₦airaland Forum

CBN should just give license to travelex and some trusted fx dealers to sell forex to business men.. they should operate as banks , but just to sell fx .. that way they would reduce this BDCs to nothing

seankafor:
shey if we go bank to collect dollar, Dem go give us

Or they should just bring back card transactions and give each card a limit of, say $1500 per month

Since there's high demand for the dollars in Nigeria with less supply which is driving our exchange rates down, what would happen if CBN issues a directive to Nigerian banks to stop accepting dollars from their customers by Jan. 31st. I think that would drive up demand for the naira as anyone with dollars in Nigeria would find a way to dispose it instead of hoarding it thereby having excess supply of dollars in the market.

oyeb15:
Good move by d fg

Which good move.
Do you know what you are saying.
Who creates and sustains the black market. Is it not government.

Is it not government that has been told for the last 50 years to float the naira but they won't because they want to afford the things they cannot, because they need cheap dollars to mismanage and steal.

They build you a country in the middle of a swamp and then you clap for them for fumigation once a while. Or is this the first time or the first regime to pursue currency mongers.

Why not relocate the Nigerian economy out of the swamp of ten economies in one and to sound ground of the reality that what we earn is what we should live with.

If not in the next two week you won't hear of this 'wonderful' exercise until the next mosquito buzzes in your ear.

To all you Christians viewing this topic, una nor dey go Church, abi? All the viewers men men men, only @rainmoredays be female.

You @rainmoredays, you want to be behaving like men, abi? Go to Church like other women o.

Edit: now, @rainmoredays has left, replaced by @Octopussy

I can see a lot of theories above trying to find out how a man can save his life by 'smoking but not inhaling'.... aka Bill Clinton. I just laugh.

We know the problem but the addiction to unproductivity will not allow us to save our lives. We seriously need rehab and urgently need to wean ourselves off the dollar by being innovative and productive but we won't because we cannot stomach a radical drop in our standard of living to reflect our work and true worth as a nation.

I will continue to use the tale of the 20 million naira drug dogs as the bedtime story for a nation already asleep.

The situation is clear. As long as we donot or cannot cut down our imports the naira and thus the one out of ten Nigerian economies that represents the vast majority of Nigerian citizens will continue to deteriorate.

It is not rocket science. We can duck, hide, weave but we will still get knocked out eventually.

Bobloco:
https://punchng.com/clampdown-currency-traders-petition-igp-to-write-senate-cbn/?amp

To be honest the naira redesign has further cause economic woes in the country soon $1=1000
APC govt don’t know how to manage anything if they want to redesign naira they should have first thought about stabilizing it, redesigning is like putting an old liquid drink into new bottle the taste remain the same.

EFCC should be monitoring every agency’s government organizations and offices that’s where these people steal money from before it gets to the hands of Bureau de change so there’s no point In harassing BDC for doing their personal businesses, they should focus on grass root of corruption not the end point where they’re spending the money or moving it out.

Krismas:
This is the best time to let the Naira float freely against the Dollar. The corruption starts from the dual systems of official dollar rate vis a vis the parallel market rate.

Well done.
Just one out of the hoards of responders above who is not living in cloud cookoo land.

Float the naira, simple. Let market forces determine what the worth of the naira is and thus what we can afford to buy from abroad. You will see that Nigerians will buy only things pertaining to life and death.

You will see that government will develop sense and start 'contracting out' only what is critically important and not doing projects for the boys or just to float their egos.

You will see that the average Nigerian will be come a self styled crusader for accountability and will look at his jalopy with fulfilment and then refuse to approve new cars for his oppressors.

This is the 60th year that Cuba has been under American sanctions or sorts meaning having practically zero international trade or the ability to buy and sell across borders. They have not died. They may not have the latest Mercedes Benz or private jets but their life expectancy is right up there with the best.

Nigeria is not under sanctions or being punished by any other than her visionless leaders and ignorant populace. Floating the naira and sanctioning ourselves to wanton foreign imports for just a while until we build a proper economy will not kill us.

There was a time IN MY LIFETIME that you could not take a pin into China to sell, you will be arrested at the airport. Many, many years later China having built itself into an ultra productive nation is the biggest market in the world to a lot of goods and services. IN MY LIFETIME.

China is far from being a democracy but it's leaders over the years have been ultra visionary and today it shows.

DesChyko:
I feel the best way to actually deal with this uneven market menace is carrying out foreign transactions through debit/credit cards. CBN should focus on making this as seamless as possible for Nigerians. If this easily works, why even bother cashing out to exchange? Just do the damn deals online and move on.

Even commercial banks prefer making dollars and the likes available to selected high-end customers which brings us right back to the black market

That being said, it will only try to balance the rates, but not cure the ailing economy that's devaluing our currency. We need to move from consumption to production.

this is what has been in mind that the CBN ought to have done to regain naira value and keep it to bay and render this stupendous bdc operators useless

tuoyoojo:
What about we do away the bureau de change people and let everyone who wants to access forex go to the banks

Arrest banks officials selling to abokiis

It's done in other countries

They may be in arrival halls of international airports as seen in some countries.

The United Kingdom is going to design it own currency removing the queen and change it to King Charles, if not evil our country is why will the redesign of naria causes it to lose value, I'm not economist but I chose not to believe that narrative, our currency has been in a free fall this year even before the announcement. They re those in the government or top places that is benefiting from this business. Let them restructure the bdc, there is dollar in Nigeria but y is it the aboki that is getting it and at the result killing the naria. Nigeria is evil country, re we importing bread too look at the price of bread, it didn't even reflect the price of fuel or gas thy use to produce it. Every one is increasing price even though there no is direct impact from the naria. I'm waiting to see how Peter Obi will change this system.

pinkasso:
Some people just they talk wetin them no Sabi...'they should prescribe them' as in how?..BDC operators full the streets of central London so what are they talking about?...just make people not to have have interest in these foreign currency simple...these politicians will destroy this country to a point of no return, I remember when a politician in Nigeria suggested that out budget should be written in Dollars...now in trying to solve a problem you further exacerbate the problem by redesigning the naira, making people to hoard more dollars and increasing the scarcity..the problem is coming from the dollar flow that took place during the party convention there is a huge gap as most of these money have been stored in paper form and unspent so it has distorted the circular flow of money...so we the citizens will have to pay for it by experiencing higher inflation and high level of interest rate...it's a no brainer!!

9jii:
These guys are the main instrument corrupt officials are using in draining the dollars out of this country.
They fix the price at their own will.
Governors, senators, CBN officials and minister are their main source of dollars.
They need to be purge from the the system to start with.

I've said this several time, this BDC system must be totally scrape or eradicated for economy to dictate the price of dollar.

CBN officials, politicians and other elites, particularly from the North are major peoblem of Nigeria. Why is it difficult for CBN to digitalise exchange service/rate and put an end to this rubbish.

Curious345:
All BDC should be proscribed as a terrorists organisation.and the full weight of the security agencies should be unleashed on them

na security agencies dey go change dollars pass for BDC. All EFCC did was eye service. Na then be BDC customer dadaa

adekolaelect:
The best thing is to do away with these local money changers . Corruption will be limited .Banks should be the Soule to change naira to Dollars .

Olodo, don't you know that Bureau de change offices are located around the world & serve the local business community of every country. If you want to fight corruption fight it, not kill your economy. So because government officials use BDC's to transfer loot, government should ban it, it's like saying since igbos are the most criminally minded tribe in Nigeria, all igbos should be killed.

HarunaWest:
na security agencies dey go change dollars pass for BDC. All EFCC did was eye service. Na then be BDC customer dadaa

hnmmmm .. seriously ?

Realists:
Olodo, don't you know that Bureau de change offices are located around the world & serve the local business community of every country. If you want to fight corruption fight it, not kill your economy. So because government officials use BDC's to transfer loot, government should ban it, it's like saying since igbos are the most criminally minded tribe in Nigeria, all igbos should be killed.

Igbo most criminal minded? What about the Fulani

Everything in Nigeria has to have a black market side of it.
At least, I've traveled and live and some countries, including US and Canada, correct me if I'm wrong, but this BDC of a thing is a strange idea elsewhere.
These people have no business trading currencies.
This is a regulated market and you're leaving it at the mercy of the black market. Who does that?

virginchaser:
They may be in arrival halls of international airports as seen in some countries.

It's possible. A friend of mine who went to Egypt for medical checks told me of the process they went thru just to change dollar to Egyptian currency. They had to state what they needed the money for with evidence and all

Here in Nigeria. Almost anything goes

tuoyoojo:
It's possible. A friend of mine who went to Egypt for medical checks told me of the process they went thru just to change dollar to Egyptian currency. They had to state what they needed the money for with evidence and all

Here in Nigeria. Almost anything goes

Did they get the currencies or not!
That is the issue

You write the cbn that you want dollars and see if you will get it

if I may ask how do you want the BDC to be restructured?. These are registered businesses if they have access to so much dollars it's because there are so many untraceable dollar transactions in the system which is mostly fueled by politicians...and understand this UK is redesigning it's currency because they have a new king unlike Nigeria that is re-designing to mop up excess cash in the system..just watch out few weeks to the election the Naira will appreciate and depreciate further after the election,..some of these politicians are BDC owners.. if Nigeria cannot track the dollars in it's circulation then we will pay dearly for it,this is one of the reasons Jonathan lost his election...if Obi does not track the dollars in our economy he will still fail..

SunMusk:
The United Kingdom is going to design it own currency removing the queen and change it to King Charles, if not evil our country is why will the redesign of naria causes it to lose value, I'm not economist but I chose not to believe that narrative, our currency has been in a free fall this year even before the announcement. They re those in the government or top places that is benefiting from this business. Let them restructure the bdc, there is dollar in Nigeria but y is it the aboki that is getting it and at the result killing the naria. Nigeria is evil country, re we importing bread too look at the price of bread, it didn't even reflect the price of fuel or gas thy use to produce it. Every one is increasing price even though there no is direct impact from the naria. I'm waiting to see how Peter Obi will change this system.

I pray for the Better �

pinkasso:
if I may ask how do you want the BDC to be restructured?. These are registered businesses if they have access to so much dollars it's because there are so many untraceable dollar transactions in the system which is mostly fueled by politicians...and understand this UK is redesigning it's currency because they have a new king unlike Nigeria that is re-designing to mop up excess cash in the system..just watch out few weeks to the election the Naira will appreciate and depreciate further after the election,..some of these politicians are BDC owners.. if Nigeria cannot track the dollars in it's circulation then we will pay dearly for it,this is one of the reasons Jonathan lost his election...if Obi does not track the dollars in our economy he will still fail..

I believe the recent redesigning of the naira came at the right time, one imo is as result of the oncoming elections, to discourage vote buying to a large extent. This will throw open the chances of each candidates. Look at the time frame for the introduction of the new notes, you’ll understand it will be very difficult for politicians to access the new naira notes to fund their rigging and vote buying. It will compel them to release the monies they’ve illegally hoarded over the years, although it will come at some cost, which is mini inflation as result of the pressure on demands for dollars. Local currency will be in circulation. Also, if this is the time for efccto be effective in their crackdown on politicians scurrying to the banks and bdc’s to either deposit or change their stolen money into dollars, this way, the efcc will lay trap for them to catch them in their nets, that’s if they are really keen on their job with no high handedness. For y’all shouting up and down, I understand you’re frustrated with this government, but we really need to calm down and analyses this recent development, and not just be blind critics.

Curious345:
hnmm

The BDC's have done more harm to Nigeria than the ISWAP and bokoharam combined .. they should be proscribed

You leave leprosy and focus on headache. The head is rotten

All BDE should be completely banned, or all their transaction be linked to a bank, where proper monitoring of their transaction should be conducted like that of POS operators. In a situation where someone have connection to CBN and collect millions of Dollars to then exchange it with naira to pocket millions of naira as gain is killing our economy. Also proper record of the buyer must be revealed, with the purpose of buying.

The moment CBN officially acknowledges the existence of the black market and integrates BDC operations with Forex operations creating a single market with shared forces, then there will be sanity.

For now, as long as the concept of economics remains universal, a parallel market and official market operating differently in the same country will always result in economic chaos. It's like fighting your own shadow.

Quote me anywhere.

They fix at their will,cause when you go to the banks to buy,you don't get it..
That's why the demand in the black market is High.and what happens when demand is High and supply is small,Price goes up..You don't expect a seller to sell low when this banks outrightly do not sell.....

CBN gave a directives for banks to sell,that you can get from the back,but go to the banks and see...Don't blame the Black Market..

kabe1:
I agree with this. They are arbitrarily fixing rates, it makes no sense.

DryMouth:
You guys will just sit in your rickety house and be saying rubbish.

ok sir I stand to be corrected. can you give us a reasonable solution . Or what you know best to do is to insult and blaming? Bcs I can see no sense in what you wrote up here .

What do you mean by more money in circulation

lifestyle1:




Yes,

More money in circulation.


I need old Fiverr buyer account.

What do you mean by more money in circulation?

lifestyle1:




Yes,

More money in circulation.


I need old Fiverr buyer account.

Reinaldo:
Corrupt officials from APC

Yes, if you brain don't have the ability to understand Nigerian problem beyond political parties.

Really

9jii:
Yes, if you brain don't have the ability to understand Nigerian problem beyond political parties.

Criminals