dangoteinlaw:
managing the sign rather than going after the underlying cause of the illness. How do the people who trade dollars get the dollars and who owns the dollars?

If an accaccin is sent to u now to ezecute u and he succeed, should we arest the accaccin while tracing the sender or we should leave the accaccin to go Scot free and search for the sender alone??


Many if u don't know what to say, u just want to talk and u do so without informing ur brain.

Phineky:

I wanted to reply him actually but arguing with people like Theunbothered?
Hell no!!

I try to engage some of them until they prove that they lack intelligence. I now take note of their names and do not dignify.

emkz:


It was the parallel market that operated without any regulation.

When banks refused to fulfill their fx obligations to customers, they referred customers to the BDCs and until today, there has been no explanation for the spike of dollar exchange rate which happened in the BDCs.

No central bank can afford to lose control of the market. Like I argued, floating the currency is not equivalent to floating the market. You do not trade dollars like you trade guguru and ekpa where all sorts of himan beings access dollars without trace.

Countries like Japan, the US and in the EU where their currencies are floated, BDCs are heavily regulated so that every forex trade can be traced. It was not the case with Nigeria.

Like an economist argued, Nigeria's exports exceeded her imports in the last year, which meant there was supposed to be dollar liquidity in the system. Where are the dollars?

They disappeared through the BDCs.

There is a possibility that more than $100billion cannot be found.

Also recall that Yemi Cardoso said $26billion went through binance without trace. If these things happen in certain countries, people would be quietly assassinated.

You just wasted your time in answering the moniker you quoted, He will not believe you, even i you put up any supporting document

emkz:


"Went through" is the phrase I used. But in your rush to peddle your hare-brained thinking, you claimed I said binance held $26billion.

Now my bank account analytics tells me I have done transactions worth 6.8 million naira between October 2023 and today. In your hare brain, you'd interpret that to mean that I have 6.8 million naira in my account.

Return your degree to the university that awarded it to you and go and register to become a prostitute.

You guys always make.the mistake of erroneously assuming that most people on this platform are graduates. What a wrong assumption. Like I said sometimes ago, this platform is populated by:
1.Undegraduates
2. Those seeking admission.
3. Those that are still battling with Waec and Neco.
4. Those who are still boi boi in some 2 by 2 stalls somewhere.

In conclusion, do not dignify someone who has no degree with an advice that they should return their certificates.

VERY GOOOOOOD,CLEAN THEM CRIMINALS AND SABOTUERS ALL OUT.
All the bad election losers politicians na there street boys doing their dirty jobs on streets collecting blood money,drug money,fraud moneys and ritual moneys and circulating them among good money,God punish them all.Dangwuruba,idiots!
IS TIME TO PROHIBIT THE MENACE HAWKING DOLLARS AND OTHER FCKKING CURRENCIES OM ALLLEN IKEJA LAGOS AND WUSE MARKET ABUJA.
LETS STOP ALL THIS RUBBISH AND FOCUS ON FARMING AND EXPORTS TO EARN FOREIGN EXCHANGE.

The assertion that licensed BDCs are unregulated is unfounded. They fall directly under the supervision of the OF ISD and Trade and Exchange department of the CBN. It's crucial to distinguish licensed BDCs from the myriad currency traders, primarily concentrated in the northern region.

In February 2016, then-President Muhammedu Buhari, implementing his command and control economic policies, halted CBN funding to BDCs, citing unspecified reasons. Prior to this action, the dollar traded at ₦200 in the parallel market. Post-ban, the Naira plummeted to ₦500 against the dollar, prompting the then CBN governor, Emefiele, to reintegrate BDCs into the FX window.
https://www.thecable.ng/buhari-we-stopped-selling-forex-to-bdcs-because-cbn-directors-were-shortchaging-the-govt/amp

Observing the turbulence in the forex market, the bankers committee accused BDCs of various financial crimes. Furthermore, in July 2021, the CBN announced the cessation of FX sales to BDCs, coinciding with the Naira's exchange rate at ₦480 against the dollar. Subsequently, the Naira's value began a downward spiral.
https://www.premiumtimesng.com/news/headlines/475998-breaking-cbn-bans-sales-of-forex-to-bdcs.html?tztc=1

Despite being banned from sourcing dollars through the CBN, BDCs have diligently paid their annual renewal license fee of ₦250k.
Cardoso faces a tumultuous journey, and the mere prospect of BDCs re-entering the CBN forex window could erode the Naira's recent gains.
But with this news, watch as naira will lose all the gains it made this two weeks.

emkz:


So who manipulated the exchange rate?

What economic activity led to the spike?

And can you tell me anywhere in the world where BDCs are not regulated?

Cbn ban binance,binance is banned in UNITED KINGDOM,IT IS BANNED IN CHINA, USA FINED THEM 4.5BILLION LAST YEAR FOR INFRACTION. BAN THEM IN NIGERIA,WE DONT HAVE THE HITECH REGULATION TO REGULATE THEM. BUHA GOVT IS DUMB STONE AGE GOVT THAT IS NOVICE TO HITECH FINANCIAL SYSTEM,buha PUT ALL HIS TRIBEMEN DUMBHEAD AND BACKWARD RELATIVES TO HEAD HITECH MINISTRIES THEY HAVE NO CLUE ABOUT.THIS was WHY aMEfIELE his protege USED HIS CRIMINAL GANGS TO DAMAGE NAIJA ECONOMY THIS WAY.GOD PUNISH THEM ALL IFSHA.

emkz:


I try to engage some of them until they prove that they lack intelligence. I now take note of their names and do not dignify.

When i read some comments from some individuals here.... Im convinced deep down that Nigeria can never get better....
I wish things was different but its the truth....
Binance or bdc isn't the cause of our problem but our leaders and a lot of people are still hell bent on defending them ....
I begin to wonder like how....

Its simple there's too much unproductive naira in circulation which has lead to this increased exchange rate.....

Previous govt took series of loans (unproductive loans that wasn't properly utilized or should i say looted and that's what we are suffering today)

And the current administration is doing the same thing if anybody tells you the naira wont keep falling then he's a liar.......

Its simple the govt takes a loan at 20% interest to be paid in 8 year....
What this means js that we have practically devalued the naira by 20%

Now imagine the govt is already clearing up the naira at almost 30% interest...
It means more naira will be chasing the dollar soon....

If those loans are looted and isnt used properly....

But we all know it will be looted as usual

Donsheddy:


When i read some comments from some individuals here.... Im convinced deep down that Nigeria can never get better....
I wish things was different but its the truth....
Binance or bdc isn't the cause of our problem but our leaders and a lot of people are still hell bent on defending them ....
I begin to wonder like how....

Its simple there's too much unproductive naira in circulation which has lead to this increased exchange rate.....

Previous govt took series of loans (unproductive loans that wasn't properly utilized or should i say looted and that's what we are suffering today)

And the current administration is doing the same thing if anybody tells you the naira wont keep falling then he's a liar.......

Its simple the govt takes a loan at 20% interest to be paid in 8 year....
What this means js that we have practically devalued the naira by 20%

Now imagine the govt is already clearing up the naira at almost 30% interest...
It means more naira will be chasing the dollar soon....

If those loans are looted and isnt used properly....

But we all know it will be looted as usual

ALL THE BILIONS OF DOLLAR LOANS BUHA COLLECTED with our national assets ,WHERE ARE THEY? Why can't you ask? Is simple balance of trade equation.
YOU SAID TOO MUCH NAIRA IN CIRCULATION,WHEREAS YOU CANT GET CASH FROM BANK ATM,EXCEPT TO BUY CASH FROM POS OPERATORS.
THE PROBLEM IS FOREX NOT NAIRA,OUR FOREX IS IN EXBUHA GOVT HAND WITH HIS CHRONIES,THAT IS WHY HE WANTED TO RUN TO HIDE IN NIGER,BUT GOD CAUGHT HIM.

Most contributors here are actually naive about forex and economy.
They think it's PDP vs APC or Igbo vs Hausa vs Yoruba.
You've got a good grasp of what's playing out.
Meanwhile CBN wouldn't tell how many times they've secretly devalued the naira.

Donsheddy:


When i read some comments from some individuals here.... Im convinced deep down that Nigeria can never get better....
I wish things was different but its the truth....
Binance or bdc isn't the cause of our problem but our leaders and a lot of people are still hell bent on defending them ....
I begin to wonder like how....

Its simple there's too much unproductive naira in circulation which has lead to this increased exchange rate.....

Previous govt took series of loans (unproductive loans that wasn't properly utilized or should i say looted and that's what we are suffering today)

And the current administration is doing the same thing if anybody tells you the naira wont keep falling then he's a liar.......

Its simple the govt takes a loan at 20% interest to be paid in 8 year....
What this means js that we have practically devalued the naira by 20%

Now imagine the govt is already clearing up the naira at almost 30% interest...
It means more naira will be chasing the dollar soon....

If those loans are looted and isnt used properly....

But we all know it will be looted as usual

PARADIZEPRIEST:
ALL THE BILIONS OF DOLLAR LOANS BUHA COLLECTED with our national assets ,WHERE ARE THEY? Why can't you ask? Is simple balance of trade equation.
YOU SAID TOO MUCH NAIRA IN CIRCULATION,WHEREAS YOU CANT GET CASH FROM BANK ATM,EXCEPT TO BUY CASH FROM POS OPERATORS.
THE PROBLEM IS FOREX NOT NAIRA,OUR FOREX IS IN EXBUHA GOVT HAND WITH HIS CHRONIES,THAT IS WHY HE WANTED TO RUN TO HIDE IN NIGER,BUT GOD CAUGHT HIM.

So we both agree that binance and bdc isn't the cause of our problem but our politicians....
Im glad you said you can't get naira from bank and atm...
When i say too much naira in the system im not talking about physical cash...
I mean naira in circulation in accounts...
Almost every transaction this days is done online....
Who needs cash to run transactions that run in millions
Govt dont pay loans with physical cash, its all in the system.....

Now we dont have cash in our atms any more because banks now sells our naira to POS agents which in turn charge you a fee when you transact....

Which is almost another form of devaluation...
This are the things cbn is meant to check mate...
Now 1000 naira in your account is no longer 1000 naira but 900 naira... Because you pay 100 naira charge when you want to get the physical cash

Validated:
Nice job CBN.
Now increase the capital requirements for the rest to $1.0m. Anyone not able to afford such should merge of be absorbed into the few big ones.

See yourself. Who do u think own those BDCs if not CBN staff themselves?

Stephaniegold:
Wetin concern me Abt Tinubu matter ?

But e dey your mind

Donsheddy:



So we both agree that binance and bdc isn't the cause of our problem but our politicians....
Im glad you said you can't get naira from bank and atm...
When i say too much naira in the system im not talking about physical cash...
I mean naira in circulation in accounts...
Almost every transaction this days is done online....
Who needs cash to run transactions that run in millions
Govt dont pay loans with physical cash, its all in the system.....

Now we dont have cash in our atms any more because banks now sells our naira to POS agents which in turn charge you a fee when you transact....

Which is almost another form of devaluation...
This are the things cbn is meant to check mate...
Now 1000 naira in your account is no longer 1000 naira but 900 naira... Because you pay 100 naira charge when you want to get the physical cash

THE PROBLEM IS SYSTEMIC FLAWS IN across our federal mnistries and in particular our FINANCIAL SYSTEM,OCHESTRATED BY BUHA dumbGOVT AND d DESPIRATE MAD EXCBN GOVR AMEFIELE WHO WANTED TO BE fccking PRESIDENT.

PARADIZEPRIEST:

THE PROBLEM IS SYSTEMIC FLAWS IN across our federal mnistries and in particular our FINANCIAL SYSTEM,OCHESTRATED BY BUHA dumbGOVT AND d DESPIRATE MAD EXCBN GOVR AMEFIELE WHO WANTED TO BE fccking PRESIDENT.

And this current administration hasn't done anything different from what the previous administration did...

iichidodo:
If the dollar is so valuable in Nigeria, why can't the Nigerian state gear up it's institutional machinery and print the Dollar. What's the worse America can do?

😂😂😂😂😂. I greet o. Taking the bull by the horn

Donsheddy:


And this current administration hasn't done anything different from what the previous administration did...

THE PROBLEM S OF EIGHT YEARS BUHAMISRULE WONT DISSAPEAR OVERNIGHT OF 8MONTHS TINUBU GOVT.
THE new CBN regime MEASURES ARE WORKING GRADUALLY,CBN GOVR IS NEW,AND THE MOST CRUCIAL IS THAT PROFESSIONALS ARE HANDLING NIGERAN THINGS NOW DIFFERENTLY,PRAY THEY SUCCEED AND STOP FIGHTING THEIR EFFORTS.

emkz:


It was the parallel market that operated without any regulation.

When banks refused to fulfill their fx obligations to customers, they referred customers to the BDCs and until today, there has been no explanation for the spike of dollar exchange rate which happened in the BDCs.

No central bank can afford to lose control of the market. Like I argued, floating the currency is not equivalent to floating the market. You do not trade dollars like you trade guguru and ekpa where all sorts of himan beings access dollars without trace.

Countries like Japan, the US and in the EU where their currencies are floated, BDCs are heavily regulated so that every forex trade can be traced. It was not the case with Nigeria.

Like an economist argued, Nigeria's exports exceeded her imports in the last year, which meant there was supposed to be dollar liquidity in the system. Where are the dollars?

They disappeared through the BDCs.

There is a possibility that more than $100billion cannot be found.

Also recall that Yemi Cardoso said $26billion went through binance without trace. If these things happen in certain countries, people would be quietly assassinated.

More wisdom for you my brother.👍👍👍👍👍👍👍 Minority cannot be punishing majority. I love your analysis on this topic.

The only saboteurs you didn't mention are our political actors. Politicians have billions of dollars at home kept as a store of value till election period. This must be looked into.

Past and present State Govs, Senators, Reps members, Ministers, DGs/CEO, they all stock dollars at home without repentance.

Last week, I watched Senators on TV stations querying CBN Gov and giving him matching order to fix the exchange rate. If I were CBN Gov I would have told them to check themselves. I'll tell them they were major culprit on this matter. The likes of Akpabio, Lawan, Ndume, etc have billions of dollars in their homes.

God bless you my brother.

emkz:


It was the parallel market that operated without any regulation.

When banks refused to fulfill their fx obligations to customers, they referred customers to the BDCs and until today, there has been no explanation for the spike of dollar exchange rate which happened in the BDCs.

No central bank can afford to lose control of the market. Like I argued, floating the currency is not equivalent to floating the market. You do not trade dollars like you trade guguru and ekpa where all sorts of himan beings access dollars without trace.

Countries like Japan, the US and in the EU where their currencies are floated, BDCs are heavily regulated so that every forex trade can be traced. It was not the case with Nigeria.

Like an economist argued, Nigeria's exports exceeded her imports in the last year, which meant there was supposed to be dollar liquidity in the system. Where are the dollars?

They disappeared through the BDCs.

There is a possibility that more than $100billion cannot be found.

Also recall that Yemi Cardoso said $26billion went through binance without trace. If these things happen in certain countries, people would be quietly assassinated.

More wisdom for you my brother.👍👍👍👍👍👍👍 Minority cannot be punishing majority. I love your analysis on this topic.

The only saboteurs you didn't mention are our political actors. Politicians have billions of dollars at home kept as a store of value till election period. This must be looked into.

Past and present State Govs, Senators, Reps members, Ministers, DGs/CEO, they all stock dollars at home without repentance.

Last week, I watched Senators on TV stations querying CBN Gov and giving him matching order to fix the exchange rate. If I were CBN Gov I would have told them to check themselves. I'll tell them they were major culprit on this matter. The likes of Akpabio, Lawan, Ndume, etc have billions of dollars in their homes.

God bless you my brother and more wisdom.

emkz:


They can be taken to an International Court of Arbitration or taken to the local courts where the company is registered.

They can also be reported to the United States SEC and if it is proved that they used the dollars in trade manipulation, the US SEC can impose even heavier fines.

If they refuse to pay, regulators can raid their bank accounts and seize the funds if a judge gives the order.

A country imposing fines on a company is serious.

When Nigeria had issues with Shell and ENI over OPL 245 or so, Italian prosecutors raided ENI offices.

You can hate Nigeria all you want, but never underestimate the reach of Nigeria when it comes to enforcing certain things.

Have you ever wondered how Nigeria caught Nnamdi Kanu from exile?

Answer these 2 questions.

1. Those 2 companies you mentioned do they or do they not have operating licenses in Nigeria?

2. You should know that Binance doesn't have a physical headquarters and Binance US only caters for US citizens. Why would the US SEC seize Binance US assets meant for US citizens for the sake of Nigeria?

PARADIZEPRIEST:
THE PROBLEM S OF EIGHT YEARS BUHAMISRULE WONT DISSAPEAR OVERNIGHT OF 8MONTHS TINUBU GOVT.
THE new CBN regime MEASURES ARE WORKING GRADUALLY,CBN GOVR IS NEW,AND THE MOST CRUCIAL IS THAT PROFESSIONALS ARE HANDLING NIGERAN THINGS NOW DIFFERENTLY,PRAY THEY SUCCEED AND STOP FIGHTING THEIR EFFORTS.

Working gradually you say....
Hmmmmm
I still haven't seen anything yet...
What is this current administration doing differently from the past one??
🤔🤔🤔

lexy2014:


since you have read them up, then you should be able to answer the question.

which crimes did the BDCs commit that makes them part of the problem?

Continue to ask

chronique:
Lovely. CBN revoking licenses of over 4,000 bureau de change is a very good step in sanitizing this forex market. The era of aboki that doesn't have a single formal education, controlling the sales of naira and dollar, must stop. Sanitize the system totally and let forex be traded properly through the banks.

Another problem is the big boys in the banks will sell only to themselves and their paddy, that was how most of these bank execs became billioniares

iichidodo:
If the dollar is so valuable in Nigeria, why can't the Nigerian state gear up it's institutional machinery and print the Dollar. What's the worse America can do?

Hian!
The ichidodo with the double 'i' have spoken.

Globad:


Continue to ask

since you have read them up, then you should be able to answer the question.

which crimes did the BDCs commit that makes them part of the problem?

Ndi blindness have enjoyed enough, this time is renewed hope they all wanted

ElasmoBranchii:


Answer these 2 questions.

1. Those 2 companies you mentioned do they or do they not have operating licenses in Nigeria?

2. You should know that Binance doesn't have a physical headquarters and Binance US only caters for US citizens. Why would the US SEC seize Binance US assets meant for US citizens for the sake of Nigeria?

You really do not get it.

By not having any operating license in Nigeria, that itself means that they have breached Nigeria's financial regulations by even operating within Nigeria and listing our currency!

Do you even know the implications of that?

You must have heard that United States impose punitive sanctions on banks like UBS AG Switzerland, BNP Paribas SA France. You'd also recall that USA FBI went after Hushpupi. Did you ever ask yourself what gives US the powers and jurisdiction to fine or arrest those people?

https://www.cnn.com/2023/07/24/business/credit-suisse-ubs-archegos-fined/index.html

French banking giant BNP Paribas was just hit with an $8.9 billion fine resulting from a combined settlement with federal and state government agencies. The reason? Extraterritorial violations of U.S. laws that prohibit private banks anywhere in the world from using U.S. dollars to transact with Iran, Sudan, Syria and other states under U.S. sanction. The unprecedented size of this penalty, which stems from transactions with Sudanese companies between 2002 and 2007, is raising eyebrows on both sides of the Atlantic—along with European hackles.

https://www.washingtonpost.com/news/monkey-cage/wp/2014/06/30/an-8-9-billion-fine-shows-that-foreign-banks-evade-u-s-laws-at-their-peril/

If you go and use the US dollars for any transaction outside US soil that violates the US laws against such use, including attempting to use it to manipulate another country's currency pegged against the US dollars, the US SEC will assume jurisdiction immediately and fine you. If you are not registered in Nigeria and you are using your platform to manipulate Nigeria's currency value using the US dollars, you'd have problems with US and Nigeria. Incase you are not aware, Binance ex-CEO is awaiting jail sentence in the US for money laundering. Then let it be established that Binance was used for terrorism financing.

You can imagine what the US would do to them.

Please make una dey try read. It is tiring to be explaining these basic things to apparently educated people.

lexy2014:


which bankers is Tinubu going to jail?

what was the crime of the bankers that you say Sanusi sacked and jailed?

which heat go reach everybody?

who are the "whosoever" that Tinubu and Ribadu are ready to deal with?

which sacking and arrest are you talking about and for what crimes?

why didnt they deal with the army when they dropped bombs on innocent civilians in Kaduna?

You and long questions. It's for those that know the history

fuckJones:
Now that the NSA has requested for the list of all the Nigerian users on Binance; heads would roll and cut across! May every saboteur and enemy of Nigeria be pull down on their knees🙏

na your papa head go roll first

emkz:


It was the parallel market that operated without any regulation.

When banks refused to fulfill their fx obligations to customers, they referred customers to the BDCs and until today, there has been no explanation for the spike of dollar exchange rate which happened in the BDCs.

No central bank can afford to lose control of the market. Like I argued, floating the currency is not equivalent to floating the market. You do not trade dollars like you trade guguru and ekpa where all sorts of himan beings access dollars without trace.

Countries like Japan, the US and in the EU where their currencies are floated, BDCs are heavily regulated so that every forex trade can be traced. It was not the case with Nigeria.

Like an economist argued, Nigeria's exports exceeded her imports in the last year, which meant there was supposed to be dollar liquidity in the system. Where are the dollars?

They disappeared through the BDCs.

There is a possibility that more than $100billion cannot be found.

Also recall that Yemi Cardoso said $26billion went through binance without trace. If these things happen in certain countries, people would be quietly assassinated.

CBN stopped selling dollars to BDCs in 2021 and the CBN governor cannot say 26billion dollars went through Binance in a year, he's a joker. He just made the claims to get at Binance.
Only Binance has the authentic information of how much they transacted in a year. CBN can't hack Binance to find out especially when those things are done through p2p, that's why they were asking Binance for a list of Nigerian transactions since 2017.
Mark my words: Binance can NEVER release the full info FG wants!

PS: If Cardoso knows how much that was transacted, he can as well know who and which accounts did the transaction.
Believe the 26billion claims at your own peril!

Donsheddy:


When i read some comments from some individuals here.... Im convinced deep down that Nigeria can never get better....
I wish things was different but its the truth....
Binance or bdc isn't the cause of our problem but our leaders and a lot of people are still hell bent on defending them ....
I begin to wonder like how....

Its simple there's too much unproductive naira in circulation which has lead to this increased exchange rate.....

Previous govt took series of loans (unproductive loans that wasn't properly utilized or should i say looted and that's what we are suffering today)

And the current administration is doing the same thing if anybody tells you the naira wont keep falling then he's a liar.......

Its simple the govt takes a loan at 20% interest to be paid in 8 year....
What this means js that we have practically devalued the naira by 20%

Now imagine the govt is already clearing up the naira at almost 30% interest...
It means more naira will be chasing the dollar soon....

If those loans are looted and isnt used properly....

But we all know it will be looted as usual

Where do the leaders clean up the funds they steal? Who are the owners of the BDCs?

I suggest you read the 2nd comment on this thread.

emkz:


It was the parallel market that operated without any regulation.

When banks refused to fulfill their fx obligations to customers, they referred customers to the BDCs and until today, there has been no explanation for the spike of dollar exchange rate which happened in the BDCs.

No central bank can afford to lose control of the market. Like I argued, floating the currency is not equivalent to floating the market. You do not trade dollars like you trade guguru and ekpa where all sorts of himan beings access dollars without trace.

Countries like Japan, the US and in the EU where their currencies are floated, BDCs are heavily regulated so that every forex trade can be traced. It was not the case with Nigeria.

Like an economist argued, Nigeria's exports exceeded her imports in the last year, which meant there was supposed to be dollar liquidity in the system. Where are the dollars?

They disappeared through the BDCs.

There is a possibility that more than $100billion cannot be found.

Also recall that Yemi Cardoso said $26billion went through binance without trace. If these things happen in certain countries, people would be quietly assassinated.

But ,if such huge amount of dollars disappeared ,what are they doing with it ? Where is the National interest of those who are involved ?