Better o. Sometimes am confuse with their rates. Is better they close everything about aboki. I can't be seeing 412 to dollar and seeing 562 in aboki.

That is a good idea.

iconnecta:
good.
NCC should block it too.

then CBN should develop central APP and website for FX checking

TimeSpaceWizard:


Except you are into advance fee fraud, asking for all fx to be converted to naira and all dorm acct shut down as well as closure of all bdc shouldn't bother you.

Granted that Nigeria is not a net exporter of products which will organically strengthen the currency and you can't actuate export immediately but you can do something and that is what the immediate solution is.

I do not really care about about these yahoo yahoo ventures that much to hate you as long as your hustle does not affect mine, but be reasonable in your comment otherwise I will ask you how long you have been stupid, though I will keep that question aside for now until you respond again with bitterness.

That's when I will attempt to ask you how long you have been stupid

You must think everyone is as stupid as yourself and that is why you just like your illiterate in chief assumes everyone who earns USD or asks for the rate is into fraud. How dumb can an individual be?

Maybe I shouldn't have engaged a low life that should have been living in the caves, in the first place. Don't worry, even the FG that sell crude oil is into advance fee fraud. Don't you think so? Dummy

Solatium:



How many of the people spend such in a month? 80% of Nigerians don't even have business with touching dollar's.
if you spend $1k this month i can bet you will have no business spending another till after a year or so, except if you are importer

1000$ is 560k in naira.
I guess people spend more than that in a month.

henryobinna:
You must think everyone is as stupid as yourself and that is why you just like your illiterate in chief assumes everyone who earns USD or asks for the rate is into fraud. How dumb can an individual be?

Maybe I shouldn't have engaged a low life that should have been living in the caves, in the first place. Don't worry, even the FG that sell crude oil is into advance fee fraud. Don't you think so? Dummy

Take it easy bro. We were having a nice chat. Why are you pained if you are not yahoo yahoo. Na WA o. So with this anger now, it means you are a yahoo yahoo.

Sorry no vex. They will not block your laptop sorry office.

TimeSpaceWizard:


Except you are into advance fee fraud, asking for all fx to be converted to naira and all dorm acct shut down as well as closure of all bdc shouldn't bother you.

Granted that Nigeria is not a net exporter of products which will organically strengthen the currency and you can't actuate export immediately but you can do something and that is what the immediate solution is.

I do not really care about about these yahoo yahoo ventures that much to hate you as long as your hustle does not affect mine, but be reasonable in your comment otherwise I will ask you how long you have been stupid, though I will keep that question aside for now until you respond again with bitterness.

That's when I will attempt to ask you how long you have been stupid

This is why a good business school is needed in Nigeria.. People dont understand Economics 101

First of all, CBN official rate is like 410, so converting any FX inflow to naira means you will get it at 410... Now let me ask you, your uncle in USA has $10,000 for you. Will you tell him to wire the $10,000 to nigeria for N4,100,000, or will you find a third party who needs to pay his supplier in China,India, and sell it to him for 550 (N5,500,000) ? This is whats basically happening.

As someone in the manufacturing, let me try and explain whats going on. There is severe shortage of USD. Lets assume you need raw materials worth $500,000 for the month, you may be lucky to get $5,000 in a month from your bank/cbn (through LC OR BILL FOR COLLECTION), so you now have to go to blackmarket for the rest.

Abokifx just publishes prevailing rate.. Abokifx is irrelevant when it comes to demand and supply.. Im too tired to explain more, but the solution is simple.. CBN needs to provide more USD to the big companies who need it, and the black market price (REAL DOLLAR PRICE) will drop..

The reason why goods are going up in prices (TV, PHONE, AC, FOOD, etc), even though officially dollar is 410, is because NOBODY IS GETTING 410, or even when they do its minimal.. Yes you can get PTA (Travel allowance) from your bank, but thats only like $4000.

The real problem is when as a manufacturer you need $1m.. Good luck getting that in 10 years....

There is real demand for USD from local companies here for at least $500M a day, and CBN is barely giving 10% of that.. See the problem

How much do you think NESTLE spends daily on USD, or Nigerian breweries... Quick example, indomie is made with tapioca starch, Potasium & sodium carbonate, sodium tripolyphosphate, riboflavin which are imported.. They must probably use $millions weekly just for import... So they go to black market = price jump in finished product... Hope i made some sense..

lwisee:
Good move, most people sit behind their laptops, check the exchange rate on abokifx before giving you quotations.
The next thing you hear is 'Oga everything is expensive now ooo
Even 1 dollar is now N560 I swear, you can check abokifx'

Government need to shutdown the website as well.

The problem is with cbn policies not aboki

henryobinna:
do you guys even know the root cause of Naira having low value? You think converting all domiciliary account to naira would solve your problems? People are chasing shadows while ignoring the real problem.

Once again, nobody buys the naira. Nigeria doesn't export products to foreign countries that would require them to exchange their currencies to naira to buy. Nobody buys the naira oga.

Doing what you suggested would only create serious tension than the CBN can handle. E be like you and the CBN guy dey smoke same weed

Currencies are not meant to be traded like we do here,it is only banks that are allowed to sell to the business people and Post office sells to common people who need few bucks when crossing their borders.

The real problem are the speculators which abokifx aids on a daily basis,they buy DOLLAR AT ANY RATE IN OTHER TO HIDE THE STOLEN NAIRA FROM THE ECONOMY.even if Nigerians import every seconds there is still a limit to what the market can take,you demand will be saturated at a point

lwisee:
Good move, most people sit behind their laptops, check the exchange rate on abokifx before giving you quotations.
The next thing you hear is 'Oga everything is expensive now ooo
Even 1 dollar is now N560 I swear, you can check abokifx'

Government need to shutdown the website as well.

So na abokifx de depreciate Naira and not market forces?

jjman2322:



This is why a good business school is needed in Nigeria.. People dont understand Economics 101

First of all, CBN official rate is like 410, so converting any FX inflow to naira means you will get it at 410... Now let me ask you, your uncle in USA has $10,000 for you. Will you tell him to wire the $10,000 to nigeria for N4,100,000, or will you find a third party who needs to pay his supplier in China,India, and sell it to him for 550 (N5,500,000) ? This is whats basically happening.

As someone in the manufacturing, let me try and explain whats going on. There is severe shortage of USD. Lets assume you need raw materials worth $500,000 for the month, you may be lucky to get $5,000 in a month from your bank/cbn (through LC OR BILL FOR COLLECTION), so you now have to go to blackmarket for the rest.

Abokifx just publishes prevailing rate.. Abokifx is irrelevant when it comes to demand and supply.. Im too tired to explain more, but the solution is simple.. CBN needs to provide more USD to the big companies who need it, and the black market price (REAL DOLLAR PRICE) will drop..

The reason why goods are going up in prices (TV, PHONE, AC, FOOD, etc), even though officially dollar is 410, is because NOBODY IS GETTING 410, or even when they do its minimal.. Yes you can get PTA (Travel allowance) from your bank, but thats only like $4000.

The real problem is when as a manufacturer you need $1m.. Good luck getting that in 10 years....

There is real demand for USD from local companies here for at least $500M a day, and CBN is barely giving 10% of that.. See the problem

How much do you think NESTLE spends daily on USD, or Nigerian breweries... Quick example, indomie is made with tapioca starch, Potasium & sodium carbonate, sodium tripolyphosphate, riboflavin which are imported.. They must probably use $millions weekly just for import... So they go to black market = price jump in finished product... Hope i made some sense..

You do not need bdc to import anything. You do not nerd dorm account to import anything. As a matter of fact I am sending a memo to CBN today to consider converting all dorm reserves to naira at CBN rate and closure of all bdc.

You do not need to source for usd to import, it is only in Nigeria you get all these parallel fx system. Simply pay your naira and get the dollars from bank at CBN rate to be paid out.

Having bdc and dorm accts destroyed Nigeria fx sector and must be stopped.

Now everyone is just scamming their way to glory under the pretext of affiliate marketing and importation and manufacturing. I am manufacture 3 products and I have businesses offshore too.

I am not a novice

The mistake the dude made was using his real information and not some sort of proxy to set up that site. They used the account with the name AbokiFX to narrow down its ownership across different banks. Lack of foresight on his part. He’s not getting access to his funds anytime soon.

TimeSpaceWizard:


You do not need bdc to import anything. You do not nerd dorm account to import anything. As a matter of fact I am sending a memo to CBN today to consider converting all dorm reserves to naira at CBN rate and closure of all bdc.

You do not need to source for usd to import, it is only in Nigeria you get all these parallel fx system. Simply pay your naira and get the dollars from bank at CBN rate to be paid out.

Having bdc and dorm accts destroyed Nigeria fx sector and must be stopped.

Now everyone is just scamming their way to glory under the pretext of affiliate marketing and importation and manufacturing. I am manufacture 3 products and I have businesses offshore too.

I am not a novice

Brother, as someone who has pending bills in the bank for 5 months, you dont know what youre saying..

Call your bank now, say you want to import some raw material and the bill is $200,000.. see what they tell you. LOL

NIGERIA DOESNT HAVE ENOUGH DOLLARS!! The banks cant fund imports.. simple.. I have a bill in the bank for 5 months now, the amount is around $220,000, they have only given around $28,000 so far... Don't say what you dont know... if there was enough USD from banks at 410 why would prices of goods change... You mfg 3 items, why has your raw material cost gone up

As a manufacturer you should know that LCs and bills for collection for your imports for raw materials, machineries, and spares are not being funded..

Sorry oo but how do you function in the real world

alizma:

You don't know how their action can work against the CBN measures to bring the rate down.
About 80% of the people using the black market get information on the rate from their site, now that BDC has been stopped, it is illegal for them to continue to post rate for the business they are not allowed to run again but unfortunately this guys can use their platform to create artificial rise in the rate which will eventually create rush among the buyers and before you know it, the artificial rate becomes the actual rate on the street (black market).
The only rate that should be publish is the bank rate, whatever you get your own outside is your own business which you can share as an individual but not as an organized body.

jjman2322:



This is why a good business school is needed in Nigeria.. People dont understand Economics 101

First of all, CBN official rate is like 410, so converting any FX inflow to naira means you will get it at 410... Now let me ask you, your uncle in USA has $10,000 for you. Will you tell him to wire the $10,000 to nigeria for N4,100,000, or will you find a third party who needs to pay his supplier in China,India, and sell it to him for 550 (N5,500,000) ? This is whats basically happening.

As someone in the manufacturing, let me try and explain whats going on. There is severe shortage of USD. Lets assume you need raw materials worth $500,000 for the month, you may be lucky to get $5,000 in a month from your bank/cbn (through LC OR BILL FOR COLLECTION), so you now have to go to blackmarket for the rest.

Abokifx just publishes prevailing rate.. Abokifx is irrelevant when it comes to demand and supply.. Im too tired to explain more, but the solution is simple.. CBN needs to provide more USD to the big companies who need it, and the black market price (REAL DOLLAR PRICE) will drop..

The reason why goods are going up in prices (TV, PHONE, AC, FOOD, etc), even though officially dollar is 410, is because NOBODY IS GETTING 410, or even when they do its minimal.. Yes you can get PTA (Travel allowance) from your bank, but thats only like $4000.

The real problem is when as a manufacturer you need $1m.. Good luck getting that in 10 years....

There is real demand for USD from local companies here for at least $500M a day, and CBN is barely giving 10% of that.. See the problem

How much do you think NESTLE spends daily on USD, or Nigerian breweries... Quick example, indomie is made with tapioca starch, Potasium & sodium carbonate, sodium tripolyphosphate, riboflavin which are imported.. They must probably use $millions weekly just for import... So they go to black market = price jump in finished product... Hope i made some sense..

Balderdash,do you import every month?
The multinationals don't even demand forex they way our people do,they have a way of settling that via a letter of credit from one of their point of presence wherever the funds is required,the only time they ask for forex is when repatriating their profit.

Every market will become saturated at a point,you can't produce more than your capacity or what the market needs,you also have imported products to contend with.
the problem of forex in Nigeria is caused by speculators who buy at any rate offered and they do this in order to HIDE WHAT THEY HAVE STOLEN FROM THE TREASURY.

feckos:
Wow...very intelligent Governor

All abokifx does is coordinate rates on the street. Information CBN can counter if they are transparent. Killing businesses is what we're good at in Nigeria.

CBN should fix and coordinate itself instead of chasing shadows.

Naira is sinking, Nigeria is sinking, CBN is playing games.

Dollar is definitely getting to #600 next week, market rates will now differ and spiral out of control.

They have stollen enough dollars .. and kept .. well God is in control ..

Kokaine:


1000$ is 560k in naira.
I guess people spend more than that in a month.

i just asked you,what is the percentage of those who spend such in a month?
How many of your Nigerian brothers have that as a savings to start with talk more of spending it?

property123:
I am cool with this decision. That site manipulate FX rates. Someone wakes up and click on the site and tells me that is the rate he will work with. Majority of FX buyers or sellers are speculators waiting to reap massive IRO at the detriment of the overall good of the economy. The black market needs to be eliminated by any means.

How did not reach the conclusion they manipulate rates? If cbn suspects such, why not launch a transparent investigation? Penalising data aggregators same way buhari initially tried to stifle nbs for publishing worsening macro-economic data is not a solution to the problem.

This will create info asymmetry that will lead to greater profiteering. Moreso businesses need reliable data.

Solatium:



Balderdash,do you import every month?
The multinationals don't even demand forex they way our people do,they have a way of settling that via a letter of credit from one of their point of presence wherever the funds is required,the only time they ask for forex is when repatriating their profit.

Every market will become saturated at a point,you can't produce more than your capacity or what the market needs,you also have imported products to contend with.
the problem of forex in Nigeria is caused by speculators who buy at any rate offered and they do this in order to HIDE WHAT THEY HAVE STOLEN FROM THE TREASURY.

Hidden in cash .. the pirates in the slave trade era also practiced this same tactics .. some families inherited wealth from time immemorial... and nothing can be done ..

Solatium:



Balderdash,do you import every month?
The multinationals don't even demand forex they way our people do,they have a way of settling that via a letter of credit from one of their point of presence wherever the funds is required,the only time they ask for forex is when repatriating their profit.

Every market will become saturated at a point,you can't produce more than your capacity or what the market needs,you also have imported products to contend with.
the problem of forex in Nigeria is caused by speculators who buy at any rate offered and they do this in order to HIDE WHAT THEY HAVE STOLEN FROM THE TREASURY.

Yes.. Nigeria produces nothing.. We dont even have a big company and my FX demand is in the $6 figures USD monthly..

Someone like Emzor Pharma needs at least $20m/month for her raw material import.. We even import starch used to bind our products.. Nigeria doesnt produce anything.. As a manufacturer all we have locally is WATER.. Listen, the RAW MATERIAL FOR THE paper you're using now, yes, that notebook paper, is mostly imported from India, China and Middle East... Thats how bad nigeria is..

Solatium:


i just asked you,what is the percentage of those who spend such in a month?
How many of your Nigerian brothers have that as a savings to start with talk more of spending it?

You underestimate the power of population. Take a drive to LEGEND HOTEL LAGOS private terminal... Theres at least one private jet landing every 5-10mins..

Nigeria has 200M people.. Assume only just 1% are ultra wealthy, thats 2,000,000 people with net worth of $1m+

Now assume 10% are rich(travel abroad, etc), thats 20,000,000 people with net worth of $100,000+

These are very low estimates... Even the poorest countries in the world have at least 10% rich population...

Go to lagos airport ikeja... thousands of people fly out everyday on tickets that cost $1000+ each..

Drive down to banana island, VI, Ikoyi, Its human beings who own the thousands of houses there that cost hundreds of millions to a few billion naira..

jjman2322:



Yes.. Nigeria produces nothing.. We dont even have a big company and my FX demand is in the $Bleep,Bleep monthly..

Someone like Emzor Pharma needs at least $20m/month for her raw material import.. We even import starch used to bind our products.. Nigeria doesnt produce anything.. As a manufacturer all we have locally is WATER.. Listen, the RAW MATERIAL FOR THE paper you're using now, yes, that notebook paper, is mostly imported from India, China and Middle East... Thats how bad nigeria is..

If you do that means you are in a category of small scale business and i can bet your forex requirements in a month doesn't even go to $200k,you can always get a local substitute for your needs .

Those big players you made mentioned of do Quarterly of not yearly importation,whatever delivery you see at the end of each month were only scheduled for that month, don't let us mix it up

You are wasting your time trying to educate people that know nothing about how the economy works. Just allow them blame their incompetence on websites and other irrelevant imaginary adversaries.

jjman2322:



This is why a good business school is needed in Nigeria.. People dont understand Economics 101

First of all, CBN official rate is like 410, so converting any FX inflow to naira means you will get it at 410... Now let me ask you, your uncle in USA has $10,000 for you. Will you tell him to wire the $10,000 to nigeria for N4,100,000, or will you find a third party who needs to pay his supplier in China,India, and sell it to him for 550 (N5,500,000) ? This is whats basically happening.

As someone in the manufacturing, let me try and explain whats going on. There is severe shortage of USD. Lets assume you need raw materials worth $500,000 for the month, you may be lucky to get $5,000 in a month from your bank/cbn (through LC OR BILL FOR COLLECTION), so you now have to go to blackmarket for the rest.

Abokifx just publishes prevailing rate.. Abokifx is irrelevant when it comes to demand and supply.. Im too tired to explain more, but the solution is simple.. CBN needs to provide more USD to the big companies who need it, and the black market price (REAL DOLLAR PRICE) will drop..

The reason why goods are going up in prices (TV, PHONE, AC, FOOD, etc), even though officially dollar is 410, is because NOBODY IS GETTING 410, or even when they do its minimal.. Yes you can get PTA (Travel allowance) from your bank, but thats only like $4000.

The real problem is when as a manufacturer you need $1m.. Good luck getting that in 10 years....

There is real demand for USD from local companies here for at least $500M a day, and CBN is barely giving 10% of that.. See the problem

How much do you think NESTLE spends daily on USD, or Nigerian breweries... Quick example, indomie is made with tapioca starch, Potasium & sodium carbonate, sodium tripolyphosphate, riboflavin which are imported.. They must probably use $millions weekly just for import... So they go to black market = price jump in finished product... Hope i made some sense..

hisexcellency34:
Clueless Emefiele and his boss. Is Abokifx the cause of your failed policies or the free fall of naira?
When the naira gained to the dollar, didn't Abokifx report it?

jjman2322:



This is why a good business school is needed in Nigeria.. People dont understand Economics 101

First of all, CBN official rate is like 410, so converting any FX inflow to naira means you will get it at 410... Now let me ask you, your uncle in USA has $10,000 for you. Will you tell him to wire the $10,000 to nigeria for N4,100,000, or will you find a third party who needs to pay his supplier in China,India, and sell it to him for 550 (N5,500,000) ? This is whats basically happening.

As someone in the manufacturing, let me try and explain whats going on. There is severe shortage of USD. Lets assume you need raw materials worth $500,000 for the month, you may be lucky to get $5,000 in a month from your bank/cbn (through LC OR BILL FOR COLLECTION), so you now have to go to blackmarket for the rest.

Abokifx just publishes prevailing rate.. Abokifx is irrelevant when it comes to demand and supply.. Im too tired to explain more, but the solution is simple.. CBN needs to provide more USD to the big companies who need it, and the black market price (REAL DOLLAR PRICE) will drop..

The reason why goods are going up in prices (TV, PHONE, AC, FOOD, etc), even though officially dollar is 410, is because NOBODY IS GETTING 410, or even when they do its minimal.. Yes you can get PTA (Travel allowance) from your bank, but thats only like $4000.

The real problem is when as a manufacturer you need $1m.. Good luck getting that in 10 years....

There is real demand for USD from local companies here for at least $500M a day, and CBN is barely giving 10% of that.. See the problem

How much do you think NESTLE spends daily on USD, or Nigerian breweries... Quick example, indomie is made with tapioca starch, Potasium & sodium carbonate, sodium tripolyphosphate, riboflavin which are imported.. They must probably use $millions weekly just for import... So they go to black market = price jump in finished product... Hope i made some sense..

Great analysis for anyone who is confused or questioning the black market rates: It's simply the principle of demand and supply.

But then, the CBN pumping more dollars into the market is not the ideal solution, as they do not have control over all the dollar inflows. Plus the bottleneck and bureaucracies that comes with disseminating the dollars to the banks and down to the end users (importers, manufacturers etc).

The only true solution is to industralise Nigeria: The Chinese/Indian model. This will mean that the pressure on the dollar, reduces drastically as there will be less and less people needing the dollars, thus forcing the rates downwards or at best, stabilising the rates. Plus it means, we can export and also float the naira offshore.

The next demonstration in Nigeria will be against clueless emefiele he is making profit from this nonsense rise in dollars that is killing businesses and making life unbearable

SmartPolician:


This is FALSE.

To the news, the CBN is living a cloud cuckoo land. Nigeria needs to shut down the parallel/black market and concentrate on the CBN rates.

However, I am guessing that will only happen when a southerner becomes president because the industry is dominated by the northerners. We cannot continue to run a country where most vendors exchange foreign currency based on black market rates.

@ bolded. The solution they are all pretending not to see. The difference should not be more than 5naira.

As with importation of fuel someone somewhere is making a killing with this disparity so it cannot stop.

Solatium:



If you do that means you are in a category of small scale business and i can bet your forex requirements in a month doesn't even go to $200k,you can always get a local substitute for your needs .

Those big players you made mentioned of do Quarterly of not yearly importation,whatever delivery you see at the end of each month were only scheduled for that month, don't let us mix it up

Local substitute?? Please give me a local substitute for magnesium stearate. talcum powder, lactose, gelatin, sodium benzoate, ascorbic acid,?

Bro you guys dont understand how big Nigeria is... There are companies generating BILLIONS OF NAIRA MONTHLY IN SALES, with RAW MATERIAL REQUIREMENT OF BILLIONS OF NAIRA MONTHLY, which must all be shipped from abroad..

Big players i mentioned need dollars daily.. Emzor imports and uses AT LEAST 10 containers of paracetamol powder monthly (Each container is roughly $140,000 (20tons*$7 FOB), thats $1.4m just for one raw material.... Trust me, you dont understand the scale of business being done here in Nigeria. Now looking at CBN returns, emzor cant get more than $100-200k a month from her bank.. She has to buy the rest from black market... Understand?

jjman2322:



This is why a good business school is needed in Nigeria.. People dont understand Economics 101

First of all, CBN official rate is like 410, so converting any FX inflow to naira means you will get it at 410... Now let me ask you, your uncle in USA has $10,000 for you. Will you tell him to wire the $10,000 to nigeria for N4,100,000, or will you find a third party who needs to pay his supplier in China,India, and sell it to him for 550 (N5,500,000) ? This is whats basically happening.

As someone in the manufacturing, let me try and explain whats going on. There is severe shortage of USD. Lets assume you need raw materials worth $500,000 for the month, you may be lucky to get $5,000 in a month from your bank/cbn (through LC OR BILL FOR COLLECTION), so you now have to go to blackmarket for the rest.

Abokifx just publishes prevailing rate.. Abokifx is irrelevant when it comes to demand and supply.. Im too tired to explain more, but the solution is simple.. CBN needs to provide more USD to the big companies who need it, and the black market price (REAL DOLLAR PRICE) will drop..

The reason why goods are going up in prices (TV, PHONE, AC, FOOD, etc), even though officially dollar is 410, is because NOBODY IS GETTING 410, or even when they do its minimal.. Yes you can get PTA (Travel allowance) from your bank, but thats only like $4000.

The real problem is when as a manufacturer you need $1m.. Good luck getting that in 10 years....

There is real demand for USD from local companies here for at least $500M a day, and CBN is barely giving 10% of that.. See the problem

How much do you think NESTLE spends daily on USD, or Nigerian breweries... Quick example, indomie is made with tapioca starch, Potasium & sodium carbonate, sodium tripolyphosphate, riboflavin which are imported.. They must probably use $millions weekly just for import... So they go to black market = price jump in finished product... Hope i made some sense..

I'm glad you took your time to write this at least we won't have silly people insinuating absolute madness. The next problem is, does the CBN have enough dollars to give? If say the CBN starts selling as many dollars as needed by actual businesses, for how long would the CBN sell this dollar before it runs out of dollars?

Naturally, Nigeria (cbn) doesn't receive much dollars to satisfy the need of the market, that was one of the reason for the limitation in quantity to be sold.

philip0906:

Great analysis for anyone who is confused or questioning the black market rates: It's simply the principle of demand and supply.

But then, the CBN pumping more dollars into the market is not the ideal solution, as they do not have control over all the dollar inflows. Plus the bottleneck and bureaucracies that comes with disseminating the dollars to the banks and down to the end users (importers, manufacturers etc).

The only true solution is to industralise Nigeria: The Chinese/Indian model. This will mean that the pressure on the dollar, reduces drastically as there will be less and less people needing the dollars, thus forcing the rates downwards or at best, stabilising the rates. Plus it means, we can export and also float the naira offshore.

I agree. ONLY pumping more USD wont help too much as theres too much round tripping going on.. They should have pumped lots of USD when rate was 160NAIRA and it would still be 160 naira now..


I remember vivdly around 6-7 years ago, You need $500,000 for import, you submit the document to the bank on Tuesday, by Friday you get debited for the whole amount...

Now submit $500,000 for the import, your kids go grow up and marry and have babies before you get that amount fully.

Nukilia:
CBN is now waking up to the monsters who have destroyed our economy with their false narratives!

GRTBR

Why is the CBN shooting the messenger? The puppet CBN governor and his incompetent overseer Buhari have with their whack policies wrecked the Naira.