The problem in this country is very easy to solve but the greediness and the self-centerdness mentality that most of nigeria have is somethin that needed to deal with is problem not by secession.

what he is saying is the real truth

So true but banks stand better chance of being monitored and leaking out info back to CBN.

Ceenachi:
Then stop dollar being a legal tender on Nigeria soil. Naira is our own currency and that should be the currency for local transactions. When it comes to foreign transactions, there should be electronic conversion via commercial banks ( through individual account that is domiciled in a commercial banks) and this does not involve physical touch of Dollars . Our leaders know what to do but there is no political will to do it
Can you go to United States and find Naira being moved physically ? Or China ?

you can't stop thee dollar from being a legal tender because it is the most widely accepted currency for trading on the international market.business men,companies and other organization needs the dollar to buy raw materials abroad as it is the most accepted currency for trading on the international market

owagbeba:
Why is it so hard for our policy makers / administrators in this country to make / implement the best policy for our numerous problems?

Why do they always put their interest above the people?

Why is everything so hard and difficult in this country?

Why?

Take “inner” city roads as an example:
Since they can not build “inner” city roads, why can’t they initiate a policy that would encourage home owners to interlock the half portion of road in front their building, and waive some of the land use charge. By so doing, we can have better inner city roads.

I have been thinking about this too!! If they can come up with a law to mandate landlords or developers to be responsible for covering the drainage and fixing the roads in front of their properties, it will go a long way to fix this problem of bad inner roads and add to beautifying the environment

The policy is already failing ..the Naira sliding by the minute

Ceenachi:
Then stop dollar being a legal tender on Nigeria soil. Naira is our own currency and that should be the currency for local transactions. When it comes to foreign transactions, there should be electronic conversion via commercial banks ( through individual account that is domiciled in a commercial banks) and this does not involve physical touch of Dollars . Our leaders know what to do but there is no political will to do it
Can you go to United States and find Naira being moved physically ? Or China ?

.
Oh my God
God bless you abundantly.

Yeah and thats why is a good decision cus CBN can not control those BDC or monitor them. Am sure for this initial time dollars will be scarce but within short time Naria will bounce back and everything will be fine. This really a welcome development

post=104206763:
The CBN will continue to closely monitor banks conduct and compliance with this directive in order to ensure an efficient FX market for all legitimate users.

Note that any breach of the directive by any banks will be severely sanctioned.


True that.

Ceenachi:
Then stop dollar being a legal tender on Nigeria soil. Naira is our own currency and that should be the currency for local transactions. When it comes to foreign transactions, there should be electronic conversion via commercial banks ( through individual account that is domiciled in a commercial banks) and this does not involve physical touch of Dollars . Our leaders know what to do but there is no political will to do it
Can you go to United States and find Naira being moved physically ? Or China ?

There are 100s of rules that should be scraped in Nigeria... Rules that are affecting we the masses negatively bt the crooks won't do anything about it even tho they know such rules and practices is outdated.... This is one

Not totally true, the BDC are more guilty of these allegations.
Check the newspapers, Banks do publish returns of FX being sold to them by CBN weekly. I believe they'll be more accountable than the BDC's.

Allow the people to use cryptocurrency which they have found as alternative for their transaction, CBN said no ! Now provide the dollar which you have accepted as non volatile and regulated tender , CBN also kick while making the dollar more volatile in Nigeria.
This was thesame mistake we made in 2015 ,creating problem for ourselves with the impression that we've got the solution.

Today , here we are still battling with Naira and Dollar policy.

I can't see his best recommendation. Why he is saying this after government declaration.
As ex-cbn staff, he should talk best alternatives to this national burning issues.

My 2cents

valentineuwakwe:


Source: https://punchng.com/bdcs-banks-cant-be-trusted-will-hoard-dollars-says-mailafia/

Why cbn no kuku sell directly to those who need the dollars then??

This man is saying the gospel truth. Only a fool can fail to see that this government is bent on destroying the economy and bankrupting the nation. Look at the level of the national debt. Industries have closed down amidst massive layoffs. Nobody is secure except the fulanis who are above the law.

owagbeba:


This is always what I have thought to be a good solution to this dollar issue.

Let the DMBs sell e-dollars for FCY remittance. and for BTA they can issue a travelers cheque or visa/master card with higher daily withdrawal limit. This way nobody needs cash dollars.

For those wanting dollar to pay school fee in Nigerian school, same e-dollar bought at counter and transferred to the schools dormicilliary account.

Why can’t we just find a simple easy way for those dollar issue. This cbn’s back and forth with BDC is just creating problems for the economy. Dollar is now 525... expect another uptick in the price of goods, and eventually price of service; meanwhile salary for the employed remains the same, creating need for the employed to find a “short-cut” means to make up for the deficiencies in their personal finance. Of course, expect more corruption! More agbero harassing truckers and commercial buses, more cases of police extortion, more bureaucracy at government office, and many more.

Your idea has always been postulated as a way out of the FX quagmire we have had to live with in the entire life of our Nationhood.

In practice however the fact remains that either with the use of e currency (FX) or Travellers' Cheque (or a combination of both), the issuing bank would still need to settle it's forex positions with the honouring institutions (counterparty) and would need the CBN to sell it the scarce FX at a competitive rate ,due to the plethora of needs.

There is a huge and insatiable demand for FX from Nigerians and Nigeria for various reasons, the most prevalent being:

- Our status as a non capital and consumer manufacturing/producing Nation, which puts pressure on importation(and thus FX).

- Our likes for foreign products and services (against available local alternatives)

- Our over dependence on oil as a main source of FX (with dwindling fortunes of this and almost zero FDI's).

- Also, Diaspora remittances are also not adequately deployed and channeled to economic activities.

The underlying issues causing the scarcity in the first place must be addressed, then the channels for effectively making them available can be deployed.

Warm regards.

Its only the DMBs can handle it well and it will make the dollar rate fall below 450, sir you are saying this because you are into exchange.

HenryDion:
Forget about dollars, banks can't be trusted generally.

That was how a client paid me via Western Union, and the same client started receiving strange calls from Nigeria.

I never exposed our transaction to a third party, but this same client started getting unsolicited phone calls from Nigerians with fake accents.

Thanks to Pay Pal!

Is paypal now working in Nigeria?

Ceenachi:
Then stop dollar being a legal tender on Nigeria soil. Naira is our own currency and that should be the currency for local transactions. When it comes to foreign transactions, there should be electronic conversion via commercial banks ( through individual account that is domiciled in a commercial banks) and this does not involve physical touch of Dollars . Our leaders know what to do but there is no political will to do it
Can you go to United States and find Naira being moved physically ? Or China ?

this is pure and bitter truth

Werey ppu


Emefiele. D worst CBN governor.

Jus coming up with harsh policies.

Banks Wil definitely hoard d dollars

My dad is Bureau d'Change operator. His business has been affected.

design113:

If we can't trust the banks, who then can we bank on?

good question.

Zanco:
Its only the DMBs can handle it well and it will make the dollar rate fall below 450, sir you are saying this because you are into exchange.

good point

Moferere:
I agreed with Mailafia.
1. Being a former CBN staff, he understands the game;
2. From personal experience, I can't trust DMBs. It will interest you to know that DMBs hoard mints and resale to their own people

The same malafia fit get him own BDC guy just calm down and see how it unfolds with

Have been asking, why do we have BDC?

Why must we go through them?

Simplythebest:
Bank don't withhold dollars. Have u ever go to bank to collect western union and the told u no dollar? Or have u requested for PTA and the bank told u no dollar. I think this the best decision CBN has made so far. They can control and checkmate the bank not not those BDC

yes

Simplythebest:
Bank don't withhold dollars. Have u ever go to bank to collect western union and the told u no dollar? Or have u requested for PTA and the bank told u no dollar. I think this the best decision CBN has made so far. They can control and checkmate the bank not not those BDC

Wanted to pay school fees one yr - bank staff advised me to go buy from mallam - as theirs could take forever

Moferere:
I agreed with Mailafia.
1. Being a former CBN staff, he understands the game;
2. From personal experience, I can't trust DMBs. It will interest you to know that DMBs hoard mints and resale to their own people

of course this can never stop

Ceenachi:
Then stop dollar being a legal tender on Nigeria soil. Naira is our own currency and that should be the currency for local transactions. When it comes to foreign transactions, there should be electronic conversion via commercial banks ( through individual account that is domiciled in a commercial banks) and this does not involve physical touch of Dollars . Our leaders know what to do but there is no political will to do it
Can you go to United States and find Naira being moved physically ? Or China ?

lol u want to trace our thieving politicians corruption level and citizens illegal dealings be that

CharlesJok3r:
This is sad. So CBN sells $20,000 to BDC every week at the rate of ₦393 and these guys resells to us at the rate of ₦500+. We are our own problem.

It is just demand and supply. The alternative is for cbn to flood the market with dollars (instead of flooding only dangote and presidency).
With excess dollars in the market to meet demand needs, the dollar will fall.
Problem is that most of our earning from crude has been tied to debt especially loans to build "infrastructure".
When you have morons like amechi, fashola that have no business experience handling the fortunes of 200m Nigerians what do you expect?
Which sane businessman will in the time of slow business, where his sales is down, his stock is depleted will then go and take loans at high interest rates to renovate or build a new office, or to buy a Mercedes benz for his transportation, buy a new mikano generator too? Does that make sense?
Wount you rather manage yourself and wait untill business picks and you have stabilized before borrowing for capital projects?
Anyway this government has deeply buried this country in debt and poverty. And it is from mismanagement and nothing else.

valentineuwakwe:


Source: https://punchng.com/bdcs-banks-cant-be-trusted-will-hoard-dollars-says-mailafia/

Nigeria People are the most greedy and heartless human on this earth this man called Obadila was a former deputy governor of CBN and they are the people behind the BDC that we are talking about they all have access to the foreign currency in the country instead of him to come clean he's pretending as if he was fighting for common people on the street....Oloriburuku werey Jatijati