₦airaland Forum

Kukutente23:
Why would he do that? It's his turn to chop
If we want to be honest with ourselves, he was basically chosen because of the sound of his name and not the content of his brain. Did anyone do an interview for him before choosing him?
So why blame a man called to the table to come and chop? He has shown the depth of his ability. It is left for his employer to either upgrade or manage

I actually figured this long ago. But I didn't want to put words to the thought so I don't get labelled a tribal enthusiast.

Man clearly knows not what he's doing, but was apparently elevated to that seat because of the cultural alphabets in his name.

Acidosis:
Hahahaha 🤣🤣🤣🤣

I read that twice.
Day don break o.
We don enter one chance.

Everybody I know who want to travel home cancelled.
If I give somebody at home 400k, it's virtually nothing cos presently it cannot buy anything.

cococandy:
Oya blame us. When you’re not giving good rates

And those at home are not giving good rates to except they are related to politicians or dangote.

I wouldn't blame those who voted Tinubu, some of them were gullible, illiterate, fanatics, tribalistic, corrupt, and acted based on their level of understanding and I.Q and didn't know what is happening now was what they were asking for.

emmybobo1:
I know where this fellow is driving to. Very soon you wont be able to receive dollar from abroad through the bank. I mean you'll only receive the money equivalent at CBN chosen rate

This is a case of being between a rock and a hard place.

That will be the worst decision. More than half of the inflow will cease. Hardship will increase and scarcity of dollars will deepen.

When there is reduced supply (of dollars), demand increases and price skyrockets.

Oh it's no more " we are not exporting enough" now it's diversion from diaspora. It's ok

Is he saying that CBN cannot account for remittance?
These guys are more clueless than I thought.

jmoore:
Na you go tell people how to channel their money?


Tinubu, the master strategist. Emilokan.

It's now parallel lokan.


It's a big error if Nigeria will depend on remittance for FX.

it is a valid form of forex now. India and China depend a lot on it.

BoldBrainz:
Shonubi has been talking nonsense for about a week now!!

To the best of my knowledge, there is no medium of remittance from the Diaspora that is outside the various operating windows run by banks and financial institutions.

There's no way you can lay hands on dollars sent to you from a sibling abroad, if you don't walk into a banking hall. All the flutterwave, Remitta, etc.., run transactions across borders, yes. But they basically deal with numbers, where you stand to receive alerts into your Nigerian accounts or domiciliary accounts, as the case may be. But there is no channel that hands over paper currency to an individual as proceeds from diaspora remittance, if not banks and other money houses.

So what's this load of garbage this clown is vomitting?!

they do there are local money transfer agent all over Asia and Europe. They will credit ur account in naira and collect your foreign currency. Most of this money are sold to importers and all in perralle rates.

The growing population and technology age is the reason naira is on a free fall. We are nothing in terms of technology and every household has technology from tv to music to fridge to phone to AC Yet we don’t produce any and our population is fast growing.

superemmy:
Why not ban bureau de change

instead of scraping schemes and things, humble yourself and go to where the remittances are exchanged for naira. Outbid them with limitless cash printed and sell at I&E rates. You and I know why CBN won't do that.

fineboynl:
they do their are local money transfer agent all over Asia and Europe. They will credit ur account in naira and collect tour foreign currency. Most if this money are sold to importers all in perralle rates.

The growing population and technology age js the reason naira is on a free fall. We are nothing in terms of technology and very household has technology from tv to music to fridge to phone. Yet we don’t make any and population is growing.

You basically said the same things I did, albeit with different semantics.

During the time of Obasanjo to Jonathan first term. Banks pay in usd. If the send you money from abroad you will be paid in usd. Even if you dont want it they will pay you. So during that time no body want usd. Because the stress to go and changed it in black market and the difference was just 2-4 naira. And security risk in doing so. Some aboki do stand around the bank premises.

But now you cant get or see Dollars

jmoore:
Na you go tell people how to channel their money?


Tinubu, the master strategist. Emilokan.

It's now parallel lokan.


It's a big error if Nigeria will depend on remittance for FX.

abi

fineboynl:
they do their are local money transfer agent all over Asia and Europe. They will credit ur account in naira and collect tour foreign currency. Most if this money are sold to importers all in perralle rates.

The growing population and technology age js the reason naira is on a free fall. We are nothing in terms of technology and very household has technology from tv to music to fridge to phone. Yet we don’t make any and population is growing.

we import and consume tech directly. Little productivity. That's why farm machinery and iphones shouldn't be imported on same conditions. Make luxuries harder to import and productive equipments easier to import.

The person that came up with this line of thought inside that CBN is very very stupid and mad.....so I should remit my money at ur official rate so that u will give it to ur BDC operators who are children of sultans and emirs and ex governors children for them to sell and make profit.

Lexusgs430:
We don't have a CBN governor......... 🤣😁

People have the freedom to exchange their money, anywhere they desire......... 😁

My brother the paradox is shocking. The CBN says they have floated the Naira, meaning they want the laws of demand and supply to determine the value of the Naira, but is now complaining about how and where people choose to change their currencies.
Does that even make sense?

They will also have a Story to tell in defense if their agbado economist

Blame blame technocrats lol

emmybobo1:
I know where this fellow is driving to. Very soon you wont be able to receive dollar from abroad through the bank. I mean you'll only receive the money equivalent at CBN chosen rate

This is where binance comes in. I receive money from abroad in USDT. The whole exchange takes less than 15 minutes from the comfort of your bed. This is why government is now targeting binance and crypto. They can't control transactions in crypto.

Mr Shonubi... This is not a rocket science, close the I & E window, there should not be anything official rate anymore, just like petrol subsidy removal, let the free market, call it anything you want determine the rate of the naira, let's use the black market rate as official market rate and see the demand on dollars go down as 40%,am 100% sure if this is done $ will go down as 500,if there is two rates system in an economy people will definitely profit off it and the rate will go up.

nlfpmod:
https://www.thecable.ng/diversion-of-diaspora-remittances-to-parallel-market-weakens-naira-says-cbn/amp

Cc: Gr8amechi i think you should have something to say this time

CodeTemplar:
we import and consume tech directly. Little productivity. That's why farm machinery and iphones shouldn't be imported on same conditions. Make luxuries harder to import and productive equipments easier to import.

it will make the product expensive and cause inflation as well.

This man is a misfit for the CBN..
Elementary Economics is clear about the market forces of Demand and Supply.

Wether the goods (DOLLARS) enters Nigeria formally or informally, it increases SUPPLY and reduces DEMAND pressure. And as such the price decreases. (Naira appreciates)

The reality is that the DEMAND-SUPPLY deficit is getting wider because dollar supply from formal and Informal sources are grossly inadequate. The price of the dollar rises and Naira depreciates.

In conclusion, Mr. Shorunbi should do the Honourable thing.... RESIGN!

He had no business heading a super sensitive DFI on a sub-sahara African country like Nigeria.

masseratti:
Mr Shonubi... This is not a rocket science, close the I & E window, there should not be anything official rate anymore, just like petrol subsidy removal, let the free market, call it anything you want determine the rate of the naira, let's use the black market rate as official market rate and see the demand on dollars go down as 40%,am 100% sure if this is done $ will go down as 500,if there is two rates system in an economy people will definitely profit off it and the rate will go up.

False premise! Why? Because we are basically import (in order words dollar) dependent for basic products - energy (fuels), food (rice, dairy, fish, flour and flour products), clothes (fabrics, materials and accessories), electronics (including phones, TVs, etc.), building materials (tiles, glass, aluminium, cables, etc). And our main means of earning this dollar is crude oil exports.

nlfpmod:
https://www.thecable.ng/diversion-of-diaspora-remittances-to-parallel-market-weakens-naira-says-cbn/amp

Is this guy stupid or something? Because he's not making any sense

nlfpmod:
https://www.thecable.ng/diversion-of-diaspora-remittances-to-parallel-market-weakens-naira-says-cbn/amp

simple solution exchange the dollar for naira at the bank where foreign exchange is received and start selliñg dollars in the banks

Yorubas are sophisticated people they are they are people that invented every electronics in world so let them export their products like japan and Taiwan plus China fo to get American dollars, I will continue selling my euros to parallel market

phkka1:
May I know how this money gets into the hands of the black market

It is even the CBN and Commercial banks officials that sells this same dollars in the black market. Everybody corrupt for this country

This is absolute rubbish!

What a dumb comment by a Central Bank chief. Nigeria is running a huge deficit in her balance of trade coupled with multinational corporations in Nigeria requesting huge forex to repatriate back to their home countries.

Diaspora remittances in Nigeria in 2022 was about 19.8 billion dollars. Even if you double that amount and send it through the official channel to Nigeria, it won't still solve our trade deficit problem. To solve the issue, end those things depliting our forex, like importation of petroleum products. A huge oil producing Nation like Nigeria has no business doing that.

I don't know why incompetent hands keep heading crucial sectors in the country.

No be aboki fx and commercial bank sabotage again?? . They'd still blame iya alata for weakening naira because she always keeps money inside her pouch . How much is being remitted sef from diadpora and being diverted to bdcs, which is now weakening naira?

Na today dem.dey remit money nii. Werey lawon eleyii oo

Na revolution go stop all these nonsense. We're not ready yet

jmoore:
Na you go tell people how to channel their money?


Tinubu, the master strategist. Emilokan.

It's now parallel lokan.


It's a big error if Nigeria will depend on remittance for FX.

Imagine

They are now blaming diaspora people

LolAboki no dey rush, I except them the to hard the more with rising value in exchange.

GreenCovering:
We've been through this cycle before.
The black market is a behemoth that was being underestimated by many earlier on, forex is never scarce there and they are very patient with any market dynamics.