₦airaland Forum

Morhziez:
Hbd
abeg i wan study medicine for russia or india...how i go apply

apply through a native doctor

Oga oo

EgusiSoup:
and what will the burukuntu burantashi drunk senile pampers wearing phedoplile drunk dullard gain from overhouing the NNPC to put his fellow cow fulani drunk dullards? Igbo man is being decieve that he is the president of Nigeria while the dullard is the ministry for foreign affairs and peroleum matters of APC

upon all your rants, simple English u can't write

Na so e be, u be what the heck is this..... #throws phone away in annoyance

OK oo, next

Go and plead with him or find someone he respects in your dept to talk to him. May God help you

Ok oo, try harder next time

Omotayor123:

why u con shine teeth virgin Tayo

Nurse Metuh dey try oo salvaging what has been long abandoned, insults has no impact on our dear PMB

---

Nurse Metuh dey try oo salvaging what has been long abandoned, insults has no impact on our dear PMB

Nurse Metuh dey try oo salvaging what has been long abandoned, insults has no impact on our dear PMB

CaroLyner:
nigerians sha.they are always so quick to throw stones.as if their life is spotless.

Don't mind them always blasting here n there. One day the blaster will be blasted away by his/her own blast

CaroLyner:
nigerians sha.they are always so quick to throw stones.as if their life is spotless.

Don't mind them always blasting here n there. One day the blaster will be blasted away by his/her own blast

1freshdude:
Good morning bros, I still do not see your point. Why dont the CBN cancel the auction system immediately having realized that it is the problem?
These are the salient issues from that article.


Meanwhile, the Managing Director/Chief Executive Officer has this to say
“First it is a supply issue, and second, it is a function of the productive capacity of the country''

Since the introduction of Whole Sale Dutch Auction System (WDAS) on February 20, 2006, the liberalized Foreign Exchange Market witnessed unprecedented stability most of which include the following:

Unification of exchange rates between the Official and Inter-bank Markets and resolution of the multiple currency problems.
Facilitation of greater market determination of exchange rates for the Naira vis-�-vis other currencies
http://www.cenbank.org/IntOps

U know how tinz works in Naija that remedies r not made until things get worse or out of hand so its better late than never after wic market forces shd be allowed to regulate d official forex rate and also wit govt spending, things wil tend to regularize a bit

1freshdude:
Do you understand the aim of the Dutch auction system? and why do you think it is the problem?

CBN canceling dutch auction anytime from now which I said but u laughed at, pls read n lemme know ur what u have to say www.vanguardngr.com/2015/12/panicky-policy-measures-intensify-on-foreign-exchange-market/

kaboninc:
Are you current at all?

Pls read and see the justification about cancellation of weekly auction I said which u laughed at. CBN is cancelling it anytime from now www.vanguardngr.com/2015/12/panicky-policy-measures-intensify-on-foreign-exchange-market/

1freshdude:
The Retail Dutch Auction System window operations, is based solely on actual demand of FOREX by the end users. it is an arrangement that allows the authorized dealers to request for only FOREX based on the actual application received from its end users. So you see the Dutch Auction System is probably not the problem.
And, how would consumers survive before the import substitution plan, industries kick-off? parley there will be chaos. e have to do the first things first. Government has to invest in industries before they implement any import-substitution measures.

Govt investment in industries and infrastructure is d import substitution plan we talking here. Consumers wit genuine reason will get forex from banks or bdc's. Don't u know how things operate in Nigeria again when d unofficial becomes d official

kaboninc:
Firstly street trading for now has no significant effect because these street traders obtain their fx from BDCs.

Secondly there would always be a parallel black market. The government has to make sure it is never lucrative.

lemme give an analogy here, d rate dollars is been sold by cbn to banks and bdc's are diff and also on d streets, Y not all on d same official rate? haven't u seen a case where banks wil tell u to go n buy forex on d street? Do u remember when people buy dollars cheap in bank n sell at far higher prices on street some years back? Cbn won't stop dis shit because they make some shady deals tru it

1freshdude:
What would you have CBN do? Because the CBN has a limited amount of Forex to sell at the official rate and a lot of items have been excluded from their list (They do not sell Forex to some certain sectors like telecom equip importers, generator importers e.t.c) What happens to the excess demand for Forex? how would you suggest they manage it?

d solution to it in some ways is that those who genuinely need forex wil get them and all others must go tru an import substitution development plan thereby freeing forex for those who need them. Also anoda is radical developmental project must be undertaken by govt in order to ease d pressure on forex demand

1freshdude:
Lol...It depends on which countries you visited, rationing always gives room for black market. And BDC's are not Black market! Take note please.

I never said BDC is a black market from what I wrote

1freshdude:
Do you understand the aim of the Dutch auction system? and why do you think it is the problem?

it creates unnecessary pressure by having d official and non official rate. There shd only be one rate. Imagine we have cbn rate, bank rate, bdc's rate and street trading rate which are not d same just for a currency, isn't that gonna create pressure?

kaboninc:
Funny economist.

If you "cancel" dollar sales, how will the banks and BDCs get funds to sell to anyone?

u didn't get my point, street trading of
forex creates more pressure because
we have an official rate and parallel
market rate which shouldn't be, all
forex transactns will av to go tru bdc's
and bank using only d official rate. Op u understand?

kaboninc:
Are you current at all?

u didn't get my point, street trading of forex creates more pressure because we have an official rate and parallel market rate which shouldn't be, all forex transactns will av to go tru bdc's and bank. Op u understand

Hakagure:
You are aware that you cannot just "get dollar at the official rate".. Everything is capped. so if I want to study at a 100K a year university(heck 20 a year sef), CBN wont give me all the money.

If I want to buy a component for my combine harvester, it may not be on the approved list .. hence .. down time. Energy companies will try and use futures and puts and arbitrages and they will lose money on the exchange rate. Who wrote approved list? If I need beets is it on the approved list!

And fyi.. its not only in Nigeria o, every country in the world that I have been to has a BDC, actually you can trade forex FREELY if you want in the US and in Western Europe. In any currency!

U didn't get my point. Cancellation of dutch auction will limit forex trade to BDC and bank only so there's no more street trading of forex. In all d countries u have visited are there 2 diff rates for forex like we have in Nigeria?

1freshdude:
You are not wrong, but that is not the entire story.
The Demand for Foreign exchange is very high and the CBN can not sustain/meet up with this high demand for long, hence the rationing. The Nigerian economy depends highly on imported goods and services, and this is the reason people need foreign exchange so badly. Things would not have been this bad if Nigeria is still earning as much Forex from the sale of crude oil as it used to before as this accounts for about 90% of the Forex we get as a country . The street price of Forex is usually determined by the supply(availability) and demand(how badly people want the dollar), the Bureau De change guys hurdle Forex in times like this (when it is already scarce) thereby forcing people who must carry out foreign transactions to pay more for it and this puts more downward pressure on the Naira, because you have to part with more unit of Naira for a unit of Forex.

good submission, but I believe d total cancellation of dutch auction will ease d pressure n all transactions will have to go official

adioolayi:
Great economists of Nairaland ..I don't want to judge this directive as a novice...Please explain the Fundamental implications of this. What school of economics does this suits Is there any where in the world this has been put to test what was the outcome After these answers...We will be able to judge holistically

As an Economists, I'll suggest d total cancellation of dollar sales or rather dutch auction. Its only in Nigeria that dey trade dollars in a Naira dominated economy. This further creates pressure on naira and hence dis present situation but if cancelled, anybody in need of dollars will work into banks n BDC to get their forex at d official exchange rate. I hope this will clarify abit for u

drberry:
Nonsense... Am I the only who's beginning to get tired of all this trial against GEJ'S administration?? The present administration should stop attempting to distract the masses from our current economic woes. It's not like they are even better. PRESIDENT BUHARI, IT'S HIGH TIME YOU STARTED EXECUTING YOUR CHANGE AGENDA AMD STOPPED ALL THESE DISTRACTIONS...

there's something u people fail to understand about all the revelations coming out, u claim u want bubu to take off when there's no fuel in car to run. Can a car run without fuel? Money runs d economy and if there's none, then expect d economy grounded

ify2016:
You go fear threat.

But wait o, Na where all these recovered money according to EFCC and FG dey go since?

Lie lie everywhere you go.

Recovered this, have recovered that and the poor masses are still suffering.

Do u expect to see the funds recovered flying in d sky?

Nawa ooo

akbahbah:
Can somebody pls enlighten me on how this affects common citizens in d country

it means d cost of doing business will be reduced, investors will pay less interest on money borrowed thereby reducing d costs of commodities on d long- run, hope it helps u to understand better

This is so pathetic, RIP to d lost souls

karashita:
Thanks

U welcome

karashita:
Tnx Ops for d insight.
However,much as this policy is welcome,it is stifling operations in some quarters.
For instance in some agencies,activities have run aground because they no longer have running cost.All accounts have been taken over.To buy ordinary stationeries is now a problem.
I wont go into details for obvious reasons,but it would appear some amendment stil need be done on the policy.
It is killing.

All agencies submitted their budgets for each year n will get what they budgeted for. Their spending has been limited to their budget

Chiaka:
Yes must be a ploy to ground MTN. If the head was one aboki would Pres. Buhari have made that move. Pres. Buhari is too much of an ethnic bigot to head Nigeria..

Now listen to yourself, a directive was given n they failed to comply n u r here implying what's is not. Can't d youth be reasonable again in dis country for once

Chiaka:
Yes must be a ploy to ground MTN. If the head was one aboki would Pres. Buhari have made that move. Pres. Buhari is too much of an ethnic bigot to head Nigeria..

Now listen to yourself, a directive was given n they failed to comply n u r here implying what's is not. Can't d youth be reasonable again in dis country for once