₦airaland Forum

What's you lots obsession with Bureau De change? JSYK, bureau de change are licensed operators by CBN to bid for FX at the CBN and autonomous sources. Despite paying their annual license renewal year in year out, the CBN has continued to deny them such bidding since July, 2021 yet you are asking CBN to clamp down on them. If I may I ask, for what offence?

BOSSkesh:
Step in the right direction
Not only that he should also clamp down on bureau de change and illegal operators and hoarders of forex

Bureau De Change smart brains have absolutely nothing to do with this. This smart brains have been the one engineering the rate when it's still manageable untill CBN under Buhari and Emefiele yanked them off from the OFISD with spurious allegations. The consequences of f that action by CBN has been the free fall of naira.
Meanwhile the Association Bureau the change operators of Nigeria, ABCON has been engaging the CBN since then but no positive action from them because the CBN and the powers that be are benefiting from the naira free fall.
If the genuinely want to bring the rate down, they know what to do

othermen:
When employees of the Central Bank of Nigeria (CBN) themselves engage in speculation, how can they effectively engineer interventions that truly serve the public interest? In the absence of a well-considered game theory approach, is it reasonable to expect that adversaries of the Naira wouldn't take actions to counteract the objectives of such interventions?

Consider individuals in the diaspora who start as students but, upon gaining employment abroad, benefit from the depreciation of the Naira, making them wealthier. Similarly, individuals within Nigeria who hold well-funded foreign accounts may not find it advantageous for the Naira to appreciate. Even employees in commercial banks, especially those in foreign exchange roles and upper management, have profited substantially from the Naira's decline. With their personal funds stored in dollars, it's unlikely they would support policies aimed at strengthening the Naira, as such measures might diminish their personal wealth. Instead, they tend to hoard available dollars or purchase them, deliberately creating scarcity and driving up demand, which in turn elevates the dollar's value, allowing them to capitalize on this difference in the black market.

The inability of the government to stabilize the exchange rate implies a lack of economic stability for international trade. What's required is an economic environment that fosters a steady demand for the Naira.

The solution may not lie in adhering to academic suggestions such as using interest rates to stabilize the Naira's value or relying on non-existent savings from subsidy removal to bolster our reserves. Instead, we need to address the issue of conflict of interest, reconsider the Dutch auction system we employ, explore alternatives to the dollar, and develop policies that better suit Nigeria's unique economic circumstances. This includes recruiting talented minds from the bureau de change sector and compensating them generously, thereby aligning their interests with a stable Naira. Collaborating with capable experts abroad is essential. The CBN should be transparent and institute mechanisms for employees to disclose their conflicts of interest. Furthermore, establishing a body comprised of astute bureau de change operators, accomplished CFA charter holders, seasoned economists, and proficient professional accountants with expertise in the FX market is necessary to engineer effective policies.

In essence, achieving a more stable Naira requires a holistic approach that addresses conflicting interests, revisits existing systems, and taps into the expertise of professionals from various fields. Only through such comprehensive efforts can the CBN work towards a fair and equitable economic landscape for Nigerians.

It's 590 in Ebonyi

Victory662:
Ebonyi is #835

Why don't you wait till he's cross examined? So that the defense council will prove that there internet connectivity issues in all the polling units of the federation when presiding officers attempting upload results sheet of the presidential election

sreamsense:
Do you expect it to have glitches before? What will be the essence of security measures INEC engineers put in place to secure AWS server? INEC engineer will tell you they resist attacks against the server from their end. And can you even defend internet connectivity issues from device users? LP can't prove this, they are only wasting time. By the time the engineer is crossed examine now, he may make LP feel like mumu

I have over 120 units now. Let me make it up to 500 units before the increase.

jmoore:
Those who use prepaid meters buy power in advance. So if they buy power that can last long, they won't be affected when the new tariff comes in until they exhaust their old power units.

EEDC
₦2,000 is 32 units

Procashtips:
When was ₦1000 64 units?
Any receipt to back this up?


I have always bought 28 units for ₦1000 until of recent that it became 23 units for the same ₦1000.

Where una dey buy 16 units for ₦1k?

This is not true.
The cost to refine gasoline varies between $.40 and $.70 per gallon and a gallon is about 3.8 litres approximately.

nairalanda1:
Refining crude oil into one liter of fuel costs between 0.40 dollars to 0.70 dollars...which is N308-N532.

Sauce: Google.

Someone that was granted import license for pms as confirmed by the house of representatives?
Does that looks like someone who's sincere about refining crude oil to cushion the effect of the subsidy removal?

nairalanda1:
Corruption is a sympotm of subsidy...it happens whenever there is a subsidy...because free government money.

At the end, let's see if Dangote is serious about domestic refining.