SmartPolician:
AntiWailer

Stop making assumptions. AbokiFX made it clear that they contacted FX dealers in Lagos before posting their rates.

Nigeria needs to fix electricity to produce at a cheap rate and start consuming what she produces to reduce on overdependence on importation. Until then, this country will continue to struggle economically.

AntiWailer:
Nobody expected Naira to rise just by shutting AbokiFX down. If you believed that, you are either ignorant, mischievous or just a victim of picking common thoughts on the street.

For Naira to rise, we need to manufacture and export. reduce imports drastically and reduce our reliance on dollars then the basic Economics of Demand and Supply will kick in on the price.

The problem AbokiFX bring is speculation issues. it is one of the problems and others would be tackled accordingly. There are about 7 other reasons to be tackled.
1. Inflation rate.
2. Interest rate.
3. trade balance.
4. Government debt
5. Terms of trade
6. Political and stability of performance.
7. Recession
8. Speculations.

If you observe the list closely you will discover that the Govt's failure is responsible for most of them and that is where there is no hope anytime soon. The decision which is a right decision no doubt, at best took care of only 8. the 7 other monsters must be dealt with.

Many people asked several questions around where AbokiFX get their data from. There was no sensible answer.

Also a lot of people rely on AbokiFX to make decisions on how much they will buy or sell their dollars so let us take an example.

If AbokiFX continues operations and all of a sudden post #750 to 1 dollar (recall we don't have any logic behind the price they post), thousands of people who use AbokiFX to av an idea of how much they will sell will definitely not sell at 450 right ?

Even if people say they are mad, they will not sell cos they believed if AbokiFX says 750, it is likely close. The refusal to sell automatically impacts supply while the demand for dollars keep going up, price will definitely rise at a rate not steady.


Please note that this is highly intellectual. if u don't understand, I can forgive you but if your response is only insult because it is too much for your capacity to think, i can also forgive you but will likely ignore you.

I agree it is not every time posts would be interesting like Squid Game or Tonto Dike vs Kpopo.

steve13:
Abokifx was an issue , a big one , if they had left them, exchange rate must have gotten to 750 , why didnt it raise again? It has remained at 570----575 and that's how they left it

Bringing them down averted major FX crisis

Minjim:


Moreover, Abokifx isn't the only speculator. Why single it out?
All these FG does best is shift blame

SenecaTheYonger:
But it’s not falling rapidly though like you guys always predict

AntiWailer:
Nobody expected Naira to rise just by shutting AbokiFX down. If you believed that, you are either ignorant, mischievous or just a victim of picking common thoughts on the street.

For Naira to rise, we need to manufacture and export. reduce imports drastically and reduce our reliance on dollars then the basic Economics of Demand and Supply will kick in on the price.

The problem AbokiFX bring is speculation issues. it is one of the problems and others would be tackled accordingly. There are about 7 other reasons to be tackled.
1. Inflation rate.
2. Interest rate.
3. trade balance.
4. Government debt
5. Terms of trade
6. Political and stability of performance.
7. Recession
8. Speculations.

If you observe the list closely you will discover that the Govt's failure is responsible for most of them and that is where there is no hope anytime soon. The decision which is a right decision no doubt, at best took care of only 8. the 7 other monsters must be dealt with.

Many people asked several questions around where AbokiFX get their data from. There was no sensible answer.

Also a lot of people rely on AbokiFX to make decisions on how much they will buy or sell their dollars so let us take an example.

If AbokiFX continues operations and all of a sudden post #750 to 1 dollar (recall we don't have any logic behind the price they post), thousands of people who use AbokiFX to av an idea of how much they will sell will definitely not sell at 450 right ?

Even if people say they are mad, they will not sell cos they believed if AbokiFX says 750, it is likely close. The refusal to sell automatically impacts supply while the demand for dollars keep going up, price will definitely rise at a rate not steady.


Please note that this is highly intellectual. if u don't understand, I can forgive you but if your response is only insult because it is too much for your capacity to think, i can also forgive you but will likely ignore you.

I agree it is not every time posts would be interesting like Squid Game or Tonto Dike vs Kpopo.

AntiWailer:


Who are the FX dealers even after BDC was shut down ? How are they verifying the FX dealers they spoke to. ?

so why didn't they list the official FX dealers they contact ? We are smarter than that.

Your second point was clearly stated in my post if you read well.

Matheusmartin:
...
Tull tomorrow, I still do not understand what Emiefele was trying to do here..

AntiWailer:


Who are the FX dealers even after BDC was shut down ?

so why didnt they list the dealers they contact ?

udemzyudex:


Who told you BDC was shut down?

Where do you get your news from? Na wa ooo

SmartPolician:


Who shut down the BDC, huncle?

Please the CBN didn't shut them down. They just didn't approve the license for new ones because many people were going into the business to cash out. I sell my dollars to BDC all the time and those people are still in operation.

Also, the CBN stopped giving them the $10k twice a week to to enable ordinary Nigerians access USD at an affordable rate. Being typical Nigerians, the BDC abused the privilege.

AntiWailer:


By shut down, I meant they were not given dollars at official rate again.

and also CBN stopped registering BDC and returned money for some that have paid and were close to being registered at the point they made that announcement.

So whether u like it or not or choose to be technical, CBN is not recognising BDC operations again for now and hence the term 'SHUT DOWN'

AntiWailer:


By shut down, I meant they were not given dollars at official rate again.

and also CBN stopped registering BDC and returned money for some that have paid and were close to being registered at the point they made that announcement.

So whether u like it or not or choose to be technical, CBN is not recognising BDC operations again for now and hence the term 'SHUT DOWN'

AntiWailer:


I agree with you and i stated it clearly. The Govt's failure is largely responsible.

My only thinking is that if a lot of things is causing a problem, taking 1 out is a step in the right direction.

udemzyudex:


CBN itself didn't use that word SHUT DOWN stop trying to be smarter than the governor OK.

Kobicove:
Banning AbokiFx was a good move by the CBN

AntiWailer:


I agree with you and i stated it clearly. The Govt's failure is largely responsible.

My only thinking is that if a lot of things is causing a problem, taking 1 out is a step in the right direction.

socialmediaman:
It’s because the despot in Aso Rock pretends to be fighting corruption when massive corruption is right there within his cabal

Minjim:


Obviously, what the Fg did was just take the convenient one out. The real cause, which is their incompetency, corrupt tendency and negligence is still there.

Mind you, most of these Northern politicians operate BDC and use their position to get forex from CBN.
Imagine the forex

AntiWailer:


You are spots on.

pacino26:
First the ban on AbokiFx was ill conceived just like many policies of the current administration. AbokiFx or not simple knowledge in Economics shows we are having a deficit Balance of Trade.

A topic about how illegal extortion at the airports prevents Agro expo graced the front page of NL weeks ago. The VP has called out the artificial official exchange rate of the naira.

The only way the government has successfully made FX is through borrowing. I think that is our dollar earner for now.

Let's blame Live Score because Nigeria didn't win the last World Cup.

Minjim:


Has it worked?

It just to divert attention from the real cause

AntiWailer:


Yes if you read my first post, i was clear about how FG was the major problem. No doubt about that.

i just feel taking the convenient out is a step in the right direction.