₦airaland Forum

StOla:
Good!

A country that does not know economic security will learn the hard way like Nigeria is doing now.

Nigeria needs to reach out and learn from countries that have mastered the art of economic control and economic security.

In Nigeria anything goes.

Some even think it is their fundamental right to save up dollars inside Nigeria.

Left to me anyone who is not getting foreign remittances into their domiciliary account, should have any dollars they have stacked up till now, converted at a rate of $1 = N1.

If you have stacked up $20,000 within Nigeria, my government will convert it to N20,000 for you.

It is obvious you have more than enough to be contributing to the economic terrorism that is going on within the country, so we will help you with a conversion tax that will make you love your own Naira.

Na now the government begin wake up that you do not show mercy to wicked Nigerians.

This is starting to resemble the aggressive methods Russia used to stabilize the Rouble when they were heavily sactioned for invading Ukraine

tuoyoojo:
The fg knows what to do but rather they refuse to go after those who are the cause of the problem

Who are the people mopping up the forex . are they not politicians

How do u improve the economy

Go from consumption to production.

Invest in agriculture, improve secuity, ensure local production for exportation, improve power reduce the luxurious live styles of government, let the masses see ur sincerity that you are not paying lip services to their plight and see how things would change

Above all kill corruption. Use a few top rated people as examples and see how the country would fall in line but alas he that comes to equity must come with clean hands

Buhari did all these knee jerk response during his time. Where did it lead us to


The govt keep doing the same things and expecting different responses. Kole werk

Apart from genuinely and aggressively fighting corruption, do you think we would see the effects of any good policy for the next two/three years?

airsaylongcome:
I won't not go into the details of blocking SOCKS,PTPP and other tunneling protocols. Trust me, it can be done. And easily even. Na for NCC to direct telecos to block am. And it will be done in a heart beat. I work with VPNs everyday. I mean setup and manage them. So this is a topic I'm very conversant with

They haven’t done it because they simply can’t.

airsaylongcome:
I won't not go into the details of blocking SOCKS,PTPP and other tunneling protocols. Trust me, it can be done. And easily even. Na for NCC to direct telecos to block am. And it will be done in a heart beat. I work with VPNs everyday. I mean setup and manage them. So this is a topic I'm very conversant with

you can’t block vpn.

gaby:
Clutching at straws...

Make dem go block VPNs na

Dull, brainless people in power.

Tinubu has really exposed agbados as daft people. I thought Fulani people no get sense but this one weak me. So na only igbo people get sense for this country like this?

Why can’t govt forced all this institutions to peg dollar at a particular price even to an extent you can’t increase or decrease the price

I don’t understand
Is that too difficult for them to do

eteebanky1:
This is commendable

I totally support this ban

This same people trading crypto are the same unfortunate people blaming the government for incompetency

Fools

Nice one from the government

Elliotwaveforec:
Way to go! Action President.

StOla:
Good!

A country that does not know economic security will learn the hard way like Nigeria is doing now.

Nigeria needs to reach out and learn from countries that have mastered the art of economic control and economic security.

In Nigeria anything goes.

Some even think it is their fundamental right to save up dollars inside Nigeria.

Left to me anyone who is not getting foreign remittances into their domiciliary account, should have any dollars they have stacked up till now, converted at a rate of $1 = N1.

If you have stacked up $20,000 within Nigeria, my government will convert it to N20,000 for you.

It is obvious you have more than enough to be contributing to the economic terrorism that is going on within the country, so we will help you with a conversion tax that will make you love your own Naira.

Na now the government begin wake up that you do not show mercy to wicked Nigerians.

zero sense, una no get. When Tinubu was sharing $25k per delegate, and sharing dollars to buy people's votes during the election you didn't know it'll cause these issues and now you and your useless president are looking for who to blame for the problems you caused. Same useless politicians are the ones storing up all the available dollars while half-brained cretins like y'all cheer them on.
If you had even an iota of sense, you would know that this stupid move by your government will further push up the value of the dollars due to more scarcity of dollars that'll result from this.

Like president, like followers; zero sense

CyberWolf:
You guys always like burying your heads in the sand without tackling the main problem. How will blocking crypto exchanges save the naira? It’s a mere cosmetic measures that postpones the doomsday. Announce a proposed pegging of dollar to naira say $1 to N400 and also a proposed ban of BDC throughout the country and watch exchange rate collapse massively in Favor of Naira.
People speculate and hoard dollars because they have a market where they will round trip and make profit. Remove that market and watch those doing that stop because it won’t be lucrative again because there is no market for it. Of course they won’t do it because they are the real culprits.
Politicians and their cronies in banking sector in connivance with BDC are the ones speculating and killing the Naira. They collect forex from CBN, hoard it and speculate, pushing the rate high and then offload it through their cronies in BDCs, and the repeat the same again and again. FG should ban BDCs, peg dollar to Naira a very low rate and mandate all transactions involving forex to be done in the bank. Those hoarding forex will dispose it immediately.
USA just approved bitcoin ETF recently, ETH ETF to follow soon, other countries around are gearing up with policies on how to key in into the future of digital currencies while Nigeria continue moving backwards with inconsistent policies while shying away from tackling the main rot. Buhari banned cryptocurrency and did that stop Nigerians from crypto trading? Brainless and visionless leaders with brainwashed and bigoted supporters.

Thank you my brother. These people don't understand how this things work. Have a fixed naira to dollar rate, within 1 week, dollar will be available. I think, is time we drag the finance minister, CBN governor and Tinubu on Twitter.

YourKarma:
zero sense, una no get. When Tinubu was sharing $25k per delegate, and sharing dollars to buy people's votes during the election you didn't know it'll cause these issues and now you and your useless president are looking for who to blame for the problems you caused. Same useless politicians are the ones storing up all the available dollars while half-brained cretins like y'all cheer them on.
If you had even an iota of sense, you would know that this stupid move by your government will further push up the value of the dollars due to more scarcity of dollars that'll result from this.

Like president, like followers; zero sense

Your papa and Mama no get sense.

YourKarma:
zero sense, una no get. When Tinubu was sharing $25k per delegate, and sharing dollars to buy people's votes during the election you didn't know it'll cause these issues and now you and your useless president are looking for who to blame for the problems you caused. Same useless politicians are the ones storing up all the available dollars while half-brained cretins like y'all cheer them on.
If you had even an iota of sense, you would know that this stupid move by your government will further push up the value of the dollars due to more scarcity of dollars that'll result from this.

Like president, like followers; zero sense

Unfortunate human being

Just tell us you have assets on binance

God will punish y'all manipulators, saboteurs

Ban never reach 2 hours, dollar don crash by about 30%, I wish to curse you and your entire family but to avoid ban sha, make i dy low-key.

Celplas1010:
Thank you my brother. These people don't understand how this things work. Have a fixed naira to dollar rate, within 1 week, dollar will be available. I think, is time we drag the finance minister, CBN governor and Tinubu on Twitter.

You’re welcome my brother. These guys knows what to do but they simply don’t want to do it, but prefer chasing the wind. What exactly is the contribution of BDCs to the country’s economy? Why do BDCs have forex and banks don’t? These are pertinent questions which the answers are obvious.

StOla:
Many like you actually do not want a solution.

You just yap day and night hungry for more economic downfall.

How am I responsible for your self-induced suffering, kid? Pray, tell...

tensazangetsu20:
I don't want to sound tribalistic but is the best the westerners can offer to Nigerians. This is the first time in Nigeria's history, that everything is owned by people from the west and everything is sinking rapidly.

I used to follow the thread of tech then and I used to see u as someone knowledgeable..

But now I think I am wrong with series of dumb comments from you, from downgrading ur country home to spitting rubbish about ur origin.

Now tell me, what would the government do, something is spiraling down and u re here saying nonsense, until they stabilise the naira dollar issue government has the right to do what dey feel right so far its not with sinister motive..

Every reasonable person knows this online platforms are also contributing to the issue and u re here talking like someone not trained from home...

Short.


Mod u can ban me till August sir

Elliotwaveforec:
Your papa and Mama no get sense.

I no blame you nah, if your useless mother didn't open her smelly kpekus to your ogogoro-wasted father, they would never had brought a curse like you upon this earth. Do you even know how your mother sheds tears every time she remembers that unfortunate night? Oh, so you didn't know you're a mistake, an unplanned event, something that should never have happened. Even your papa would've been better off if he had sold you for a bottle of ogogoro. Believe me, he would've done that if he had the chance.
Anyways, now that you know useless you are, you can now go ahead and kii yaself.

P.S, don't mention me again if you're sure you don't want me to tell you more of the horror story of your unfortunate birth

steeltrust:
Why can’t govt forced all this institutions to peg dollar at a particular price even to an extent you can’t increase or decrease the price

I don’t understand
Is that too difficult for them to do

It is like trying to stop run off water with cardboard. It won't hold for long.

If a government tries to peg the price of tomatoes when demand is high without increasing the supply of tomatoes, the pegged proce will only hold for the period that Policemen are stationed at every tomato point of sale. Is that possible in a large country like Nigeria. Obviously not.

Same will apply to forcefully pegging the naira/dollar price. It will only work if the government can supply far more dollars to the market. Unfortunately Messrs Emefiele and Buhari left Nigeria 's dollar account almost empty.

As a result the current government does not have the capacity to supply the avalanche of dollars that is needed to reduce the naira / dollar rate.

sonofthunder:
Apart from genuinely and aggressively fighting corruption, do you think we would see the effects of any good policy for the next two/three years?

What humans need to thrive in dire times Is hope.

Hope based on concrete steps.


Look at the body language of the government and let's tell ourselves the truth. Does it give hope.

It approved 160m for lawmakers to purchase cars, spent billion for hajj, removed subsidy without any cushions for the masses.

A government that knows where its going to would have established manufacturing industries, improved power, invested in agriculture, beefed up security, tried top corrupt personnel giving them speedy trial and appropriate punishment for serve as deterants to others, cut down costs of government etc

If they have done a few of these things and tell people to have hope and give it one year for it to start yielding dividends people would endure but have we seen any of these yet

Instead we see them living large while telling people to endure. WHY?!!

its knee jerk response we see.

Let the government go after corrupt politicians and bank CEOs but alas they cannot shit where they eat

CyberWolf:
You’re welcome my brother. These guys knows what to do but they simply don’t want to do it, but prefer chasing the wind. What exactly is the contribution of BDCs to the country’s economy? Why do BDCs have forex and banks don’t? These are pertinent questions which the answers are obvious.

Is their no way we can drag Tinubu, CBN and Finance minister on Twitter concerning having a fixed rate of dollar to naira?

Celplas1010:
Is their no way we can drag Tinubu, CBN and Finance minister on Twitter concerning having a fixed rate of dollar to naira?

There official handles are on twitter.

PotatoSalad:
Go and play with your stuffed toys.
One step forward, two steps back.
Now USD will be scarce to get, driving up the rate. And believe me, VPN dey.
I use Starlink and I don't even have to use VPN to access binance.

While you play with your toys, open cartoon network.



If they do that, it'll be the final nail on the coffin.
People put money in banks because of trust.
Domiciliary accounts remain domiciliary accounts. If you wake up one day and all the money you have there is now in naira, I wouldn't even want to imagine the consequences. It'll be bloody

Those idiots and their followers know nothing, who even leaves money in their dom acct. Just busy With work today if not i suppose cashout atleast 6figures today but i try,i only pray this madness continues.arbitrage on the loose!!!

References1:
https://www.premiumtimesng.com/business/670511-forex-crisis-nigerian-govt-blocks-binance-octafx-coinbase-others.html?fbclid=IwAR0KcvS7CTaFAcMsoeNnhW2YRLqNMrGdugb_c3Wf5_1bHB6yyLgeYXdrq6g

Previous Thread:
https://www.nairaland.com/8007407/forex-crisis-fg-plans-clampdown

I can still login and trade, I don't know where this misleading information is coming from!

Ok oo

CyberWolf:
There official handles are on twitter.

Good. We need to join hands

Way wey Buhari follow wey no yield fruit? Obviously the government is the problem and they know it.

eteebanky1:
This is commendable

I totally support this ban

This same people trading crypto are the same unfortunate people blaming the government for incompetency

Fools

Nice one from the government

So what did you want them to trade before. Agbado? you are just a big joke.

christopheojo:
I can still login and trade, I don't know where this misleading information is coming from!

We wait to hear official announcement. This piece of news is just a rumour and we have to treat it so.

eteebanky1:
Unfortunate human being

Just tell us you have assets on binance

God will punish y'all manipulators, saboteurs

Ban never reach 2 hours, dollar don crash by about 30%, I wish to curse you and your entire family but to avoid ban sha, make i dy low-key.

Taah! Go and eat shit. You're just as daft as the president you support. Of course I have funds in binance, and I have a bulk of my funds in my Atlanta base. Only a fool will store funds in your useless currency. Your politicians know this, and that's why they store their funds in dollars leaving the poor, deluded masses like you to hail their knee-jerk actions.

And na you know how you take pull out 30% dollar crash from inside your nyash. If you're looking for what's making your useless currency more useless, go and ask your useless politicians to stop printing naira and using it to buy up dollars

fxexperts:
So what did you want them to trade before. Agbado? you are just a big joke.

Yes Daddy

2Radii:
I used to follow the thread of tech then and I used to see u as someone knowledgeable..

But now I think I am wrong with series of dumb comments from you, from downgrading ur country home to spitting rubbish about ur origin.

Now tell me, what would the government do, something is spiraling down and u re here saying nonsense, until they stabilise the naira dollar issue government has the right to do what dey feel right so far its not with sinister motive..

Every reasonable person knows this online platforms are also contributing to the issue and u re here talking like someone not trained from home...

Short.


Mod u can ban me till August sir

Story. Go and take a basic class in economics before talking to me.

And it is now #1660 to a dollar. It's kinda working though

FireUpNow:
We wait to hear official announcement. This piece of news is just a rumour and we have to treat it so.

Stop the FUD!

Felimax:
Makes it all the more interesting!

We are in Nigeria but we can choose to be anywhere, do you get?

You talk too much