₦airaland Forum

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Aufbauh:
DOLLAR = N197

Please let me explain to those of us who don't understand Economic terms. Dollar has not increased since Buhari became president

1. Dollar is not our currency so dollar should not be our business

2. Our problem is not d government but
our problem is our importers and consumers

3. Naira has remained at 197 naira to 1 dollar since Buhari became president

4. Buhari has promised not to devalue the Naira and he has maintained that promise

5. Both at CBN and at interbank rates,
dollar has remained 197

6. However because we are too lazy to produce what we use in Nigeria we import even toothpicks and matches

7. Buhari does not like d importation of luxury goods because luxury goods is d reason for most corruption, that is why he banned 41 products from having access to forex

8. However when Nigerian importers insisted on importing those 41
products, FG asked them to find their dollar at d BDCs parallel market also known as black market

9. And to discourage the pressure Nigerians are mounting on the Naira just to get dollars for importation, CBN banned DMBs from selling dollars to BDCs

10. To survive the pressure of excess
dollar demands, BDCs resorted to sourcing for dollars from neighbouring countries through illicit money laundering routes

11. Because of the risks faced by BDCs to source for dollars, and because of the increase in demand for dollars by importers because China just resumed from their business holidays, BDCs keep increasing the price at which they exchange dollars to naira and now it is 400 Naira to 1 dollars

12. However that does not mean
that govt has changed the exchange rate because if our genuine importers go to CBN and fill Form M to import raw materials for local production, they will get dollars at 197 naira each

13. So the problem is that we love to consume luxury foreign products yet we are too lazy to manufacture them here.

14. For example u will see a dull girl using
iPhone 5 without even knowing simple physics and computer engineering part of how that phone was produced

15. I want Buhari to ban every foreign
product from Nigeria until Nigerians learn to produce and use Made in Nigeria products

16. Let us stop complaining about dollar as if dollar has become Nigeria's currency

17. It is even bad enough that most of those complaining about the high exchange rate of dollar do not have 1 single dollar in their purse.

#Copied.

My friend BDC are not sourcing dollars through illicit means. CBN authorized BDCs to source dollars for their operations from ANYWHERE

nairacountry:
Just spoke with my BDC person now, he said dollar has risen again, as at this moment it goes for 340/$ here in zone 4 Abuja. It started yesterday night (when hardly you can find dollar sell) according to my source.
How true is this in your area?

It's trading at N335 in Aba and N332 in Owerri but scarce as ever

God Bless you my brother.

Purej:
Where will Emefiele turn to, he accused the Bureau De Change of round trippng, forward loading etc. And now banks are even worse, will the CBN start selling to end users,

The truth of the matter is that, the BDCs determine the true value of the Naira, everybody( home and abroad) wants to deal using the black market rate.

As at this afternoon, Black Market Rate for Dollar is: We Buy 335 We Sell 338.

My advise for Emefiele is to work with the BDCs and regulate their activities properly.

When CBN stopped the sale FX to BDCs, most kids were here applauding the move and prefer to do business with banks that BDCs Operators are fraudulent. Now that DMBs has the monopoly to buy from CBN and sell to end use, has the selling margin been anything friendly? No, quote me if BUHARI ( Emefiele is not in Charge here) don't reverse that, dollar will hit N400 to 1$ by month end.

One4me:
This CBN Governor Emefiele needs to be sacked. he has lost his marbles.

*Why and How do you replace local firms with a foreign one, creating more unemployment amongst Nigerians?
*Is Travelex going to keep their profit in Nigeria or whisk it abroad, creating more problems for our Naira?
*Why cant we develop our own kind of "Travelex" in Nigeria.... instead of trying to import one developed by others?
*Is it Travelex that will give us Foreign Currency when the price of crude is down by almost 70% or isit Travelex that looted our Foreign reserve?


Why do we shy away from taking the right decisions?

Exchange rate is a function of "Demand for Forex" on one hand.... and the "Supply/Availability of Forex" on the other hand.

what we need to do, to ease pressure on the Naira is to either generate more forex (forex earning exports) .... or to reduce 'forex consuming' importation of products, where possible.

These clowns at CBN are collecting bribe from Travelex so as to give them monopoly over our forex trade.
Ememfiele and his CBN Management team are bunch of economic saboteurs and should be treated as TRAITORS

You seem to be the only one making sense here. No offence to other contributors. So long as the price of crude oil is dangling between 25usd to 40 usd, there is no policy ever by the cbn that will put pressure on the dollar against naira. The more CBN think with their an.u.s the more the dollar will rise against the naira. Of all their polices so far, none is yet to put pressure on the dollar. It's been one story or the other.

Zoharariel:
Then I expect PMB & the CBN to revoke the licenses of these saboteurs before dollar skyrockets to 900Naira - Kobaakaba?

Their license is as useless as a used tissue paper. What's the need of the license when they cant source for dollar genuinely with it? The difference between the black market operators and license BDCs is the advantage of using the license to source for forex but now that CBN has closed all regulated windows to source for forex, the license is useless.

Nigeria their mother land. A place filled with evil and darkness. A place built on fraud. A place with schools but their leaders would send their children abroad to study. A place where there are hospitals but for their leaders when they get sick, they go abroad for treatments. A place where even the citizens are so stupid to see that their problems are their leaders, a place where citizens are against anyone who tries to liberate them from their foolishness A place where sick and hungry citizens would come and still vote for the same person who is the cause of their sickness and hunger. A place where citizens do not know their rights and can accept any crap from anyone at the top level. A place where people know the cause of their problems but would do nothing about it. A place where corruption and bribery are norm. A place where human lives are worthless. A place where Looter & Criminal are been celebrated. A place where stupid poor people would die to protect a person who is responsible for them being poor. A place where everyone is religious but full of evil. A place where people make money in God's name. A place where there are no records for her citizens, they don't know how many are born today, they don't know how many died today! People living in this fraud Nigeria, it's high time you tell yourselves the naked truth. Nigeria was never created for your own good. Britain created Nigeria after killing so many of our leaders and people to serve her selfish interest. The poorest country in the world provides electricity to her citizens but Nigeria with all her wealth could not, have you asked yourself why? Because Nigeria was never created for you to survive in it. Nigeria will continue serving the interest of Britian until the day you give it up and reject it forever. This is not about being an Igbo or Yoruba or Hausa it's about the truth and reality. So long as you hold on to this fraud Nigeria the British contraption and Nigeria you will never be able to reason like a human being should.
WHY ARE YOU PROUD TO BE A CITIZEN OF NIGERIA! WAS THERE UNITY BEFORE IN NIGEREIA. WAS THERE A YEAR IN NIGERIA WITHOUT KILLING INNOCENT PEOPLE IN CRISIS, RIOTS OR TERRORISM...

By this circular, those who deposited foreign currencies into their accounts before the directive will now have to withdraw the cash as they are not going to be allowed to transfer the funds.

https://www.thecable.ng/just-cbn-bans-deposits-dom-accounts[/quote]This is not in the Circular rather a false assumption by the reporter. Here is a copy of the circular

Boss13:
It is bad market. BDCs in the past were focus on laundering money and a major problem in dollarizing our economy. That was why the CBN requested that all BDCs recapitalized to weed out the unserious ones. Secondly, the CBN reduced the amount being sold to BDCs and instructed Banks not to sell directly to BDCs.

In just a few days of Banks voluntarily not accepting dollars/foreign currencies, the naira has appreciated in the parallel market. I bet you, there would further appreciation because the dollar has been rendered virtually useless in Nigeria, except BDCs operating in Nigeria would start selling to neighboring African countries.

The CBN must refocus its strategies on cashless policy. Our dependency on cash is huge. We must embrace wire transfers/cards and online payments for business transactions

What was value of naira to the dollar when CBN reduced the amount being sold to BDCs and now? The directive by CBN to banks asking them not to sell to BDCs is aimed at reducing money laundry by banks and not BDCs because it was discovered that the returns rendition to CBN fron autonomous sources were far lower from what Banks posted as sales to BDCs. It may surprise you that most bank branch managers own BDCs, so you see it was not actually BDCs rather bank that were targeted. Do you know that CBN do special intervention to BDCs by granting them double bidding in some weeks?

dvee2:
how about people that receive share dividend in Dollars into my Domiciliary account?

You either withdraw the foreign currency or its naira equivalent. Either way its has no negative effect on you. Moreover you can transfer your foreign currency to any buyer and get your cash in naira which is now more profitable as electronic dollar(inflow) is now in high demand than the the physical dollar

Boss13:
Well the scarcity of dollars is what has made it appreciated to 230 per naira. The official rate is 190 per naira. Now that there will be excess dollars in the system, the naira will strengthen against the dollar in the parallel market (black market)

Bad market for BDCs and Mallams

The official rate is N197 per dollar. And who told you is bad market to BDCs? It is better for you not to comment if you don't know the operation of BDCs.

mavinc4u:
How would people coming into the country from another country be able to change their currency since nobody would be accepting it here?

Why is bank card rate going up instead of coming down like parallel market and why is official rate still stable at N199? I still find it difficult to understand the joy in this news.

It's 197

sholatech:
1. Most countries Nigerians easily travel to does not qualify for BTA/PTA.. those that qualify for BTA/PTA are not visa free and thus limited number of Nigerians go there for tourism.

2. Many Asian firms Nigerians import from are not ready to go through the documention process for Form M/LC payments that the Nigerian firms require to request dollars from CBN/their banks for wire transfers/TT

Where did you get that from?

sholatech:
Fairly right..but let me point out the aberrations:

1. With the limit on atm cash withdrawals when abroad, Nigerians require cash dollars for travelling abroad. Both for tourism and some Asian business trip purchases.

2. Many traders and business men from neighboring west African countries are trooping in to buy our physical dollars for use in their economy.

In our economy lacking in serious policy enforcement and monitoring, hardly can we find rational thinking working as simulated

You dont need to carry physical dollars. There are $4,000 worth of prepaid credit cards available on demand in all the banks.

Guys keep the update coming. lets support our league.

Guru
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who can help with a software that runs in spreadsheet which can be used for daily buying and selling transaction

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onegig: You need a repeater.

Thanks for the response. Will the repeater be wired or wireless and which one (product) will you advise? You can buzz me on 08142274509 and I'll call back

onegig: You need a repeater.

Thanks for the response. Will the repeater be wired or wireless and which one (product) will you advise? You can buzz me on 08142274509 and I'll cay back

Secondly, We are using a TP-LINK wireless 3G/4G MR3420 Router But the wireless network can't get up to the 4th,5th and 6th floor. I s there a way to get by even if it involves getting an extra/or another router to compliment the one we have already. NOTE: Changing the location of the first one is not an option. Thank you Techies

Hi Guys, The wireless function of my Toshiba satellite C655 is not active. How do I activate it cos I can't connect to our wireless network with it.

onegig: you have outdated cookies and certificates stored. Uninstal the firefox, download the latest version and you are good to go.

I have done that yet it's still giving me the same error message on most all other sites but it's working on nairaland. Can you help me any version of mozilla, if you have. Thank you

onegig: you have outdated cookies and certificates stored. Uninstal the firefox, download the latest version and you are good to go.

Can't it be updated online? Thank you

Hello techie in the house. I need an urgent help. My mozilla brings this error message when I launch it. It started this evening.

'Secure Connection Failed







An error occurred during a connection to www.google.com.ng.

You have received an invalid certificate. Please contact the server administrator or email correspondent and give them the following information:

Your certificate contains the same serial number as another certificate issued by the certificate authority. Please get a new certificate containing a unique serial number.

(Error code: sec_error_reused_issuer_and_serial)






The page you are trying to view cannot be shown because the authenticity of the received data could not be verified.
Please contact the web site owners to inform them of this problem. Alternatively, use the command found in the help menu to report this broken site.'

Okija_juju: I wonder why Tope Ajayi would decide to bring shame to his Family, his people and this Nation?!


Thats how his uncle went and broke the guiness world record for smuggling Cocaine..

Stop this abeg

destino24: After serving his time. He should be hired by the NIA ASAP

..serving what? What is his crime?

temmyborode: Hi All,

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I am interested in the Training. What does it cost. arsene0755@gmail.com

Billyonaire: APGA has a point, and Rochas has a case. The case study of Rotimi Amaechi vs Omehia of PDP is a perfect case study. Come to think of it, Amaechi was never voted for, he claimed someone's mandate and is acting demigod.

Let's leave the ungreatful Amaechi and focus on potential Rochas Okorocha case Vs APGA using Amaechi/Omehia case study; Should Okorocha declare that he is a member of APC, then his Governorship will be vacant cos he holds the mandate of APGA and APGA DID NOT merge with APC.

The constitution should be amended to forbid Governors from criss-crossing parties once they assume office, its precursor of political imbroglio in many states.

Did PPA declared T A Orji seat vacant when he defected to PDP? Enlighten me please