₦airaland Forum

thebosstrevor1:
You are full of bullshit.

They asked you a simple question, see the rubbish you posted.

If all this actions or omissions are bull...... to you, then I feel sorry for you

Esseite:
The CBN took the right decision, ABOKIFX was fast becoming another CBN without regulations.. it was the go to hub for street rates and open to fraud.

E.g Aboki Fx could buy 1 million dollars this morning and sell in the afternoon with the propaganda on an increase in rates.. it's open to manipulations.

ABOKIFX took away the haggling of rates by putting in a fixed rate.

CBN did good, since they shut down ABOKI, dollar has remained same price without the increase on hourly basis we had before now.

Many will not understand or agree to these insights you have given.

phineas:
The real effect of a policy is not always short term,it's long term.eg the real effecnt of BVN was not in the first 3 months.

Plus you expect the parallel market not to fight back with its rate fixing? What is the explanation of over 30% increase above the Official rate?

Like someone mentioned above when there is no war or natural disaster then something is wrong somewhere.before you all shout demand and supply,when economists talk demand and supply in relation to forex the don't mean your middle men abokis,you all made the abokis and their spokesman the defacto CBN in Nigeria,thats very abnormal

In Nigeria its simply a middle man problem in buying and selling matters.The solution,remove the middleman and their enablers.Thats whats done everywhere in the world,thats common sense.

Many won't understand what u just said. I am tired of arguing.

TenQ:
No.
1. The bulk of the traders who need Dollars can not legally source it from the Banks.
2. The CBN gave a limit of $100 per month which is grossly inadequate for the small trader.

If I want to import pressure cookers of $2000, where do you advise that I get my forex (we dont manufacture pressure cookers in Nigeria)

Abeg Baba pls leave the guy, all these kids on Nairaland self

Most of them don’t know much about anything more less about simple demand and supply

And every time we keep telling them an unofficial market has nothing to do
With your woes cos it’s a black market made popular by the official market lack of effectiveness but yet they don’t get the gist

So pls abeg let’s leave the guy when naira is 650 to dollars in December let’s see who else would be used as scape goat

AbokiFx is a dot in a circle, having less to nothing influence to cause prices to rise or fluctuate all over Nigeria Fx market...

AbokiFx can never wedge 1% the influence of BDC over the FX market. Don't be surprise that their is a bigger picture to this behind the scene. Maybe AbokiFx refuse to perform one duty to one cabal, and the cabal just call Emefiele to do something. " I will show AbokiFx who we be" syndrome.


People hide behind the term Govt to commit many hideous crime, against the people, the law and constitution of a country.... maybe the constitution is merely a doc to them.

CBN should just stop disgracing us and the great Economists of this country. Let them tell this rubbish to the market women and not to us. Demand and Supply will always control the market and determine the price, and most times the govt intervenes, it ruffles the system.

adonainana:
So if it’s illegal to trade on the black market how do you want people to
Import machinery raw materials and the phone you are using to type the rubbish you are typing from overseas into Nigeria

Even if you are ignorant surely I am very sure your response to my message won’t be to go and queue in a Nigerian bank to import millions worth of materials

Pls surprise me and give me an intelligent response

You have never written intelligent except maybe you believe in your own delusions.

If you want to buy dollar, go to the banks and submit your request with the neccesary documents and they will give you.

It is cheaper to buy dollars in the banks than the black market.

thebosstrevor1:
You have never written intelligent except maybe you believe in your own delusions.

[/b]If you want to buy dollar, go to the banks and submit your request with the neccesary documents and they will give you.[b]

It is cheaper to buy dollars in the banks than the black market.

You are a very narrow minded inexperienced boy for this statement, I was quite skeptical about what I earlier said but what you just said now confirms it

You have a lot to learn about doing business or importation in general or anything about macro economics or beyond

It’s very unfortunate that there are so many of people like you running things in Nigeria today

Just so unfortunate

Can you imagine if you want 10 million dollars to import machinery go to a Nigerian bank and submit a request, even if CBN see 10 million dollars gan self I’m sure they will keep it to sort more important things about themselves out more less

adonainana:
as funny as it sounds for you people who don’t get the gist .

You can buy dollars now at whatever price Aboki is selling it and wait 3 months and you will sell for a big profit

We can use someone here in nairaland as escrow if you would like to place a bet on it.

So I don’t know which world some of you people are from, you swallow everything hook line and sinker
There are inadequate policies making the naira tumble against foreign currencies, instead you go and attack someone displaying rates on his website

You people are very funny. How may Aboki’s know what website is more less a website that displays rates

Let say Buhari can’t reason well for himself, what about the rest of you guys

What sort of embarrassment is this

Are you in Nigeria?

If so you will know Abokifx is the unofficial reference point for the parrallel market by abokis and bureau the change as well as the public.How come all abokis have the same rate everywhere in the country morning,afternoon and night,all of them reporting the same variation nationwide? Ask them they why they will tell you abokifx....

It has far reaching implications too because they also carry retrospective data.so they becone the unofficial source for transactions that should not even be ,audits for 5 years ago are done with abokifx, why must ending the parallel market and their first representative spokesperson be an arguement if we really want progress?

What we all should be discussing Is how to make dollar more available to the layman and if you know Nigeria well it's a little better at the banks now,banks are begging people to apply for dollars with their visas same way they started begging people to apply for loans,these were the same bankers selling visa dollar to just themselves, but theres still more that needs to be done,faster processing time for form M,direct access to the yuan ,official pay routes for china made easy,these are the conversations we should be having.

If there are 10 steps to strengthening the naira,shutting down the parallel market and making dollars available easily to all will be at least the first 5, hoarders will let go when they know no abokifx to change the value of their money in 3 weeks ,thats Nigerias own context based solution,you don't need to be an economist to see that

hosemujica:
You are talking to low IQ guys who don't own know know what business people face in Nigeria. Pen and paper economists ? Abeg someone said the black market rate is $595 how true?

It's amazing that many Economics graduates speak like this: they think that FISCAL policies can exist without the underlying PRODUCTION of goods and Services. All they see is making high sounding pronouncements to build an economy.

I am not sure of N595 to dollar rate. It seems its about N420 (not sure though)

*Edited: Everyone on the internaet is quoting the CNB rate o!

Bro. I read that and l could not believe it.

SirBlack999:
This regime could have been avoided if not for Lagos Intellectuals. I remember one tweeting something that goes like; 'Buhari imprisoned my father, but I'll vote for him because he's a reformed Democrat'.

Lastly, it will never be well with them

adonainana:
You are a very narrow minded inexperienced boy for this statement, I was quite skeptical about what I earlier said but what you just said now confirms it

You have a lot to learn about doing business or importation in general or anything about macro economics or beyond

It’s very unfortunate that there are so many of people like you running things in Nigeria today

Just so unfortunate

You are the definition of a fool.

You have never in your life seek for dollar, neither have you ever gone to the bank for anything, you type rubbish on nairaland Because you have a smart phone. It is just so sad that the person behind the smart phone is a dumb user.

I will write this again, if you want to buy dollar, go to the bank with the neccesary documents and they wil sell it to you in addition, it is cheaper to get dollars from the bank. Even the black market sellers get from the bank and sell for high margins to unsuspecting and desperate buyers in the street market

Truthissupreme:
Shebi Emefile said they are ending all black market forex trade

How come abokeys are still doing bureau de change till date

I never knew an unknown website could be the cause of naira plummeting till Emefile vomited his statement

Where did you get this information from? If you don't have proper information Google is your friend.

adonainana:
Abeg Baba pls leave the guy, all these kids on Nairaland self

Most of them don’t know much about anything more less about simple demand and supply

And every time we keep telling them an unofficial market has nothing to do
With your woes cos it’s a black market made popular by the official market lack of effectiveness but yet they don’t get the gist

So pls abeg let’s leave the guy when naira is 650 to dollars in December let’s see who else would be used as scape goat

Maybe we need to make compulsory for anyone to be elected to have GST in Economics both Micro and Macro.

We simply need to find a way to earn more foreign exchange and stop all these demand for foreign goods & boast our reserves... but no. All we have are lazy people in govt who are
not different from ritualist ( Just wakeup and see money mentality) living fat on scarce dollars, but always looking for who to blame.

Thank God they have stopped blaming PDP for their failures now.

thebosstrevor1:
I am not over looking law of demand and supply.

But currency speculation is what most people use the dollar for in Nigeria

Demand and supply is the basis on what speculations are also based upon.

If everyone can get up to $5000 easily from the banks at the rate of N410, why would I go to the BDC to buy the same dollar at N520?
How come everyone cannot get dollars easily from the banks?
Does the CBN have enough dollars to meet the needs of Nigerians?

Give me a good reason why a Nigerian will buy dollars from BDC at a much more expensive price: do they have other alternatives of sourcing forex?

philip0906:
Let them be deceiving themselves. Today, the dollar sold for 595. The real black market are the guys on the streets not AbokiFx who simply curates.

We shall see if Buharinomics can beat the basic economic principle of demand/supply.

Lol where did you buy from?

danowena:
Many won't understand what u just said. I am tired of arguing.

Sorry ehn,just see it as your patriotic duty.

Have you heard the phrase concerning a certain place "may those that love her prosper"

so long as you sow good, wish good ,do good and speak good for the land you live on,leave the earth to do the rest"

philip0906:
Let them be deceiving themselves. Today, the dollar sold for 595. The real black market are the guys on the streets not AbokiFx who simply curates.

We shall see if Buharinomics can beat the basic economic principle of demand/supply.

You mean binance p2p price.

phineas:
Are you in Nigeria?

If so you will know Abokifx is the unofficial reference point for the parrallel market by abokis and bureau the change as well as the public.How come all abokis have the same rate everywhere in the country morning,afternoon and night,all of them reporting the same variation nationwide? Ask them they why they will tell you abokifx....

It has far reaching implications too because they also carry retrospective data.so they becone the unofficial source for transactions that should not even be ,audits for 5 years ago are done with abokifx, why must ending the parallel market and their first representative spokesperson be an arguement if we really want progress?

What we all should be discussing Is how to make dollar more available to the layman and if you know Nigeria well it's a little better at the banks now,banks are begging people to apply for dollars with their visas same way they started begging people to apply for loans,these were the same bankers selling visa dollar to just themselves, but theres still more that needs to be done,faster processing time for form M,direct access to the yuan ,official pay routes for china made easy,these are the conversations we should be having.

If there are 10 steps to strengthening the naira,shutting down the parallel market and making dollars available easily to all will be at least the first 5, hoarders will let go when they know no abokifx to change the value of their money in 3 weeks ,thats Nigerias own context based solution,you don't need to be an economist to see that

So the parallel market that has being there since the 1980’s because the dollars in the official market can not go around is what you want to shut down in 2021

Also how come all Aboki’s have similar rates, so you’ve never been told an identical demand/ supply for a commodity determines the price

Banks are also begging people to apply for dollars just like they are begging people to apply for loans I laugh,

A Nigerian bank will be begging you to come and apply for a 10 million dollars you need to
Import your raw materials and you have naira in exchange. Really a Nigerian bank would
Be begging you to do this loooool

Without Aboki Fx website came in 2014, so you didn’t think there was a way to find out what the dollar was to naira in almost every local
Government in Nigeria if you had the time

Kai i feel sorry for Nigeria oooo

I feel sorry for people like you too

They call a market an unofficial market where dollars is exchanged and is popular cos you get absolutely nothing from the official market

Instead you want to leave the official market and come and shut the black market down, and you donthis by blaming a website abi

Omo I’m tired of people with your Buhari like reasoning

It’s a travesty to real economists out there

PlanktonX:
Maybe we need to make compulsory for anyone to be elected to have GST in Economics both Micro and Macro.

We simply need to find a way to earn more foreign exchange and stop all these demand for foreign goods & boast our reserves... but no. All we have are lazy people in govt who are
not different from ritualist ( Just wakeup and see money mentality) living fat on scarce dollars, but always looking for who to blame.

Thank God they have stopped blaming PDP for their failures now.

Your GST is better than all the PHD s in the CBN and the internationals they consult?

Everyone, whether PDP,APC,APGN and others should support emefiele on this one,it's not an easy task for him,its possibly him against a strong cartel,every one should drop their differences and be on board this one.The future of the Nation will need this

adonainana:
Abeg Baba pls leave the guy, all these kids on Nairaland self

Most of them don’t know much about anything more less about simple demand and supply

And every time we keep telling them an unofficial market has nothing to do
With your woes cos it’s a black market made popular by the official market lack of effectiveness but yet they don’t get the gist

So pls abeg let’s leave the guy when naira is 650 to dollars in December let’s see who else would be used as scape goat

It's amazing that even many Economics graduates speak like this: they think that FISCAL policies can exist without the underlying PRODUCTION of goods and Services. All they do is making high sounding pronouncements and grammar as if it will build the economy.

thebosstrevor1:
You are the definition of a fool.

You have never in your life seek for dollar, neither have you ever gone to the bank for anything, you type rubbish on nairaland Because you have a smart phone. It is just so sad that the person behind the smart phone is a dumb user.

I will write this again, if you want to buy dollar, go to the bank with the neccesary documents and they wil sell it to you in addition, it is cheaper to get dollars from the bank. Even the black market sellers get from the bank and sell for high margins to unsuspecting and desperate buyers in the street market

Okay I agree I am a fool but one last question if it’s was cheaper to go to the bank to get dollars for really cheap, why the unprecedented demand for dollars at the black market where dollars is way much higher

So how come ?
Pls keep the answe r to yourself ooo kid

TenQ:
Demand and supply is the basis on what speculations are also based upon.

If everyone can get up to $5000 easily from the banks at the rate of N410, why would I go to the BDC to buy the same dollar at N520?
How come everyone cannot get dollars easily from the banks?
Does the CBN have enough dollars to meet the needs of Nigerians?

Give me a good reason why a Nigerian will buy dollars from BDC at a much more expensive price: do they have other alternatives of sourcing forex?

No sir, this isnt driven by only demand and supply.

At the moment, Nigeria does not have enough supply of dollar to go round, so what the cbn does is to ration the supply of dollars into important sector of the economy and then placed a ban on some goods from accessing dollars

Those who can't access dollars because their goods are placed on the cbn banned lists rushed to the bdcs, who then sell dollar to them at high rate fueling a speculation bubble. The government is trying to stop the bubble by banning bdcs and making sure there is only a single official rate.

Even if nobody demands for dollar, the exchange rate can still increase or fall depending on the policies of the government

adonainana:
Okay I agree I am a fool but one last question if it’s was cheaper to go to the bank to get dollars for really cheap, why the unprecedented demand for dollars at the black market where dollars is way much higher

So how come ?
Pls keep the answe r to yourself ooo kid

1. The demand for dollars in the open market are from people who don't have the neccesary documents to seek for dollars from the banks.

2. Small time buyers (petty buyers)

3. Traders who their goods are banned by the cbn from accessing forex.

4. Terrorists who want dollars to buy weapons

thebosstrevor1:
1. The demand for dollars in the open market are from people who don't have the neccesary documents to seek for dollars from the banks.

2. Small time buyers (petty buyers)

3. Traders who their goods are banned by the cbn from accessing forex.

4. Terrorists who want dollars to buy weapons

Wow such an intelligent analysis and for the demand for all this Groups to be almost 98 percent of the total means we are in big trouble sha

Imagine terrorists coming to the open market to buy arms all the time so much the price goes up and once they finished using the weapon they bought the last time they are back again to buy new ones

The buyers too you said thier goods are banned from Fx by the CBN from
Getting it through the bank at a cheaper rate. Kilode what did those one do, are there goods terrorists goods too that they have been banned from getting Fx from the CBN

And the first category of people who don’t have the docs hmm what Doc could a bank possibly want from me to help me exchange 100 million naira to dollars at the cheaper official 410 naira rate

If you like keep deluding yourself and don’t listen to correction, that one is your own problem

Even common travel allowance walk into any bank and say pls I need $4000 PTA and I have naira, pls give it to me and let me know what the bank tells you

Pls stop the delusion and grow up

thebosstrevor1:
No sir, this isnt driven by only demand and supply.

I didnt say this

thebosstrevor1:
At the moment, Nigeria does not have enough supply of dollar to go round, so what the cbn does is to ration the supply of dollars into important sector of the economy and then placed a ban on some goods from accessing dollars

Even if nobody demands for dollar, the exchange rate can still increase or fall depending on the policies of the government

Whenever the supply of Tomatoes in the market cannot go round, the price of the available tomatoes will INCREASE
Whenever the supply of Dollars in the market cannot go round, the price of the available Dollars will INCREASE

This is BASIC demand and Supply and this is the reason the BDC can charge so much for the dollar.

thebosstrevor1:
Those who can't access dollars because their goods are placed on the cbn banned lists rushed to the bdcs, who then sell dollar to them at high rate fueling a speculation bubble. The government is trying to stop the bubble by banning bdcs and making sure there is only a single official rate.

The government has not banned BDC neither have they enforced their regulation.
Let me help you comprehend this:
If the alternative sources of Tomatoes in a Market are blocked and there is very little supply of tomatoes in the market, wouldn't it encourage those who can get tomatoes illegally to begin to open illegal selling outfits?
Do you think the tomatoes will be sold at cheap prices?

If the government stops the BDC and the CBN is unable to meet the need of the citizens, what do you think people who need dollars will do?
If you are given $1000 by your friend in USA and you heard that someone want to buy dollars at N700 per dollar, will you sell to such a person or you will go to your bank to sell your dollars to them at N412?

TenQ:
I didnt say this

Whenever the supply of Tomatoes in the market cannot go round, the price of the available tomatoes will INCREASE
Whenever the supply of Dollars in the market cannot go round, the price of the available Dollars will INCREASE

This is BASIC demand and Supply and this is the reason the BDC can charge so much for the dollar.


The government has not banned BDC neither have they enforced their regulation.
Let me help you comprehend this:
If the alternative sources of Tomatoes in a Market are blocked and there is very little supply of tomatoes in the market, wouldn't it encourage those who can get tomatoes illegally to begin to open illegal selling outfits?
Do you think the tomatoes will be sold at cheap prices?

If the government stops the BDC and the CBN is unable to meet the need of the citizens, what do you think people who need dollars will do?
If you are given $1000 by your friend in USA and you heard that someone want to buy dollars at N700 per dollar, will you sell to such a person or you will go to your bank to sell your dollars to them at N412?

Buying and selling tomatoes is different from trading currency

adonainana:
Wow such an intelligent analysis and for the demand for all this Groups to be almost 98 percent of the total means we are in big trouble sha

Imagine terrorists coming to the open market to buy arms all the time so much the price goes up and once they finished using the weapon they bought the last time they are back again to buy new ones



The buyers too you said thier goods are banned from Fx by the CBN from
Getting it through the bank at a cheaper rate. Kilode what did those one do, are there goods terrorists goods too that they have been banned from getting Fx from the CBN

And the first category of people who don’t have the docs hmm what Doc could a bank possibly want from me to help me exchange 100 million naira to dollars at the cheaper official 410 naira rate

If you like keep deluding yourself and don’t listen to correction, that one is your own problem

Even common travel allowance walk into any bank and say pls I need $4000 PTA and I have naira, pls give it to me and let me know what the bank tells you

Pls stop the delusion and grow up

You are irredeemable.

Your reply showed how ignorant you are.

Let me correct you, It is not only PTA ( personal business allowance) but BTA ( Business travel allowance) for business entities ( PTA is limited to 4k per quarter whike BTA is limited to 5k per quarter in a year)

2. If your goods are banned from accessing forex by the cbn, you can't also access forex from the banks.

3. You need documents to access both BTA and PTA, you need form A and other supporting documents.

4. Terrorists needs fx to buy guns from their international gun runners and open bdc is easy for them to access that.

thebosstrevor1:
Buying and selling tomatoes is different from trading currency

Did you study any Economics in school?
I doubt, else you wouldn't speak like this!

In economic theories these (money, tomatoes, clothes, cement etc) are ALL Commodities and subject to the Law of Demand and Supply

thebosstrevor1:
You are irredeemable.

Your reply showed how ignorant you are.

Let me correct you, It is not PTA ( personal business allowance) but BTA ( Business travel allowance) for business entities

2. If your goods are banned from accessing forex by the cbn, you can't also access forex from the banks.

3. You need documents to access both BTA and PTA

No need to correct me just go to any bank and walk in and say you would like the travel allowance of $4000 and go in with all the docs you may need in this life and let me know what they tell you

And that’s just $4000 oooo more less multi million dollars in transactions people need to import

It’s so strange people who are told the truth and yet know the truth but for the sake of their own personal pride can’t chew on it

Thank God you didn’t repeat the part about terrorrists making the black market price... pls ooo Biko don’t let CBN government hear cos it’s BH he is blaming next when dollar gets to 600

Abeg pls you people should move to one side ooo and when you grow up and you grow into importing something like real businesses need to, go and submit your docs to your preferred bank and wait for your dollars to come in at the official rate

Adios my friend

ichidodo:
[color=#1980BC] Whatever fundamentals that has been floundering the Naira back in the 80s are still the same elements wreaking havoc in today's economy, therefore we understand the steady, I reiterate, steady decline of the Naira to the dollar,at least steady enough for the economy to grow at some demographic levels with a relatively stable inflation rate but the past few months have become worrisome if not alarming..The rate of erosion of today's Naira to the dollar can only be explained if the country is going through a catastrophic natural disaster or war but if not so then there's only one identifier SPECULATION...The likes of abokifx have only sought to engineer values so as to reap profits off the sweat of hardworking Nigerians, therefore moving against them should shore up the Naira, at least if Naira would reach 1000 to 1 Dollar let it get there in 3 years rather than 3 months with the way one man in the UK is fixing our currency rates..At least before 3 years I for don jakpa leave una.[/color]

You are making sense here and I share your sentiments. I have always wondered the parameters he uses to fix the exchange rates daily.

TenQ:
Did you study any Economics in school?
I doubt, else you wouldn't speak like this!

In economic theories these (money, tomatoes, clothes, cement etc) are ALL Commodities and subject to the Law of Demand and Supply

They are theories does not mean they are applicable in real life.