gaby:
Na Gun Tinubu and Okoso Cardoso wan take halt the Naira wey dem float?

Wonders shall never end.

Economic Talibans.

Una must rule by fire by force.

Na una turn, indeed.

Shoot at sight any Dollar you see....lol

😄. Economic Talibans.

BDC are only responding to market demand. Average Nigerians has lost confident in Naira and to save their investment, they quickly convert their money to $$.
The sudden fall of Naira had nothing to do with speculation and all to do with government policies. The government remove subsidy without putting in place mechanism to cushion the effect on such removal. Subsidy anchor our everyday life from transportation, food etc subsidy removal brings about increase in prices of everything and before the economy can adjust and absorb the shock of subsidy removal, the government went to float naira.
Demand will always create supply and when demand is more than supply, the price will definitely rise. Basic economics. Arresting all BDC operators will only make it worse cos it will create artificial scarcity with more increase in prices.

Birniwa:
Everyone is just saying their trash and not explaining why the FG's recent clamp down on speculators and hoarders is not the right thing to do.

Don't just throw balderdash anywhere out of greediness. Give proofs on why the FG's approach will not work and what should work instead. Remember, until you can prove it - it simply doesn't exist.

OLAADEGBU:


SaharaReporters

SaharaReporters learnt that the naira now exchanged for N1980 to $1 on the parallel market and N1780 on the official market as the swift decline continued amid the government’s clampdown on currency speculators.

“The situation (of arresting BDC operators) has not helped either because the official rate has also reached N1780. Naira is still crashing,” a source familiar with the arrest told SaharaReporters.

“Dollar reached N1980 to $1 today, prompting the Nigerian government to raid BDCs in Abuja to arrest over 100 BDC operators.”

SaharaReporters earlier today reported that the economic situation had continued to worsen as the naira tumbled at the parallel market despite the clampdown President Bola Tinubu’s administration ordered on foreign exchange market speculators.


The National Security Adviser, Nuhu Ribadu on Tuesday, directed operatives of the Nigeria Police Force, the EFCC, the Nigeria Customs Service (NCS) and the Nigeria Financial Intelligence Unit (NFIU) to go after forex market speculators as part of measures to stem volatility in the foreign exchange market.

Ribadu, in a statement by Zakari Mijinyawa, Head, Strategic Communications in the Office of the NSA, said the office had to wade in at this time because some individuals and organisations had continued to undermine proactive measures of the Central Bank of Nigeria to stabilise the foreign exchange market and stimulate economic activities.

Acting on the NSA’s directive, the security operatives swooped on BDC operators on the streets of Lagos, Abuja and Kano yesterday to raid unlicensed BDC operators.

He probably thought managing a nation was like running Lagos, Ikeja, agege etc. Welcome to reality.

It's a lesson for everyone, anywhere God did not put you, if you put yourself there by force by fire you will reap the consequences. I just feel for the masses.

K4daniel:
He probably thought managing a nation was like running Lagos, Ikeja, agege etc. Welcome to reality.

It's a lesson for everyone, anywhere God did not put you, if you put yourself there by force by fire you will reap the consequences. I just feel for the masses.

Who did God put there?-

So tinubu is now stealing dollars?

Konquest:

SaharaReporters learnt that the naira now exchanged for N1980 to $1 on the parallel market and N1780 on the official market as the swift decline continued amid the government’s clampdown on currency speculators.

“The situation (of arresting BDC operators) has not helped either because the official rate has also reached N1780. Naira is still crashing,” a source familiar with the arrest told SaharaReporters.

“Dollar reached N1980 to $1 today, prompting the Nigerian government to raid BDCs in Abuja to arrest over 100 BDC operators.”

SaharaReporters earlier today reported that the economic situation had continued to worsen as the naira tumbled at the parallel market despite the clampdown President Bola Tinubu’s administration ordered on foreign exchange market speculators.


The National Security Adviser, Nuhu Ribadu on Tuesday, directed operatives of the Nigeria Police Force, the EFCC, the Nigeria Customs Service (NCS) and the Nigeria Financial Intelligence Unit (NFIU) to go after forex market speculators as part of measures to stem volatility in the foreign exchange market.

Ribadu, in a statement by Zakari Mijinyawa, Head, Strategic Communications in the Office of the NSA, said the office had to wade in at this time because some individuals and organisations had continued to undermine proactive measures of the Central Bank of Nigeria to stabilise the foreign exchange market and stimulate economic activities.

Acting on the NSA’s directive, the security operatives swooped on BDC operators on the streets of Lagos, Abuja and Kano yesterday to raid unlicensed BDC operators.

baby124:

Who did God put there?-

16 years Under PDP $1=N230.
9 yearsUnder APC $1=N2000.

RepoMan007:
The volume of dollar traded is too low. BDCs are not the cause of the slump in naira value. Speculator will be around 1000 years from now if time allows.

I with rather tax import in an astronomical way to discourage imports of frivolities than embrace this method of brute force.

good suggestion. However taxing imports heavily will not solve the problem if there are no viable alternatives to the imported goods. The tax will just be passed on to the masses who will have no choice but to buy the goods since there are no alternatives.

The only solution to this dollar crisis is for the economy to increase production/manufacturing by all means possible. If the dependence on the dollar is reduced because we do not need to import so much, the whole crisis will solve itself.
It is basically a demand and supply problem.

I cannot resist adding here that this was the entire thrust of Mr Peter Obi's campaign manifesto. This is the only thing he talked about....and this is the reason why I voted for him. Unfortunately, graft, tribalism and ethnic sentiments won the day and gave us Balablu as president

This is was very poor move, it will worsen the situation not improve it. Military might does not solve this, sound economic policies does, cost of doing business does, improved customer welfare does, price control does. Speculators are not using physical structures to determine prices

Very very poor move from the government.

Righthussle:
Na unlicensed BDC operators dey make Naira fall?

Thank God for Tinubu. Very soon it will be 1$ to 1N.

I am BATIFIED.

Paraman:
When I said people buying and keeping the dollars at their homes are part of the people putting pressure on the naira, someone told me I was wrong and do not know what I was talking about. I think the person is I volt or so.

When will the PH and Dangote refinery start selling refined crude gan na? The CBN will be getting dollars from the NNPCL when the NNPCL stop importing refined crude with dollars.

is it dangote refinery that nnpcl does not supply crude oil to that u are waiting for? or u want them to refine water?

With this onslaught, they will create grey market since they are after black market.

Paraman:
When I said people buying and keeping the dollars at their homes are part of the people putting pressure on the naira, someone told me I was wrong and do not know what I was talking about. I think the person is I volt or so.

When will the PH and Dangote refinery start selling refined crude gan na? The CBN will be getting dollars from the NNPCL when the NNPCL stop importing refined crude with dollars.

But why can't U mention those politicians who used dollars for their party convention and shared millions of dollars to delegates? This was what Obi promised in one of his campaigns that he would make it a crime for any politician to spend dollars. Nigeria really missed a golden opportunity

Strafudeen:
This is a welcome development.
Though I'm not BATified, but this is good.

This dollar speculation will destroy nigeria, not just the naira.

The BDC should be banned.

Dollar denominated transactions should be tightly controlled by the CBN

All frivolous imports and school fees and all what not should not be paid.

Stay in nigeria and build your country

This is why Nigerians won't have sense. The BDC operators doesn't have a tenth of dollars these APC politicians have in their houses. That was Peter Obi promised in one of his campaigns that he would make it a crime for politicians to spend dollars instead of Naira because politicians use dollar most especially in high volumes more than anyone in naira. We really missed a golden opportunity in Nigeria to get it right

Verysmart101:


This is why Nigerians won't have sense. The BDC operators doesn't have a tenth of dollars these APC politicians have in their houses. That was Peter Obi promised in one of his campaigns that he would make it a crime for politicians to spend dollars instead of Naira because politicians use dollar most especially in high volumes more than anyone in naira. We really missed a golden opportunity in Nigeria to get it right

Yeah.

But for now everyone must be tackled.

Bdc, politicians, banks, everyone

Gadafii:
She na BDC operators float naira

I really want someone to explain to me like I am 10 yo what is the offense of these bdc guys

a primary school cert holder ran the country well for 8years now we have a Chicago first class holder that’s only 5months and people are dying. Even abacha that history paints as bad was not this close.

gaby:
Na Gun Tinubu and Okoso Cardoso wan take halt the Naira wey dem float?

Wonders shall never end.

Economic Talibans.

Una must rule by fire by force.

Na una turn, indeed.

Shoot at sight any Dollar you see....lol

Na so.

This is the best leverage emefiele has to free himself. Simply use the economy as a bargain to get an immunity deal. Give federal govt information on how to control the hike in exhange for a pardon.

Only revolution can bring dollar down

TheOgaBoss:
is it dangote refinery that nnpcl does not supply crude oil to that u are waiting for? or u want them to refine water?

NNPCL has supplied and will still supply crude to Dangote. And Dangote have the option of also buying from foreign suppliers.

Johncuppa:

Refined crude
The person that said you do not know what you're talking about is correct.

so you have never heard the word refined crude oil before? Well, google is your friend. I will have to start snubbing dull comment like yours on nairaland now.

Nah every wyere go dey claim to have sense on social media.


Ask Google what a refined crude is

please my brother has been trying to send money from USA to me, and he said is no longer working. how can he go about it.

pls I need answers

Tinubu knows that it’s the Fulani/Kanuri Emefiele friends club that is responsible for the dollar crisis but he Would rather continue chasing shadows than strike a deal with them.

Frankie6835:
please my brother has been trying to send money from USA to me, and he said is no longer working. how can he go about it.

pls I need answers

Let him buy usdt and send you.

uba1991:
Hahahaaaaa! Tinubu is fighting dollar with guns. Very confused president.

cry harder town crier

Elliotwaveforec:
Crashing now
Pic 1. USDTNGN
Pic 2 USDNGN

Unification being achieved.

No try government o

Nigeria is in a big mess right now. Floating our currency remains the worst policy of this administration. BDC has been there for years, at Wuse zone 4 beside Sharaton, most BDC operators have been there for over 20 years, CBN gave them license and they partner with commercial banks. Government should reverse that policy (floating of Naira) and ensure measures to ameliorate the cost effect on the masses.

loswhite:
Please don't quote me again.

is it binance that controls forex in Nigeria?

simple yes or no