₦airaland Forum

Ikaeniyan0:
Nigeria military will crush Niger military. It's an insult to even compare the two countries military

Dey play.
You think say na toy gun Niger soldiers dey use baa?

phkka1:
May I know how this money gets into the hands of the black market

It is even the CBN and Commercial banks officials that sells this same dollars in the black market. Everybody corrupt for this country

Check HKs?

Small boys of these days no wan learn work, na HK be their skill acquisition center

TheBillyonaire:
There is strict money laundering adherance in other countries. If you have lived in advanced economies, you will know the strict KYB/KYC process you'd have to go through to book trades. That is to curb money laundering. But in our beautiful country, anyone can launder cash without any KYB/KYC process.

To save our Economy, you must ban BDC or launch an online FX platform that eliminates the BDC, so government can regulate and tax the sector. It is the only solution on that angle.

Additionally, Government must allow every Tom, Dick and Harry to bring in hard currencies. Do not help the West to fight inflow into our country, cos the west does not help us fight oil theft.

I wish I can talk to Tinubu about these. Nigeria will be worst than Venezuala. Mark my words. You must ban BDC. Round tripping is messing up our Economy. I do not see why anyone should build factories and hire people when you can simply trade currencies in high volume and make easy money.

I don't think you know what BDC is. Even after i told you that BDCs have been suspended since the last two years. Abokis selling fx in streets are not BDC. You just keep shouting ban BDCs without even knowing BDCs have been suspended since last 2years. This FX problems started when BDCs were suspended. Recalling their operations would make USD readily available and the naira would gain a little value.

TheBillyonaire:
The statement from the CBN personnel is an indication of the IQ benchmark of an average quota system nepotistic nomination. Renamining the formal sector as Nigeria Forex Market without eliminating the BDC parallel system is an exercise in futility.

Whether the currency is floated or value-fixed, the BDC agents will mark-up the price index for maximum profiteering and that has become the bane of our currency trades.

There are two solutions , and I will share it for free.

1. Eliminate the BDC (black market) system by instructing the Security & Exchange Commission to launch a Forex Trading platform and allow Nigerians to trade the currencies digitally instead of haurding of dollars and selling at margins.

2. Totally make it a yahoo level of offence for any BDC or Aboki to sell currencies, because they are the major speculators and the syndicates conducting money laundering at high margin. But I guess Aboki businesses can not be touched.

I prefer (1), because it will automatically eliminate (2) with time.

It is only when the black market is banned or discouraged by providing an option that we will have a stable float regime.

Most importantly, encourage exports by providing Export Subsidy and go ahead and legalize yahoo yahoo or just stop arresting yahoo boys so they can bring in foreign currencies without even product exports.

Remember, Economy has no emotions, economy does not go to heaven, otherwise Nigeria will go the way of Venezuela, mark my words.

It is easier said on nairaland.

Currency exchangers exist almost in all developed countries with strict regulations. So eliminating BDCs completely is out it.

This whole problem started when CBN stopped selling forex to the BDCs. This made the number of speculators increased and also increased demand.

Make them jejely begin BDC operation back.

Revolva:
you are to send me the dollar to my dollar account ...before i pay u cash to ur bank savings 900/dollar i can try

Naso

Triplerg:
You should know you are talking to an uneducated person. If the dollar is readily available at such rates who would be talking about black market?

Bro stop acting dumb. Dollar can never be readily available. It is not the currency of Nigeria

ChenHao23:
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

You're wise.
When Emefiele suspended sales of FX to BDCs some economic ignoramus were happy saying BDCs does not all value to the economy. The FX transactions were left at the mercy of greedy and heartless bank CEOs(more like giving a rat some pieces of fish to supervise). Now see what is happening. Since the moment BDCs were suspended, see how rate is flying high

Revolva:
you wanna dash me dollar..or wat lol....i need 50usd like dis....GTB to Gtb dorm

N930/$1
Are you interested?

AdesegunSanni89:
If you like go and buy dollars at black market rate, na you sabi. The official rate is around N760 in banks. If government is selling petrol at N600 and you decide to go buy at black market for N1000. Na you sabi o.

Are you d*ft?
Bank rate is 910 as at yesterday

Revolva:
E don happen , Aboki told me this .....last 2 week when i bought 890 ......now tis is the reality i called him just now he said 1k for a dollar.....omo i de ve here and i need to make payment in dollar for sometin

How many dollars do you need?

dennisworld1:
they will still send through the bank home.

They won't cos bank rate won't be as high as black market

dennisworld1:
make it illegal like those selling hard drugs. Let the general public be aware. Only banks should be mandated to sell or buy the dollars.

It has been illegal since time being na. Just that the general public have no choice than patronize them. Getting dollar in the bank is not easy. Plus banks prefer to sell to them directly.

Infact the black market rate is the reason why Nigerians in diaspora prefer to send their money back home.

If black market is abolished, the amount of usd entering our economy would reduce drastically. Even the govt knows this. Black market has it's own advantage.

BannedUser:
This is not true. Binance rate is still cheaper than many bank rates right now.

Wema Bank is around 950 while Binance is 910.

Bank rate started going up when the useless CBN decided to remove hand in forex transaction. Aside that Binance, kuda, pillow etc are all criminals

Candidlady:


When you and your carnivorous brothers are done killing all wild lives...



What next will you people start hunting ?

Mugu.

All the chickens, turkeys, goats, etc that you eat nko?

because you no dey eat this one, you don dey form say you care about wildlife.

slowpoke!

omoluka:
They have a point, the rate i am seeing on binance is rediculously high! Not even aboki rate is this high!! 907.... 908.....909 to a dollar like wtf

This is what people dont know.

Binance sell usd at a ridiculous high rate.

It's almost 930 on their site

dennisworld1:
ban d black market.

What is black market if i may ask?
How will you ban them?

Black market is an abstract something.

BigDawsNet:
Fix the economy

$1 Is almost 900

It's 915 now

okooloyun1:
They want the government to ban the platform that some Nigerians dey use to survive. Bureaux de change are the ones that the government should ban.

Govt have suspended them since last two years na. So what are you saying?

BabaIbo:
You get the point, that one na adjective to give herself hope and make it look like she is not after money.

Dey can make mouth ehn

talented321:
My g''' don't open fowl yansh o

Lol.
Make i just shut up sha.
Na only for social media dem dey do well financially

TheUnsure:
I can feed your whole family for a year with what I make in a month, akushe

Naso

Abeg come feed only me..
I dey find food.
Make i send acct?

Whyzaid:
Abeg face your children please, what are you looking for again since you're doing well financially?

Audio doing well

IconicR:
Atheist Soyinka should keep quiet, if anything happens now he'll not be affected and besides Davido stepped out of his boundaries. You know quite well that Muslims don't joke with their religion yet you dare them expecting no reaction because you are Davido smh. Northeners don't even rate all these musicians, don't look for trouble and cry fowl over how they react

You and all the muslims are all mad

DomPerignon:
FG should begin recalling most of the currency in circulation printed from thin air by Emefile through this Forex window.

This how the FG can utilize the Forex to remove excess liquidity from circulation and drive down inflation.

The only people betting against the naira are Buhari looters who , without Emefile's protection, are now moving their loot through the Forex window .

No genuine business will bid so high for Forex in such a challenging economy. What do they want to import that they are desperate to bid so high for Forex?

In a few months, if the FG compels the CBN to withdraw all excess liquidity from funds raised through the FX open window bidding, the naira will regain to about 350-400 to a dollar.

Dey play

obembet:
The guy is overated... I keep telling people that Messi can achieve anything outside Barcelona, and since he left Barca, nothing to show again.

He left barca and won the world cup.
The highest level of achievement any player can dream of.

He's even on his way to his 8th Balon D'or.
Cry me an ocean bro

Beverlyjean:
Mr transgender league...no one wants him again in Europe...they have discovered that he is a fraud , after he scammed psg ... league that has no promotion or relegation.... that's no league... its a transgender playground.... they dont want the players to cry and protest for being relegated ... No penalty...No party

Cry me a river

MadamExcellency:
Nigeria should start transacting in Dollars. If what drives our economy and market hinges on Forex, especially the Dollars, then we should adopt the use of dollars in the payment of salaries to civil servants.

How are they going to get enough dollars for this?

joyandfaith:
Crap. Dollar is now #790. Story without data!!

Dollar is 821

Parachoco:
Aboki was not buying dollar for up to #770 yesterday

You guys on this forum are far from reality.

Dollars sold at 772 yesterday.
Stop deceiving yourselves and face reality. Bank rate can never be higher than black market because the bank sell their dollars in the black market.

emmyN:
Rate? They ain't planning to buy my dollar cheaply, right?

Leave those mumu up there.
It will even be better to withdraw the dollar and sell it in the black market