Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,154,350 members, 7,822,657 topics. Date: Thursday, 09 May 2024 at 02:36 PM |
Nairaland Forum / Nairaland / General / Politics / Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele (12284 Views)
Emiefele: More Heads May Roll As Investigators Beam Searchlight On CBN, NIRSAL / Emiefele: Panic At CBN, NIRSAL As Investigators Swing Into Action / Oshiomhole: Emiefele Would Go To Jail, Let Nobody Say Our Money Is Not Valid (2) (3) (4)
(1) (2) (3) (4) (Reply) (Go Down)
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by SeaTrade(m): 7:50am On Sep 18, 2021 |
femarse:So you think the pressure on the naira is as a result of traveller's demands? They(banks) give you PTA because most times ,the sum is paltry. Do you think of industries and businesses that submit form M of $5m-$50m at a go at all? These are the people the banks can't meet up with their demands,hence they turn to BDCs. Now BDCs no longer have fx from CBN anymore ,so they turn to unorthodox means of getting these dollars like patronising currency smugglers and so on ,and you expect them to sell at what price? Also,there are import businesses that are on the forex ban list,meaning they can't even access form M,where do you think they get their dollars from?BDCs I hope you know sometime back,maize was added to the fx ban list. Know from today that there is genuine demand for dollars ,just that CBN can't meet up at this time to supply that demand, so they turn to story telling and blaming everyone for their inadequacies. Dollars isn't everywhere,if it was,the price will fall naturally. Try and go and demand $100k from an aboki near you and watch him struggle to raise it and even collaborate with other BDCs to provide that. 2 Likes |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by owagbeba: 7:57am On Sep 18, 2021 |
SeaTrade: 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 CBN must understand there is pent up demand for FX. This demand is driving up rate on the street. And the rising rate is also driving up the demand to hold reserve in foreign currency because there fear of local currency losing value fast. Prices for many imported commodities have risen by 8% since dollar jumped to 570. What it means that Generator, TV, phones and others are more expensive now than 2 weeks ago. The fear is that USD may hit 600 next week if BUBU doesn’t act fast. Xmas go rough this year. Many no go chop rice. E go cost die |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by Datedoboy: 7:58am On Sep 18, 2021 |
Are people not financing terrorism or siphoning money through banks? You need to understand what is going on here. It's like Nigerian government saying that we don't have the capacity to build refineries. Some guys in Niger Delta started refining crude and they were arrested. Why? The government said they were operating illegal refineries. I saw that statement and I was happy. You know why? They used the word illegal refineries. So why not legalize it for those guys by giving them licences since they don't have money to legalize it. After all said and done I saw that Nigerian government is out to fraustrate the youths of these country cos dey see us as a threat to their shady practices. When u are looking for loan for a small business nobody will give u but wen u gather some little amount to start small the government will fraustrate u with policies that will make you run back to poverty. Last time I checked, they said they cannot name sponsors of terrorism in Nigeria but Emefiele can close accounts of protesters who want a good society for their unborn children. Proflere: 2 Likes 1 Share |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by SeaTrade(m): 8:04am On Sep 18, 2021 |
owagbeba:I see what you mean,pair buyers and sellers online fully controlled by the CBN .Smart move! 1 Like |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by rhames(m): 8:04am On Sep 18, 2021 |
Mecka: The policy or law that empowers the government employing only bankers to manage the apex bank should be amended to include economists, management experts, seasoned accountants and finance experts. |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by VeeVeeMyLuv(m): 8:06am On Sep 18, 2021 |
Northern leaders why do you guys like increasing prices of goods and services recklessly at will? Whenever you increase, the most painful part is that u guys always forget to also increase the salaries, wages and income, then u turn around call all these loose canon hikes economic development ! Just check out the fact & figures below: your man has hurt the Nigerian economy so badly. Olusegun Obasanjo 1999 N90 = $1 2007 N125 = $1 38 Percent Devaluation in 8 Years Umaru Musa YarAdua 2007 N125 = $1 2010 N150 = $1 20 Percent Devaluation in 3 Years Goodluck Jonathan 2010 N150 = $1 2015 N220 = $1 46 Percent Devaluation in 5 Years Muhammadu Buhari 2015 N220 = $1 2021 N570 = $1 159 Percent Devaluation in 6 Years 1 Like 1 Share |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by Ade3131: 8:11am On Sep 18, 2021 |
TGM2015: 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! |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by sapientia(m): 8:12am On Sep 18, 2021 |
He is trying to absolve the BDE operators of sponsoring terrorism As if they don't know it's for terrorism |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by Isaacmacdon(m): 8:14am On Sep 18, 2021 |
Faiththatworks: Sense Is far from you. |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by donprinyo(m): 8:15am On Sep 18, 2021 |
Mumu talk. Just keep on destroying the economy more and more |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by owagbeba: 8:16am On Sep 18, 2021 |
SeaTrade: 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 |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by Nobody: 8:21am On Sep 18, 2021 |
How did this man become a bank MD talk less a CBN governor? |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by victorVIC1(m): 8:30am On Sep 18, 2021 |
Faiththatworks: I hope we approach this kind of subjects with opened mind and holistically. You don't throw a baby with the bath water. The question is, what percentage of BCD exchanges account for illegal transactions? A lot of people and businesses are forced to source for FX from BDC because banks are unable to meet fx demands 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. They did same to bitcoin and it just doesn't make sense. Emefiele should learn to work creatively to manage these systems cos that is the essence of his education and job rather than just destroying them without putting proper alternatives in place 1 Like |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by VeeVeeMyLuv(m): 8:33am On Sep 18, 2021 |
Those of you thinking of and always calling for devaluation/free float of the local currency naira, I wonder what the colour of your soul is? Black, dark? Crime & terrorism has increased a thousand (1000%) fold as a result of the reckless devaluation. |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by TGM2015: 8:40am On Sep 18, 2021 |
Ade3131:Get sense, what relationship is a business contract with an organisation issue instruction not backed by any Nigerian act or law? When you are filling form for PTA, one of the terms and conditions is that in event I am unable to travel, I will return. You signed in agreement to it making it valid for court prosecution. PTA is a business contract. Arresting people spray Nigerian currency is a circular (instruction) by CBN to protect our National symbol. Unfortunately, apart from the circular there were no act of National or state assembly criminalising the act. So, technically speaking, you cannot prosecute anyone successful using CBN circular. |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by COMPAQ(m): 8:41am On Sep 18, 2021 |
Trentee4eva: Bank can't fund all what the people want. Do you forget there are so many item prohibited from sourcing dollar. |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by NGpatriot: 8:45am On Sep 18, 2021 |
victorVIC1: This is about buying FX from the banks or the CBN, the banks are unable to meet demands because there's not enough of it within the legal channels simply because Nigerians drain FX from the CBN and shuttle the FX to Aboki FX and other black channels for profit and when diaspora folks send $ and other foreign FX, it doesn't go through the banks, they take their money to Aboki FX and the black channels. So, the FX supply is on the side of Aboki FX and other informal FX dealers, they are practically undermining and sabotaging the Naira and the same Nigerians crying and wailing about the Naira are directly responsible. The government is not always our problem, Nigerians like you and me are the culprit. |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by NGpatriot: 8:46am On Sep 18, 2021 |
This is the problem with some Nigerians, you cry and moan about Nigeria, you wail for a better Nigeria, but you have zero interest in doing anything better for Nigeria to be better. When they say Nigeria is a bad country, most of the time they are not talking about just the politicians, they are talking about the average Nigerians who are more destructive and more corrupt than the politicians. When people go to the CNB with travel documents to secure FX, your government in all honesty per their job and responsibility give you the FX, but you crooked and corrupt Nigerian has no intention of traveling anywhere so you collect the FX and head straight to Aboki FX to sell the FX for more money, you put your own greed before Nigeria your own country, you undermine her currency and sabotage her economy. There's a reason why they don't have anything like Aboki FX or any kind of unregulated FX market in the UK, USA, Canada or in any sane society, it's criminal and against the law and they won't hesitate to send you to prison for financial crimes. It is only in Nigeria that Nigerians do not see anything criminal in their criminal activities. When you go to the passport office to collect passport, the average Nigerian at the passport office with ask you for bribe, not the politician, same thing when you go to collect driers license at the customs, NPA, even marriage registry. You average Nigerians monetized everything in Nigeria, including all government services and functions. Aboki FX and the owner is located in London, not Nigeria and via the internet and technology, he controls Nigerian FX market with his own arbitrary rates to derail and waken your own Nigeria in Nigeria while he pockets the money. He's enjoying the good life in London at your expense, but you clueless anti-Nigerian people who really are his victims are so obsessed with your anti-Nigerian mentality that your real enemy is always your friend that you must support and defend. As they say, the Nigeria's number 1 enemies are her ignorant, clueless and unintelligent youths and corrupt citizens. |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by SeaTrade(m): 8:47am On Sep 18, 2021 |
owagbeba: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. |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by Spidermon: 8:55am On Sep 18, 2021 |
SeaTrade: |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by hahn(m): 8:57am On Sep 18, 2021 |
SeaTrade: 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 1 Like |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by grandstar(m): 9:03am On Sep 18, 2021 |
Faiththatworks: The CBN should stop seeking scapegoats for its incompetence. Can't these same buyers access dollars in the black market? It changes nothing. As long as the CBN under the watchful eyes of the president refuses to allow the Naira reflect market realities, the "child confusion" plaguing forex market will linger. |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by owagbeba: 9:04am On Sep 18, 2021 |
SeaTrade: 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! |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by SeaTrade(m): 9:13am On Sep 18, 2021 |
owagbeba:I understand your point,you wanna make aboki obsolete.Very superior argument and I endorse this. But then again,pushing the rates up to the aboki figure is called devaluation. Foreign investors both in Nigerian stocks and some real sectors will lose confidence in Nigeria and want to cut their losses and pull out their cash at once! How do you think the CBN can manage that? So why lose all that just because you are chasing away some group of abokis? |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by SeaTrade(m): 9:18am On Sep 18, 2021 |
hahn:-To actually help that country's manufacturing sector and industry grow.No one wants its country to be a dumping ground for finished products from other places,especially in 3rd world countries that really need industries to grow. -Limiting it is because they don’t even have that much dollar to begin with and also Nigeria debt in dollars is very huge right now,so no room for unnecessary dollar expenses. -Seme border closure was for same reason as my first point,grow local industry. That place is used to smuggle all sorts of things into Nigeria,with Nigeria making almost zero revenue from it. You can't pay Duty in Cotonou and not pay anything to Nigeria,no Country will let you do that. |
Re: Terrorism: Criminals Buy Dollars From BDCs To Import Arms – Emiefele by Xman12345goat: 9:19am On Sep 18, 2021 |
Naira to hit 615 soon |
My Donation And Contribution To Buhari Campaign (Picture) / Osinbajo On A Condolence Visit To Pa Fasinro’s Family And Pastor Olorunnimbe / Nigerian Senators, Reps To Pocket N23․7 Billion As Gratuity, Allowances
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 110 |