₦airaland Forum

emkz:
Why do we even trade dollars in the streets like we trade beans?

Foreign exchange is a security document and the flow must be controlled to avoid it being used to launder money.

In Nigeria, the poor spends naira and rich men spend dollars. Politicians mostly spend dollars. By the dollars going high, it affects all of us because we are an import-based nation.

How do we stem the tide?

Every importer who wants to import should approach the banks who'd give them letters of credit, collect naira and pay the seller in forex through their correspondent bank. The practice of putting dollars in the hands of people who claim to want to import must stop.

If anyone is travelling, he must approach a bank to get BTA and he must be receipted. At the airport, he must present the receipt to customs and evidence of the cash. If he doesn't have the cash, he must be arrested, tried and jailed. Wicked people use travellers to buy BTA at government rates and resell to the black market. If this practice is not functional, give them pre-loaded debit cards by going into partnership with companies like Travelex and Transferwise or Revolut or Remitly and pay them directly so that beneficiaries can collect their cash when they get to the countries of destination.

Also the practice of CBN chiefs selling dollars directly to Nigerians to resell at exorbitant rates must stop. If you are within Nigeria, you have no business handling dollars.

Then all banks must stop the practice of opening domiciliary accounts for Nigerians in Nigeria. They can sell debit cards in naira and charge the prevailing exchange rate for international transactions like e-commerce. This used to be the practice. I wonder who stopped it.

Then the government must look into the mining sector from exploration to extraction, refining and export of minerals like lithium, gold, tin, steel, coal, phosphate and gas. The Chinese must be prevented from mining practices of our minerals and Rosewood trees. Minerals are security assets and must be protected the way we protect our private parts. Foreigners must not be allowed in for now, especially with the way oil exploration has failed our people when handled by foreign companies. You can employ foreigners to train your own people but do not allow them bring their expertise and funds to extract a security asset. They'd never use it to your advantage.

I support the hike in dollar rate. I also applaud the scarcity of dollars. It should be scarce. Only government should have it and those who absolutely need it for business outside the country. If you are within the country, USE NAIRA.

JASONjnr:
It's not greener out there

emkz:
May God bless you too.

Giving people dollars has never made sense to me. Since our people abuse it, make it scarce. You are travelling outside the country? I'd send the money to Travelex and give you a code. Use the code to collect your BTA at ay Travelex kiosk when you get to where you are going.

LagosG:
Weak Naira slows down everything.


I barely leave my house anymore talk less of japa.

Smartguyboy:
Will you tell that to politicians who na spray dollars in occasions in Nigeria?

JASONjnr:
It's not greener out there

theredaddy:
It wasnt really a problem until Nigerians eye were open to the difference between official fx and black market,
Naira present free fall stems from the two market difference, people are majorly collecting Fx at official rate to trade and amass wealth not really for productivity

If Govt can find a legal means to wean Nigerians off Dollar it will go a long way to solve Naira free fall

blowjohn:
Looool walahi if u see how barbing salon choke for abuja eh and the money them use collection space u go think say na curse.

Thoug many be like money laundering sha, cos how u go buy space for plaza for 39 million cos u want open barbing salon. Abi Jay Z and tom Cruise go dey show up every 2 days ni?

bennybuhari:
Lies. That's the more reason people are even japaing more. No matter the exchange rate, who will japa must japa

iwaeda:
https://punchng.com/weak-naira-slows-down-japa-rate/

emkz:
Na our people take our hand spoil country.

We use the dollars as if we print it. What we should be discussing and putting pressure on the government are cost of food items, transport and hardship. But to me, the most important commodity in Nigeria is dollars. Whi swear for us?

theredaddy:
Even if we put so much pressure on the govt, the buck does not end at there table, the reality is that inside and outside the govt there are too many saboteurs,
As For cost of food, insecurity is one major challenge, if farmers can farm freely there we be abundance normally that should drive down the price of food items

I think we need to pause, maybe reset the whole system sef, cos there are too many lacuna in the present system saboteurs are so accustomed to and exploring freely

Govt need to carry us go where we no know, cos conventional theories won't work on Nigerians cos we love fast money

emkz:
I agree with your point. But resetting the whole system would require a dictator because the problem has been engrained deep into the blood of the society. One thing we can do as a government is make these things difficult. For example, why do politicians even have easy access to public funds? If you are paid to do a contract and you don't do it, we seize your assets and send you to prison.

Look at the recent explosions in Oyo State. No one has been arrested and 5 people died. Look at oil theft, not one oil thief has been jailed. Look at EFCC, they claimed a church was a conduit for money laundering and terrorism, yet cannot mention the name of the church.

We cannot run a society like this. Our leaders know what to do, but they have their hands too deep in the dirt to be able to address the issues.

Focusmind:
Everybody dey hear am. Some lecturers have their kids in foreign universities and they do everything to sustain them there. If you are not going to sponsor your child to do a health care, IT or trades related courses abroad, don't just waste your money.

nstore:
Hmm..
"..Flight costs to London from Lagos are now hovering above N2m.."
When it gets to 'breaking point', Nigerians will know what to do..

God Bless Nigeria.

JASONjnr:
It's not greener out there

JASONjnr:
It's not greener out there

emkz:
Why do we even trade dollars in the streets like we trade beans?

Foreign exchange is a security document and the flow must be controlled to avoid it being used to launder money.

In Nigeria, the poor spends naira and rich men spend dollars. Politicians mostly spend dollars. By the dollars going high, it affects all of us because we are an import-based nation.

How do we stem the tide?

Every importer who wants to import should approach the banks who'd give them letters of credit, collect naira and pay the seller in forex through their correspondent bank. The practice of putting dollars in the hands of people who claim to want to import must stop.

If anyone is travelling, he must approach a bank to get BTA and he must be receipted. At the airport, he must present the receipt to customs and evidence of the cash. If he doesn't have the cash, he must be arrested, tried and jailed. Wicked people use travellers to buy BTA at government rates and resell to the black market. If this practice is not functional, give them pre-loaded debit cards by going into partnership with companies like Travelex and Transferwise or Revolut or Remitly and pay them directly so that beneficiaries can collect their cash when they get to the countries of destination.

Also the practice of CBN chiefs selling dollars directly to Nigerians to resell at exorbitant rates must stop. If you are within Nigeria, you have no business handling dollars.

Then all banks must stop the practice of opening domiciliary accounts for Nigerians in Nigeria. They can sell debit cards in naira and charge the prevailing exchange rate for international transactions like e-commerce. This used to be the practice. I wonder who stopped it.

Then the government must look into the mining sector from exploration to extraction, refining and export of minerals like lithium, gold, tin, steel, coal, phosphate and gas. The Chinese must be prevented from mining practices of our minerals and Rosewood trees. Minerals are security assets and must be protected the way we protect our private parts. Foreigners must not be allowed in for now, especially with the way oil exploration has failed our people when handled by foreign companies. You can employ foreigners to train your own people but do not allow them bring their expertise and funds to extract a security asset. They'd never use it to your advantage.

I support the hike in dollar rate. I also applaud the scarcity of dollars. It should be scarce. Only government should have it and those who absolutely need it for business outside the country. If you are within the country, USE NAIRA.

TheBillyonaire:
The Naira/Dollar rate is an illusion created to make you loose your sense of Self.

Laziness must be conquered. It is either you recognize that you are lazy, and grow up, or you japa, and suffer small to defeat the laziness.

The result will be a built up human being either way. If you had built yourselves up, you would not have had the need to travel to faraway country.

As business men, we say Bleep dollars/Naira rate. we Increase the price of our commodity or service to match shopping price index and maintain our standard of lives,

You people are too lazy. You will learn the hard way. Learn a skill, it is free to learn a skill that pays much.

blowjohn:
Looool walahi if u see how barbing salon choke for abuja eh and the money them use collection space u go think say na curse.

Thoug many be like money laundering sha, cos how u go buy space for plaza for 39 million cos u want open barbing salon. Abi Jay Z and tom Cruise go dey show up every 2 days ni?

Biola67:
Yes it’s not easy anywhere in the world. But is it easy in Nigeria? The rate at which you hustle in Nigeria without nothing to show for it, if you apply that same pressure abroad, your life won’t be the same. Yankee go commend your efforts. Na the scope.

I Dey wonder how people wey be citizen for Yankee go Dey homeless when someone from Nigeria who can’t even speak like you will get a job and settle within 1yr of relocation. But you wey be citizen go Dey homeless. Na them never tell you why dem dey homeless .

JASONjnr:
I did a scholarship study in the US.

I will tell you that, life is expensive out there. And laws aren't what you joke with. Also, laziness isn't what is expected of a black dude. A white guy can be lazy and do drugs and the laws will blame the blacks for it.

Again, it's not greener out there. If you have your games together, you can prosper here and you can only travel for vacations there.

Have you ever wondered why people like Davido or WizKid aren't based over there?

I can't explain, but I just want you to know that, going abroad is perfectly ok and educational and exposure for people. But sometimes, it's really okay to stay back and enjoy your mother country.

Depression almost killed me. And I was sex-starved. I'm telling you, this was years ago.

JASONjnr:
I did a scholarship study in the US.

I will tell you that, life is expensive out there. And laws aren't what you joke with. Also, laziness isn't what is expected of a black dude. A white guy can be lazy and do drugs and the laws will blame the blacks for it.

Again, it's not greener out there. If you have your games together, you can prosper here and you can only travel for vacations there.

Have you ever wondered why people like Davido or WizKid aren't based over there?

I can't explain, but I just want you to know that, going abroad is perfectly ok and educational and exposure for people. But sometimes, it's really okay to stay back and enjoy your mother country.

Depression almost killed me. And I was sex-starved. I'm telling you, this was years ago.

maasoap:
The huge amount of money they paid for rent, where did they get it to begin with?