₦airaland Forum

LollyP94:
Gbenu soun, ode

Please sir pick one;
Are you reacting because;

1. Seyi Law is in Nigeria currently
2. Seyi Law has not relocated
3. Seyi Law is not living his best life
4. You are just angry because you are hungry

Seyi Law is in the UK though... He has escaped shege

It's very simple...

CBN's internally imposed Naira equivalent of FOREX does not correspond to the value externally, hence these banks need to twist figures in order to function.

But Las Las fowl nyaṣh don open...

First it was the international airlines, now other neighbouring countries... in a shortwhile CBN will realize that the international world are not BDC'S

By the time external factors pin Nigeria's currency value operations, the Naira will experience a drastic devaluation.

At this point, when the Naira falls, it will be at its absolute devalued state, because CBN have already exhausted all the strategies and funds they can employ, as well as laid blames on all the non-factors... Basically, it is now out of CBN's control.


So at least everyone can finally admit that the ship is sinking.

Na now day dey break for una... mtcheeew

For me, it's physically imposing and strong women ...

The fact that such a badarse chic will call me daddy is just like anime things

That's why they have hunch back

.

The international world is not the local world...

As if international airliners are BDC'S... eye go clear them.

Oghene86:
Reno Omokri

Guy...

For once... a person with a brain has finally spoken.

Being part of the CBN at this time is a journey to crucifixion every smart person knows it.

in 2 months time, when the full weight of global market forces fall heavily on Nigeria's Economy e go clear everybody...

CBN should keep doing their initial gra-gra

E go bad for contri asweeah...

As much as he is my least favourite individual, Wike is doing very well...

Unfortunately Wale Edun will have his reputation scared, because his boss scattered the platform before he could even stand on it

The mechanical engineer is complaining

Its too late in the day, the damage has already been done...

Reversing a floated currency to a fixed rate that depreciated just calls for a general devaluation.

I am just laughing in Xhosa...
When a man is drowning he will even grope at a fly.

All these last minute efforts will not stop the USD to equal 2000NGN in a short while.

So CBN pumps in 300million usd all of a sudden, will it suddenly boost exports and reduce imports?
Can they even sustain the supply?

Nawnsense...

yinkus6750:
We really need to reduce the demand for foreign exchange.

That is not a feasible solution on various levels.
Look, as long as trade exists, the demand for FX is a normal thing. Afterall, the USD is the global trade currency. So a healthy FX circulation is a KPI for functioning foreign trade mechanisms in the country.

All countries in the world, trade internationally with the USD... (except for BRICS nations who are now lobbying for dedollarization-but still covertly use the USD).

However what needs to change, are the policies which make the banking sector limit FX transactions to normal people and reserve FX supply for specific entities/profiles, doing that indirectly strengthens the black market, as the regular demand for FX by these normal business people tilts towards the black market, since it is readily available there, thus creating a stronger parallel FX market.

It's Hightime CBN regularise BDC's as authorised financial syndicates and make policies that encourage equal operations between the BDC'S and the banking sector... doing so will create a uniform FX Market.

Given that uniformity, the import/export sector trade rates, would automatically align with the uniform FX market. Balancing the national currency value as there would be no need for an FX parallel market.


But will the crooks in government allow it? No!

FYI the CBN, is one of the most shady entities in Nigeria. (The currency swap before the elections was indeed an eye opener to just how shady CBN is)

One of the reasons inflation is at an all time high in Nigeria, is due to the fact CBN has printed excess Naira and pumped that excess into circulation, this has all contributed to rising inflation levels and CBN are not transparent about all these, but yet CBN is out there chasing BDC's...

If only you know what importers/exporters go through when sourcing for FX from banks, then you would appreciate BDC'S. These BDC's have evolved to fit the financial Ecosystem they are part of... so hardlining on them would only create another black market within the black market. Because then again, these BDC'S also collude with banks to artificially regulate FX supply, so as to make CBN have a valid reason to print and pump more Naira into circulation, as an excuse to stabilize FX demand from the black market, these are all bad habits that were taught to these BDC'S by the banking sector...

I could write a full article on the role of CBN in corrupting BDC'S but ...


Nawnsense.

The fact is basic Economic theories have also started shouting "Emi'lokan!"

And how will the imported products be purchased...?
With Cowries abi shillings?

Aswear all this people that are in government skipped Economics class.

I just pity Nigerians because the shege that is coming is still brushing its teeth.

SoNature:
Does it mean the lady couldn't find love in the whole of Ghana? A country of about 30 million people?

Perhaps he wanted to date a Naija guy because of the hype about Nigerians (especially Igbos living in African countries) taking care of their women.

She was dreaming about Afro-beats from Naija.

9jatriot:
Very good.... CBN dishing it out hot... Any thing above that should be by transfer.

That means intra bank transfer of forex should now be available.

However, it is interesting how USD has become a secondary currency in Nigeria

Actually CBN seem very dùmb to me, first of all they have saturated the economy by printing out more Naira than stated which is directly fueling inflation.

Secondly, It has already been established that Nigeria does not have the infrastructure in place to run a fully operational cashless system, so any cashless move will promote uncontrollable hoarding and in this case with FX, which will have a more profound economic impact.

Thirdly they are trying to block FX supply by strangulating a market that already has a significant National FX supply split, because the banking sector alone can not even meet up with National FX supply.


All this with a floated currency value?
All this with import chaos?


People should be prepared for horror days ahead, because this naira will crash further.


FYI the USD is the global currency for trade, so until the global trade currency changes, then it's normal for it to be available in Nigeria... what is not normal though is CBN and the FG policies regarding the flow of FX in the Economy... but it's not surprising because political looting would not flow freely if there were more regulated FX policies in Nigeria.

I think oga Bayo and Co need to quickly recall Lord Lai Mohammed from his rest, this APC government need his supreme skills very badly. I mean; if an elder statesman wants to even lie, he should at least use his brain.

Because at this rate, if oga Bayo keeps lying to hungry Nigerians like a 1year old mangabey attempting to hide stolen bananas in an open cage, he might be lynched by an angry mob.

The moment I saw EFCC harassing BDC folks, I just knew this Government have completely lost it, no person who understands an open market, economics and trade will attack BDC's as the main cause of an ailing currency, infact it sounds dùmb.

FYI the Government has made it worse, because they have suppressed a market that conducts a considerable supply of FX nationally. In the absence of BDC's, can only banks keep up with a steady national fx supply... the answer is no, because there was already an fx supply shortage in the first place.

Therefore that increased demand for fx will still crash the Naira value down, don't forget CBN has been illegally printing more Naira than stated, thus there is an excess of Naira in circulation, so in a situation where the value of the Naira is floated... what do you think will happen?

This man is making Pat Utomi to sound like a prophet... because Pat Utomi predicted this Economic meltdown 2 years ago, given Nigeria's style of Government.

What Wale Edun is simply saying is: this administration might be unable to solve this problem as it currently applies wasteful strategies that run deep into the fabric of government.

Unless the entire Government is overhauled.

Biodun556:
Selling dollars on the streets like pure 💦 water should be criminalized it doesn't happen anywhere in the world except Nigeria

No sir it does, please FX black markets exist in many countries apart from Nigeria and this list is not even exhaustive.

1. In Egypt
2. Ethiopia
3. Iran
4. Argentina
5. Zimbabwe
6. Venezuela
7. Cuba

Black markets generally exist when an open market is not allowed to exist. During the military rule in Nigeria, the Black markets were born and they have played a vital role in Nigeria's Economy.

After the start of democracy they were fully legalised and integrated into the FX ecosystem by the CBN.

So please what is going on now with currency valuation has very little to do with them but rather the government.

But it's something everyone knows...

They are just Mutts ...

But the currency value is still being floated in midst of import/Export drama with especially petroleum products...

Una go hear am, what happened this week is just the breath of the animal that is arriving soon.

It takes a while... some people have pushed 9 months + before they landed a proper job, however blue collar or semi blue collar jobs can be easily hussled- but those blue collar jobs are crazy, if you are above 35 hussling blue collar jobs (my sympathy).

Also if you are in Quebec, Language becomes a challenge because French is the professional language not English, so blue collar hussling periods will be extended to even years.

StOla:
Good!

A country that does not know economic security will learn the hard way like Nigeria is doing now.

Nigeria needs to reach out and learn from countries that have mastered the art of economic control and economic security.

In Nigeria anything goes.

Some even think it is their fundamental right to save up dollars inside Nigeria.

Left to me anyone who is not getting foreign remittances into their domiciliary account, should have any dollars they have stacked up till now, converted at a rate of $1 = N1.

If you have stacked up $20,000 within Nigeria, my government will convert it to N20,000 for you.

It is obvious you have more than enough to be contributing to the economic terrorism that is going on within the country, so we will help you with a conversion tax that will make you love your own Naira.

Na now the government begin wake up that you do not show mercy to wicked Nigerians.

But the current value of the currency is still floating. Make it make sense ...

How does temporary blocking of holes in a paper ship stop the paper ship from still sinking after a while?

The dùmbést thing the government has done so far is float the currency value... no matter how they force it, the Naira will plunge even harder because it is a simple supply issue & Nigeria's export/import system is broken.

The money no do na... which kain nawnsense be this??

Only Brezz and Nyassh finish the money... abeg countri hard, I no do again...

Mtcheww