Nigeria is slowly becoming a failed country. I just hope it doesn't get there soon

SpecialAdviser:


Why do you guys keep calling this CBN governor? What nonsense?

Is Buhari not the president? Nobody can perform well under the lifeless man. Tell me one parastatal doing we'll.

aso rock

balladin:

If you have information please share it. I don't understand why time would fail you to provide some insight. CBN has been clutching at straws desperately lately to even understand the problem. From the naira for dollar incentive, now this. Didn't they know about Abokifx all these years? Or they simply didn't know about the activities of BDCs? I'm desperate to hear what you have to say about these very deep things that were going on. This same CBN has been reported to be printing naira. What was the expected consequence? Please tell us more.

I don't know how it runs in the south, here in the north, the CBN sells dollar to the BDC guys at around 400+ dollars and I think they have an agreed rate to which they sell to customers, somehow most BDCs use Aboki FX rates to sell, now the crime of AFx is that they speculate the price based on arbitrary financial data, nothing solid informs thier rates, equally they use it for financial gains as well bkos the owner of the site does not live here in Nigeria. Now these rates is not what they (BDCs) agreed with CBN. What does this do to the naira?

I'm an engineer, the prices of materials is pegged to the dollar (bkos most marketers import) if the parallel market rate is high 16mm metal sheet you bought 192K yesterday would be N260K today, there by disrupting manufacturing businesses and any Nation without a manufacturing hub dies a very rapid death (economy wise) not that we're doing so well but even the weak performance can be extinguished bkos of this foul play.


Bkos these guy's make dollar expensive despite the fact that they bought at official rate, it weakened the naira even in foreign markets, forex traders (in the financial markets) saw a sharp rise in the naira against the dollar, when CBN closed BDCs operation, these guys (BDCs) are part of the reason why some financial reforms don't hold water, some of our people who wish to exchange naira in foreign countries get strangled bkos of the high rates. A foreigner would smile bkos of such rates but a Nigerian would be strangled as well bkos of some funny guys who only cares about his profits and not his/her Nations stability as well.

The critical one is that some BDC operators are recruits for terrorist activities used to fund the activities of BH and Bandits, most funding comes from overseas in dollars, exchanging at high rates gives good profit hence why they could comfortably buy AK 47 which cost a minimum of 700K. About two were caught from Kano.


In light of all this since these guys cannot keep to the agreed terms they and CBN concluded, CBN now banned thier operations and called Aboki FX to book, CBN cannot attend to everyone who needs dollars hence the use of BDCs, since they banned thier operations you can only get dollars from banks now at good rates, more so since CBN regulates the banks, they can check mate thier rates and ensure stability.


Again a flip side to this could be for political reasons (another topic on it's own) against 2023, bkos DSS are aware of some of these financiers and fraudulent guys, they could easily fish out the bad guys and let the good ones continue legitimately at agreed rates with CBN. Again we live in a complex country.

Who is the worst President in the history of Nigeria ? At a old age, I would rather want good name than money. What have happened to our integrity?

henryutd:
Doomed economy. Attacking someone can't solve the economic crises.
What has ordinary Abokifx to do with the dollar rate? If there is an improvement in the economy, Dollar rate will come down even if Aboki posted higher rate on the websites.
Importation will kill this country one day.

During oBj , yaradua and GEJ was there no importation?
The goat leading the country is dumb simple

danowena:

I think there is a smear campaign going on and people are falling for it as usual., I bought at 560 @ around 4pm in Abuja.

People need to sit and think and not just get swayed by media propaganda.

Not so many people know the rates or check them. Majority depend on what they see online. I believe the price will further crash.

Yusufisraelj:
You can only get dollars from banks now at good rates.

True, but on paper.

SpecialAdviser:


Why do you guys keep calling this CBN governor? What nonsense?

Is Buhari not the president? Nobody can perform well under the lifeless man. Tell me one parastatal doing we'll.

Exactly, he is doing according what Buhari instructed.

Nathan101:


Naira is 550 to a dollar in Lagos island today I just got mine.

u sure say no be fake dollar u buy so ? Dat you got a cheap deal doesn’t mean that is the average net cost as at yesterday

charlsecy:
True, but on paper.

We know that's for the big boys (deep pockets), common man still day use BDCs.

OP, pls google the meaning of currency plunge.

When you say a currency plunged in Economics, you mean it fell

The naira did not plunge. It soared.

Such vitriol aimed at just one man (who is not a northerner) trying to do good for his country.

Emefiele is right on this one,and may God protect him

Did anyone notice the prices from the 3 locations are different? As opposed to a flat parrallel rate in all locations in the country, as was the former practice? the same flat everywhere and it changes morning afternoon and night,but the same in all locations.

That's the first win for emefiele on this one,I pray God gives him the strength and support he needs to hold on with this direction

Yusufisraelj:


My guy if you understand what's happening ehhh you go turn BDC, the "brokest" of them makes around 11K per day, that's over 200K per month.

This thing you see is very deep. Time would fail me to explain. But there's more to this thing than meets the eye. Emiefele is right on this fight, sincerely speaking.

I'll really appreciate it if you take time out to explain. Abokifx is just an information service like bloomberg, or are BDCs making Abokifx inflate price to cash out from customers?

phineas:
Such vitriol aimed at just one man (who is not a northerner) trying to do good for his country.

Emefiele is right on this one,and may God protect him

Did anyone notice the prices from the 3 locations are different? As opposed to a flat parrallel rate in all locations in the country, as was the former practice? the same flat everywhere and it changes morning afternoon and night,but the same in all locations.

That's the first win for emefiele on this one,I pray God gives him the strength and support he needs to hold on with this direction

This is not a good thing though it leads to information asymmetry which is not good for the market as different players will react to it differently and it could lead to artificial scarcity.
I'm not trying to argue in anyway but reading through this thread it's funny to see non-economists with no knowledge of sterilization etc come and throw opinions around as a fact.

Abokifx.com does speculation, yes! Does it affect currency valuations? Yes! Is the effect marginal? Most likely. Is that why naira is losing value so much? No.

We have a dollar liquidity issue. Too much naira is chasing the dollar. That's the problem. Short term solution is to increase the in flow of dollars which the CBN is trying to do with policies like get N5 for every $1 received and allow customers borrow naira against their $ dorm account.

What Abokifx.com gave us was a gold standard that stabilized the parallel market. It made it possible for one person in Enugu and another in Kano to buy and sell currencies at same rate. So there's no incentive for me to say I will not change in Imo because the rates are higher in Lagos.

Yusufisraelj:


I don't know how it runs in the south, here in the north, the CBN sells dollar to the BDC guys at around 400+ dollars and I think they have an agreed rate to which they sell to customers, somehow most BDCs use Aboki FX rates to sell, now the crime of AFx is that they speculate the price based on arbitrary financial data, nothing solid informs thier rates, equally they use it for financial gains as well bkos the owner of the site does not live here in Nigeria. Now these rates is not what they (BDCs) agreed with CBN. What does this do to the naira?

I'm an engineer, the prices of materials is pegged to the dollar (bkos most marketers import) if the parallel market rate is high 16mm metal sheet you bought 192K yesterday would be N260K today, there by disrupting manufacturing businesses and any Nation without a manufacturing hub dies a very rapid death (economy wise) not that we're doing so well but even the weak performance can be extinguished bkos of this foul play.


Bkos these guy's make dollar expensive despite the fact that they bought at official rate, it weakened the naira even in foreign markets, forex traders (in the financial markets) saw a sharp rise in the naira against the dollar, when CBN closed BDCs operation, these guys (BDCs) are part of the reason why some financial reforms don't hold water, some of our people who wish to exchange naira in foreign countries get strangled bkos of the high rates. A foreigner would smile bkos of such rates but a Nigerian would be strangled as well bkos of some funny guys who only cares about his profits and not his/her Nations stability as well.

The critical one is that some BDC operators are recruits for terrorist activities used to fund the activities of BH and Bandits, most funding comes from overseas in dollars, exchanging at high rates gives good profit hence why they could comfortably buy AK 47 which cost a minimum of 700K. About two were caught from Kano.


In light of all this since these guys cannot keep to the agreed terms they and CBN concluded, CBN now banned thier operations and called Aboki FX to book, CBN cannot attend to everyone who needs dollars hence the use of BDCs, since they banned thier operations you can only get dollars from banks now at good rates, more so since CBN regulates the banks, they can check mate thier rates and ensure stability.


Again a flip side to this could be for political reasons (another topic on it's own) against 2023, bkos DSS are aware of some of these financiers and fraudulent guys, they could easily fish out the bad guys and let the good ones continue legitimately at agreed rates with CBN. Again we live in a complex country.

I have

SocialJustice:
I'll really appreciate it if you take time out to explain. Abokifx is just an information service like bloomberg, or are BDCs making Abokifx inflate price to cash out from customers?

Yusufisraelj:


I have

Thanks, very insightful.

BigBashiru:


1. cocoa - uk/EU hates African/Nigerian cocoa even though African cocoa is the best.... they set high tariff for it.

2. oil - hv you forgotten why USA invaded iraq?

I can't think of a last one rn and iwont argue..just do ur research

Nigeria is a member of World Trade Organization, as such any product coming out of Nigeria is only tariffed at 25% by any member importing country. Therefore U.K does not tariff us more.

Moreover, we are not the number 1 producers of cocoa in the world two countries including Ghana and Ivory coast produces more and cheaper cocoa than us. Get your facts right .

United States has more oil deposit than Nigeria, they are just not drilling with reckless abandon due to cries of pollution by citizens.

They did not invade Iraq for oil they did just to install democracy and free the country of terrorist , in order to protect their own homeland .

You need to educate yourself or better still hold your leaders accountable.

hosemujica:
Nigeria is a member of World Trade Organization, as such any product coming out of Nigeria is only tariffed at 25% by any member importing country. Therefore U.K does not tariff us more.

Moreover, we are not the number 1 producers of cocoa in the world two countries including Ghana and Ivory coast produces more and cheaper cocoa than us. Get your facts right .

United States has more oil deposit than Nigeria, they are just not drilling with reckless abandon due to cries of pollution by citizens.

They did not invade Iraq for oil they did just to install democracy and free the country of terrorist , in order to protect their own homeland .

You need to educate yourself or better still hold your leaders accountable.

wto is controlled by the west. install democracy wasn't the real reason for the invasion. I said EU and Europe notusa concerning oil.

it seems ur drunk.

Sheuns:


Not so many people know the rates or check them. Majority depend on what they see online. I believe the price will further crash.

Punch is just trying to sell despite the damage it may cause.
Check price here, I feel cheated sef as it was 550 in most places.

https://goldennewsng.com/2021/09/20/breaking-naira-gains-massively-in-black-market-see-todays-naira-to-dollar-exchange-rate/amp/

BigBashiru:


wto is controlled by the west. install democracy wasn't the real reason for the invasion. I said EU and Europe notusa concerning oil.

it seems ur drunk.

Debate with critical thinking skills if you have any, not insults.

BigBashiru:


wto is controlled by the west. install democracy wasn't the real reason for the invasion. I said EU and Europe notusa concerning oil.

it seems ur drunk.

WTO DG is a Nigerian by the name Ngozi Okonjo iweala. Its one thing to be ignorant, displaying your ignorance in the world wide web is a different level of ignorance.

hosemujica:
WTO DG is a Nigerian by the name Ngozi Okonjo iweala. Its one thing to be ignorant, displaying your ignorance in the world wide web is a different level of ignorance.

He's right and you're factually right.

The difference is that he can connect the dots and you can't.

Examine everything carefully, currencies, corporations,FDI, wars, taxes, and even travel restrictions.

Take a careful observation of the world we live in and tell me you don't see the corruption, theft, currency dominance etc.

hosemujica:
WTO DG is a Nigerian by the name Ngozi Okonjo iweala. Its one thing to be ignorant, displaying your ignorance in the world wide web is a different level of ignorance.

wto doesn't control tarriff they areset by countries....

BigBashiru:


wto doesn't control tarriff they areset by countries....

Understand that there can't be dominance hierarchies without consent.

Whatever has happened to Africans/ Nigerian's was allowed.

Why has China been able to get out of the matrix despite western domination?

Black's are like little kids in the global arena, completely clueless.

Know this and have peace.

neyoohhh:


Understand that there can't be dominance hierarchies without consent.

Whatever has happened to Africans/ Nigerian's was allowed.

Why has China been able to get out of the matrix despite western domination?

Black's are like little kids in the global arena, completely clueless.

Know this and have peace.

my brother, colonization of africa is still ongoing.... they established dominance using military force and high tariffs.

do you know that all French speaking African countries are part of New France.... and still aren't free from colonialism?

malel1:


During oBj , yaradua and GEJ was there no importation?
The goat leading the country is dumb simple

Take the drop in crude price into consideration too.

neyoohhh:


He's right and you're factually right.

The difference is that he can connect the dots and you can't.

Examine everything carefully, currencies, corporations,FDI, wars, taxes, and even travel restrictions.

Take a careful observation of the world we live in and tell me you don't see the corruption, theft, currency dominance etc.

Nigerians hardly pay taxes, westerners pay through their noses ,my own tax rate is 22%. When a corrupt official is caught in the west they go to jail for a long time, in Nigeria they bribe and move on, in China they are execute, in the west the president seek approval from congress before getting loans, in Nigeria the president can keep borrowing until the future is bleak.

I can go on and on and on, the truth is that black man lacks organizational abilities until we start tasking ourselves to do the right thing we will keep wallowing in stupidity.

hosemujica:
Nigerians hardly pay taxes, westerners pay through their noses ,my own tax rate is 22%. When a corrupt official is caught in the west they go to jail for a long time, in Nigeria they bribe and move on, in China they are execute, in the west the president seek approval from congress before getting loans, in Nigeria the president can keep borrowing until the future is bleak.

I can go on and on and on, the truth is that black man lacks organizational abilities until we start tasking ourselves to do the right thing we will keep wallowing in stupidity.

Unfortunately I have to agree.

I used to blame the west, then the government and now us.

"Us", is we're I'm at.

BigBashiru:


wto doesn't control tarriff they areset by countries....

The WTO set a very low import duties for developing countries to be able to export to western countries at a very low import tariffs. That is how China and most Asian countries got rich and became industrial powerhouse. That Nigeria did not take advantage of it is nobody's fault.

I have imported to Nigerian on many occasions. My first attempt to export from Nigeria was so tough that what looked like a good business became a major headache for me as a result of corruption.

Black people" solve your problems and leave whites alone. Our problem is genetic, we cant solve it by blaming other people.

https://www.wto.org/english/thewto_e/whatis_e/tif_e/agrm2_e.htm



Read through the web page above . In summary what it means is that member developing countries can ship to developed countries at a very low tariff and if you think a member country is violating the rule you report to WTO of which in this case our very one is the DG no excuse to fail but we will still fail that Nigeria's nature.

Can another country take another country to trade court? Yes. China and U.S are at it all the time.

https://www.google.com/search?q=china+in+wto+court&oq=china+in+wto+court&aqs=chrome..69i57j33l3.13485j0j9&client=ms-android-att-aio-us&sourceid=chrome-mobile&ie=UTF-8




PLEASE READ.

neyoohhh:


Unfortunately I have to agree.

I used to blame the west, then the government and now us.

"Us", is we're I'm at.

The WTO set a very low import duties for developing countries to be able to export to western countries at a very low import tariffs. That is how China and most Asian countries got rich and became industrial powerhouse. That Nigeria did not take advantage of it is nobody's fault.

I have imported to Nigerian on many occasions. My first attempt to export from Nigeria was so tough that what looked like a good business became a major headache for me as a result of corruption.

Black people" solve your problems and leave whites alone. Our problem is genetic, we cant solve it by blaming other people.

https://www.wto.org/english/thewto_e/whatis_e/tif_e/agrm2_e.htm



Read through the web page above . In summary what it means is that member developing countries can ship to developed countries at a very low tariff and if you think a member country is violating the rule you report to WTO of which in this case our very one is the DG no excuse to fail but we will still fail that Nigeria's nature.

Can another country take another country to trade court? Yes. China and U.S are at it all the time.

https://www.google.com/search?q=china+in+wto+court&oq=china+in+wto+court&aqs=chrome..69i57j33l3.13485j0j9&client=ms-android-att-aio-us&sourceid=chrome-mobile&ie=UTF-8




PLEASE READ.

hosemujica:


The WTO set a very low import duties for developing countries to be able to export to western countries at a very low import tariffs. That is how China and most Asian countries got rich and became industrial powerhouse. That Nigeria did not take advantage of it is nobody's fault.

I have imported to Nigerian on many occasions. My first attempt to export from Nigeria was so tough that what looked like a good business became a major headache for me as a result of corruption.

Black people" solve your problems and leave whites alone. Our problem is genetic, we cant solve it by blaming other people.

https://www.wto.org/english/thewto_e/whatis_e/tif_e/agrm2_e.htm



Read through the web page above . In summary what it means is that member developing countries can ship to developed countries at a very low tariff and if you think a member country is violating the rule you report to WTO of which in this case our very one is the DG no excuse to fail but we will still fail that Nigeria's nature.

Can another country take another country to trade court? Yes. China and U.S are at it all the time.

https://www.google.com/search?q=china+in+wto+court&oq=china+in+wto+court&aqs=chrome..69i57j33l3.13485j0j9&client=ms-android-att-aio-us&sourceid=chrome-mobile&ie=UTF-8




PLEASE READ.

Say no more.

I agree..

Genetically induced problems.