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Nairaland Forum / Nairaland / General / Business / CBN Shuts Down AbokiFX Bank Accounts (56711 Views)
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Re: CBN Shuts Down AbokiFX Bank Accounts by 2fast4u: 6:03pm On Sep 16, 2021 |
TimeSpaceWizard: You dont need dorm accounts in other countries because their currencies are tradable.. You can wire USD, EURO, GBP, JPY to any person abroad and it will be accepted.. Goodluck wiring Naira to anywhere even Chad.. 2 Likes |
Re: CBN Shuts Down AbokiFX Bank Accounts by philip0906(m): 6:03pm On Sep 16, 2021 |
CooKeed:That guy is probably a student, flexing his basic economic knowledge because nobody who understands/trades in the day to day Nigeria, will make such spurious posits...I mean, look at this take here loool: TimeSpaceWizard: |
Re: CBN Shuts Down AbokiFX Bank Accounts by CooKeed(m): 6:04pm On Sep 16, 2021 |
Solatium: With due respect, you're beginning to embarrass yourself. I don't think you know enough about this topic. Please. 1 Like |
Re: CBN Shuts Down AbokiFX Bank Accounts by Nobody: 6:04pm On Sep 16, 2021 |
philip0906: You are not crazy, you are silly. The parallel FX system in Nigeria has birthed too many complexities and all you do is restore the default system as all other countries do. Do you need to buy dollars and put in your dorm acct before exporting, Only in Nigeria. But that's total bullshit. When you close all dorm accts and allow naira to be converted at CBN rates via different trade instruments it will be exactly how other countries trade. For now, you must continue to lament. 4 Likes |
Re: CBN Shuts Down AbokiFX Bank Accounts by 2fast4u: 6:05pm On Sep 16, 2021 |
Solatium: The dollars Nigeria will have in JP MORGAN, etc are proceeds from CRUDE OIL SALES.. They don't get dollars from thin air.. So dollars less in JP Morgan means less dollars available for the rest of the industries in the country. 1 Like |
Re: CBN Shuts Down AbokiFX Bank Accounts by 2fast4u: 6:07pm On Sep 16, 2021 |
TimeSpaceWizard: Our currency is garbage and not accepted internationally. Other countries have world currencies.. You cant go to any country in the world and try to spend your Naira, but you can sure go to pretty much EVERY COUNTRY in the world with your USD, EURO, YEN, POUNDS, etc.. thats why those countries dont need dorm accounts. They can directly settle the supplier with their currency, or get the required currency easily as there are millions of people who trade and need euro,usd, daily. |
Re: CBN Shuts Down AbokiFX Bank Accounts by Solatium(m): 6:08pm On Sep 16, 2021 |
2fast4u: Yes,but your monthly dollar requirements don't just go up from $5m to $200 with an increase of over 1000% every month. Nigerians are crooks,they buy dollar's and keep,if they read that the rate drop from ₦550 to just ₦500 today you will see them dumping the ones in their hands for minimal profit 1 Like |
Re: CBN Shuts Down AbokiFX Bank Accounts by Solatium(m): 6:09pm On Sep 16, 2021 |
CooKeed: kindly educate us if you have a better opinion,do not forget to tag me to such contribution.thank you |
Re: CBN Shuts Down AbokiFX Bank Accounts by 2fast4u: 6:10pm On Sep 16, 2021 |
Solatium: I agree there is a lot of speculation, but thats not the reason why dollar is high.. Why was dollar 160 for MANY YEARS? why was it 350 for many years? For sure i agree that some of the dollar demand are for crooks who will turn around and sell it back for profit.. But the truth is that there just isnt enough dollar... If there was the rate would be low and stable, eliminating possibility of round tripping.. 1 Like |
Re: CBN Shuts Down AbokiFX Bank Accounts by Nobody: 6:10pm On Sep 16, 2021 |
2fast4u: That's just an excuse. You can not strengthen Naira by continuing stake it against reserve currency. Eliminate the form accts and work your corresponding banks. The challenge facing Nigeria import is having to buy dollar and having to buy imported goods. Eliminate dorm accts and convert all FX to local currency and the economy will reset. |
Re: CBN Shuts Down AbokiFX Bank Accounts by Arinola86: 6:10pm On Sep 16, 2021 |
Is it the country we pledge for or they manipulate it���� |
Re: CBN Shuts Down AbokiFX Bank Accounts by EgunMogaji2: 6:12pm On Sep 16, 2021 |
Buckeyemedia1: Astute questions. |
Re: CBN Shuts Down AbokiFX Bank Accounts by Nobody: 6:13pm On Sep 16, 2021 |
jjman2322: When are we going to stop importing fuel? Will Dangotes refinery solve the issue? |
Re: CBN Shuts Down AbokiFX Bank Accounts by philip0906(m): 6:14pm On Sep 16, 2021 |
TimeSpaceWizard:Lmao! What are you saying? You don't even have any idea of how importers and maufacturers pay for their goods/services. This guy, did a great job at detailing out how it works but you're hell bent on taking yourself on a ride of folly: jjman2322: 1 Like |
Re: CBN Shuts Down AbokiFX Bank Accounts by Solatium(m): 6:15pm On Sep 16, 2021 |
2fast4u: You can't have enough dollar,even if our local currency is denominated in dollar's you can't. we all know what the problem is but everyone keep running away from it. My Question is why do you have to you have to touch physical dollar's when you can get things done electronically with real Prof of need? Le t me tell you what we do in this country,if i want travel abroad now,i will go to the bank and demand $4k as my PTA i will get it out successfully then sell $3k to Aboki at ₦540 keep the remaining $1k for my travel needs. without lifting afinger i just made a profit of over ₦300k 1 Like |
Re: CBN Shuts Down AbokiFX Bank Accounts by Nobody: 6:15pm On Sep 16, 2021 |
2fast4u: Now you are beginning to decloud yourself from the Nigeria's importer mentality. The system has become too complex because of artificial manipulations caused by a parallel FX system that is not found in other countries and you expect me to understand it. I better not understand Nigeria system of exim because it will mess my brain up. This is not how importaton works in other places. Someone mentioned that I am not an importer snd another says I am using secondary school economics and I questioned myself. Companies like American Express are third party companies that you book currencies and are converter snd remitted to suppliers directly and your goods are shipped.. Most times you do not need banks and my real estate company in US is what I use to send money to China and shop products here. I better not understand this silly system. |
Re: CBN Shuts Down AbokiFX Bank Accounts by EgunMogaji2: 6:17pm On Sep 16, 2021 |
TimeSpaceWizard: I’m a retiree that gets pension in dollars. Closing my dollar account and forcing it into naira will hurt me. When I travel I’ll now have to source dollars to spend? Let’s not throw the baby out with the bath water. 1 Like |
Re: CBN Shuts Down AbokiFX Bank Accounts by 2fast4u: 6:17pm On Sep 16, 2021 |
TimeSpaceWizard: You dont understand.. Let me give a simple example.. Imagine if you were the only man left in your state? All the girls would be lining up to beg you to sleep with you.... Now imagine if there's only one girl left in your state? all the guys would be begging her to sleep with her.. I just broke down simple demand and supply.. Our currency is not in demand because no country trusts it. Naira has not been tradable in the world market for decades and I doubt it will be anytime soon.. Its too unstable of a currency.. Let me ask you a simple question, be honest.. You just won the lottery in USA... They can either deposit your $100M winnings in a USD account in america, that you can come whenever to access, or they can convert it to naira and deposit the naira in Nigeria.. (Note $100m will last you many generations).. Guess what? 99.99% of people would pick the USA option? Why? Because in 10 years their USD is still roughly the same value minus a little inflation, but in 10 years their naira may not buy toilet paper.. Do you know that back in the late 90's, early 2000s In nigeria (just 20-25 years ago), if you had 10.000 naira, you could buy food for your entire family of 4 for the month? ask your parents... Now 10,000 is junk.. You cant say the same for people that have USD .. 4 Likes |
Re: CBN Shuts Down AbokiFX Bank Accounts by Nobody: 6:19pm On Sep 16, 2021 |
philip0906: Use the word, Nigeria suffer head importers. I basically do not need to move funds from Nigeria to bring things here. It gives me headache. It is a fake system. |
Re: CBN Shuts Down AbokiFX Bank Accounts by EgunMogaji2: 6:19pm On Sep 16, 2021 |
henryobinna: How much for the GoPro? |
Re: CBN Shuts Down AbokiFX Bank Accounts by 2fast4u: 6:21pm On Sep 16, 2021 |
TimeSpaceWizard: its not a fake system. Many countries with NONE TRADABLE CURRENCIES have the same issue.. Zimbabwe, Zambia, Venezuela, etc.. rapid inflation and devaluation of currency due to dollar scarcity.. This issue isnt unique to Nigeria. |
Re: CBN Shuts Down AbokiFX Bank Accounts by henryobinna(m): 6:21pm On Sep 16, 2021 |
EgunMogaji2:go pro has been sold |
Re: CBN Shuts Down AbokiFX Bank Accounts by obailala(m): 6:23pm On Sep 16, 2021 |
The CBN and Nigerian government seem to be playing the ostrich. Due to sheer incompetence garnished with corruption, greed and wickedness, the Naira is now as useless as [b]used/b] toilet paper. Instead of the clowns to come up with ways to strengthen the Naira, they're busy chasing AbokiFX for simply publishing the shameful exchange rates. 1 Like |
Re: CBN Shuts Down AbokiFX Bank Accounts by Nobody: 6:25pm On Sep 16, 2021 |
2fast4u: Bro, I own a real estate company in US and I have other businesses here, I use AmexFX to book for trades and funds get delivered to the suppliers, I avoided getting USD cash here. So your system can be working in Zimbabwe, Ghana or even on Mars and I have no idea. All I am saying is that it is not how its supposed to work. Close all dorm accounts and convert foreign currencies at CBN rate to local currencies and let importation be sorted out using bank instruments and the economy will grow organically. Without the money changers bidding on the local currencies daily, the naira will stabilize. Eventually it has to be done. There is no way out of this. |
Re: CBN Shuts Down AbokiFX Bank Accounts by Topmaike007(m): 6:29pm On Sep 16, 2021 |
jjman2322:Nigeria is finish bro... No government could fix the mess.. If what you type there is truth i give up |
Re: CBN Shuts Down AbokiFX Bank Accounts by fmc1(m): 6:29pm On Sep 16, 2021 |
CBN is confused.. |
Re: CBN Shuts Down AbokiFX Bank Accounts by CooKeed(m): 6:30pm On Sep 16, 2021 |
Solatium: Good evening. I do not have anything to add to what jjman2322 and philip0906 have said so far. But I'll summarise: When businesses approach Nigerian banks for dollars to import stuff (via letters of credit etc), the transactions still need to be settled in dollars i.e Nigerian banks will have to remit dollars to the correspondent banks, who will then remit to the suppliers abroad. We earn dollars from exports. When we buy imported goods we pay in dollars (or some other prominent foreign currency). The dollars we earn is far below what we need to import stuff, because we don't export a lot of stuff. So, Emzor,for instance , would need lots of dollars to buy raw materials, but sells their products locally in Naira. Our major source of dollars is crude but unfortunately crude prices have gone down. Secondly, we still spend a lot of the dollars buying back refined petroleum since we dont have functioning refineries. Which is why everyone has been waiting for Dangote to finish his refinery (but that is a story for another day) So we dont have enough dollars. Therefore CBN rations what we have. If you walk into a bank and request for dollars to import stuff, the bank will 'bid' on your behalf. You may not get your full required amount in 6 months. So many businesses take the little that cbn gives them and source for the rest in the black market. Demand and supply. Demand goes up while supply remains unchanged. Therefore price goes up. 2 Likes |
Re: CBN Shuts Down AbokiFX Bank Accounts by Nobody: 6:30pm On Sep 16, 2021 |
2fast4u: The fall of Naira is directly in response to the demand for hard currencies. Eliminate the BDC and allow banks to automatically convert foreign inflow to naira. When it comes to importation, use trade instruments to settle trades. Whether the world accepts naira or not, shouldnt be what bothers us, we should produce what we are importing. This is the only solution, every other step is a manufactured excuse and Naira will fall always and Nigeria will fail eventually. |
Re: CBN Shuts Down AbokiFX Bank Accounts by pacespot(m): 6:31pm On Sep 16, 2021 |
But I don't get it. Is it not an ordinary website the AbokiFX is? The website simply reports the rate which they see people are exchanging Naira to Dollar (or vice versa? offline, they don't determine the exchange rate for the people. They report the Naira exchange rates to other currencies just like Bloomberg and Investing.com report the live quotes of American stock indices. So why is this government always antagonistic to the news carriers but not facing the real problem? Instead of taking a pragmatic step to fix the problems causing the Naira to fall against its counterparts, they are taking steps to keep the secret away from the people so that they can be manipulated by middlemen such as Banks and bureau de change in the course of buying or selling forex 2 Likes 1 Share |
Re: CBN Shuts Down AbokiFX Bank Accounts by Buckeyemedia1: 6:33pm On Sep 16, 2021 |
TimeSpaceWizard:Quite obvious you don’t have a domiciliary account? What do you export for foreign exchange that you expect to have dollars in your account. 1 Like |
Re: CBN Shuts Down AbokiFX Bank Accounts by Nobody: 6:36pm On Sep 16, 2021 |
Buckeyemedia1: Do I need one? I have one here but do not need it. I do not spend dollars in Nigeria. I have an account in the USA for my business there. |
Re: CBN Shuts Down AbokiFX Bank Accounts by 2fast4u: 6:37pm On Sep 16, 2021 |
CooKeed: Perfect explanation.. Someone who gets it.. 1 Like |
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