Jogs1900:

Do you think those in Amsterdam or Antwerp are not regulated?
CBN is saying no street trading of currency.The guys on the street are not BDC if you don't know.They are illegal operators.

There are still unregistered business going on in Amsterdam but I get your point.

My point is that destroying existing business that can be legitimate isn't the best way to go given that we have very high unemployment level.

Find a way to have them registered and regulated

Seems some people are not haooy dollar is crashing against naira

omohayek:

And how exactly do the following empty generalities constitute "constructive criticism" and a "solution" to anything?

It's merely pointing out the obvious to say that the Nigerian economy suffers from low productivity. The real question is how to increase said productivity, not merely pointing out the need to do so, and here Peter Obi has nothing to say on the matter. Not once has Obi offered any concrete policy proposals in this direction, just vague moral posturing.

The same is true of his talk of "fighting corruption". Well, duh! Of course corruption is bad! Of course it needs to be fought! But does Obi offer any substantive proposals as to how to do a better job of that than has been the case in Nigeria for the last 60 years? Of course not! Why are we supposed to treat the man as if he were some sort of prophet for simply stating what anyone with eyes can see?

The ironic thing here is that, like the proverbial broken clock which is right twice a day, Peter Obi is actually correct in his criticism of the EFCC's scapegoating of the BDC. Such actions do nothing to solve the underlying causes of Nigeria's runaway inflation (namely loose monetary policy by the CBN and money-printing by the FG), while undermining investor confidence in the government's respect for markets and the rule of law, driving away the very foreign investment the country so badly needs. The tragedy is that Obi, in his unwillingness (or inability) to do more than offer empty but nice-sounding generalities as "constructive" advice, gives no indication that he would have fared any better at tackling Nigeria's problems if he were at the helm. He is like the proverbial backseat-driver who prattles on as if he were Lewis Hamilton, safe in the knowledge that his inflated self-opinion will never be put to the test.

The fear of Obi is undeniable.
He doesn't owe anyone details of his "increase in production" idea.
The same Tinubu who was advising Buhari to print cash three years ago, got in there, saw the damage cash printing has already done, still went ahead to print his own cash, but in all is acting as if emefiele committed a capital crime by being in charge of excess money circulation under Buhari.

Same fate is bound to befall Obi should he try give his idea in details to one shortcut-prone big man from Lagos.
Even though Obi was a below average leader from his time in Anambra, your criticism here is laced with blind political zeal to condemn Obi and support Tinubu - something you have done since 2014.

OPICANTO2223:
They will still attack you PO. Stop giving them ideas on how to rule Nigeria. Hmmmmmm

obviously he knows nothing and too shallow.
Because he contested an election shouldn't give him voice to destabilise the country because of him selfish interests. People privileged actually came out before now that fidelity bank owned by him are the foremost dollar round trippers through the effortless evacuation of dollars at official facilitated rate of #400/$ from CBN by emefiele

dettolgel:


Our economy is not developed to the stage that all these other business like bdc and road side hawking and 2 by 2 shops. These businesses at the moment create job opportunities for some. At the moment we need to find a way to regulate them.

Once the economy develops the business will die a natural death.

The question now is how best to manage the situation without ruining the economy or jeopardise the livelihood of those involved.

Maybe BDC creats employment to few particular people but its has no economic importance nor boost the GDP ... they aint worth any preferential treatment,

The business that drive the economic is "SMEs and BDC does not qualify as an SME, therefore going after the BDC won't have adverse effect on the economic or Nigerians, thats the priority
Those involve in BDC are super rich, they've acquire so much wealth they can always take care of themselves even if the business grumble.

It is based on PO manifesto that tinubu removed fuel subsidy. Now poor nigerians are suffering.

Please I would advise all online advisers to Tinubu to please advise him to return fuel price to N200 or N250, everything will fall in a better place.

Pump price of fuel is a major determinant of inflation in nigeria. And once inflation is high, dollar will be struggling to get it's real market value vis-a-vis forex trading.

This is a simple econometrics and political economy tool to cushion the effect of this rising hyperinflation

For past 20 years of our democracy, fuel subsidy was there and successive govts have been paying fuel subsidy and our economy is stable, why now. Why removing subsidy now. It is evil advised. Return the subsidy and economy will be stable. Otherwise, it will be penny wise pound foolish

chidiokay:



Maybe BDC creats employment to few particular people but its has no economic importance nor boost the GDP ... they aint worth any preferential treatment,

The business that drive the economic is "SMEs and BDC does not qualify as an SME, therefore going after the BDC won't have adverse effect on the economic or Nigerians, thats the priority
Those involve in BDC are super rich, they've acquire so much wealth they can always take care of themselves even if the business grumble.

Going after road side traders and hawker wont collapse the economy but will cause untold hardship to the people.

Naturally these informal businesses die a natural dead as society grows. For instance if we have free and accessible education and a wage that allows one parent to put food on the table, cater for rent and other basic needs.

Out of school children hustling on the street will disappear. So do conductors and danfor drivers. Then big business will step in take over public transfer and organise such that people with certain level of education and training can apply.

Those umuboy will disappear as they can comfortably go to school without their parents worrying how to feed them (because whatever minimum wage jobs both or one parent does will be enough to take care of their basic needs). At this point government will be able to fully implement the policies of prosecuting parents that refuse to send their wards to school.

At this point in time in our economy we can't do away completely with informal sectors, they are just necessary evil of a developing society like ours. We have to be able to make the best out of it while working towards phasing them out.

dettolgel:


There are still unregistered business going on in Amsterdam but I get your point.

My point is that destroying existing business that can be legitimate isn't the best way to go given that we have very high unemployment level.

Find a way to have them registered and regulated

These guys on the street know they are illegitimate. The legitimate ones amongst them have their offices. They are harmful to our economy and to our security. They encourage money laundering.The government wants transparency from them. They want to be registered, they would have registered their businesses since.These guys on the street are the currency speculators..They will give Tunde a different rate from what they will give Ada at the same time..

This daft man would have destroyed Nigeria.. we dodged a bullet.

So BDCs should be allowed free hand to perpetrate corruption with FX transactions and be destroying the naira so that he (Obi) and his supporters can continue cursing and blaming Tinubu.
This one should forget presidency.. he is a complete dunce.

Ojemedad:
Tell dem[b]

The only way to shore up the value of our currency is to move the country from consumption to production, especially export-led production, and fight corruption, which allows unproductive money to pursue the available supply of foreign currency.[/b]

This is the only solution

The immediate cause of this rising hyperinflation in Nigerian economy is removal of fuel subsidy. Because pump price is a major determinant of inflation in the economy. As you know nigeria lacks electricity, everything is being powered by fossil fuel. Increasing fuel price by 350% at a go is a biggest blow and major cause of this rising dollar price. Because it was not same value of goods and services you buy for 1 naira when fuel price is less than 180 naira that you will buy when it is being sold at 700 naira. So, equating 1 dollar to naira, lets do the maths, at 200 naira fuel price 1 dollar was 450 naira now fuel is sold at 700 naira, 1 dollar will be around 1500 to 2000 naira

Jogs1900:

These guys on the street know they are illegitimate. The legitimate ones amongst them have their offices. They are harmful to our economy and to our security. They encourage money laundering.The government wants transparency from them. They want to be registered, they would have registered their businesses since.These guys on the street are the currency speculators..They will give Tunde a different rate from what they will give Ada at the same time..

I am not saying that they are all registered.

The other question you should ask yourself why does anyone go to them in the first place?

If I recall correctly there used to be a time that if your want to travel or need tuition fee or pay for importation you will have to go to the bank and the bank will process it through CBN. The question is why ain't this possible?

If CBN fulfil these needs I can guarantee you that road side Mallam will die a natural death.

To the point that they control the economy that is entirely wrong. Because in your own ascertain you stated that if they are stopped their activities will not affect the Gdp and the economy how come their presence is affecting the economy - this sounds contradictory to me?

dettolgel:


Going after road side traders and hawker wont collapse the economy but will cause untold hardship to the people.

Naturally these informal businesses die a natural dead as society grows. For instance if we have free and accessible education and a wage that allows one parent to put food on the table, cater for rent and other basic needs.

Out of school children hustling on the street will disappear. So do conductors and danfor drivers. Then big business will step in take over public transfer and organise such that people with certain level of education and training can apply.

Those umuboy will disappear as they can comfortably go to school without their parents worrying how to feed them (because whatever minimum wage jobs both or one parent does will be enough to take care of their basic needs). At this point government will be able to fully implement the policies of prosecuting parents that refuse to send their wards to school.

At this point in time in our economy we can't do away completely with informal sectors, they are just necessary evil of a developing society like ours. We have to be able to make the best out of it while working towards phasing them out.

I don't understand why you keep reteriating Roadside traders and hawkers, the discussion is about BDC i.e a Black market with no economical value

You are going Offpoint way tew much, the thread is about BDC operators, Maybe you are on the wrong thread

chisomkachy:


Peter Obi

Okwute the government doesn't know anything, tinubu apc is nothing but a failure and will continue to be a failure I see a revolution soon, people will suffer and at certain point refuse to continue with this nonsense

flokii:
This daft man would have destroyed Nigeria.. we dodged a bullet.

So BDCs should be allowed free hand to perpetrate corruption with FX transactions and be destroying the naira so that he (Obi) and his supporters can continue cursing and blaming Tinubu.
This one should forget presidency.. he is a complete dunce.

Do you think if CBN can provide the dollar need that bcd will see the light of the day? Use your head and remove hatred from your heart so you can reason clearly.

chidiokay:




I don't understand why you keep reteriating Roadside traders and hawkers, the discussion is about BDC i.e a Black market with no economical value

You are going Offpoint way tew much, the thread is about BDC operators, Maybe you are on the wrong thread

Actually BDC operators are registered and licensed to exchange money. You can find them in the airport and in some cities. At least I know one that is registered in ikeja in Lagos.

The problem is that you can't even differentiate between BDC operators and aboki Mallam selling dollars at the street corner

On the reason I included road side sellers because they are as illegal as the road side aboki selling dollars.

I included the road side hawkers and sellers as an example to point out how this informal sectors could disappear on their own.

Of course I forgot that this is NL where most people can hardly read a long text let alot being able to make inference from it.

Sorry it my text was too much for you to follow.

You can ask point based question and I will give point based answers.

dettolgel:


Do you think if CBN can provide the dollar need that bcd will see the light of the day? Use your head and remove hatred from your heart so you can reason clearly.

Gerrout if you have nothing reasonable to say.. are BDCs supposed to even operate in Nigeria in the first place if not for corruption?
How are we sure you're not part of those benefitting from corruption. Yeye.

flokii:


Gerrout if you have nothing reasonable to say.. are BDCs supposed to even operate in Nigeria in the first place if not for corruption?
How are we sure you're not part of those benefitting from corruption. Yeye.

Look at how you are displaying your ignorance all over the Internet.

There are licensed BDC these are different from your regular mallam on the street.

Go to Abuja, Enugu or Lagos international airport you will find them there. From Amsterdam to Brussels to Frankfurt to Washington DC you will find licensed BDC operators.

Sorry your ignorant ass can even tell the difference between between licensed BDC and those mallams and unlicensed people hawking currency on the street.

RealTalkNoBull:


Theres almost 8 million igbos in Lagos alone. You know why they fled Igboland?

HUNGER!

Like I said you people have lost your sense of reasoning and only listen to lies , because if you reason like a human being you will ask yourself what is the population of Lagos that Igbos are 8millions alone .
Lol 😝
Still yet how many of them have you seen crying online ?

chidiokay:



Why is it that everything that makes life unbearable for Nigerians is what Peter Obi and Obedient always chose to defend

Naira scarcity, Peter Obi & obedient stoof against Nigerians to defend Emiefele morbid policies
Now its BDC, Peter Obi and obedient are swinging out to defend BDC operators,

Who and who defended Emiefele policies?
When people are dying because of hunger

chidiokay:



Why is it that everything that makes life unbearable for Nigerians is what Peter Obi and Obedient always chose to defend

Naira scarcity, Peter Obi & obedient stoof against Nigerians to defend Emiefele morbid policies
Now its BDC, Peter Obi and obedient are swinging out to defend BDC operators,

Because Peter Obi was the one that supported Buhari for 8 years?

It seems hunger has giving you memory lost.

CilicMarin gost=128634530:
Peter Obi know nothing other beer factory.

The naira has been on steady appreciation, since all the reforms and crackdown are going on.

Check the rate this morning.

Exchange rate go shock you this week. Brains not brawn is required to grow an economy.

galantjoe:


The immediate cause of this rising hyperinflation in Nigerian economy is removal of fuel subsidy. Because pump price is a major determinant of inflation in the economy. As you know nigeria lacks electricity, everything is being powered by fossil fuel. Increasing fuel price by 350% at a go is a biggest blow and major cause of this rising dollar price. Because it was not same value of goods and services you buy for 1 naira when fuel price is less than 180 naira that you will buy when it is being sold at 700 naira. So, equating 1 dollar to naira, lets do the maths, at 200 naira fuel price 1 dollar was 450 naira now fuel is sold at 700 naira, 1 dollar will be around 1500 to 2000 naira

You are right but we shouldn’t equally erase the problem of we consuming too much rather than producing.
Let’s take Russia as example with lesser population as Nigeria but with much sanctions. Despite the sanctions Russias economy is booming , why? because they produce almost everything, from technology to agriculture to military to crude, they don’t export their crude, they refine it themselves, even with their cold weather. What exactly is Nigeria producing?
If Nigeria don’t switch from comsuming to massive producing country I’m sorry we will always find ourselves below plunging

dettolgel:


Look at how you are displaying your ignorance all over the Internet.

There are licensed BDC these are different from your regular mallam on the street.

Go to Abuja, Enugu or Lagos international airport you will find them there. From Amsterdam to Brussels to Frankfurt to Washington DC you will find licensed BDC operators.

Sorry your ignorant ass can even tell the difference between between licensed BDC and those mallams and unlicensed people hawking currency on the street.

You're not smart.. So those BDCs you claim are in Amsterdam, Brussels just wake up and start changing currencies at any rate they like the way the bastards in Nigeria are doing?. No regulations, nothing?

It's like you don't know what's up.. most of these so called big businessmen are into FX fraud with help of your beloved licensed BDC operators.

flokii:


You're not smart.. So those BDCs you claim are in Amsterdam, Brussels just wake up and start changing currencies at any rate they like the way the bastards in Nigeria are doing?. No regulations, nothing?

It's like you don't know what's up.. most of these so called big businessmen are into FX fraud with help of your beloved licensed BDC operators.

Baba there are licenced BDC,stop displaying ya ignorance in the market square. We know your are having constipation here simply cos you saw obi on the headline

flokii:


You're not smart.. So those BDCs you claim are in Amsterdam, Brussels just wake up and start changing currencies at any rate they like the way the bastards in Nigeria are doing?. No regulations, nothing?

It's like you don't know what's up.. most of these so called big businessmen are into FX fraud with help of your beloved licensed BDC operators.

I can see you hadly have two brain cells to rub together.

Of course the ones in Amsterdam can wake up one morning and fix whatever price they want. The problems are:

1. The system will penalise them for that and they will be fined
2. The need for fx is not that much because these are export based nation and the few that need fx are well informed to not only query exorbitant prices but also knows the channel to report such.
3. If and when such activities are reported the responsible office will actually look it and do something about it.

Can you say of the above is obtainable in Naija?

For your information anyone can do whatever they like anywhere in this world. The problem is can then get away with it?

Ode remember to phrase your question better not everyone on this forum is as ignorant as you are

dettolgel:


Because Peter Obi was the one that supported Buhari for 8 years?

It seems hunger has giving you memory lost.

And where did i mentiion buhari in that comment, you beta tone down your garri intake

Ojemedad:

You are right but we shouldn’t equally erase the problem of we consuming too much rather than producing.
Let’s take Russia as example with lesser population as Nigeria but with much sanctions. Despite the sanctions Russias economy is booming , why? because they produce almost everything, from technology to agriculture to military to crude, they don’t export their crude, they refine it themselves, even with their cold weather. What exactly is Nigeria producing?
If Nigeria don’t switch from comsuming to massive producing country I’m sorry we will always find ourselves below plunging

Exactly. But switching to productive economy is a medium to long term policy. So, it can't solve this immediate rising dollar price and it's associated hyperinflation. Reinstating the fuel subsidy is a surebet to stable economy. Believe it or don't. It is sacrosanct.

Secondly, wasn't it what Buhari did in 2015 when he banned forex for 15 items for importation which resulted to a bag of rice selling from 8,000 naira to triple of 8000 naira.

Thirdly, every country can't be a production country. One country will produce while another will consume. For example USA import most of their technologies from china due to cheaper labour.

It's better they regulate Forex access. 99.9% of Nigerians don't need dollars .

chidiokay:



And where did i mentiion buhari in that comment, you beta tone down your garri intake

Ode you don't have to mention Buhari you claimed that Obi has been supporting bad policies. You forgot that Buhari 8 years was a failure and one of the main root cause of the problem we have today.

Since hunger does not allow you to reason well my question is was it Obi that supported him during his tenure?

You better use your brain

membranus:
quote author=magoo10 post=128636838]barth nnaji through his independent power project will be powering industries in aba and it's environs.same can be replicated all over Nigeria
The thing with some of us is laziness and lack of industrious spirit which is what the igbo man have in abundance.

Are you now saying Aba is now enjoying 24hrs power supply everyday because of your Igbo man's Barth Nnaji superior intelligence?

You must be dreaming.

bad belle are you angry about that abi why are you derailing the conversation.
if you have nothing meaningful in your head stop quoting me

chisomkachy:


Peter Obi

Coconut head, keep shut! The country cannot move to production from consumption by the wave of a magic wand. The dude's is barely 1 year in office too. Talk is cheap Hoebee. Even a secondary school student can say what you said. Enu dun ro'fo. The country is in such a mess that even what you're proposing will take years to manifest. Open mouth waaah! You will never be president.

AfonjaConehead:

Baba there are licenced BDC,stop displaying ya ignorance in the market square. We know your are having constipation here simply cos you saw obi on the headline

They are licensed BDCs, therefore,they are immune to corruption and practices akin to economic sabotage, right? The commercial banks that involve also in round tripping are not licensed, right?