RepoMan007:
No dollar no dollar yet we have so much dollar seating idle and hoping it sells for N5000.
Now the exchange rate has been collapsed properly, those speculators will start scheming to have the naira weaken on both windows so they can sell with profit. I blame the FG who kept pumping cheap dollar into banks and trusting them to sell it cheap.

At this stage, federal Government should see all market players as one including crypto, foreign IMTO's and BDC's. Just digitize BDC's and make sure they are all Licensed.

Anyone who wants to trade FX, just need a NIN or ID card. All Banks and Licensed BDC's must be monitored and report their weekly transactions to the CBN. Rates and volumes should also be reported live across all platforms.

With these regulations, there should be no black market or official market but one integrated market where prices are spread across a range of 25 naira ie if UBA Bank is selling at 1000 naira, First Bank can be selling at 985 naira, Tap Tap send at 990, BDC's at 975 naira, and cryptos at 980 naira.

RepoMan007:
No dollar no dollar yet we have so much dollar seating idle and hoping it sells for N5000.

What's your business with another man's property?
Why aren't you complaining about the trillions of Naira sitting "idle"?

Now the exchange rate has been collapsed properly, those speculators will start scheming to have the naira weaken on both windows so they can sell with profit. I blame the FG who kept pumping cheap dollar into banks and trusting them to sell it cheap.

Alright, tell us exactly the "cheap" rate FG gave to the banks.

heed101:
I have said it. Dollar utilization policy should be in banks. If you store your money in foreign currency there should be genuine purpose and not for speculation purpose.

The threat of losing it to the state should be the penalty.

Won't work!

This would make sense if you had honest and patriotic leaders.

Sadly, the very people hoarding foreign currency in huge amounts are those in power and their political cronies.

How much does an average citizen have to boast about in his Dom account?!!

GeneralDae:

At this stage, federal Government should see all market players as one including crypto, foreign IMTO's and BDC's. Just digitize BDC's and make sure they are all Licensed.

Anyone who wants to trade FX, just need a NIN or ID card. All Banks and Licensed BDC's must be monitored and report their weekly transactions to the CBN. Rates and volumes should also be reported live across all platforms.

With these regulations, there should be no black market or official market but one integrated market were prices are spread across a range of 25 naira ie if Banks are selling at 1000 naira, BDC's can be selling at 975 naira, and cryptos at 980 naira.

That's a good idea for transparency though it will have very little impact.
The elephant in the room, demand/supply ratio is the silver bullet.

ivolt:

What's your business with another man's property?
Why aren't you complaining about the trillions of Naira sitting "idle"?


Alright, tell us exactly the "cheap" rate FG gave to the banks.

finish your lunch oga.

BannedUser:
Hehe. Save yourselves from the stress and save your dollars as USDT or USDC in your crypto wallet, away from the control of any Nigerian bank.

This is were d solution lies . Convert to USdt and leave it on the block chain from monday i will start to transition

Tareq1105:


It's obvious you don't understand the agreement.

It's payment for crude supply in advance so stop the misinformation.

You are the one spreading misinformation.
It is a loan with crude as collateral.

ivolt:

That's a good idea for transparency though it will have very little impact.
The elephant in the room, demand/supply ratio is the silver bullet.

This would reform the market first before you talk of demand and supply. Demand and supply alone in a distorted market does not help you much especially in terms of stability when there is a global disruption or when the US FED increases rate.

VeeVeeMyLuv:


It is also wrong looting public funds and stashing them out of the country

It is wrong japaing abroad, schooling abroad, treatment abroad, buying houses abroad and so on 🤣🤣

Sure Ur line of thought is that the politicians started it and people are now taking it further. I agree with u. Though 2 wrongs don't make right. If they start that process, it will give some steenght

DEROX:
i Feel sad being a yoruba This man is just a fool making people justify the hatred for him and yoruba as a whole, Nigerians last president was musa yar adua

keep deceiving yourself with deceit. Tribal begots

9jvirgin:
How do people like Bola Tinubu have supporters? As a Yoruba man, I prefer to give my money to my Igbo friends than give my money to a Yoruba man who is a no brainer.

You're a biafran, keep crying

9jvirgin:
How do people like Bola Tinubu have supporters? As a Yoruba man, I prefer to give my money to my Igbo friends than give my money to a Yoruba man who is a no brainer.

Did you check the meaning of "no-brainer" before using it wrongly just to appear smart?

Cash at hand go pass this value.

9jvirgin:
How do people like Bola Tinubu have supporters? As a Yoruba man, I prefer to give my money to my Igbo friends than give my money to a Yoruba man who is a no brainer.

So u too is no brainer since u said Yorubas are not..shiiit talk only a basssbard talks like that

U want to do right but the powers that be won't allow okay allow freefall continue na we go sell nigeria laslas collect change

GeneralDae:

This would reform the market first before you talk of demand and supply. Demand and supply alone in a distorted market does not help you much especially in terms of stability when there is a global disruption or when the US FED increases rate.

Actually, it does.
You have a distorted market because the players knows that the banks are struggling to meet demands.

People started talking about black markets when the Naira rates collapsed, not before.

We are talking about billions of dollars demand deficit and you think merely unifying the rate
will make any meaningful impact.

You can have a unified rate but you can never have stable rates without addressing supply.

RepoMan007:
No dollar no dollar yet we have so much dollar seating idle and hoping it sells for N5000.
Now the exchange rate has been collapsed properly, those speculators will start scheming to have the naira weaken on both windows so they can sell with profit. I blame the FG who kept pumping cheap dollar into banks and trusting them to sell it cheap.

You political tout. Every country has speculators. If your economic policy is strong. It will strengthen naira. Is official rate too following speculators? Don't throw out your brain because you belong to a party. Think outside the box. The current fall in naira is due to no confidence in the econo.ic policies etc. Even the politicians u support including Bola ahmed stockpile dollars( before and during election), you are here defending thrash

ivolt:

Actually, it does.
You have a distorted market because the players knows that the banks are struggling to meet demands.

People started talking about black markets when the Naira rates collapsed, not before.

We are talking about billions of dollars demand deficit and you think merely unifying the rate
will make any meaningful impact.

You can have a unified rate but you can never have stable rates without addressing supply.

Whatever it is, I want a unified rate first. So that when supply comes, there is no market distortion that swallows supply.
All players should be brought together and the market seen as one so that the rates always move together. Federal Government should stop pinning down a particular rate to make available to only a few.

PlanetZero:


You political tout. Every country has speculators. If your economic policy is strong. It will strengthen naira. Is official rate too following speculators? Don't throw out your brain because you belong to a party. Think outside the box. The current fall in naira is due to no confidence in the econo.ic policies etc. Even the politicians u support including Bola ahmed stockpile dollars( before and during election), you are here defending thrash

cassava and palm oil?

It's just the latest incaranation of a story that appears every few years.

1) 2015

2) 2016

3) 2024.

SisterAnn:
Tinubu and his team running from pillar to post looking for a fire brigade solution to the avoidable mess they created.

Well, we warned everyone.

Achoghim:
Is Mopol shooting people the best your Emilokan govt can do to save the nosediving economy? Indeed, you all are completely shameless.

Anytime Obidient criminal that the peace will shot like a disobedient dog.

Coldspice:


You're just a loudmouth. They will convert your few dollars to Naira and deposit the Naira equivalent into your Naira account. There's absolutely nothing you can do but cry.

If you go to cause trouble at the bank, the Mopol there will shoot you dead.

The Naira you refused collecting, your next of kin will use it for your burial.

They can't. Majority of the money in dom accounts belongs to politicians, top bankers, top security officials etc. So forget it

naptu2:
Office of the SA on social media to PBAT @Dolusegun16



Office of the SA on Social Media to PBAT

How did this make fp with no source?

What if the SA later comes to debunk this?

nairalanda1:
Still keeping a wary eye on the government though. There is nothing they can do.

At least we know that the government threat to go after the banks dollar stores is 100% true. And we know the government is all dollared out, all euroed out, all pounds out.

At some point, my guys, we better wake up and look for better government next time.

Hypocrite
Are they not doing what U want them to do. End subsidy and float the naira.
So which one is looking at the govt with wary eye...when they did everything u wanted.
Obviously U have a dorm account n U now scared they will come for your dollar.
Your thoughtless and impractical policy failed and instead of u to won up...U looking for who to blame.
Big hypocrite

HeadNigga:
Fake news is like fake drugs and yansh.

the news hit major headlines recently. Anytime you hear them debunk such news, its actually true and that's what they'd end up doing. They wanted to do it last year but they feared they might lose elections, should they try it.

I rembered the most recent one in the electricity tariff increase..the said there's no such thing.
It wasn't even long before it was implemented.

Maybe they're trying to be diplomatic about this because some people could jeopardise their plans by rushing to the bank Monday to withdraw all their dollars. Only the wise would do the needful now, because that's what they'd still do

DEROX:
i Feel sad being a yoruba This man is just making people justify the hatred for him and yoruba as a whole, Nigerians last president was musa yar adua

Bro, such a moment for the omoluabis.
It won't be more painful if there was no better alternative.
It hurts when they say Yoruba best is not measuring up to the northern worst government, We look more dunce now
Awolowo and M.K.O will be turning in the grave now.

naptu2:
Previous threads:

Operation Rescue NR: FG Considers Converting $30bn Domiciliary Deposits To Naira
https://www.nairaland.com/7989594/operation-rescue-nr-fg-considers


FG Considers Converting $30bn Domiciliary Deposits To Naira
https://www.nairaland.com/7989673/fg-considers-converting-30bn-domiciliary


FG Considers Converting $30bn Customers Deposits In Different Banks To Naira
https://www.nairaland.com/7989688/fg-considers-converting-30bn-customers



It's just the latest incaranation of a story that appears every few years.

1) 2015

2) 2016

3) 2024.

Irresponsible News paper. They always have a stupid source that speaks with zero technicality. I read it and I was so embarrassed. The newspaper talking about a major news like this like beer parlor Gossip.

Eriokanmi:
the news hit major headlines recently. Anytime you hear them debunk such news, its actually true and that's what they'd end up doing. They wanted to do it last year but they feared they might lose elections, should they try it.

I rembered the most recent one in the electricity tariff increase..the said there's no such thing.
It wasn't even long before it was implemented.

Maybe they're trying to be diplomatic about this because some people could jeopardise their plans by rushing to the bank Monday to withdraw all their dollars. Only the wise would do the needful now, because that's what they'd still do

The news is fake and it doesn't make sense. The write up and source sounded like local beer parlor Gossip

The rebuttal is too late. There is a gross distrust between the riulers and the ruled.
The painful memory of Naira confiscation is still fresh.
The banks would have to vomit lot of physical deposited forex this coming days.

History555:

They can't. Majority of the money in dom accounts belongs to politicians, top bankers, top security officials etc. So forget it

Go and ask oil marketers how far.
By the time they ask you to provide proof of income for the past 3 years showing how you acquired the dollars in the account, you go hear shout.