Paramount01:
Can't parallel market be abolish? Just asking I am confuse

It can but you need to get a firm grip on the official market as the CBN is using capital control measures. If there is any significant improvement in the forex policies then you can hit the parallel market.

Remember, the government will not take them out of business but streamline their activities and also regulate and control them as a financial institution in the money market.

There is no need for arrest, anybody that can't explain where is dollar is coming from n why it is not on his or her bank acct must be charge 50 - 70 % for economic sabotage to the country.

Since all BTA are now electronic any one caught with dollar automatically losses it. In South Africa even when you pick Western Union you no go take eyes see dollar as you are auto paid rand equivalent.

This is what should happen in Nigeria, as you dee enter change all dollars with you at the airport. Any other dollar found outside the airport should be treated as cocaine n trust Nigeria police to overdo if such law is made.

forgiveness:
This is a masterstroke. Long overdue. Kudos.

If you want to travel and you need foreign currency, it must not be in cash. Let the bank pay into your account then you can use your credit cards to pay abroad.

Anyone who deliberately try to withdraw the money in cash in Nigeria must be arrested and arraigned to court.

emkz:
This was part of my intervention some days ago.



Since our elites have turned BTA/PTA into a business, let the incentive be removed.

I applaud the CBN for being bold.

I remember we both share same view on this on that thread.
Nice one, hope to see more of such.
No one should be involved in money trading, go look for other business.
Well done CBN

NextUK:
There is no need for arrest, anybody that can't explain where is dollar is coming from n why it is not on his or her bank acct must be charge 50 - 70 % for economic sabotage to the country.

Since all BTA are now electronic any one caught with dollar automatically losses it. In South Africa even when you pick Western Union you no go take eyes see dollar as you are auto paid rand equivalent.

This is what should happen in Nigeria, as you dee enter change all dollars with you at the airport. Any other dollar found outside the airport should be treated as cocaine n trust Nigeria police to overdo if such law is made.

Agreed 100% starve those people killing the economy.

badoh:

CBN should also ensure that you can't withdraw the Forex on local channels except when you get to your destination country.

They can withdraw it abroad and send it back through Moneygram or Westy to an Aboki man for profit.

That’s what they have been doing in the last.

Abokis have opened more than 1,000 bank accounts on a few names and were withdrawing $100 every month on each card in UAE ( when max limit was $100/month) and were sending the money home through Westy etc.
They have been doing this since 19 Gigingory. Even when monthly withdrawal limit was $10,000.
Nigeria government don slack tey tey.

Lots of Abokis have tens of thousands of Naira cards today.
The best is for government to ban that black market and close domiciliary accounts of many individuals.

nedekid:

Are you sure? When have you heard of anyone you know personally buying bta?
Back 2022, dollar was 700-730 in blackmarket. Bta in Bank was 440-460.
You then applied through the cbn site for bta of which you could buy each quarter yearly.
Yeah it made sense as the difference between official and blackmarket was about ₦300.
Early 2023, cbn rate then merged with blackmarket, all became ₦700. What was then the point of applying through cbn for bta? Don't forget you will also pay bank charges. At the end of the day, it only made sense to just go to blackmarket.
Infact, me personally abandoned my last application for $4k.
As far as CBN rate is merged with blackmarket, you loose money buying bta.

Yes. There are. Billions of students’ money are hanging with our commercial banks.
Their accounts were not debited but banks have collected most dollars on students’ behalf and sold them to Abokis.
Banks know how to do this with no traces.

If you apply for 2k dolls out of 4k you are entitled to, your bank will add the remaining 2k and apply for 4k from CBN without you knowing. When everything comes, if you are around, you will get your 2k. If you are not, o ti lo but they are ready to pay you your Naira because Abokis already paid them.

Where did you think all those FCMB dem founder get money to open banks?

Banks staff working in foreign accounts department don’t close late for nothing. They do a lot of book cooking while they tell you it’s because of time difference around the world that makes them close late.

They make money; lots of money - including their junior staff.

Abokis can get to bank in Nigeria at 6pm and security men will open door for them and they will transact and go when all customers have gone.

VeryWickedMan:
CBN has been plugging holes yet the Naira keeps falling.
A clueless bunch.

The current exchange rate is a bubble created by speculators within Nigeria buying dollar as using it as means of storage of assets, it will soon burst.

Paramount01:
Can't parallel market be abolish? Just asking I am confuse

Parallel market is created as a result of the inability of the average nigerian to get fx at the official channels easily. The best way to kill parallel market is to make Dollars "easily and readily available" at the official platforms.

I recently applied for fx at the cbn monitoring platform at the end of january. It's been over 2 weeks now. I could easily source that same amount at the parallel market in less than 24 hours but at a higher price.

We need to increase our exports which would lead to net accretion to our foreign reserves and therefore improve liquidity. To put this into context developing countries are advised fo have at least 9 months of their yearly import value in their foreign reserves. Nigeria has around $34b which can cover at least 6 months of our imports in nominal terms but the reality is that the bulk of our reserves is not even liquid.

Finesse247:
The status quo will remain until Nigeria stops doing the bidding of IMF and world bank. Developed economies don't mean well for Nigeria. Imagine when 1 Naira was 1 Dollar in the 70s IMF said Nigeria should devalue Naira and we have 1600 Naira to 1 Dollar in 2024 now.
But what can we do when the govt has borrowed billion of doollars from these world bodies and are bound to do their bidding.
We need a drastic change. Tinubu is worsening the situation and seems clueless with his team. All indicators and not helping the masses.

shebi u vote Tinubu? Just asking

2ndBase:


It can but you need to get a firm grip on the official market as the CBN is using capital control measures. If there is any significant improvement in the forex policies then you can hit the parallel market.

Remember, the government will not take them out of business but streamline their activities and also regulate and control them as a financial institution in the money market.

Why can't they be taking away from market

WantsandMore:
UK Japaist round Tripping their fees wouldn't be too happy

Lol, this is the type of thing causing the Naira to weaken.

Londerry:
All of these sounds good. Unfortunately it contributes very little to addressing the Forex challenges in our country, putting more pressure on businesses trying to thrive and middle class masses trying their best to make sense out of life by travelling for greener pastures or schooling. The bulk of dollar exchange happening in this country is circulating among politicians and elites in top positions who will always have their ways to access dollars for their gains. These guys are sitting on the board of banks and other treasury /financial houses. Until CBN policies directly affect them, all is a joke. Bribery to top officials is in dollars🤐

Dies this mean that when a Blackman is ruling wealth hardly trickle down

Paramount01:
Can't parallel market be abolish? Just asking I am confuse

It's not a thing that will stop existing just because the government say it's banned.

The government will have to plug all holes that allows for the parallel market to continue existing.

An example is this BTA thing.
It's meant for people traveling abroad, doing import business and studying abroad. To be able to buy Dollars from banks at official rates.
But Nigerian crooks, game this and find ways to access those Dollars at official cbn rates from official channels, then they go to aboki and sell it at black market rate.
So, this corruption needs to be stopped somehow.

Also a lot of people that need dollars in the country, but can't or don't want to go through the necessary documentation to access this BTA. Are forced to buy from aboki.
So the CBN will need to find a way to meet the demands of these people for a parallel market to not exist.
But the CBN can not open up to freely trading dollar and Naira, because our forex reserves are dwindling, because this country isn't attracting enough foreign currency at the moment.

Seriously this is good for us but they should try and increase the amount we can withdrew over there, even at the airport some Nigerians can lie and claim there is enough money in their cards even when they don't have

The bank will still collect money from you before they will even processing this transaction for you,I believe that our so called law makers if they truly want this country to work they need to put capital punishment from their own office to the lowest level. Then increase the payment of every security agency so that they will be happy to carry out their duties properly. The country cannot work when your security agencies are collecting peanuts as a salary.All we need is a sacrifice from our law makers to fix this country. Every country that is working very well at the moment have capital punishment for every offence . But for the implementation to work out you must give all your workers what is due for them as a payment.

lindaayim:
shebi u vote Tinubu? Just asking

I voted Obi and I'm Yoruba. What insinuated i voted Tinubu in my post.

Lifemanage:

I don't understand this accolades. Until it strenghtens the naira I can't hail him yet.

Your opinion, and it's fair.

For me, he has unified the exchange rates few months into office. That's a huge milestone and with way he has operated so far, he deserves a bit of accolade.

This is Yemi fighting the same battle without noise.

I was young

Now I am old

It is my understanding that you congratukate a Winner.

Not someone who made an attempt.

Yemi Cardos has so far failed in his primary responsibility as a CBN governor.

If he suceeds tmrw then we should clap for him.

For now all his actions are impotent

EponObi:
One thing you can't deny is that Yemi Cardoso is a breath of fresh air at the central bank. Calm, smart, strategic, precise, and BOLD!

I remember Ewelele doing gidigbo on national tv with abokiFX when he made that silly "You to fight? Come out and fight" statement or close.

This is Yemi fighting the same battle without noise. Respect a beg! ☺️

VULCAN:
I was young

Now I am old

It is my understanding that you congratukate a Winner.

Not someone who made an attempt.

Yemi Cardos has so far failed in his primary responsibility as a CBN governor.

If he suceeds tmrw then we should clap for him.

For now all his actions are impotent

Please, tell: how has he failed as the CBN governor? Someone that was appointed on 15th of September, 2023 - 5 months ago. You don't know what you are talking about.

Emefielele was given free reign to destroy the economy from 2014 to 2023. Cardoso hasn't even spent 6 months on the job. You dey smoke Igbo.

CatchMeIfUCanMO:

And hun ger dey keel you?

Elebi os hi!

Come back when you have something coherent to say.

HIGHESTPOPORI:
All this praise for the patch patch cv yemi and dollar is over 1500 while Emiefele you are insulting kept dollar below 1000,tribalism won't kill you

You dey smoke Igbo. At what expense did Ewelele pegged the naira.

Mtchew. A lot Nigerians are not smart; total illiterate when it comes to economics. No wonder the elites has taken you folks on ride since 1960.

Emefielele is someone you wake up every midnight at 12am to swear fr while being naked. That man + Buhari's administration not only destroyed your future but also that of your next generation. Be grateful we now have someone who is ready to take the unpopular route to correct our trajectory. But you won't know because you as slow as they come.

Btw, I hope tribalism won't kill Kingsley Moghalu too.

DryMouth:

Do you have sense at all?
Cardoso is a failure

Yeah, in your books.

Naira fall is by design. He perfectly understood the outcome before embacking on it, which is why I said he is bold. I understand you can't relate because we are not reciting ABC in this 🌽 ner. Go interact with folks on your wavelength.

Now, *Me chasing away the hen* suiiii suiii suiiiii

surgical:
Abeg all this na distraction, stop fuel importation and you will save forex and increase the value of naira
The government is not ready yet when they are ready they will do the needful

I guess you were still in your mother's womb when Buhari's administration was negotiating and signing deals with Dangote.

And I guess the experts at Dangote Refinery are just sitting around and watching Telemundo.

😒 Quite funny.

All.those bankers will still.find ways around this....

Bankers are the most corrupt official in Nigeria....most of them always have criminal mindset to.make.the money faster....

I approached GTbank at my location to apply for BTA...I waited for approval from the CBN..finally the approval came...and one of the top bank officials approached me....with as usual......informing me that I cannot collect all the entire BTA I applied for and that they will refund my naira bank to.my account...and lo..i can see the approval from.thr CBN.....

Aboki dollar and. Bankers are friends.....

Finesse247:
The status quo will remain until Nigeria stops doing the bidding of IMF and world bank. Developed economies don't mean well for Nigeria. Imagine when 1 Naira was 1 Dollar in the 70s IMF said Nigeria should devalue Naira and we have 1600 Naira to 1 Dollar in 2024 now.
But what can we do when the govt has borrowed billion of doollars from these world bodies and are bound to do their bidding.
We need a drastic change. Tinubu is worsening the situation and seems clueless with his team. All indicators and not helping the masses.

IMF did not come and force these policies down our throats…..

They were conditions for the loans we obtained from IMF, Nigeria would have rejected their loans and loans conditions.

Even till today Nigeria is still borrowing with compounding conditions that the FG is not telling us, tomorrow they will start blaming the lenders that their conditions are too hash.

BTA or PTA shouldn't exist. How is it the business of government to dole out money to a citizen traveling abroad 🤔

It makes no sense at all. Another useless subsidy breeding corruption and waste.

Good Luck to Nigeria.

emkz:
This was part of my intervention some days ago.



Since our elites have turned BTA/PTA into a business, let the incentive be removed.

I applaud the CBN for being bold.

Smart and very intelligent you Sir.

VeryWickedMan:
CBN has been plugging holes yet the Naira keeps falling.
A clueless bunch.

Both CBN and the commercial banks are cashing out. You can't effectively regulate what you are exploiting to make illicit gain.

So what suggestions do you have for the government sir?


The government should do what Ewemelefe did to the naira last year. Introduce a policy that would force Nigerians to bring their hidden dollars to bank and deposit in exchange for electronic cards that will also be limited at various categories. The banks would be the official medium for transacting in dollars and will be strictly electronic. Withdrawals over the counter should be limited to 500 USD per month depending on your account level . An average Nigerian wet no too like bank stress, they'll eventually ditch the dollar and these madness would reduce drastically.

EponObi:


Your opinion, and it's fair.

For me, he has unified the exchange rates few months into office. That's a huge milestone and with way he has operated so far, he deserves a bit of accolade.

How has he unified it? There is still disparity in both.

emkz:
The Central Bank of Nigeria has banned the sale of forex directly to travelers in cash.

Electronic cards are to be used henceforth for BTA/PTA.

Very good action

Truly Mr Cardoso is doing a great job cleaning the financial system

EponObi:
One thing you can't deny is that Yemi Cardoso is a breath of fresh air at the central bank. Calm, smart, strategic, precise, and BOLD!

I remember Ewelele doing gidigbo on national tv with abokiFX when he made that silly "You to fight? Come out and fight" statement or close.

This is Yemi fighting the same battle without noise. Respect a beg! ☺️