femarse:


Why did they have to do something unorthodox?? Have you been to the bank recently for either PTA or BTA and you were denied ? After presenting legitimate documents...where you or someone you know denied?

You think CBN or bank is the problem? Until BDC are permanently exterminated , they will continue hurting the naira

...simple economics should tell you that dollars is not scarce, it's everywhere out there , it's in every single aboki shop, they go to the bank every day and deposit large sum of dollars and most times always want to exceed their limit ,

so why is the price always going up For something that is truly available everywhere ? Even u have access to $100 per month at the official rate , so who is going to the BDC to buy dollars when u can buy at the bank ? So why are people not going to the bank to buy ? Why are they going to BDC where it's more epensive ?

limit? Ask yourself, how many people truly want to travel that truly hold enough to buy even $2k talk less of $4k...u see now? Me and you and the BDC is the real problem not CBN or it's policy

People truly need $1.5k to travel but in their greediness request for $4k source for money to get it then sell the balance to BDC at a very expensive rate, make some profit and left a disadvantage country behind , for every action of this greedy people, those of us left behind are affected by price system.of a transaction that does not concern us in anyway whatsoever....some even use fake visa to get it ...greed

SeaTrade:
I think the solution is simple,
Why don't CBN open just forex operational branches across the 36 states of the nation to serve the legitimate needs of forex across the country and eliminate both banks and Aboki,rather sell to legitimate users directly?
If they do this,no more round tripping for banks and denying end users forex.
This will rapidly crash rates.
Let them do something unorthodox for once and stopp all this bs.

Proflere:
Boss, closing down the BDCs is a smart move with evil intention. Emefiele is aware that banks make their highest profit by selling to these BDCs and he didn't put anything in place to check the greediness of these bankers. BDCs are still in business and they get Fx from banks at a higher rate, that is why the parallel rates are very high too. Emefiele should checkmate these bankers and see how things will workout. Buhari is not reversing the policy because his brothers are not yet really affected, rather they are still in business with higher profits. By the time they are totally shutdown you will see how the northerners will start boiling.

owagbeba:


No need to open branches. They can work with REMITA or setup something similar.

CBN sell dollar at a rate slightly lower than Aboki rate for remittance only. No cash dollar

Fill beneficiary details on the portal and Pay.

Fx sent to beneficiary oversea account

Gradually they can control rate and converge both official and street rate

Mecka:
[b][/b]

https://dailytrust.com/terrorism-criminals-buy-dollars-from-bdcs-to-import-arms-emiefele

TGM2015:

The rule says, return the PTA. PTA is travel allowance, if you are not travelling again, you are expected to return the allowance. You can always get it next time you will be travelling.

Faiththatworks:
Mr Emefiele should do the needful and declare bureau d change as an illegal business. Anyone buying or selling forex outside the banks should be treated as a criminal.
To all.those who have made their mind to always criticize Me Emefiele can you please allow the man breathe.
This crazy parallel illegality was established by Gen Babaginda to siphon money out of Nigeria,and closing it down will take some time and balls from any CBN governor.
We all need to support the CBN governor as he cleans the Agusean stable. Currency speculation,Currency trading must be declared an economic crime and anyone caught doing it must be sent to jail.
The CBN governor declared only banks will sell forex in Nigeria some months ago and the heavens didn't fall,even to my suprise,Gen Buhari didn't reverse the decision,that shows the Governor was right in his decision.
For those who are trying to beat the system by using illegal visas to purchase forex,Mr Emefiele must force the embassies to open an hotline or a web portal where the banks can confirm people's visa before selling forex,anyone caught using fake visas to buy forex should be treated as a scapegoat,and charged with currency speculation and fraud.
God bless Nigeria.

SeaTrade:
Doesn't solve anything,
Remember the problem is supply.
If CBN collects inflow from remittance and don't supply to satisfy domestic demand for fx,street prices will still skyrocket.
And CBN collecting rates closer to street rates will instead widen the street prices the more.
Will you keep adjusting till the currency becomes useless?
What they need right now is an efficient means to distribute fx to legitimate users,and since we can't trust no one or worse still an organisation(bank) at this point,let them eliminate all the middlemen and do so themselves.

Faiththatworks:
Mr Emefiele should do the needful and declare bureau d change as an illegal business. Anyone buying or selling forex outside the banks should be treated as a criminal.
To all.those who have made their mind to always criticize Me Emefiele can you please allow the man breathe.
This crazy parallel illegality was established by Gen Babaginda to siphon money out of Nigeria,and closing it down will take some time and balls from any CBN governor.
We all need to support the CBN governor as he cleans the Agusean stable. Currency speculation,Currency trading must be declared an economic crime and anyone caught doing it must be sent to jail.
The CBN governor declared only banks will sell forex in Nigeria some months ago and the heavens didn't fall,even to my suprise,Gen Buhari didn't reverse the decision,that shows the Governor was right in his decision.
For those who are trying to beat the system by using illegal visas to purchase forex,Mr Emefiele must force the embassies to open an hotline or a web portal where the banks can confirm people's visa before selling forex,anyone caught using fake visas to buy forex should be treated as a scapegoat,and charged with currency speculation and fraud.
God bless Nigeria.

Ade3131:


Just like the rule says anybody that sprays money at functions will be jailed and alas Buhari's son is now in Kuje prison.

Nigerians are the most interesting people on earth. Wake up man!

Trentee4eva:

You are writing nonsense. It's only in Nigeria that you have black market dollar prices besides many of these BDCs have been indicted for sponsoring terrorism through illegal purchase of arms. If you have a legitimate reason to purchase the dollar, go to the bank and stop wailing.

victorVIC1:


I hope we approach this kind of subjects with opened minds and holistically. You don't throw a baby with the bath water. The question is, how percentage of BCD exchanges account for illegal transactions? A lot people and businesses are forced to source for FX from BDC because banks are unable to meet with demand in a timely manner.

I lost an admission in a UK University early last year cos the bank that I had filed my Form A application with couldn't allocate FX for my application for about 6 weeks until my payment window elapsed. If I had enough cash at the time, I would have sourced from BCD.

CBN should rather establish structures that would enable them to regulate the system.

Besides, it's a lazy approach to destroy a working system because of perceived lapses.

owagbeba:


I think you misunderstood my post.

The issue is how can CBN easily available to those who need it.

I recommended setting up payment portal like REMITA. Those who want to send fx overseas can login through their banking app or the payment portal and pay with Naira. Then the fx is sent to the beneficiary overseas. No cash dollar.

This will take the heat off this demand for dollar on the street.

I recommended a rate closer to aboki rate to cutoff round tripping.

When people no dey can login and get dollar easily.... the pressure will die down.

The recent demand for dollar are by those who fear the local currency is fast losing value and have resulted to holding their reserve in fx

SeaTrade:
I think the solution is simple,
Why don't CBN open just forex operational branches across the 36 states of the nation to serve the legitimate needs of forex across the country and eliminate both banks and Aboki,rather sell to legitimate users directly?
If they do this,no more round tripping for banks and denying end users forex.
This will rapidly crash rates.
Let them do something unorthodox for once and stopp all this bs.

SeaTrade:
I understand what you mean which is quite fantastic,
But also note that not everyone is eligible of fx from CBN.(Forex ban list and so on...),so how will you differentiate those who are and those who aren't on remita?can it be done?
Yes,I know you wanna merge street rates with that of official to eliminate round tripping,but know that the moment you increase your rate as a regulatory body,street rates go up again because you are the benchmark.So this is an endless process till the currency becomes less valuable than the paper its printed on.
You think this depreciation is by people hoarding dollar?
Well could be,aboki would just be preying on their gullibility and desperation by selling at unrealistic rates while the rest of the country suffer for that.

Faiththatworks:
Mr Emefiele should do the needful and declare bureau d change as an illegal business. Anyone buying or selling forex outside the banks should be treated as a criminal.
To all.those who have made their mind to always criticize Me Emefiele can you please allow the man breathe.
This crazy parallel illegality was established by Gen Babaginda to siphon money out of Nigeria,and closing it down will take some time and balls from any CBN governor.
We all need to support the CBN governor as he cleans the Agusean stable. Currency speculation,Currency trading must be declared an economic crime and anyone caught doing it must be sent to jail.
The CBN governor declared only banks will sell forex in Nigeria some months ago and the heavens didn't fall,even to my suprise,Gen Buhari didn't reverse the decision,that shows the Governor was right in his decision.
For those who are trying to beat the system by using illegal visas to purchase forex,Mr Emefiele must force the embassies to open an hotline or a web portal where the banks can confirm people's visa before selling forex,anyone caught using fake visas to buy forex should be treated as a scapegoat,and charged with currency speculation and fraud.
God bless Nigeria.

SeaTrade:
I understand what you mean which is quite fantastic,
But also note that not everyone is eligible of fx from CBN.(Forex ban list and so on...),so how will you differentiate those who are and those who aren't on remita?can it be done?
Yes,I know you wanna merge street rates with that of official to eliminate round tripping,but know that the moment you increase your rate as a regulatory body,street rates go up again because you are the benchmark.So this is an endless process till the currency becomes less valuable than the paper its printed on.
You think this depreciation is by people hoarding dollar?
Well could be,aboki would just be preying on their gullibility and desperation by selling at unrealistic rates while the rest of the country suffer for that.

owagbeba:


CBN already asked the “41items” importers to hit the street and buy from aboki. Now with this CBN portal to buy e-dollar at closer to Aboki rate, we could actually accommodate the “41items” Importers by attracting them with a rate slightly lower than aboki.

I am looking at it from the view that if CBN plays Aboki by setting up a buyer and seller portal, this can actually drive market away from Aboki to CBN. Then CBN can let market forces determine rate. No artificial rate. This will quench the zeal to hoard, take power from the Aboki to arbitrarily determine parallel fx rate.

They should make it easier to do business.. buy and sell dollar. This Form Q is aimed at importers; its appears not to accommodate those paying for services. And Form Q fx funding is not readily available when needed.

It’s tough!

hahn:


The major goofs I can point too are:

- The forex ban list: Why ban importation in a country whose infrastructure cannot sustain industries for manufacturing?
- Limiting monthly dollar transactions to $100/month: This just created an artificial scarcity
- The Ceme border ban: This increased the price of basic Foodstuff and cars for no reason

These guys obviously don't know what they are doing