We are deceiving ourselves in Nigeria. This how we make dollar so expensive. Banks are suppose to be the ones selling dollars not the abokis. The banks will give the dollars to abokis as sales reps and sell at 800 or even 1000 instead of 450 naira official price and Nigerians will turn around and blame. government instead of protesting against the banks

Anywhere you see the abokis selling or buying dollars, you will see banks around there. They are like agents to the banks.

The same thing is happening to new naira notes. This is unfortunate. We now use naira to buy naira.


https://www.youtube.com/watch?v=BCA_9FaUi14

When I warned About the is currency swap misadventure short sighted Nigerians blasted me and said it was a good move needed to curb vote buying bit today they are now seeing what I saw months ago... Emefiele and Buhari have finally Nuked the naira , it will take a miracle to ever get the naira back on track

Monkey brained bankers and foolish illiterates citizens. The guy doing this black market nonsense will go back to Bank and offer a tiny cut of the 300k difference to get more new notes. At the end of the day, traders will inflate good prices because they will claim this bread or butter or tea(commodities generally) was purchased with new notes by them.
Useless people.

FarahAideed:
When I warned About the is currency swap misadventure short sighted Nigerians blasted me and said it was a good move needed to curb vote buying bit today they are now seeing what I saw months ago... Emefiele and Buhari have finally Nuked the naira , it will take a miracle to ever get the naira back on track

Some Nigerian banks are owned by the politicians, politicians are share holders in other banks. So how do you expect bank MDs to move against the wishes of the politicians?

Except one bank, all other banks refused carryout central bank orders to dispense new notes as at last weekend

Most of these big men don't queue in banks when ever they need cash instead, banks take cash to their houses with tellers. So the idea of changing currency to stop vote buying is a fluke

Stop your silly misinformation. the reason why you see the Abokis near the bank is that they want to be close to their customers, they know a lot of people receive dollars from the bank, so it makes sense to be close to the bank

Abokis do not get dollars from banks

Cbn allocates dollars to abokis

It is a business, the abokis put the Naira equivalent of the dollar they need in a cbn approved account, the cbn then allocates the dollars to them for a certain price, the so-called abokis then sell the dollars for profit margins at the open market

Each bdcs are entitled to 20k dollars weekly from the cbn

FarahAideed:
When I warned About the is currency swap misadventure short sighted Nigerians blasted me and said it was a good move needed to curb vote buying bit today they are now seeing what I saw months ago... Emefiele and Buhari have finally Nuked the naira , it will take a miracle to ever get the naira back on track

What stops people from doing transfer?

people need to adapt to the new system.

thebosstrevor1:


What stops people from doing transfer?

people need to adapt to the new system.

Well the e -transaction capacity of our inter bank switches have to be scaled , I expected the CBN should have done this before all this nonsense, throughout yesterday most banks transfer systems were overwhelmed and started failing

thebosstrevor1:


What stops people from doing transfer?

people need to adapt to the new system.

Transfer to grocery seller? How many of them are banked? Have we really prepared for cashless policy? We're always in a hurry to copy policies but not the frameworks for implementation. This makes us mess up everything. Watch as the Lebanon situation plays out in Nigeria.

thebosstrevor1:
Stop your silly misinformation. the reason why you see the Abokis near the bank is that they want to be close to their customers, they know a lot of people receive dollars from the bank, so it makes sense to be close to the bank

Abokis do not get dollars from banks

Cbn allocates dollars to abokis

It is a business, the abokis put the Naira equivalent of the dollar they need in a cbn approved account, the cbn then allocates the dollars to them for a certain price, the so-called abokis then sell the dollars for profit margins at the open market

Each bdcs are entitled to 20k dollars weekly from the cbn

LoL just leave doz guys they don't know the BDC are registered they paid some money to av access to Forex and exchange money they think is something you jus carry umbrella and start like a PoS business....

To get the license you've to pay heavily....

thebosstrevor1:


What stops people from doing transfer?

people need to adapt to the new system.

Which transfer are you guys shouting up nd down with this our unstable bank Network....

Before this cashless Policy's can work we need strong and reliable network like the Momo Mobile money type that uses USSD and hardly fail like other Africa countries we can't rely on. Nigeria banks that delivers money after 3days sometimes or you having login issues sometimes...

inoki247:




Which transfer are you guys shouting up nd down with this our unstable bank Network....

Before this cashless Policy's can work we need strong and reliable network like the Momo Mobile money type that uses USSD and hardly fail like other Africa countries we can't rely on. Nigeria banks that delivers money after 3days sometimes or you having login issues sometimes...

So you haven't been using bank ussd or apps to send and receive money or to pay for services before.

AcetylC:

Transfer to grocery seller? How many of them are banked? Have we really prepared for cashless policy? We're always in a hurry to copy policies but not the frameworks for implementation. This makes us mess up everything. Watch as the Lebanon situation plays out in Nigeria.

Many grocery sellers do have bank accounts, some even have pos now..

thebosstrevor1:



So you haven't been using bank ussd or apps to send and receive money or to pay for services before.

LoL I du use bank and have experience on several occasions whr I can't login to my bank account and have also send to someone severally that it took the bank 3days to reverse the money...


We can't put our hope on such network we need a Momo type of network that's not digital on Momo mostly runs on USSD like other countries own av used and for once dey Neva failed me or hear anyone saying it failed them.....

FarahAideed:


Well the e -transaction capacity of our inter bank switches have to be scaled , I expected the CBN should have done this before all this nonsense, throughout yesterday most banks transfer systems were overwhelmed and started failing

Banks have been upgrading their services since the cbn policy...but i think with time everything will come to normal

thebosstrevor1:



So you haven't been using bank ussd or apps to send and receive money or to pay for services before.

Lol. My GTB app didn't open on the 31st. Checked to see if it needed updating, checked my network connectivity, all to no avail. It started working again this morning. Now, imagine I was trying to pay for something, no be beating I for collect yesterday if I didn't have alternatives? A whole 24hrs. They have now even seen the window to debit all kinds of charges per transaction.

AcetylC:


Lol. My GTB app didn't open on the 31st. Checked to see if it needed updating, checked my network connectivity, all to no avail. It started working again this morning. Now, imagine I was trying to pay for something, no be beating I for collect yesterday if I didn't have alternatives? A whole 24hrs. They have now even seen the window to debit all kinds of charges per transaction.

But you used the alternative right?

Why aren’t people using the alternative

thebosstrevor1:
Stop your silly misinformation. the reason why you see the Abokis near the bank is that they want to be close to their customers, they know a lot of people receive dollars from the bank, so it makes sense to be close to the bank

Abokis do not get dollars from banks

Cbn allocates dollars to abokis

It is a business, the abokis put the Naira equivalent of the dollar they need in a cbn approved account, the cbn then allocates the dollars to them for a certain price, the so-called abokis then sell the dollars for profit margins at the open market

Each bdcs are entitled to 20k dollars weekly from the cbn

As CBN is allocating dollars to them, they also collect dollars from commercial banks too. Get your fact rights. If not so, why would banks refused to sell dollars and instead refer customers to abokis outside?

thebosstrevor1:


But you used the alternative right?

Why aren’t people using the alternative

Lol. You still don't get it. I guess I could also transfer my bus fare to conductors right? My neighbour couldn't take her children to school today, because POS charged her 1500 to withdraw 10k she was to use for tfare for the week. I hope you know 'real cashless societies' have good public transportation system. I am certain you know what I'm talking about (metro/bus) cards etc. Like I said, we rush to copy policies without contextualising the implementation frameworks. Like BVN, NIN, and the lots. Until we build our institutions, no good policy can work.