bmaks:


Bro, you don't actually understand how this thing is denting the forex economy......try go Ghana or Togo, you can change money almost around any corner of the street and it's never above 1.00 difference to the bank rate but check out your every profiteering country, someone sits in London, get paid by some people and he just speculates the price of the naira and bammm....some people are cashing out be dat and all corners hike their prices yet CBN rate no gree change and even the so-called commercial banks because of profiteering will rather wanna follow the speculation. So should that continue without proper regulation?

rajiedreez:
This little things we overlook goes a long way in shaping the fiscal economy. People believe any info on their platform and so giving them the power to manipulate and determine the fluctuations according to their desires

gurunlocker:


Be like say everyone don dey useless... Come out, let's fight?

Abokifx if not your problem, stopping them won't change anything. All those absurd policies are not working and you are blaming abokifx. Blame the failure of an administrative instead.

Naira is doing a free fall currently, less than 2 weeks ago, it was 539 and today, it's 572!

DubaiLandLord1:
I agree with the CBN Governor on this.

You can't just sit down in the UK, speculating about the naira, telling us you're getting data from abokis on the street.

The CBN should treat BDC operators still buying and selling dollars like a terrorist group. Only banks should be in charge of buying and selling of dollars and must be fully monitored by the CBN.

Ade3131:
You guys need to know that BDCs are licensed operators and not just some scaliwag dealers. Some banks have BDC registered as subsidiaries....

I need to understand the rationale for the ban of AbokiFX b'cuz we're yet to hear his real offence. Was it that he now buys and sells FX illegally?

Or his offence is that he owns a platform that reports the value of Naira against foreign currencies on the parallel market?

I know the government will be sued again and as usual, the government will be made to pay for damages.

justmondris:


Assuming it was another tribe that was doing it, they would have used military force on them. Who they deceive who?

175:
Correct.

Let's get this country working jor.

Buckeyemedia1:
What concerns President Buhari? If it was an Hausa Fulani man that was the CBN Governor, the abuses would have been out of this world, your Delta State Brother has failed, yet you choose to behave like an ostrich & hide your head in the sands of shame? Monetary policy is the sole jurisdiction of the Central Bank.

DubaiLandLord1:
I agree with the CBN Governor on this.

You can't just sit down in the UK, speculating about the naira, telling us you're getting data from abokis on the street.

The CBN should treat BDC operators still buying and selling dollars like a terrorist group. Only banks should be in charge of buying and selling of dollars and must be fully monitored by the CBN.

bunto:
I wonder why our leaders are always acting as if they are not in charge.
Why is Emefile engaging one website owner in London when all he needs to do is head to the national assembly and ask for a law prohibiting such a website.

At times, it seems to me as if politicians these days care more about political correctness than actual leadership. You cannot make an omelette without breaking a few eggs.
Emiefile should buckle up and grow some d.mn balls...haba!

One man will sit in London and be using our brains. All these obodo Oyibo Nigerians really hate this country. The envy for Nigerians living it up in Nigeria is just too much.

DubaiLandLord1:
I agree with the CBN Governor on this.

You can't just sit down in the UK, speculating about the naira, telling us you're getting data from abokis on the street.

The CBN should treat BDC operators still buying and selling dollars like a terrorist group. Only banks should be in charge of buying and selling of dollars and must be fully monitored by the CBN.

DubaiLandLord1:
I agree with the CBN Governor on this.

You just sit down in the UK, speculating about the naira, telling us you're getting data from abokis on the street.

The CBN should treat BDC operators still buying and selling dollars like a terrorist group. Only banks should be in charge of buying and selling of dollars and must be fully monitored by the CBN.

Lagosfinder:
Just joining this conversation


Please what's the offense of abokifx


Is it that the data displayed on the platform are against national security?

gambia:
I think CBN got it right on this one

GeorgeTheCoder:


Seun should make serious attempts restrain stupid people like the one above from commenting on his forum.

How on earth can AbokiFx be the problem ?

Not Boko haram and terrorism, not a mannequin leader who rarely addresses the nation, not a an absentee finance minister, not reduced inflow of investment, not increasing poverty, not a customs service that is out of control, not the lack of an economic team or clear policy direction, not arbitrary borrowing without end to build railways to economically dead countries ...

Not all those, but AbokiFx - a website run from London that almost nobody outside tech and a few dealers has heard of.
The naira is collapsing because Buhari's team is incompetent. Period

DubaiLandLord1:
I agree with the CBN Governor on this.

You can't just sit down in the UK, speculating about the naira, telling us you're getting data from abokis on the street.

The CBN should treat BDC operators still buying and selling dollars like a terrorist group. Only banks should be in charge of buying and selling of dollars and must be fully monitored by the CBN.

DubaiLandLord1:
I agree with the CBN Governor on this.

You can't just sit down in the UK, speculating about the naira, telling us you're getting data from abokis on the street.

The CBN should treat BDC operators still buying and selling dollars like a terrorist group. Only banks should be in charge of buying and selling of dollars and must be fully monitored by the CBN.

Rolings:


Can britain allow what abokifx do what it is doing to the naira to the pounds?
Which country surrenders its fx market to manipulators?
Answer nairaland fx expert?

Una go dey defend what is not obtainable anyhwere to happen to your country and is shameless about it
How will government policy work when citizens like you encourage saboteurs

Have some shame man

duality:



How does he get those figures he posts online. This has formed the basis of forex trading.

So if Aboki fx says it's 600nsira, everyone will sell at that price.

DubaiLandLord1:
I agree with the CBN Governor on this.

You can't just sit down in the UK, speculating about the naira, telling us you're getting data from abokis on the street.

The CBN should treat BDC operators still buying and selling dollars like a terrorist group. Only banks should be in charge of buying and selling of dollars and must be fully monitored by the CBN.

DubaiLandLord1:
I agree with the CBN Governor on this.

You can't just sit down in the UK, speculating about the naira, telling us you're getting data from abokis on the street.

The CBN should treat BDC operators still buying and selling dollars like a terrorist group. Only banks should be in charge of buying and selling of dollars and must be fully monitored by the CBN.

grandstar:


CBN is wrong.

The free fall of the market is due to market failure.

The government banned the sale of dollars to BDC. When people went to the BDC, they got dollars instantly.

Now, you have to wait for 4-5 weeks through the banks. That has led to artificial scarcity and that's what is causing the freefall.

GeorgeTheCoder:


I see your point but EVERY market has speculators and if indeed they exist in Nigeria we are no different. The test of whether AbokiFx is the cause of the nairas collapse will be seen in a few weeks. They have ceased operations, I wait to see who Meffy will blame if the slide continues.

folks4luv:
Imagine you build a hospital, equip and staff it but the government is telling you the amount you are charging for your surgery is too high. Does that make sense to you? If the govt wants to force you to reduce price or kick you out of business it only needs to set up well equipped hospitals and then encourage people to go there for treatment. Same thing here. The CBN knows what to do but will rather use force. CBN can effectively decide price if it can meet the demand of dollars. How do you think anyone can decide the price of a commodity they don't have? CBN created BDC

HARDDON:


if only you've walked into a bank to officially buy/sell dolls and got turned away, you would understand....

linearity:


So, you think a gun sitting far away in UK can influence the fx of Naira and make it to fall against the Nigeria, but a whole CBN Governor with all his powers, tools and backing of the FG with the huge money he was throwing at FX lost to the loner?

Ade3131:


What if the platform reports Naira against dollar at 100 Naira to one dollar, does it mean people will trade USD at that amount?

Guys who go round and report the prices of food items should be waiting for similar ban from the government b'cuz they also source their data from the ground/parallel market.

You see enh, government is not just our thing in Africa. You can trace it back to the pre-colonial era if you like. African approach to governance is that of subjects to masters, whereas it's supposed to be the people and their public servants. Government are meant to serve the people and not what we see here.

Was AbokiFX notified or invited for questioning? I believe No. The next thing you'll hear is that they will allow him do his business if he accepts to pay tax. Is that the right approach to drag someone into the tax net?

That's exactly what was done to Twitter. Ban the platform without any notification or warnings, then invite him for talks. Is that how to run a public service? Hell no.

Just to clarify. I'm not on the side of the government neither am I on the side of AbokiFX. Nigeria government allows BDC to trade FX at parallel market side-by-side with bank and BDC operators are licensed. These people buy FX from CBN and trade them at a premium. To curb the unofficial rate of dollars to Naira, the right thing to do is to clip the wings of these BDC operators by mandating them to peg the price of FX at official rate and enforce compliance. This means that AbokiFX who source for data from these people will only have the official rate to report......but we all know the carrot and stick approach of Africans. Kill the symptoms and leave the root cause

GeorgeTheCoder:


Seun should make serious attempts restrain stupid people like the one above from commenting on his forum.

How on earth can AbokiFx be the problem ?

Not Boko haram and terrorism, not a mannequin leader who rarely addresses the nation, not a an absentee finance minister, not reduced inflow of investment, not increasing poverty, not a customs service that is out of control, not the lack of an economic team or clear policy direction, not arbitrary borrowing without end to build railways to economically dead countries ...

Not all those, but AbokiFx - a website run from London that almost nobody outside tech and a few dealers has heard of.
The naira is collapsing because Buhari's team is incompetent. Period