Official corruption in the CBN, several banks and their corrupt CEO's, corrupt politicians colluding with different banks to buy and sell dollars via the black market etc l am pessimistic about all the Oluwole economic policies of the Nigerian government, nonsense and stupidity

Lol....operation-sell-your-dollar-cheap.


Govt is suppose to sell theirs how they like and leave individuals to sell according to market forces.

😂

so Long we do not get involved in things that Earn us ForeignExchange, our NAIRA would continue to get WEAKer by the day.

Ndi unification

I made a comment here when this started that this was how Buhari "floated" the naira too a few months after he resumed office. Las las they still had to defend. Someone replied me saying it is not the same thing.

Tor, it is as if some people have amnesia or maybe it is just stupidity.
.

Ventura1:
Banks are complicit, that I'm very sure.

This is the major challenge of the Nigerian system...
Greed and corruption....
Banks and even CBN guys are always complicit...
Most of them have stakes/partners with black mkt operators to channel these funds..
One marvels at the poor level of regulatory supervision
even the CBN has on banks activities when it takes 7 solid years..
for CBN to release its financial statements, ;
Just imagine how Emeifele refused to release f/s report for 7 solid years...

.

K

How is that possible if the exchange rate is not being regulated by the CBN?

Emu4life:
Buhari 2.0 on the Wheel. Apparently, Tinubu is not as good as he was portrayed

Same way and same method they used for Buhari:propaganda,lies and when records of certificates are asked for they find loopholes to block it being released.
Buhari was built on massive lies and propaganda about his character and competence,that crumbled like a pack of packs less than half way into his first term!Same playbook with Tinubu now so how can you expect anything different?
All the people whose capacity were built on lies are being exposed:if Buhari had not become president,they would have lied to us that he is the best Nigeria never had.If Tinubu had not become president,they would have told us that if he was president,fuel would be ₦100 as he promised and the ₦ would be exchanging for 300 dollars!
Bunch of incompetent,lying,integrity deficit criminals!!

inoki247:
Lol everybody looking for loopholes to rip the system....


Collect Dollar for a Purpose carry am go sell for Black market...

as manufacturing becomes less profitable, expect manufacturers to round trip their dollar in black market.

We the masses are our problems Bankers(Masses) sell to Aboki (masses), Aboki sells at a high rate to buyers(masses),
Then the buyers hoard the USD for no reason and sell it back to Aboki at another high price. Most Nigerians are corrupt. The FG & CBN should stop funding BTA, PTA, and school fees payments but they won't bcs their children school abroad. Nigeria needs a strict hand, PBAT should take the bold step and suspend the activities of BDC and all this funding. Anybody that wants to japa should work for his/her dollars. USD should only be strictly available for the legitimate importation of commodities

Stop eating corn flakes, eat Akamu
stop drinking French wine, drink palm wine
drive Immosun cars
eat local foolds
ladies stop buying 'Indian' and 'Brazilian' hair
These will all help to stregthen the Niara. Govt can't do it all.

The importation of fuel is really the cause of this. We should stop chasing shadows and do the right thing. Refining our crude locally will erode the demand for Forex on importation of fuel. We need more local refineries. Then if you are seeking for foreign education or foreign goods, then you are on your own. But the petroleum which the poor and the rich enjoys should be refined locally in other to save our naira.

Crack down or crack up,nothing will work until you execute fiscal policies that will boost exports for more dollar supply.Plus total ban on importation of goods and services that are available locally.

The only monetary policy that may work now ,is to ban BDC operations and criminalise black market, with minimum of death sentence for culprits.Let all forex inflows and outflows,be made through banks.

No matter the official rate,greediness will always create a black market for round tripping!

But let us see whether a seller of forex to black market would prefer to die after making extra money in the black market,instead of selling to banks at a lower rate!

ijustdey:

•I& E window: N744/$1; parallel market: N950/$1

•Shonubi says Tinubu “very concerned” about naira slide

•Reveals intervention measures ready in matter of days

•Report: Dollar supply remains major challenge in FX market



https://www.thisdaylive.com/index.php/2023/08/15/fx-arbitrage-widens-to-n206-1-enabling-round-tripping-cbn-vows-crack-down

Nigerian banks are arguably the very worst in the world.

how can I buy dollars from the I &E window

It's here in nigeria they always have a reason why ithings are not working

Na Seyi dey rule us 😊

The only solution is to proscribe the parallel market as a terrorist organization.

Subsidy beneficiaries are currently facing the music.

The parallel market needs a courageous decision against from the president if we want our naira to have value again

N206 profit without manufacturing anything to improve the economy of the country after collecting dollars from the bank is terrorism and economic sabotage

Should we still be hearing anything like parallel market anymore?

femicyrus:
The only solution is to proscribe the parallel market as a terrorist organization.

Subsidy beneficiaries are currently facing the music.

The parallel market needs a courageous decision against from the president if we want our naira to have value again

206

We have similar thoughts.

Until we stop importing oil we are going to continue with this.

Fix 3 or 4 refineries but no.
It's a shame

seborrhic:
Emefiele the criminal is still better than the drug lord who hurriedly removed dual exchange rate without any sense or plan.
Is it not the same CBN intervention and clampdown he was chided that this same clowns are now doing?

But the dual exchange rate is the problem. Was and is.

MY CURSE IS REVERSED FOR THE ANGEL THAT SENT ME TO BE BORN IN THIS SHIT HOLE COUNTRY. I HATE THE BLACK MAN AND HIS APE LIKE WAYS

femicyrus:
The only solution is to proscribe the parallel market as a terrorist organization.

Subsidy beneficiaries are currently facing the music.

The parallel market needs a courageous decision against from the president if we want our naira to have value again

N206 profit without manufacturing anything to improve the economy of the country after collecting dollars from the bank is terrorism and economic sabotage

But the parallel market is not the problem. "Official window" is. The former exists because of the gross inadequacies of the later.

Runup:
how can I buy dollars from the I &E window

Me sef de find o.

jericco1:
Until we stop importing oil we are going to continue with this.

Fix 3 or 4 refineries but no.
It's a shame

Even with that,greediness will always create artificial scarcity in banks so as to make black market profitable.

The best way is to combine carrot and stick approaches:

Improve supply and then criminalise black market with minimum of death sentence for culprits!

The best way is to allow average local users of forex have access to dollars in the purchases of oversea products even by 20 dollar per month. CBN through banks made dollar accessable only those going for schools overseas or for medical and leisure purpose. And illegally to bureu de change operators. This people need forex in thousands. While an average guy needs it's in hundreds.

Once you a start hearing CBN looking for ways to solve a problem that they knew has been there since time immemorial then it’s not looking good

What they did 2 months ago was not rates unification. It was simply Devaluation

Same devaluation in 2016/2017, and the back to back ones from 2020- last two months as we speak

It’s too much for a country to handle

This man looks clueless

God have mercy

ijustdey:

•I& E window: N744/$1; parallel market: N950/$1

•Shonubi says Tinubu “very concerned” about naira slide

•Reveals intervention measures ready in matter of days

•Report: Dollar supply remains major challenge in FX market



https://www.thisdaylive.com/index.php/2023/08/15/fx-arbitrage-widens-to-n206-1-enabling-round-tripping-cbn-vows-crack-down

Can't the government make legislation banning bureau de change activities in this country? With their existence we can never achieve a single exchange rate in this country. They will always give a better margin to those who want to sell their dollars and other foreign currencies, thereby frustrating any initiative of government.