly strengthen, because our national demand for dollars will drop. We can also start selling crude and gas in naira, so nations go look for naira, this will increase demand in naira, as they will come buy naira from us...It's all about demand and supply.

If cbn could sell dollars at #1490 /$ there's a problem cus black market would sell at 1550 and 1600

Omihanifa:
Upon all the dollars the CBN is pumping into the market through the banks the naira keep sliding

yes so long as we bring nothing to the table. We export nothing for example. Ders no magic.

sukkot:
Warevaaaa. We hear how Wigwe and co are given dollars by CBN and how that’s how they all got rich

ofcuz. Then the bank will set their own price after buying

How do you scrap black market sir?

Saturnalia:
CBN sells to Banks @ 1,490 Naira? And the Banks will sell to the BDC operators @ 1,690 Naira; BDC will sell to the general public @ 1,890 Naira, and the cycle continues.

Until the Black Market is scrapped, trust me, this is an exercise in futility.

saintjimos:
If you sell @ 1490 to the banks , how much do you think they will resell

Can’t we use dollar for only online transactions in this country and any other fiat payment is through naira

Dorm acct should be phase off as well

good point but der won't listen

Omihanifa:
Upon all the dollars the CBN is pumping into the market through the banks the naira keep sliding

One would the primary function of CBN is to babysit "Dollar"

At the rate CBN & Nigerians are going it will be easy pee see to convince a foreigner dollar is Nigeria legal tender, the only time Naira makes the news dollar must be the lead role

Make military collect this thing for the people hand abeg

Johnjustice:
All these measures are like taking Panadol, when you need surgery.

Cut off the dollar manipulation of our economy by limiting the amount of dollars we demand. Approaching China for currency swap deal, and join BRICS so we use naira for imports. No demand of dollars, no dollar scarcity, the rate comes down compared to naira. Sell crude and gas in naira, so nations go buy naira to pay for our gas and crude...this is how to strengthen your currency and economy...this is why America spends money like water, because nations are busy speculating, demanding and buying their currency, they can be very wealthy off that alone.

We need brave visionary leaders like South African president. He quietly removed his country from the chains of dollar economic enslavement and joined BRICS, South Africa is already spoken far better, they have surpassed Nigeria once again as biggest economy in Africa. BRICS will make South Africa prosperous.

Nice suggestion..

ppogba:


The first tip of the rot is having over 4000 members of staff at the HQ. In other words, if some did not come to the office, it will even be appreciated rather than being noticed.

The second tip is the reluctance of some staff to leave the HQ.

The third tip is the opulent life style the staff live.

Truth is, the problems are deeper than Nigerians can imagine.

You got it, the offices are over staffed and yet new faces appear everyday and you will never see them advertise any position to the public. Just through connection and your employment letter will be printed for you. People even sell and buy slots.
Such a ridiculous system.