successmatters:
BDC are to banks what pharmaceutical outlets are to hospitals.

Where there are no drugs in the hospitals, or odd hour transactions, or where banks are distant, business cannot be allowed to suffer. BDC also provides employment.

Peter Obi is right like always.

U r absolutely right!
Just like someone said....if there is a drug cartel that supplies drugs,you should go for the supplier instead of the vendors!

LordBillionz:

BDC ain't the problem but the bank MDs are.

Let me give you an instance using our Naira BDC (pos Operators). If we have ATMs readily available where we can get needed cash, would we have much need for pos operators?
If the bank make cash available, not much will be going to pos to buy naira.

Same goes with bdc, if the bank ain't riddled with much bureaucracy and dollars are sold to verified needed hands, this rates would have been under control.

Efficient vetting of dollar buying, monitoring its usage by the buyer and ensuring the dollars are used for the stated purpose for buying it can help control the rates.

Let banks begin to sell dollars but at a vetted, controlled and monitored process.

The truth is even POS CAN become a problem in certain situations.

And if they do, they must be fought.

Didn't we see them become a problem in the cash crunch era

mrvitalis:

First rule of government is don't make bans you can't enforce it would make you look weak

You can't ban bianace you can't ban crypto trading

The people demanding money from bianace are Chinese importers provide dollars cheaper for them and watch bianace scatter

Truth is there is little anyone one can do short term

Floating ab unstable currency got us here

Peg the naira at 2000 yes higher than black market
Hope it would hold and restore confidence

[/b]But identifying manufacturers of import substitutes and export potential goods and given them low interest loans to expand production through banks is still the best solutions

[b]

Best long term solution...agreed

successmatters:


I agree that its abnormal, but the abnormality can be cured by supplying banks with dollars and ensuring they dispense it, not punishing BDC for the corruption in the banks.

If we make the mistake of driving the BDC underground, the problem will get as bad as drug trade, and this corrupt government cannot fight it. Things will only get worse.

okay

Strafudeen:


The truth is even POS CAN become a problem in certain situations.

And if they do, they must be fought.

Didn't we see them become a problem in the cash crunch era

The POS became a problem because people in the CBN stopped supplying banks with cash, so the POS operators found it hard to obtain ordinary cash that used to be full everywhere on demand across the counter. Simple demand and supply I learnt in primary 4.

Many POS operators were sleeping in filling stations to buy their cash and resell to needy people on the streets, and its not cheap to buy.

Punishing the POS will be wrong, without punishing the people who starved the system of cash. You go after the cause of to problem and not the symptoms!

I don't know how hard it is to learn simple economics.

Peter Obi should save his breath, many Nigerians lack the capacity to understand simply things.

successmatters:


The POS became a problem because people in the CBN stopped supplying banks with cash, so the POS operators found it hard to obtain ordinary cash that used to be full everywhere on demand across the counter. Simple demand and supply I learnt in primary 4.

Many POS operators were sleeping in filling stations to buy their cash and resell to needy people on the streets, and its not cheap to buy.

Punishing the POS will be wrong, without punishing the people who starved the system of cash. You go after the cause of to problem and not the symptoms!

I don't know how hard it is to learn simple economics.

Peter Obi should save his breath, many Nigerians lack the capacity to understand simply things.

Just accept that even good medicines can have a side effect.

When a side effect becomes life threatening, you discontinue the drug.

Very simple to understand

successmatters:
BDC are to banks what pharmaceutical outlets are to hospitals.

Where there are no drugs in the hospitals, or odd hour transactions, or where banks are distant, business cannot be allowed to suffer. BDC also provides employment.

Peter Obi is right like always.

why would you need dollars physically, urgently in Nigeria? Is dollar our currency?

Strafudeen:


The truth is even POS CAN become a problem in certain situations.

And if they do, they must be fought.

Didn't we see them become a problem in the cash crunch era

That's what I am saying...

If the banks provide efficient ATM services, we won't have the need for POS operators. Banks should be attacked and not pos operators.

It's more like cutting the head of a snake. Before now, there were no POS and enough cash was in circulation though there used to be queues. But with enough efficient ATMs, the queues can disappear.

Bank MDs are the problem.

Strafudeen:
I just saw a thread where his excellency Peter Obi was expressing disapproval on actions taken to reign in the bureau de changes in nigeria.

I hope I misread him, but if he is against the reforms implemented to curb the racketeering going on at those BDCs and their banking and black market allies, then I disagree.

I even advocate a total suspension of all BDC activity in nigeria.

Mpa nnukwu...onye nna...Peter obi...senior man.

This one no follow.

Our economy has been far too much dollarised, desperate times demand desperate measures.

We have to save the country at any cost.

Bureau de changes are a major part of the problem because as long as they freely do as they like, people who steal dollars know exactly where to run and clean it up in a few minutes.


They have to go.

If tinubu doesn't want to end them, then let him regulate them out of this their Criminal conspiracy with our thieving bankers and the touts on the streets with dollars and naira notes wrecking the economy.


Thanks onye mpa Peter obi, you're still the man though.

😃 😊

A very jaundiced view, and a most mo.ronic action to target the supply side of a demand and supply issue.


It's like saying that banning the sale of satchet water would reduce the thirst for water.
There is absolutely nothing wrong with BDCs.
Over the 40yrs or so, they had become a necessary and essential part of our economic system.
On the other hand, the banking system is perhaps the biggest problem in Nigeria over the same 40yrs .
The BDCs perform an essential service that Nigerian banks have refused to do - provide forex liquidity to the economy. Banks are 100% complicit in every act of corruption in Nigeria, yet neither the banks nor their managements are ever humiliated or punished.

Now, let's look at secondary school economics 101.
If you cut off the steady supply of forex to public that demand forex, that would automatically create a forex scarcity, which also automatically lead to much higher forex prices. The higher forex prices continues to fuel more speculation and even higher prices.
All these impulsive, adhoc actions only telegraphs to the general public and the world that there is no longterm thinking in the economic policies of this administration.
Police actions are not substitutes for genuine long term economic policies.

plaetton:


A very jaundiced view, and a most mo.ronic action to target the supply side of a demand and supply issue.


It's like saying that banning the sale of satchet water would reduce the thirst for water.
There is absolutely nothing wrong with BDCs.
Over the 40yrs or so, they had become a necessary and essential part of our economic system.
On the other hand, the banking system is perhaps the biggest problem in Nigeria over the same 40yrs .
The BDCs perform an essential service that Nigerian banks have refused to do - provide forex liquidity to the economy. Banks are 100% complicit in every act of corruption in Nigeria, yet neither the banks nor their managements are ever humiliated or punished.

Now, let's look at secondary school economics 101.
If you cut off the steady supply of forex to public that demand forex, that would automatically create a forex scarcity, which also automatically lead to much higher forex prices. The higher forex prices continues to fuel more speculation and even higher prices.

Secondary 101 is too high.

Start from your primary 3 social studies.

Tell me the basic needs of the society and whether forex is one of them, and why you can't live without foreign goods and foreign currency

The BDCs are not the problem, chasing them with guns will only make matters worse. The tail should not wag the dog!

Move the country from consumption to production and fight corruption head on. This is the hard way and the only way!

Strafudeen:
I just saw a thread where his excellency Peter Obi was expressing disapproval on actions taken to reign in the bureau de changes in nigeria.

I hope I misread him, but if he is against the reforms implemented to curb the racketeering going on at those BDCs and their banking and black market allies, then I disagree.

I even advocate a total suspension of all BDC activity in nigeria.

Mpa nnukwu...onye nna...Peter obi...senior man.

This one no follow.

Our economy has been far too much dollarised, desperate times demand desperate measures.

We have to save the country at any cost.

Bureau de changes are a major part of the problem because as long as they freely do as they like, people who steal dollars know exactly where to run and clean it up in a few minutes.


They have to go.

If tinubu doesn't want to end them, then let him regulate them out of this their Criminal conspiracy with our thieving bankers and the touts on the streets with dollars and naira notes wrecking the economy.


Thanks onye mpa Peter obi, you're still the man though.

😃 😊

LordBillionz:

That's what I am saying...

If the banks provide efficient ATM services, we won't have the need for POS operators. Banks should be attacked and not pos operators.

It's more like cutting the head of a snake. Before now, there were no POS and enough cash was in circulation though there used to be queues. But with enough efficient ATMs, the queues can disappear.

Bank MDs are the problem.

Pos came to solve a banking deficit.

Like paracetamol comes to treat headache.

When paracetamol starts causing liver toxicity , it has to be withdrawn


If pos were to ever become an issue in trying to solve an earlier issue , they will also be tackled

ValarDoharis:
The BDCs are not the problem, chasing them with guns will only make matters worse. The tail should not wag the dog!

Move the country from consumption to production and fight corruption head on. This is the hard way and the only way!

Don't let your child die of hunger while waiting for balanced diet.
Give him glucose water , let him be alive and see the day of balanced diet

Strafudeen:
I just saw a thread where his excellency Peter Obi was expressing disapproval on actions taken to reign in the bureau de changes in nigeria.

I hope I misread him, but if he is against the reforms implemented to curb the racketeering going on at those BDCs and their banking and black market allies, then I disagree.

I even advocate a total suspension of all BDC activity in nigeria.

Mpa nnukwu...onye nna...Peter obi...senior man.

This one no follow.


Our economy has been far too much dollarised, desperate times demand desperate measures.

We have to save the country at any cost.

Bureau de changes are a major part of the problem because as long as they freely do as they like, people who steal dollars know exactly where to run and clean it up in a few minutes.


They have to go.

If tinubu doesn't want to end them, then let him regulate them out of this their Criminal conspiracy with our thieving bankers and the touts on the streets with dollars and naira notes wrecking the economy.


Thanks onye mpa Peter obi, you're still the man though.

😃 😊

Foreign Exchange Criminal Racket

Your description is correct

The Foreign Exchange Racket pocketed money supposed to build up modern Industries

Strafudeen:


Pos came to solve a banking deficit.

Like paracetamol comes to treat headache.

When paracetamol starts causing liver toxicity , it has to be withdrawn


If pos were to ever become an issue in trying to solve an earlier issue , they will also be tackled

If the banks are efficient, would you need the pos?

They're still a menace.
It's just that Nigerians has an awful tradition of accepting abnormalities, else, POS wouldn't even be a thing of discussion.

If you wanna kill a snake, aim for the head and not the body. Pos operators are by product of inefficiency of banks.

Strafudeen:


Pos came to solve a banking deficit.

Like paracetamol comes to treat headache.

When paracetamol starts causing liver toxicity , it has to be withdrawn


If pos were to ever become an issue in trying to solve an earlier issue , they will also be tackled

If the banks are efficient, would you need the pos?

They're still a menace.
It's just that Nigerians has an awful tradition of accepting abnormalities, else, POS wouldn't even be a thing of discussion.

If you wanna kill a snake, aim for the head and not the body. Pos operators are by product of inefficiency of banks.

And so are the BDCs

The corruption fueling the BDC operation will only change tactics. BDCs has been operating since forever, why are they the problem now?

The massive corruption from Bubu's govt to Tinubu's govt is causing the naira crash. Too much naira in the hands of corrupt people being converted to dollars

Strafudeen:



Don't let your child die of hunger while waiting for balanced diet.
Give him glucose water , let him be alive and see the day of balanced diet

Strafudeen:


Secondary 101 is too high.

Start from your primary 3 social studies.

Tell me the basic needs of the society and whether forex is one of them, and why you can't live without foreign goods and foreign currency

Yeah.
Let's pretend that I'm an ostrich, just like you're doing.

I look around me and everything in my house and surrounding is made in good ol Nigeria. My clothes, my watch, my shoes, my toothbrush and toothpaste, my body lotion, my bedsheets, my leather sofa, my TV and entertainment set, my car, my generator, even the fuel for my car and generator, my breakfast cereal and milk, my coffee, every necessity of life and luxury at my disposal are all made in the generator economy of Nigeria .

plaetton:

Yeah.
Let's pretend that I'm an ostrich, just like you're doing.

I look around me and everything in my house and surrounding is made in good ol Nigeria. My clothes, my watch, my shoes, my toothbrush and toothpaste, my body lotion, my bedsheets, my leather sofa, my TV and entertainment set, my car, my generator, even the fuel for my car and generator, my breakfast cereal and milk, my coffee, every necessity of life and luxury at my disposal are all made in the generator economy of Nigeria .

Luxury is a choice

Survival is not

plaetton:

Yeah.
Let's pretend that I'm an ostrich, just like you're doing.

I look around me and everything in my house and surrounding is made in good ol Nigeria. My clothes, my watch, my shoes, my toothbrush and toothpaste, my body lotion, my bedsheets, my leather sofa, my TV and entertainment set, my car, my generator, even the fuel for my car and generator, my breakfast cereal and milk, my coffee, every necessity of life and luxury at my disposal are all made in the generator economy of Nigeria .

I am enjoying the lessons you are teaching him. But will he learn?

plaetton:

Yeah.
Let's pretend that I'm an ostrich, just like you're doing.

I look around me and everything in my house and surrounding is made in good ol Nigeria. My clothes, my watch, my shoes, my toothbrush and toothpaste, my body lotion, my bedsheets, my leather sofa, my TV and entertainment set, my car, my generator, even the fuel for my car and generator, my breakfast cereal and milk, my coffee, every necessity of life and luxury at my disposal are all made in the generator economy of Nigeria .

Perfect response. Add your toothpick and even the sand you may use to build a house. Nigeria imports sand.

Strafudeen:


Luxury is a choice

Survival is not

Is a toothpick a luxury.
Please I give you a challenge. Go to the shops and find a pack of toothpicks made in Nigeria.

Just try it.

LordBillionz:


If the banks are efficient, would you need the pos?

They're still a menace.
It's just that Nigerians has an awful tradition of accepting abnormalities, else, POS wouldn't even be a thing of discussion.

If you wanna kill a snake, aim for the head and not the body. Pos operators are by product of inefficiency of banks.

And so are the BDCs

You took that right out of mind.

We have a system that is well oiled by the very corrupt, rapacious elite . This very corrupt system, by default, produces anomalies in the system. Black markets are inefficiencies produced by corruption.
You cannot ever stamp out black markets.
Making it difficult to buy forex from BDCs only drives up the price of forex.

I honestly agree Person tire sefI honestly agree Person tire sef...

Strafudeen:
I just saw a thread where his excellency Peter Obi was expressing disapproval on actions taken to reign in the bureau de changes in nigeria.

I hope I misread him, but if he is against the reforms implemented to curb the racketeering going on at those BDCs and their banking and black market allies, then I disagree.

I even advocate a total suspension of all BDC activity in nigeria.

Mpa nnukwu...onye nna...Peter obi...senior man.

This one no follow.

Our economy has been far too much dollarised, desperate times demand desperate measures.

We have to save the country at any cost.

Bureau de changes are a major part of the problem because as long as they freely do as they like, people who steal dollars know exactly where to run and clean it up in a few minutes.


They have to go.

If tinubu doesn't want to end them, then let him regulate them out of this their Criminal conspiracy with our thieving bankers and the touts on the streets with dollars and naira notes wrecking the economy.


Thanks onye mpa Peter obi, you're still the man though.

😃 😊

He is a populist.

OBI will never support anything done by this government so as to be in good book of OBIDIENTS

successmatters:
BDC are to banks what pharmaceutical outlets are to hospitals.

Where there are no drugs in the hospitals, or odd hour transactions, or where banks are distant, business cannot be allowed to suffer. BDC also provides employment.

Peter Obi is right like always.

Like Always 😆

This one has been enslaved

See how you are lacing your criticism of Obi's rubbish opinion with pleading and Igbo because you know that your fellow Obidients would not hesitate for a second to throw you under the bus for daring to criticize their Lord and Savior just like the time of Nnamdi Kanu.
You don't want to have a taste of the medicine that you people dish out to others. Hypocrites!

Igbo nkem di iche. Chukwu aju kam dika unu.