₦airaland Forum

Chelsea academy graduate Mason Mount has saved his club £70million, according to Paul Merson.

User09:
Until CBN guys actually cave in and outrightly ban the BDC and all dorm accounts in Nigeria. They are just chasing the wind. They probably wouldnt as a lot of their top guys own BDC's and benefit from roundtripping

There's a huge chunk of the demand for FX which is driven by speculation and greed. Dollar should not be used for speculative purpose or as a store of value in a naira driven economy

d only way to fight off d BDCs and control d dollar-naira rate is for govt to make dollar a legal tender in Nigeria... its very strange but daz d only solution... European countries spend euro and their national currencies simultaneously,, if we adopt spending dollars directly in Nigeria, we won't have need for bdc....if I can purchase most items directly with my dollar,,I won't need d service of bdc,,with dat there will be control of d exchange rate..

modified: Government can start by reducing d dollar to say #200,, den allow government agencies to receive dollar payments,, eg customs,,immigration,, FRSC,,FG hospitals,,licensing,,FIRS etc, will start receiving payments in dollars with regards to government official dollar rate...all Nigerians will be encouraged to open dollar accounts,, payments in dollars will be everywhere,, no more need for dollar hoarding...

d major challenge to D's strategy is dat there will be rise in fake dollars everywhere... so dat will be wat individuals will have to fight

Skimpledawg See as Brentford dey deal with Wolves.

User09:
Well CBN claims the management of Abokifx have multiple domiciliary accounts; thus could be benefiting from market manipulation

Is having multiple domiciliary accounts illegal?

raumdeuter:
Is having multiple domiciliary accounts illegal?

No, Not the owning, but determining or having such influence on what the rates should be while I own

Think of it as trading shares I'm able to fix the price

The way this podence sabi delete players

Almajirihunter:
The way this podence sabi delete players

The guy na werey I no know why the mumu coach no they start him but will use that big for nothing adama

User09:
No, Not the owning, but determining or having such influence on what the rates should be while I own

Think of it as trading shares I'm able to fix the price

Forces of demand and supply fix the price when there is too much local demand for fx but they cannot get it from the bank legally that is where the problem comes from

Almost 70% of dollar demand have to go to black market even to get PTA and BTA became almost impossible that the only way was to go to black market

Abokifx guy can write whatever he wants but market will determine. This abokifx guy used to write 170 to dollar like 6yrs back do you think he just arbitrarily fix price? If he writes N200 today will sellers sell to you at that price?

iamoyindamola:
The guy na werey I no know why the mumu coach no they start him but will use that big for nothing adama

Be like the guy just come from one long injury, the guy and Neto worry us last season. But be like two of them Dey injury prone, Adama suppose be super sub

Roland17:
Naaaa..

The black market situation of forex is horrible in comparison to the black market of fuel.. Nigeria is just tooooooo corrupt!

I wait to read other comments because me sef wan learn.

Roland17 with fuel, I believe most people can buy legally from official channels. In parts of the country where they cannot then prices will fluctuate wildly based on demand and supply

Almajirihunter:
Be like the guy just come from one long injury, the guy and Neto worry us last season. But be like two of them Dey injury prone, Adama suppose be super sub

Yes podence na injury prone, I followed him when he was in olympiakos very tidy player

macjireh:
d only way to fight off d BDCs and control d dollar-naira rate is for govt to make dollar a legal tender in Nigeria... its very strange but daz d only solution... European countries spend euro and their national currencies simultaneously,, if we adopt spending dollars directly in Nigeria, we won't have need for bdc....if I can purchase most items directly with my dollar,,I won't need d service of bdc,,with dat there will be control of d exchange rate..

modified: Government can start by reducing d dollar to say #200,, den allow government agencies to receive dollar payments,, eg customs,,immigration,, FRSC,,FG hospitals,,licensing,,FIRS etc, will start receiving payments in dollars with regards to government official dollar rate...all Nigerians will be encouraged to open dollar accounts,, payments in dollars will be everywhere,, no more need for dollar hoarding...

d major challenge to D's strategy is dat there will be rise in fake dollars everywhere... so dat will be wat individuals will have to fight

Naa. This would be a disaster all around especially in a cash based economy like Nigeria.

Makes it easy for the Politicians to steal funds and move offshore. I've got a strong feeling that most of the BDC patronage are from similar illegal txns/money launderers. Allowing them to determine the parallel rate is not an arms length view especially when you think that they were established to meet retail needs

raumdeuter:
Forces of demand and supply fix the price when there is too much local demand for fx but they cannot get it from the bank legally that is where the problem comes from

Almost 70% of dollar demand have to go to black market even to get PTA and BTA became almost impossible that the only way was to go to black market

Abokifx guy can write whatever he wants but market will determine. This abokifx guy used to write 170 to dollar like 6yrs back do you think he just arbitrarily fix price? If he writes N200 today will sellers sell to you at that price?

Hoarders, Arbitrageurs, speculators, Money launderers all form a large percentage of this demand and would always drive the rates downward irrespective of the supply. Doesnt take a genius to see that. If you take this out, I'm almost certain CBN can meet the actual trade needs.

User09:
Well CBN claims the management of Abokifx have multiple domiciliary accounts; thus could be benefiting from market manipulation

This is the only way to nail them really i.e ascertain they are trading and as such manipulating the price , but as per the site and the rates displayed, it’s just noise.

Why do we have a parallel rate in the first place? It’s because government has refused to do the needful creating room for arbitrage.

User09:
Naa. This would be a disaster all around especially in a cash based economy like Nigeria.

Makes it easy for the Politicians to steal funds and move offshore. I've got a strong feeling that most of the BDC patronage are from similar illegal txns/money launderers. Allowing them to determine the parallel rate is not an arms length view especially when you think that they were established to meet retail needs

.
I forgot to add,,wat if dollar is handled digitally IE making dollar transactions cashless,, will that help?

Liverpool don dey buy REF. See correct PK way VAR no check LiVARfool

What's it with the cross over the ball ritual during FK. I mean the guy had already cross the ball, then went back only to cross the ball again before it was kicked like what's the point

raumdeuter:
Roland17 with fuel, I believe most people can buy legally from official channels. In parts of the country where they cannot then prices will fluctuate wildly based on demand and supply

Dayo who do you think are the major forces of demand and supply for the dollar? The average poor man on the street or the rich politicians and business men who don't form 5% of the Nigerian population? The dollar is not Garri/ rice or a staple like fuel needed for daily consumption. How many Nigerians have domiciliary accounts? How many Nigerians actually need domiciliary accounts to survive daily?

Fuel is an inevitable commodity and while there are official channels to buy them, there are also illegal refineries abound in the SS that keep the black market and main markets going. These illegal refineries have produced many millionaires in that region. Because the pull factor for fuel is being determined by all Nigerians especially the average and poor, the black market has some sanity in comparison to the FX black market.

Remember, I am not saying CBN can eliminate the black market because it is nearly impossible considering the powers behind the pull of the dollar but they can bring some sanity to that market with these decisions. Some one said something the other day, in saner climes, does any Government allow any website to publish rates?

Roland17 do not discount the millions of middle class Nigerians who buy foreign made products phones TVs cars. The under 50 employed Lagosian has gadgets that are purchased in dollars from importers who use dollars

how is city still goalless at 90mins...Southampton wants to show teams how to play city

Sterling is minus 5 in this game. He kept messing up changes and just robbed City of their win. Should’ve let the other guy tap it in.

Useless and selfish.

raumdeuter:
Roland17 do not discount the millions of middle class Nigerians who buy foreign made products phones TVs cars. The under 50 employed Lagosian has gadgets that are purchased in dollars from importers who use dollars

But this rise in dollars is really affecting them

Airfart hasn't dropped his insights on the subject at hand?

maybe he can educate we the illiterates on central bank's alternate sources of revenue

School us bros

raumdeuter:
Roland17 do not discount the millions of middle class Nigerians who buy foreign made products phones TVs cars. The under 50 employed Lagosian has gadgets that are purchased in dollars from importers who use dollars

Middle class is an allusion in this country. We were having a discussion in my office this past week and someone like u just did referred to us as middle class/emerging middle class ; funny thing is another person was able to make us see that the whole middle class talk na bobo.

On salary day u can categorically boast of being in the middle class and then a week after u've sorted Ur personal needs, catered for Ur aged parents whom Govt don't pay their pension, Ur sibling who is yet to get a job, Ur car maintenance, Ur personal savings and then u are living below poverty line before the next pay day.

The number of people living below poverty line makes it quite difficult for u to stay in the middle class in this country more than a month.

As regards Ur talk about buying new electronics and gadgets that has direct relationship with dollar, fogerit mehn!....All the so called middl3 class people in this country ride tokunbo vehicles; as a matter of fact only few MD's of companies buy new vehicles....now think of their subordinates who are supposed to be in the middle class

I find this transfer news quite funny

BlueRayDick:
Middle class is an allusion in this country. We were having a discussion in my office this past week and someone like u just did referred to us as middle class/emerging middle class ; funny thing is another person was able to make us see that the whole middle class talk na bobo.

On salary day u can categorically boast of being in the middle class and then a week after u've sorted Ur personal needs, catered for Ur aged parents whom Govt don't pay their pension, Ur sibling who is yet to get a job, Ur car maintenance, Ur personal savings and then u are living below poverty line before the next pay day.

The number of people living below poverty line makes it quite difficult for u to stay in the middle class in this country more than a month.

As regards Ur talk about buying new electronics and gadgets that has direct relationship with dollar, fogerit mehn!....All the so called middl3 class people in this country ride tokunbo vehicles; as a matter of fact only few MD's of companies buy new vehicles....now think of their subordinates who are supposed to be in the middle class

For salaried people without side hustle to cushion the effects of rising cost of living and commitment to family members they're not middle-class in the truest form of the word but if you look closely at those living around you and what their average income is then you may likely agree that there exist a pseudomiddle-class

Griffon:
I find this transfer news quite funny

Like one man said if you focus on programs, policies and institutions alongside the quality of people you will not make enemies out of people based due to partisan politics because the Creed and religion of politicians is vested interests. But sadly we can't think beyond certain prejudices and affiliations in this part of the world.
Insecurity, unemployment, inflation, poverty, poor healthcare systems, bad roads are nondiscriminatory part of our lives but we tend to not look at things from this angle.

Griffon:
I find this transfer news quite funny

Lols, the season of cross-carpeting in Nigeria's political arena is starting to get busy.

BlueRayDick:
Middle class is an allusion in this country. We were having a discussion in my office this past week and someone like u just did referred to us as middle class/emerging middle class ; funny thing is another person was able to make us see that the whole middle class talk na bobo.

On salary day u can categorically boast of being in the middle class and then a week after u've sorted Ur personal needs, catered for Ur aged parents whom Govt don't pay their pension, Ur sibling who is yet to get a job, Ur car maintenance, Ur personal savings and then u are living below poverty line before the next pay day.

The number of people living below poverty line makes it quite difficult for u to stay in the middle class in this country more than a month.

As regards Ur talk about buying new electronics and gadgets that has direct relationship with dollar, fogerit mehn!....All the so called middl3 class people in this country ride tokunbo vehicles; as a matter of fact only few MD's of companies buy new vehicles....now think of their subordinates who are supposed to be in the middle class

Omo, the sense you made here eh, dem fit take am construct another ASO Rock villa

I don tell myself say next year no go sha see me for this country

LEON BAILEY, would do just fine in the premier league. I actually thought he was overhyped in Bundesliga.
But Boy'o'Boy, when this guy settles in well enough, He's gon be a bang.

BlueRayDick:
Middle class is an allusion in this country. We were having a discussion in my office this past week and someone like u just did referred to us as middle class/emerging middle class ; funny thing is another person was able to make us see that the whole middle class talk na bobo.

On salary day u can categorically boast of being in the middle class and then a week after u've sorted Ur personal needs, catered for Ur aged parents whom Govt don't pay their pension, Ur sibling who is yet to get a job, Ur car maintenance, Ur personal savings and then u are living below poverty line before the next pay day.

The number of people living below poverty line makes it quite difficult for u to stay in the middle class in this country more than a month.

As regards Ur talk about buying new electronics and gadgets that has direct relationship with dollar, fogerit mehn!....All the so called middl3 class people in this country ride tokunbo vehicles; as a matter of fact only few MD's of companies buy new vehicles....now think of their subordinates who are supposed to be in the middle class

Well said Brother.
I know many civil servants, Amosun turned to a pauper at ijebu-ode by using their salaries & cooperative savings as fixed deposit for his senatorial & Akinlade's gubernatorial bid.
Its a very sad situation.

OJURONGBE1:
LEON BAILEY, would do just fine in the premier league. I actually thought he was overhyped in Bundesliga.
But Boy'o'Boy, when this guy settles in well enough, He's gon be a bang.

Chelsea were chasing him that year