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Nairaland Forum / Nairaland / General / Business / FG Outlaws Black Market FOREX Transactions (52350 Views)
EFCC Probes Dangote, BUA, 50 Other Companies Over Forex Transactions / Dollar Hits N600 At Parallel Market, FOREX Supply Shrinks / Forex Transactions On Investors & Exporters Window Hit $7.62bn (2) (3) (4)
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Re: FG Outlaws Black Market FOREX Transactions by JaskanFactor: 8:27am On Oct 25, 2023 |
the inflation rate on the toilet paper currency called naira is already a huge tax, taxing people ontop of the inflation is just trying to starve people to death. Anybody wanting to tax people ontop useless naira is very wicked indeed. A currency whose value has been dropping like a stone since inception is government theft. They steal from you everyday with inflation as they print to much money, then they want to tax the public ontop of that. Eventually the power of the almighty God will have to be sort before people loose all hope. Armed robber has more dignity than the edifice calling itself Nigerian govt. How can you want to increase tax on a currency that virtually has no value. nobody wants the naira , you cant save money in bank in naira cause its value will spoil as fast as meat rottens in open air. 1 Like |
Re: FG Outlaws Black Market FOREX Transactions by demmie1: 8:34am On Oct 25, 2023 |
Think9ja:100% |
Re: FG Outlaws Black Market FOREX Transactions by Blaqputin(m): 8:39am On Oct 25, 2023 |
FreeStuffsNG:You know very well that this won't work. The Naira is on a free fall. Twill get to 1500 before the end of the year. The politicians keep Stealing and hoarding dollars and they are here making audio recommendation for their papa |
Re: FG Outlaws Black Market FOREX Transactions by Xxxxtentacion2: 8:58am On Oct 25, 2023 |
gabbytabby:you vote and support bad leaders and you want nigeria to work.. keep playing |
Re: FG Outlaws Black Market FOREX Transactions by Adolfnigeria: 9:39am On Oct 25, 2023 |
@Vision101 Do u even get the point? I applied for PTA because I am travelling, and no clarity on if/when I would receive it. The only other market to get it is the black market. This is the only supply for majority of Nigerians and their businesses. So this policy is rubbish if the CBN is unable to guarantee supply, and its only propaganda. Vision101: 1 Like |
Re: FG Outlaws Black Market FOREX Transactions by Betanaija42moro: 9:42am On Oct 25, 2023 |
Think9ja:Tell me the reason why thunder go leave you and fire Obi. You that is not beneficial to this country |
Re: FG Outlaws Black Market FOREX Transactions by BreakingNews21: 9:49am On Oct 25, 2023 |
The very best Federal Government grammar I've read in some years going back to the administration of Honourable ancestor former President Umaru Musa Yar'Adua (salaa allah ealayh wasalam) administration. Now let's all collectively will it into reality instead of being low-budget naysayers that are almost always mouthing off the the internet as usual. |
Re: FG Outlaws Black Market FOREX Transactions by ruffhandu: 10:00am On Oct 25, 2023 |
FreeStuffsNG:Do you know that the highest patrons of dolar black marketers are politicians, they pay bribe in dolars now. |
Re: FG Outlaws Black Market FOREX Transactions by Adolfnigeria: 10:04am On Oct 25, 2023 |
@pharmagba Permit me to educate you. The Nigerian govt states you can apply for PTA. You log on to TMS provide your ticket, tcc, visa. Your application is forwarded to the bank. At the end of the day you most likely won't get it. But CBN has in the past been given out dollars to politicians. Remember during the APC primaries? Same government, different scam! For your information, BDC and so called black market, sell at the same rate. There is no substancial advantage using the BDC. --------- pharmagba: |
Re: FG Outlaws Black Market FOREX Transactions by Menclothing: 10:06am On Oct 25, 2023 |
sunboy: Nigerian parents send more than 7 millions youth abroad and pay there school fees hustle in naira to pay dollar fees 1 Like |
Re: FG Outlaws Black Market FOREX Transactions by Reference(m): 10:25am On Oct 25, 2023 |
Anaya4life: The BDC (the civilised arm of the black market) is the only TRUE foreign exchange market in Nigeria. That is why it is the largest player, the majority stakeholder. It is the Nigeria equivalent of the global foreign exchange market folks daily trade in. And the reason it is so is simple. It is apolitical, it does not consider who is in power, what his policies are, or what his dogma is about. It is does not consider the background of the customers. You come into it in rags or Rolls-Royce's, with a naira or a billion naira. It is not sentimental. You want to buy tickets to pilgrimage, to school, to tour, to fix your health, to buy AK-47's to terrorize your fellow citizens, to buy houses in Dubai from public funds theft, anything, the market is at your service at an equitable rate. How will the CBN beat such a market that is more diverse, less restrictive and more equitable than theirs. When the CBN was busy offering a hundred different exchange rates at the whim of government for decades, when they were busy providing fx exclusively to government lackeys to round trip at the expense of the citizens, and all sorts of anti free market practices they didn't know they were undermining their credibility and by so doing growing smaller and weaker. For where else in the progressive, capitalist world does the Central Bank or Reserve Bank hold exclusive rights to foreign exchange or is the defacto market maker. The government had better wake up to the reality that to float the naira means the rate making has been concede to the so called black market and the CBN has taken a back seat to watch and control the means of access, not the market itself. In a nutshell. The CBN can do no more than ticketing at the gates of the market not set up shop to trade like it's counterparts the world over. |
Re: FG Outlaws Black Market FOREX Transactions by Charly68: 10:26am On Oct 25, 2023 |
Handle the banks very well |
Re: FG Outlaws Black Market FOREX Transactions by LZAA: 10:35am On Oct 25, 2023 |
Chingyyy878:Na fear of ig*bos dey motivate am o Nothing more Na still AMC(Ag**bado) member e be o 😄😄😄 |
Re: FG Outlaws Black Market FOREX Transactions by Khyrvxjzy: 10:35am On Oct 25, 2023 |
FreeStuffsNG: calm down, hoard money no be crime God bless Nigeria, bdc will be official this what i have been advocating for |
Re: FG Outlaws Black Market FOREX Transactions by Khyrvxjzy: 10:37am On Oct 25, 2023 |
FreeStuffsNG: for this to work, we need emefiele idea of no cash policy, also make law of no dolar cash policy put your dollar in bank then we regulate |
Re: FG Outlaws Black Market FOREX Transactions by Khyrvxjzy: 10:38am On Oct 25, 2023 |
Xxxxtentacion2: can you please tell us what government should do then 1 Like |
Re: FG Outlaws Black Market FOREX Transactions by Khyrvxjzy: 10:39am On Oct 25, 2023 |
Think9ja: no ibo man will be president |
Re: FG Outlaws Black Market FOREX Transactions by Khyrvxjzy: 10:41am On Oct 25, 2023 |
Chingyyy878: begger |
Re: FG Outlaws Black Market FOREX Transactions by Inosky: 10:54am On Oct 25, 2023 |
Bagga.ge man cannot make any progress, talk is cheap, deceiving people with English. Grabbing and snatching power man, ran away with it but he's confused how it works. |
Re: FG Outlaws Black Market FOREX Transactions by mariahAngel(f): 11:08am On Oct 25, 2023 |
omooba969: I dey fine, thanks. Aso rock. |
Re: FG Outlaws Black Market FOREX Transactions by omooba969(m): 11:15am On Oct 25, 2023 |
mariahAngel: Aso rock báwo 🤷, don't you know your President resides there - I thought you don't like him. |
Re: FG Outlaws Black Market FOREX Transactions by omooba969(m): 11:16am On Oct 25, 2023 |
Inosky: Be calming down...biko. |
Re: FG Outlaws Black Market FOREX Transactions by mariahAngel(f): 11:20am On Oct 25, 2023 |
omooba969: Who does, besides zombies and urchins? 1 Like |
Re: FG Outlaws Black Market FOREX Transactions by Alliswell248: 11:27am On Oct 25, 2023 |
Xxxxtentacion2: See why no one want to allow the sore losers access to power. Enemies of Nigeria. Politically irrelevant. They want someone who failed in Economics, and government to oversee the nation's treasures. No brain 1 Like |
Re: FG Outlaws Black Market FOREX Transactions by soccerlite: 12:09pm On Oct 25, 2023 |
Will this laudable recommendation be able to fly? Just like the oronsaye report, Will it be implemented |
Re: FG Outlaws Black Market FOREX Transactions by masseratti: 12:12pm On Oct 25, 2023 |
Anaya4life:my brother... The beauty of the BDC or aboki on the street not having any control on FX if it's truly floated is that the NNPC, IOCs, NPA, Customs are the highest FX earners in the country IOCs through their royalty duties and taxes attract nothing less than 63% of FX into the country, next is Nigerians in diaspora 19.5% the rest to others.. Now in any market anyone that can do even 35% of the market can "influence" mark my word not "control" cos to control means regulations.. If the official rate is abolish, government will run BDCs, Black marketers of the market.. It's just has simple has that. Am busy now but for this your question let me try and answer a lil bit.. Let's say $ was 1000 yesterday to an aboki with just with $50000..and a IOC or CBN or a bank with $1,000,000,000.00 why won't The IOC or banks sell at 9950 naira? They will once there is no item restricted on their selling platform.. Let everyone go and buy at the parallel rates, the rate will come down... Another thing we need to watch out for is our unnecessary outrageous debt profile, it's ridiculous and no result for it... Anyway let everyone both govt and individuals trade at the "real" market rate.. Naira will stabilize.. If not by February we will be in major economy catastrophe.. If not before then.. We need to act now please. |
Re: FG Outlaws Black Market FOREX Transactions by soccerlite: 12:17pm On Oct 25, 2023 |
Reference: You mean everyone should go to bdc to get dollars Scary Hmmmm |
Re: FG Outlaws Black Market FOREX Transactions by teepain: 12:45pm On Oct 25, 2023 |
masseratti: You have a point and what you have recommended is full floating of the Naira. This will stabilize the Naira but it will exchange at about #2000 to about $1 until we start producing sufficiently for our consumption and exportation. @reference, you are certainly on point the restrictive policy of the CBN to favour a couple of people is not sustainable. |
Re: FG Outlaws Black Market FOREX Transactions by HopeGying: 1:05pm On Oct 25, 2023 |
You made sense almost completely but bleeped up at the bolded. Think9ja: |
Re: FG Outlaws Black Market FOREX Transactions by nawaforyouo: 1:08pm On Oct 25, 2023 |
Blaqputin: you still dey talk end of year End of the week jare |
Re: FG Outlaws Black Market FOREX Transactions by BlueAir: 1:11pm On Oct 25, 2023 |
From frying pan to fire. Forex arbitrage that boys look up to apart from Yahoo has been painted black.now it's outlawed to go patronize aboki in the market. Anyway sha,I've given up on the country over 8yrs ago. Las las I go pack go the smallest madagascar |
Re: FG Outlaws Black Market FOREX Transactions by gabbytabby: 1:12pm On Oct 25, 2023 |
I dont vote i just pray for the ones you lot voted for to succeed. Xxxxtentacion2: |
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