ahiboilandgas:
The naira exchanged to the dollar at the parallel market at N420/$ on Wednesday, following the interventions made by the Central Bank of Nigeria in the Investors and Exporters window.

Prior to CBN’s renewed intervention in the I&E window on Monday, the naira exchanged for as high as N480 to the dollar.

Speculators in Nigeria’s foreign exchange market would count huge losses as the naira continued to surge against the dollar, experts have said.

The CBN had said that it would also resume the sale of foreign exchange to operators of Bureau de Change from September 7.

lol...
Upward trend again
I tell you,you no gree.

CBN just released only $50mln yesterday to clear backlogs(38.6m cash and the rest on forwards) under the pretext of "testing the fx demand".
I'm sure this has destroyed the confidence abokis had on getting money from them on monday and are now offering more to the masses for their dollar.
Like I said,monday will be funny.
If cbn can release only 50mln to repatriators,imagine the chicken feed they will give BDC.

TransAtlanticEx:
CBN just released only $50mln yesterday to clear backlogs(38.6m cash and the rest on forwards) under the pretext of "testing the fx demand".
I'm sure this has destroyed the confidence abokis had on getting money from them on monday and are now offering more to the masses for their dollar.
Like I said,monday will be funny.
If cbn can release only 50mln to repatriators,imagine the chicken feed they will give BDC.

weldone cbn governor..

freeman67:
For those that complained about interest on savings account not paid by First Bank I hope you have seen it now. If not you can send First Contact a direct message through their Twitter handle or send them a mail.

Just checked, I haven't received mine. Those who complained yesterday, has anyone received?

ahiboilandgas:
The naira exchanged to the dollar at the parallel market at N420/$ on Wednesday, following the interventions made by the Central Bank of Nigeria in the Investors and Exporters window.

Prior to CBN’s renewed intervention in the I&E window on Monday, the naira exchanged for as high as N480 to the dollar.

Speculators in Nigeria’s foreign exchange market would count huge losses as the naira continued to surge against the dollar, experts have said.

The CBN had said that it would also resume the sale of foreign exchange to operators of Bureau de Change from September 7.

I'm watching on the sidelines

Let's see how long this can be sustained

I really hope the CBN knows what it is doing

ahiboilandgas:
weldone cbn governor..

I dont agree always with the person you quoted

But do not write off his position


Except CBN has dollars hidden underground somewhere that we do not know about

Or they have some magic wand..
Dont be too sure that the CBN will not fk this up and the rates go on an upward spiral again


I really hope and pray that the rates continue the downward trend.
However
I'm cautiously optimistic

DexterousOne:


I'm watching on the sidelines

Let's see how long this can be sustained

I really hope the CBN knows what it is doing

We all do, even though its actions don't always convey that message.

Its contradictory policy of high interest rates to curb inflation while simultaneously pushing the banks through numerous other policies to expand credit by lending to an imaginary real sector at the same high interest rates is a case in point.

TransAtlanticEx:
CBN just released only $50mln yesterday to clear backlogs(38.6m cash and the rest on forwards) under the pretext of "testing the fx demand".
I'm sure this has destroyed the confidence abokis had on getting money from them on monday and are now offering more to the masses for their dollar.
Like I said,monday will be funny.
If cbn can release only 50mln to repatriators,imagine the chicken feed they will give BDC.

re u a prophet of doom. always sounding saddistic. u always want everytin to fall in with ur most of the times stupi.d views

delawal:


re u a prophet of doom. always sounding saddistic. u always want everytin to fall in with ur most of the times stupi.d views

You are the one crying and ranting,I'm not..
My views might sound stupid to limited mental capabilities people,so I guess that leaves you where you should be.
It's high time you and your likes in Onitsha killing the economy with cheap,dirty imports align and put yourselves in the position of advantage,else you'd have yourselves to blame.

silvoice:
if this is a suggestion, I will say it's not true for my account. but if it's a defence, I will ask you to quote me any day they pay their August interest

I've been receiving interest from first bank for almost a year consistently, but August interest hasn't dropped yet. I've placed a call to them just now, and there was argument that I made more than 3 transactions, I just kept mute n asked for the record.

They came back like a broken record, sorry you are right. So if you haven't been receiving and you never initiate more than 3 transactions, call them to claim your money.

The CBN governor is probably the best governor Nigeria has had since the existence of the CBN.
He is not the problem but the Nigerian system is faulty, how can the government keep borrowing money at the expense of the CBN and the FG has no tangible model to generate forex from all the borrowings.

The CBN and FGN are two different entities and it will be best they both have a unified govenor, CBN and FGN is like a hardworking man earning N1m a month and keeping a girlfriend that spends N5 million every month, it is destined for failure.

Comeandcollect:
The CBN governor is probably the best governor Nigeria has had since the existence of the CBN.
He is not the problem but the Nigerian system is faulty, how can the government keep borrowing money at the expense of the CBN and the FG has no tangible model to generate forex from all the borrowings.

The CBN and FGN are two different entities and it will be best they both have a unified govenor, CBN and FGN is like a hardworking man earning N1m a month and keeping a girlfriend that spends N5 million every month, it is destined for failure.

There is a reason why many developed countries have espoused central bank independence.

Please be informed that the Central Bank of Nigeria (CBN) through its circular reference number TED/FEM/FPC/GEN/01/005 dated 24 August 2020 has directed Banks and other authorized Dealers to stop registering Form M whose payment is routed through a Buying House/Agent or other third parties other than the primary suppliers of the product or service.

Akin3891:


I've been receiving interest from first bank for almost a year consistently, but August interest hasn't dropped yet. I've placed a call to them just now, and there was argument that I made more than 3 transactions, I just kept mute n asked for the record.

They came back like a broken record, sorry you are right. So if you haven't been receiving and you never initiate more than 3 transactions, call them to claim your money.

very interesting you mean you called their contact number: First contact or you went to their branch?.
thanks for your understanding

ahiboilandgas:
Please be informed that the Central Bank of Nigeria (CBN) through its circular reference number TED/FEM/FPC/GEN/01/005 dated 24 August 2020 has directed Banks and other authorized Dealers to stop registering Form M whose payment is routed through a Buying House/Agent or other third parties other than the primary suppliers of the product or service.

all fake demand shall be removed ,all round tripper cbn has used the big stick .....this will slah form m scams by 80 percent ....reducing pressure on the reserve....

E be like say u non know ur people, they go find another way.
Imagine the scenario of conniving with schools abroad, is it creating international companies they won't be able to do?

Naija people too strong.

We tend to always force the hands of regulators and then turnaround to blackmail them that they are bringing policies that stiffens the growth of the nation.

I wonder how the British were able to successfully rule us.

ahiboilandgas:
all fake demand shall be removed ,all round tripper cbn has used the big stick .....this will slah form m scams by 80 percent ....reducing pressure on the reserve....

ahiboilandgas:
all fake demand shall be removed ,all round tripper cbn has used the big stick .....this will slah form m scams by 80 percent ....reducing pressure on the reserve....

I like your patriotism and your self belief in the system.
Unfortunately, the country is really messsed up and many have lost hope in the system.

We wait to see how CBN will remove all the fake demands.

ojesymsym:
E be like say u non know ur people, they go find another way.
Imagine the scenario of conniving with schools abroad, is it creating international companies they won't be able to do. Naija people too strong. We tend to always force the hands of regulators and then turnaround to blackmail them that they are bringing policies that stiffens the growth of the nation.

I wonder how the British were able to successfully rule us.

next step is to removed mushroom oversea school from form A .....ONLY CERTAIN NATION...

pluto09:



I like your patriotism and your self belief in the system.
Unfortunately, the country is really messsed up and many have lost hope in the system.

We wait to see how CBN will remove all the fake demands.

i dont any option ....my root are here even if i migrate (which i can afford ) via Express entry , research msc in Austrilia or canada my extended family is still there ....my soul is here ....

ojesymsym:
E be like say u non know ur people, they go find another way.
Imagine the scenario of conniving with schools abroad, is it creating international companies they won't be able to do?

Naija people too strong.

We tend to always force the hands of regulators and then turnaround to blackmail them that they are bringing policies that stiffens the growth of the nation.

I wonder how the British were able to successfully rule us.

You are right
Nigerians dey one kind


As for your question
It was done via trickery
The British are masters of that

And we stand no chance against them

ahiboilandgas:
next step is to removed mushroom oversea school from form A .....ONLY CERTAIN NATION...

lol is this not creating more problems instead?
When you remove all the schools from formA,arent they going to go to parallel market,overheat it and widen the gap again?
And when the gap widens,it will turn even legit seekers for fx to round trippers and compound what you're fighting again.
Would you for a few profiteers wreck the same thing you are trying to build or fight?
There is only one way to solve this problem and I've told y'all already,but a lot of you are too emotional to accept it.

ojesymsym:
E be like say u non know ur people, they go find another way.
Imagine the scenario of conniving with schools abroad, is it creating international companies they won't be able to do?

Naija people too strong.

We tend to always force the hands of regulators and then turnaround to blackmail them that they are bringing policies that stiffens the growth of the nation.

I wonder how the British were able to successfully rule us.

By overawing us when we were all uneducated children and by giving us toys to play with when some of us got education and became grownup children.
Very easy, really.

ahiboilandgas:
all fake demand shall be removed ,all round tripper cbn has used the big stick .....this will slah form m scams by 80 percent ....reducing pressure on the reserve....

Do you really think that all this so-called "fake" demand can be "removed", as you term it?
Most of the people who do all these things have numbers to call in Abuja.

TransAtlanticEx:
lol is this not creating more problems instead?
When you remove all the schools from formA,arent they going to go to parallel market,overheat it and widen the gap again?
And when the gap widens,it will turn even legit seekers for fx to round trippers and compound what you're fighting again.
Would you for a few profiteers wreck the same thing you are trying to build or fight?
There is only one way to solve this problem and I've told y'all already,but a lot of you are too emotional to accept it.

is reading a problem ?remove all mushroom universities oversea example American university benin ,American university Niger republic .....

Cyberknight:


Do you really think that all this so-called "fake" demand can be "removed", as you term it?
Most of the people who do all these things have numbers to call in Abuja.

it already removed gradually. Company x want to import Gas turbine from z company in germany company x open a form M and cbn pay a broker in germany as the agent ,then agent remits to z company .....now company x can call agent to round trip the dollars back to Nigeria and speculate ....now this is cancel ....form m will be paid to company z directly...company z is too wealthy to comprise and he know the huge fines that happen in germany...

ahiboilandgas:
is reading a problem ?remove all mushroom universities oversea example American university benin ,American university Niger republic .....

A bulk of all these education travellers from Nigeria all go to mushroom schools,very few go to verifiable schools.
So so Cyprus,Hungary,Bulgaria,cotonou,etc ..and many more mushrooms.
Abi you want the CBN to go on an school verifying exercise worldwide?
How long would that take?
Because to sieve through mushroom from non mushroom you've got to verify all one after the other,can you?
That's the only way to prevent someone from creating a school in Ukraine to serve as a conduit for fx pilfering and round tripping.

ahiboilandgas:
it already removed gradually. Company x want to import Gas turbine from z company in germany company x open a form M and cbn pay a broker in germany as the agent ,then agent remits to z company .....now company x can call agent to round trip the dollars back to Nigeria and speculate ....now this is cancel ....form m will be paid to company z directly...company z is too wealthy to comprise and he know the huge fines that happen in germany...

Simple way to dodge this clause is by looking for smaller companies abroad that can risk their reputation na
Rather than buy from SIEMENS,I'd buy from jerry and partners

TransAtlanticEx:
A bulk of all these education travellers from Nigeria all go to mushroom schools,very few go to verifiable schools.
So so Cyprus,Hungary,Bulgaria,cotonou,etc ..and many more mushrooms.
Abi you want the CBN to go on an school verifying exercise worldwide?
How long would that take?
Because to sieve through mushroom from non mushroom you've got to verify all one after the other,can you?
That's the only way to prevent someone from creating a school in Ukraine to serve as a conduit for fx pilfering and round tripping.

very easy that why we have audit firm like accenture,kpmg etc ....i can even do it as a consultant .....i know all the high risk countries to scrutinize and school very easy ...all attendees of private college in dead countries will need verification from embassy and WES ....

TransAtlanticEx:
Simple way to dodge this clause is by looking for smaller companies abroad that can risk their reputation na
Rather than buy from SIEMENS,I'd buy from jerry and partners

high risk Nation with high corrupts tendencies will need futher verification and bill of landing to verify imports or else your bnv is foozeen and fined...

TransAtlanticEx:
A bulk of all these education travellers from Nigeria all go to mushroom schools,very few go to verifiable schools.
So so Cyprus,Hungary,Bulgaria,cotonou,etc ..and many more mushrooms.
Abi you want the CBN to go on an school verifying exercise worldwide?
How long would that take?
Because to sieve through mushroom from non mushroom you've got to verify all one after the other,can you?
That's the only way to prevent someone from creating a school in Ukraine to serve as a conduit for fx pilfering and round tripping.

all public institution run by the state will be extempted only private university and new founded ones

All dealer of contraband like textile will have accounts restricted and proceed converted to treasury ....example mudax plaza having over 10 big plazas worth billions selling Chinese textile and zero factory ..

My guy, I admire your passion but just remember you are dealing with Nigerians. Na only Nigeria for the whole world you go enter market (alaba international market), test DVD, package am pay as u wan go house they go tell u say speaker non de among the thing you pay for.(Reference to the thread yesterday of someone's experience)

Nigerians are Nigeria's problem. We are a very peculiar people

ahiboilandgas:
high risk Nation with high corrupts tendencies will need futher verification and bill of landing to verify imports or else your bnv is foozeen and fined...