mrvitalis:

So in your head that can meet of up the dollar demand?

What you would achieve is Buhari 101 massive difference between official rate and black market rate

Say I want to set up a small factory and need $500k to buy machines or raw materials... Where do you think I would go? ... U think I won't pay 10% above price to get my money in 1 week?

So you need $500k cash to buy the machine??

Nawa oooo.

mrvitalis:

So in your head that can meet of up the dollar demand?

What you would achieve is Buhari 101 massive difference between official rate and black market rate

Say I want to set up a small factory and need $500k to buy machines or raw materials... Where do you think I would go? ... U think I won't pay 10% above price to get my money in 1 week?

Do you know the BDC can actually make the naira 2500 overnight. They have the power over the rates. So if government paying them certain amount of money to bring the rates down, I think it's ok.
For your info, I am a strong supporter of PO but anything that will make the economy better, I will support

Hoelujohn:

Do you know the BDC can actually make the naira 2500 overnight. They have the power over the rates. So if government paying them certain amount of money to bring the rates down, I think it's ok.
For your info, I am a strong supporter of PO but anything that will make the economy better, I will support

BDC don't control rate oga they are too insignificant

10s if not 100s of millions of dollars exchange hands in Nigeria daily

Bros enough you obviously don't know anything about the forex market

Godoverevery:


So you need $500k cash to buy the machine??

Nawa oooo.

Have you imported anything before?

DaniellaDokubo:
Government is selling off its FX reserves. This is not a sustainable solution. Way to go. EXPORT goods and service!

You are wrong. The foreign reserve is actually increasing.

Only banks should sell forex stop hawking money on streets

mrvitalis:

Have you imported anything before?

Yea and I didn't need raw cash USD to pay for the goods.

rinzaugustine:
What kind of economic policy is selling the dollars you have to bolster exchange rate ? Why would a sane mind believe this will work long term and be dissuaded from hoarding the dollar? Once they stop all these FX selling, the next fall of the dollar will be around the 3 thousand naira mark …bunch of useless quacks

Put your money where your mouth is .Buy dollars now. You should be able to sell at 3000 naira to dollar within two weeks.

Godoverevery:


Yea and I didn't need raw cash USD to pay for the goods.

So how did you pay for your goods... Tell us

Babalegba:
Put your money where your mouth is .Buy dollars now. You should be able to sell at 3000 naira to dollar within two weeks.

do that all the time but I am trying to be a little bit greedy this time lol

mrvitalis:

So how did you pay for your goods... Tell us

All you need to do is visit your bank if you run a domiciliary account and you be put through on that.

Who needs $500k raw cash to pay for a machine......that person must be a criminal.

Godoverevery:


All you need to do is visit your bank if you run a domiciliary account and you be through on that.

Who needs $500k raw cash to pay for a machine......that person must be a criminal.

I never said you need $500k I said you need $500k let me correct that

Ok so how would you get the money to put in the domiciliary account in this case $500k

mrvitalis:

I never said you need $500k I said you need $500k let me correct that

Ok so how would you get the money to put in the domiciliary account in this case $500k

Bro Vist your bank abeg.

You can convert money in local account now....the dollar equivalent you need will be credited in your domiciliary account while the naira will be deducted.


Only shady people need raw dollar to import goods.

Godoverevery:


Bro Vist your bank abeg.

You can convert money in local account now....the dollar equivalent you need will be credited in your domiciliary account while the naira will be deducted.


Only shady people need raw dollar to import goods.

I done catch this one... Lmaooo obviously you haven't imported anything substantial before

Firstly if you want to go through the bank you don't need a domiciliary account, you just go to your bank and request for "form A, M or Q " Depending on what you want to import

Banks withdraw the naira equivalent and process your dollar demand with CBN

Now what's the problem? It can take 3 months of you are lucky to 2 years... Some people have finished masters abroad banks haven't paid their school

So a business man like me should suspend my business and wait for CBN? For 2 years?

Boy you know nothing

mrvitalis:

I done catch this one... Lmaooo obviously you haven't imported anything substantial before

Firstly if you want to go through the bank you don't need a domiciliary account, you just go to your bank and request for "form A, M or Q " Depending on what you want to import

Banks withdraw the naira equivalent and process your dollar demand with CBN

Now what's the problem? It can take 3 months of you are lucky to 2 years... Some people have finished masters abroad banks haven't paid their school

So a business man like me should suspend my business and wait for CBN? For 2 years?

Boy you know nothing

This very simple...........let do a very simple test run.

I will be importing small goods by mid next month.

What I just explained I will do the same exact process and post all the processing and the money will be remitted within 3 working days.

We can just have a minimum of 100k bet on that.

If it fails I will pay you 100k and it works you will pay me 100k.

Are you down??

Godoverevery:


This very simple...........let do a very simple test run.

I will be importing small goods by mid next month.

What I just explained I will do the same exact process and post all the processing and the money will be remitted within 3 working days.

We can just have a minimum of 100k bet on that.

If it fails I will pay you 100k and it works you will pay me 100k.

Are you down??

Lmaooo fine how much are you requesting... Hope it's not below $20k

IT SHOULD GO UP TO N500:$1.

IT SHOULD GO UP TO N500:$1.

Orisa37
"EBI NPAWA". I HOPE SOMEBODY IS NOT DEAF AND DUMB.

mrvitalis:

Lmaooo fine how much are you requesting... Hope it's not below $20k

Like I don't understand.........how much am dealing with isn't your business.

Do we have a deal?? So I can open a thread for it.

Godoverevery:


Like I don't understand.........how much am dealing with isn't your business.

Do we have a deal?? So I can open a thread for it.

There is a difference between transaction based on amount

mrvitalis:

Have you imported anything before?

Mr Ekwekwe economist, You don't need 500k cash in dollars to import anything

Banks deal with such large amount.

People often use letter of credit to buy goods in international trade.

DaniellaDokubo:
Government is selling off its FX reserves. This is not a sustainable solution. Way to go. EXPORT goods and service!

We have a trade surplus and as long as the CBN has the dollars coming in, the Naira will continue to appreciate

Imagine what will happen when the refineries start to export and we don’t import a drop of petroleum products in Nigeria

mrvitalis:

Lol 😂😂😂 which school u go abeg?

...and how old are you?

Naira must rise.

drlateef:




You are wrong. The foreign reserve is actually increasing.

But we were just told the foreign and domestic debt stands at 97t and interest mounting.

rinzaugustine:
do that all the time but I am trying to be a little bit greedy this time lol

Sell your house or your father's house and your car and buy dollars. You might be lucky and it reaches 3000 naira to one dollar within a few months. You'll be smiling, nothing ventured nothing gained. You can also borrow from the bank and use your properties as collateral.

Correct am na if you think he’s not right, why showing stupidityCorrect am na if you think he’s not right, why showing stupidity...

DaniellaDokubo:
Government is selling off its FX reserves. This is not a sustainable solution. Way to go. EXPORT goods and service!

Agbado is selling the 3billion dollars he got from Afreximbank with a collateral of 12 billion dollars in oil sales...! Let us hope the solution is not worse than the ailment!

saysoo:
But we were just told the foreign and domestic debt stands at 97t and interest mounting.

Yes, but Tinubu has been paying them without any default. Nigeria now has a very good credit rating. Foreign reserves is different from debt.

drlateef:



Yes, but Tinubu has been paying them without any default. Nigeria now has a very good credit rating. Foreign reserves is different from debt.

may be you do not grasp it. Buhari left it at 77T, Tinubu is standing at 97t, you pay your debt else interest will keep rising, so how is your bank account full when your debts are more?

saysoo:
may be you do not grasp it. Buhari left it at 77T, Tinubu is standing at 97t, you pay your debt else interest will keep rising, so how is your bank account full when your debts are more?

We all know he borrowed some money to stabilise the naira. And he is paying back at same time.

Today’s exchange rate in the Abokifx