TenQ:

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!

My bdc guy said they are raiding them now trying to force them to sell CBN rate. I advice everyone that has $ to keep it in their pocket because this is only going to get worse, as they are busy raiding bdc manufacturers are busy relocating away from Nigeria, so its only going to get worse ,banks will continue to sell to bdc and ask their customers to go buy from their, let CBN deal with that first.

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

Bureau the change doesn’t fix rates as they like, they work with officials bank rates and fix their marginal profits based on demand and supply. Anybody can sell his dollars higher if has good reasons.

adonainana:


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

The banks are ready to sell PTA and BTA as long as you are with the proper documents.

It is easier to get PTA than BTA, as long as you are traveling out of west africa, just with your admission letter for those in school), traveling ticket and visa, you can get a PTA

thebosstrevor1:


Buying and selling tomatoes is different from trading currency

You don't know anything, you're not intelligible... I was looking to see your smart answer to the person's smart takes and this is all you could come up with?
I don't comment on this forum but I had to log in to let you know you're dumb.
Goodbye, back to my dormancy here, won't even reply you fool

Mind boggling nonsense!!

makky4y:
You don't know anything, you're not intelligible... I was looking to see your smart answer to the person's smart takes and this is all you could come up with?
I don't comment on this forum but I had to log in to let you know you're dumb.
Goodbye, back to my dormancy here, won't even reply you fool

Better go back to your dormacy.

I noticed that anytime, you small rats want to take a jap at me, you crawl out from your hiding place to abuse so that i can notice you then you run back to where you came out from in fear.

jaxxy:


Bureau the change doesn’t fix rates as they like, they work with officials bank rates and fix their marginal profits based on demand and supply. Anybody can sell his dollars higher if has good reasons.

Bdc fix price. They buy at cheaper rate from the cbn when they had access

When the exchange rate was 380, they were selling for 450.

The exchange rate is presently 411, they are exchangung for 530.

Is that not fixing

hosemujica:
My bdc guy said they are raiding them now trying to force them to sell CBN rate. I advice everyone that has $ to keep it in their pocket because this is only going to get worse, as they are busy raiding bdc manufacturers are busy relocation away from Nigeria, so its only going to get worse ,banks will continue to sell to bdc and ask their customers to go buy from their, let CBN deal with that first.

Whao!
Just as water will find its level.
Nigerian traders must find sources for the dollar raid or no raid to bdc.

Although, a temporary way out (if the dollars are sourced from the CBN is to force them to sell at a N10 mark-up). But since the dollars to the bdc is not from the CBN again, you cant force the BDC to sell below their Cost Price.

I am ashamed at our Economists maning the national economy. They seem to have lost ideas of what to do.

thebosstrevor1:


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

You seem not to have an idea how money or a national currency is VALUED!

Crooked and unpatriotic Nigerians will go to the banks and the CBN with fake letters, tickets and visas that they are traveling, they will buy FX at cheap rates than go to Aboki and other places to sell the FX for more money and pocket their own share of the National cake.

........but same useless Nigerians, the same crooked and corrupt unpatriotic Nigerians still want you to belie that Nigeria is not messed up because of them...

Nigerians are always the Crooks and the main problem so spare us the crocodile tears.

thebosstrevor1:


The banks are ready to sell PTA and BTA as long as you are with the proper documents.

It is easier to get PTA than BTA, as long as you are traveling out of west africa, just with your admission letter for those in school), traveling ticket and visa, you can get a PTA

Pls be quiet and stop replying me, they are ready to sell PTA

People have multi million dollar import bill on the line and there is no forex at the official market to get to everyone yet you still replying me telling me rubbish

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.

It's refreshing to have bright ,logical and non sentimental people like you on this forum...

TenQ:

You seem not to have an idea how money or a national currency is VALUED!

So Mr economist, how is it valued, so why is the currency of a developed country like japan trading at 109 yen to a dollar.

How come the korean won is trading at 1187 to the dollar.

Or is it also demand and supply?

ichidodo:
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

What natural disaster is worse than buhurricane?

adonainana:


Pls be quiet and stop replying me, they are ready to sell PTA

People have multi million dollar import bill on the line and there is no forex at the official market to get to everyone yet you still replying me telling me rubbish

It is good that you are angry. It is the ignorance in you.

Pta and bta are accessible to any one with the right documents.

Fyi, no big business in Nigeria that has multi million dollar import bill is complaining about forex because the bulk of forex in Nigeria goes to them.

thebosstrevor1:


So Mr economist, how is it valued, so why is the currency of a developed country like japan trading at 109 yen to a dollar.

How come the korean won is trading at 1187 to the dollar.

Or is it also demand and supply?

Every country who produce MORE than the IMPORT will have a strong currency.

Every country who consume IMPORT and have less of production will have a weak currency.

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.

TenQ:

Every country who produce MORE than the IMPORT will have a strong currency.

Every country who consume IMPORT and have less of production will have a weak currency.

So according to your theory, japan and korea consumes import and have less production that is why their currency is weak?

I told you before, your books are filled with theories that are not applicable in real life.

The Russian roubles is exhanged for 73 to a dollar.
The indian rupee is exchanged for 73 to a dollar.
The Afganistan afghani is exchanged for 79 to a dollar.

Is indian and Russia not developed than Afganistan?

Libya is at war, no production or manufacturing but it is the libya dinar is exchanging for 4 to a dollar


Another question, how is money created? What does your economy book have to say about that.

phineas:
Premium times,and you too?

What demand and supply is controlling the naira please? Is it the sum of our imports versus exports? Or an aboki association doing price fixing for its members on What the dollar price should be through a common platform?

If premium times can tell us of 1 developed country that allows a website publish the rates indivuals agree to part with their currency separate from its validated National rate then we will agree that it may be an acceptable practice.


However if you can't name 1,then ask yourself are they stupid to not let that happen? Or can we do better? Is this not trying to do better,the final question what side are you on PT

There's no serious country where two different rates are operated for exchanging the local currency to the USD...

And by the way... the exchange rate for all country's currency can easily be found on all forex trading websites..... Abokifx isn't even an exchange...whereas forex websites hav been known to perform insider trading and currency manipulation

thebosstrevor1:


Bdc fix price. They buy at cheaper rate from the cbn when they had access

When the exchange rate was 380, they were selling for 450.

The exchange rate is presently 411, they are exchangung for 530.

Is that not fixing

Yes definitely bt u can’t dictate to them what their rates should be in private business. It’s left for banks to make enough dollars available to those who really need it and not forex traders.

thebosstrevor1:


So according to your theory, japan and korea consumes import and have less production?

I didn't say this

thebosstrevor1:

I told you before, your books are filled with theories that are not applicable in real life.

Another question, how is money created? What does your economy book have to say about that.

Tell me a country in this world that doesn't have thousands of Toyota, Nissan, Lexus, Mitsubishi, Honda products. They all come from a single country with population one quarter that of Nigeria and land size half of Nigeria.

Do you know where KIA and Hyundai come from? South Korea!

Tell me a product Nigerian populace exports and is available in 10% of the countries of the world? Or can you tell me where in Nigeria we manufacture needles, pencils, paper, buttons, forks, knifes, phones, electronics, etc?

adonainana:


Policy number 1- not having enough implementation policies to defend the naira against the dollar in times of sever scarcity

Policy number 2- banning sale of forex to BDC some 2 months ago ( disastrous policy )

Policy number 3- not having a back up plan in light of alternatives to earn forex from the international market ( Nigeria only has crude oil to sell to earn dollars )

Nigeria is like this People like you who don’t n know much about anything more less the basics are in charge of running Nigeria

So nothing much to explain here

Where re the policies cos i can't find any

jaxxy:


Yes definitely bt u can’t dictate to them what their rates should be in private business. It’s left for banks to make enough dollars available to those who really need it and not forex traders.

You can, the cbn is the regulator and can regulate their affairs.

They collect licenses from the cbn to operate their businesses, the cbn has power over them.

What the bdcs are doing is trying to have power over the regulator.

In conclusion, there is no country in the world where the bdcs and the official rates are not unified.

TenQ:

Every country who produce MORE than the IMPORT will have a strong currency.

Every country who consume IMPORT and have less of production will have a weak currency.

Very flawed, not always the case..

thebosstrevor1:


You can, the cbn is the regulator and can regulate their affairs.

They collect licenses from the cbn to operate their businesses, the cbn has power over them.

What the bdcs are doing is trying to have power over the regulator.

In conclusion, there is no country in the world where the bdcs and the official rates are not unified.

Ok I agree since/IF they are regulated and licensed by Cbn.

TenQ:

I didn't say this


Tell me a country in this world that doesn't have thousands of Toyota, Nissan, Lexus, Mitsubishi, Honda products. They all come from a single country with population one quarter that of Nigeria and land size half of Nigeria.

Do you know where KIA and Hyundai come from? South Korea!

Tell me a product Nigerian populace exports and is available in 10% of the countries of the world? Or can you tell me where in Nigeria we manufacture needles, pencils, paper, buttons, forks, knifes, phones, electronics, etc?

Stop shifting goal post.

You wrote the theory below when i asked about japan and korea currency weakness against the dollar.

Every country who produce MORE than the IMPORT will have a strong currency.

Japanese yen is trading at 109 to a dollar, korean won is at almost 1200 to a dollar, why is that?

Libya is at war but the libya dinar is 4 dinar against the dollar.

What is libya producing?

India and Russia currencies are trading at 73 to a dollar.

Afganistan that is at destruction level is trading at 79 to a dollar.

Is Afganistan in the same economic situation as india and Russia?

I hope you can see the flaws in your theory

When it comes to ‘hard graft’ the Governor is very good at that. Hence he was able to raise to the very top at Zenith. But I think the post of CBN governor is slightly above his competence.

Babanah:
When it comes to ‘hard graft’ the Governor is very good at that. Hence he was able to raise to the very top at Zenith. But I think the post of CBN governor is slightly above his competence.

So if you were the cbn governor, how will you solve the given situation ?

Omooba77:
The same approach used in Venezuela that collapsed the economy..... Democratic dictators
If nothing urgent is done, it will be 800 to dollar in few weeks time....
Lalasticlala...

I fear that's where we're going - Venezuela. The kind of price increases we're seeing is beyond the exchange rate issue - we're looking at scarcity of basics, as a lot of items have already disappeared from the shelves.

thebosstrevor1:


Stop shifting goal post.

You wrote the theory below when i asked about japan and korea currency weakness against the dollar.

Every country who produce MORE than the IMPORT will have a strong currency.

Japanese yen is trading at 109 to a dollar, korean won is at almost 1200 to a dollar, why is that?

Libya is at war but the libya dinar is 4 dinar against the dollar.

What is libya producing?

India and Russia currencies are trading at 73 to a dollar.

Afganistan that is at destruction level is trading at 79 to a dollar.

Is Afganistan in the same economic situation as india and Russia?

I hope you can see the flaws in your theory

The strength of a currency is dependent on its purchasing power.
Let me ask you a question
Which of these currency is weaker
100 naira
10000 kobo!

Note:
1 Yen is the smallest denomination of the Yen. Just like our 1 kobo is the smallest denomination of the Naira
Note:
1 Won is the smallest denomination of the Won. Their coins starts at 5Won

Calculate inflation of the Naira based on the smallest official denomination and let's see who has the strongest currency.

Secondly:
What is the minimum wage in Nigeria, Japan and South Korea?
Nigeria= N30,000 per month
S-Korea = 1,822,480 Won per Month
Japan= 156,173.3 Yen per month
Japan National Minimum Wage - NMW 2020 | countryeconomy.com
Minimum Wage Increases in 2021 for New Zealand, South Korea ...

So, who is poorer?
A country that can afford to pay you or one that cannot afford to pay you?

JuanDeDios:

I fear that's where we're going - Venezuela. The kind of price increases we're seeing is beyond the exchange rate issue - we're looking at scarcity of basics, as a lot of items have already disappeared from the shelves.

Go to many markets, stores, supermarkets and see how fewer the goods being displayed are. The purchasing power of people is drastically waning down by the day.

Omooba77:
The same approach used in Venezuela that collapsed the economy..... Democratic dictators
If nothing urgent is done, it will be 800 to dollar in few weeks time....
Lalasticlala...

What approach was used in Venezuela That Nigeria is using?

Have you forgotten that Venezuela was on sactions and an embargo put on sales of oil