₦airaland Forum

emkz:
These are just temporary measures and are bound to fail. The forex market in Nigeria is like a hydra-headed snake. Cut one head; as you face another head, the first head will grow back. Cut the damn neck! In other words, let the CBN address the root of the problem instead of pretending they don't know.

Since last week, dollars injected into the forex market are mopped up.

Who exactly are those mopping up the forex?

What economic activity is tied to the raid of the forex?

Ribadu claims the activities of speculators are responsible for the hike in dollar rates.

My question to Ribadu is: why are the speculators not afraid of the government?

For many years, bank MDs have been accused of buying forex from CBN and the forex goes into the black market through back channels, for example, there are vulturistic abokis sitting in banking halls trying to buy off dollars from customers.

Who regulates those abokis?

If the $10billion the vice president said would come into the system enters, it would be evacuated by the same speculators which would not solve the problem.

My observation is that CBN has lost complete control of the forex market and are being regulated by the BDCs and population instead of CBN being in control. All over the world, forex trading is heavily regulated by governments through central banks.

What I also observed is that the dollars are mopped up by those who don't need them but are keeping them for a profit. Therefore, let CBN take complete control of the forex market through the following measures:

(1) Deregister all unlicensed BDCs. That market is heavily unregulated and until they are faced squarely by the authorities, the practice of the naira dying will not stop.

(2) Stop selling dollars to commercial banks as it is clear that they have failed in meeting their obligations to customers with the dollars. People who approach the banks for PTA/BTA and school fees are directed to the BDCs. Why do BDCs have dollars and banks don't? Even with banks, some people still approach the CBN to transfer their school fees. Infact, it was found that the banks had $5billion in their vaults. How come no one has been punished when these same banks created artificial scarcity to push people to BDCs?

(3) All banks should be compelled to show a statement of how they used the dollars they received from the CBN from the last two years. At least it would give us some ideas of what disappeared through the black market.

(4) CBN needs to carry out a tsunami on the banking industry. Use some bank MDs known for the forex fraud as examples by dismissing them for breaking the law.

(5) Once all these measures are taken, the CBN must protect all forex coming into the country to ensure the problems we currently have are not iterated.

In summary, CBN needs to take drastic measures to regulate the market.

There are other measures that can be taken to get the dollars from those who have stored them. Whether the CBN would have the will is something else. The Nigerian forex market is like those who pirate music.

Kill the black market for forex.

You are hundred percent(100%) correct.

pendragonbladgo:
How is China doing it alone?

China doing it alone?

How old are you?. Jesus Christ.

So you're among those we argue with here.

Do you know the number of companies owned by Americans in China? Stop saying stewpïd things online.

skj1377:
Ban use of dollar in Nigeria. Ban crypto of any kind. Never sell dollars to bank. Companies requesting dollars should be inspected by son , firs and Nafdac before request can be granted . Finally stop payment of school fees abroad. No direct benefits to Nigeria.

Lol. If you stop payment of school fees, won't that make the students use black market? So how does it help regulate fx rate?

emkz:
These are just temporary measures and are bound to fail. The forex market in Nigeria is like a hydra-headed snake. Cut one head; as you face another head, the first head will grow back. Cut the damn neck! In other words, let the CBN address the root of the problem instead of pretending they don't know.

Since last week, dollars injected into the forex market are mopped up.

Who exactly are those mopping up the forex?

What economic activity is tied to the raid of the forex?

Ribadu claims the activities of speculators are responsible for the hike in dollar rates.

My question to Ribadu is: why are the speculators not afraid of the government?

For many years, bank MDs have been accused of buying forex from CBN and the forex goes into the black market through back channels, for example, there are vulturistic abokis sitting in banking halls trying to buy off dollars from customers.

Who regulates those abokis?

If the $10billion the vice president said would come into the system enters, it would be evacuated by the same speculators which would not solve the problem.

My observation is that CBN has lost complete control of the forex market and are being regulated by the BDCs and population instead of CBN being in control. All over the world, forex trading is heavily regulated by governments through central banks.

What I also observed is that the dollars are mopped up by those who don't need them but are keeping them for a profit. Therefore, let CBN take complete control of the forex market through the following measures:

(1) Deregister all unlicensed BDCs. That market is heavily unregulated and until they are faced squarely by the authorities, the practice of the naira dying will not stop.

(2) Stop selling dollars to commercial banks as it is clear that they have failed in meeting their obligations to customers with the dollars. People who approach the banks for PTA/BTA and school fees are directed to the BDCs. Why do BDCs have dollars and banks don't? Even with banks, some people still approach the CBN to transfer their school fees. Infact, it was found that the banks had $5billion in their vaults. How come no one has been punished when these same banks created artificial scarcity to push people to BDCs?

(3) All banks should be compelled to show a statement of how they used the dollars they received from the CBN from the last two years. At least it would give us some ideas of what disappeared through the black market.

(4) CBN needs to carry out a tsunami on the banking industry. Use some bank MDs known for the forex fraud as examples by dismissing them for breaking the law.

(5) Once all these measures are taken, the CBN must protect all forex coming into the country to ensure the problems we currently have are not iterated.

In summary, CBN needs to take drastic measures to regulate the market.

There are other measures that can be taken to get the dollars from those who have stored them. Whether the CBN would have the will is something else. The Nigerian forex market is like those who pirate music.

Kill the black market for forex.

Why bring your hard earned dollars into a country where you can’t freely sell it?

How did our economy fare when military dictator Buhari clamped down on dollars and sent Fela to jail for possessing dollars

emkz:
These are just temporary measures and are bound to fail. The forex market in Nigeria is like a hydra-headed snake. Cut one head; as you face another head, the first head will grow back. Cut the damn neck! In other words, let the CBN address the root of the problem instead of pretending they don't know.

Since last week, dollars injected into the forex market are mopped up.

Who exactly are those mopping up the forex?

What economic activity is tied to the raid of the forex?

Ribadu claims the activities of speculators are responsible for the hike in dollar rates.

My question to Ribadu is: why are the speculators not afraid of the government?

For many years, bank MDs have been accused of buying forex from CBN and the forex goes into the black market through back channels, for example, there are vulturistic abokis sitting in banking halls trying to buy off dollars from customers.

Who regulates those abokis?

If the $10billion the vice president said would come into the system enters, it would be evacuated by the same speculators which would not solve the problem.

My observation is that CBN has lost complete control of the forex market and are being regulated by the BDCs and population instead of CBN being in control. All over the world, forex trading is heavily regulated by governments through central banks.

What I also observed is that the dollars are mopped up by those who don't need them but are keeping them for a profit. Therefore, let CBN take complete control of the forex market through the following measures:

(1) Deregister all unlicensed BDCs. That market is heavily unregulated and until they are faced squarely by the authorities, the practice of the naira dying will not stop.

(2) Stop selling dollars to commercial banks as it is clear that they have failed in meeting their obligations to customers with the dollars. People who approach the banks for PTA/BTA and school fees are directed to the BDCs. Why do BDCs have dollars and banks don't? Even with banks, some people still approach the CBN to transfer their school fees. Infact, it was found that the banks had $5billion in their vaults. How come no one has been punished when these same banks created artificial scarcity to push people to BDCs?

(3) All banks should be compelled to show a statement of how they used the dollars they received from the CBN from the last two years. At least it would give us some ideas of what disappeared through the black market.

(4) CBN needs to carry out a tsunami on the banking industry. Use some bank MDs known for the forex fraud as examples by dismissing them for breaking the law.

(5) Once all these measures are taken, the CBN must protect all forex coming into the country to ensure the problems we currently have are not iterated.

In summary, CBN needs to take drastic measures to regulate the market.

There are other measures that can be taken to get the dollars from those who have stored them. Whether the CBN would have the will is something else. The Nigerian forex market is like those who pirate music.

Kill the black market for forex.

1. How can you deregister something that is unlicensed?
2. If cbn stops selling fx to banks, how then can customers access fx?
3. I can tell you right now that banks give report on how they spend their fx to cbn. They even give report on how they spend the new denominations talk less of fx. Getting reports has never been the issue, the problem has always been that demand for fx totally outstrips the supply.
4. Which bank MD do you know that hoards fx? You think we're talking about learners here? No ED, DMD talk less of MD is stupid enough to leave any link to themselves if they are complicit.

You said dollars were injected into economy last week? That fx has already been mostly used up. Like i stated earlier, the demand for fx is ridiculous, all banks have backlogs so whenever fx comes in they start clearing the backlogs. Even the 10billion usd tinubu is expecting will not clear all banks backlogs. I know bank officials do round tripping by getting customers to do fraudulent fx requests like form m for nonexistent machinery, but the koko still remains that we are too import dependent in this country and until that is sorted, nothing cbn does will make much impact in the long run.

emkz:
These are just temporary measures and are bound to fail. The forex market in Nigeria is like a hydra-headed snake. Cut one head; as you face another head, the first head will grow back. Cut the damn neck! In other words, let the CBN address the root of the problem instead of pretending they don't know.

Since last week, dollars injected into the forex market are mopped up.

Who exactly are those mopping up the forex?

What economic activity is tied to the raid of the forex?

Ribadu claims the activities of speculators are responsible for the hike in dollar rates.

My question to Ribadu is: why are the speculators not afraid of the government?

For many years, bank MDs have been accused of buying forex from CBN and the forex goes into the black market through back channels, for example, there are vulturistic abokis sitting in banking halls trying to buy off dollars from customers.

Who regulates those abokis?

If the $10billion the vice president said would come into the system enters, it would be evacuated by the same speculators which would not solve the problem.

My observation is that CBN has lost complete control of the forex market and are being regulated by the BDCs and population instead of CBN being in control. All over the world, forex trading is heavily regulated by governments through central banks.

What I also observed is that the dollars are mopped up by those who don't need them but are keeping them for a profit. Therefore, let CBN take complete control of the forex market through the following measures:

(1) Deregister all unlicensed BDCs. That market is heavily unregulated and until they are faced squarely by the authorities, the practice of the naira dying will not stop.

(2) Stop selling dollars to commercial banks as it is clear that they have failed in meeting their obligations to customers with the dollars. People who approach the banks for PTA/BTA and school fees are directed to the BDCs. Why do BDCs have dollars and banks don't? Even with banks, some people still approach the CBN to transfer their school fees. Infact, it was found that the banks had $5billion in their vaults. How come no one has been punished when these same banks created artificial scarcity to push people to BDCs?

(3) All banks should be compelled to show a statement of how they used the dollars they received from the CBN from the last two years. At least it would give us some ideas of what disappeared through the black market.

(4) CBN needs to carry out a tsunami on the banking industry. Use some bank MDs known for the forex fraud as examples by dismissing them for breaking the law.

(5) Once all these measures are taken, the CBN must protect all forex coming into the country to ensure the problems we currently have are not iterated.

In summary, CBN needs to take drastic measures to regulate the market.

There are other measures that can be taken to get the dollars from those who have stored them. Whether the CBN would have the will is something else. The Nigerian forex market is like those who pirate music.

Kill the black market for forex.

You make sense but you left out one big contributor to low naira rate....the cryptocurrency traders like Binance and the likes you can call them brown market

CyberWolf:
Absolutely, kill the black market for forex, simple and short.

How do you expect this to work?

Hmm...

The government is doing everything possible to push the blame to others and refuse to take responsibility.

Who is buying foreign cars? Who is carrying harlots, children and others without business on climate change to copa in dubai using scarce foreign resources?

Floating the naira without facing the primary issue of corruption was ill-advised.

The problem is not as complex or complicated as it seems.

It is the politicians and thier cronies that are responsible for the problem.

They are the ones mopping up foreign currencies to use for elections and spend on their babes.

They are the ones buying houses abroad, importing unnecessary foreign luxuries etc.

They are the ones using dollars for unproductive things.

It is made worse because the same politicians are also looting the naira and using it for unproductive things.

Until BAT builds the courage to fight himself, other politicians and thier cronies, nothing good would come out of his rudderless policies.

This false man

emkz:
These are just temporary measures and are bound to fail. The forex market in Nigeria is like a hydra-headed snake. Cut one head; as you face another head, the first head will grow back. Cut the damn neck! In other words, let the CBN address the root of the problem instead of pretending they don't know.

Since last week, dollars injected into the forex market are mopped up.

Who exactly are those mopping up the forex?

What economic activity is tied to the raid of the forex?

Ribadu claims the activities of speculators are responsible for the hike in dollar rates.

My question to Ribadu is: why are the speculators not afraid of the government?

For many years, bank MDs have been accused of buying forex from CBN and the forex goes into the black market through back channels, for example, there are vulturistic abokis sitting in banking halls trying to buy off dollars from customers.

Who regulates those abokis?

If the $10billion the vice president said would come into the system enters, it would be evacuated by the same speculators which would not solve the problem.

My observation is that CBN has lost complete control of the forex market and are being regulated by the BDCs and population instead of CBN being in control. All over the world, forex trading is heavily regulated by governments through central banks.

What I also observed is that the dollars are mopped up by those who don't need them but are keeping them for a profit. Therefore, let CBN take complete control of the forex market through the following measures:

(1) Deregister all unlicensed BDCs. That market is heavily unregulated and until they are faced squarely by the authorities, the practice of the naira dying will not stop.

(2) Stop selling dollars to commercial banks as it is clear that they have failed in meeting their obligations to customers with the dollars. People who approach the banks for PTA/BTA and school fees are directed to the BDCs. Why do BDCs have dollars and banks don't? Even with banks, some people still approach the CBN to transfer their school fees. Infact, it was found that the banks had $5billion in their vaults. How come no one has been punished when these same banks created artificial scarcity to push people to BDCs?

(3) All banks should be compelled to show a statement of how they used the dollars they received from the CBN from the last two years. At least it would give us some ideas of what disappeared through the black market.

(4) CBN needs to carry out a tsunami on the banking industry. Use some bank MDs known for the forex fraud as examples by dismissing them for breaking the law.

(5) Once all these measures are taken, the CBN must protect all forex coming into the country to ensure the problems we currently have are not iterated.

In summary, CBN needs to take drastic measures to regulate the market.

There are other measures that can be taken to get the dollars from those who have stored them. Whether the CBN would have the will is something else. The Nigerian forex market is like those who pirate music.

Kill the black market for forex.

The issue of speculators is tentative. I doubt people buy forex to make profit. Rather they buy to preserve the value of their money.
Furthermore, I am of the opinion, the mopping up of forex is not by ordinary people but by government officials with looted funds. Those 500m that lady humanitarian minister sent to private account, the 500m dodgy contracts ojo got etc, I assure you the first thing they will do is to convert the money to dollars. All the money warehoused for the last elections but could not be used due to the cbn new naira notes would have been changed to dollars putting pressure on the naira.
Note also the suspension of limits on domiciliary accounts announced immediately this government come into office allegedly to "create confidence" in the system. I'd rather say it was to allow easy storage of the warehoused money for elections, now changed to dollars! Afterall, it will be difficult to store the hard currrency in foreign banks as "America will know". I assure you that if a comprehensive audit is done of domiciliary accounts holding heavy money, you will see 90% is held by politically exposed people. Infact it is easy, just check heavy lodgements from the start of this administrations lifting of restrictions on dom accounts till date.
I dare say, the average Nigerian will not take 500m, 1b etc to change to dollars because he wants to speculate for profit. Where will he see such money? Who are the people buying those houses in lekki costing billions? Who are the people owning unoccupied mansions costing billions in Abuja all known to be used to tie down illicit funds?
Hiding illicit funds in real estate is no longer needed when you can simply change it to dollars and pay into unrestricted dom accounts. And guess what, it is safe because no security agency will probe dom account because people from the highest level all have their money lodged there. Abi you want to probe your oga?

emkz:
These are just temporary measures and are bound to fail. The forex market in Nigeria is like a hydra-headed snake. Cut one head; as you face another head, the first head will grow back. Cut the damn neck! In other words, let the CBN address the root of the problem instead of pretending they don't know.

Since last week, dollars injected into the forex market are mopped up.

Who exactly are those mopping up the forex?

What economic activity is tied to the raid of the forex?

Ribadu claims the activities of speculators are responsible for the hike in dollar rates.

My question to Ribadu is: why are the speculators not afraid of the government?

For many years, bank MDs have been accused of buying forex from CBN and the forex goes into the black market through back channels, for example, there are vulturistic abokis sitting in banking halls trying to buy off dollars from customers.

Who regulates those abokis?

If the $10billion the vice president said would come into the system enters, it would be evacuated by the same speculators which would not solve the problem.

My observation is that CBN has lost complete control of the forex market and are being regulated by the BDCs and population instead of CBN being in control. All over the world, forex trading is heavily regulated by governments through central banks.

What I also observed is that the dollars are mopped up by those who don't need them but are keeping them for a profit. Therefore, let CBN take complete control of the forex market through the following measures:

(1) Deregister all unlicensed BDCs. That market is heavily unregulated and until they are faced squarely by the authorities, the practice of the naira dying will not stop.

(2) Stop selling dollars to commercial banks as it is clear that they have failed in meeting their obligations to customers with the dollars. People who approach the banks for PTA/BTA and school fees are directed to the BDCs. Why do BDCs have dollars and banks don't? Even with banks, some people still approach the CBN to transfer their school fees. Infact, it was found that the banks had $5billion in their vaults. How come no one has been punished when these same banks created artificial scarcity to push people to BDCs?

(3) All banks should be compelled to show a statement of how they used the dollars they received from the CBN from the last two years. At least it would give us some ideas of what disappeared through the black market.

(4) CBN needs to carry out a tsunami on the banking industry. Use some bank MDs known for the forex fraud as examples by dismissing them for breaking the law.

(5) Once all these measures are taken, the CBN must protect all forex coming into the country to ensure the problems we currently have are not iterated.

In summary, CBN needs to take drastic measures to regulate the market.

There are other measures that can be taken to get the dollars from those who have stored them. Whether the CBN would have the will is something else. The Nigerian forex market is like those who pirate music.

Kill the black market for forex.

Thank you if only Tinubu will see this and work or consider it

zeyt:
This is wrong Mr Bwala. It would be better to ban transactions (in Dollar) for expensive items of luxury like fancy cars, jewelries. Medical treatment for cosmetic surgeries investment abroad, prestigious school, leisure travels.
Final solution is to slowly ditch the dollar by joining BRICS countries.

Even the BRICS countries use dollars...since the so called BRICS thingy started dollar have only gotten stronger not weaker.

BRICS is just bravado to threaten the US, some of the members are mortal enemies, imagine India and China, they don't even trust each other.

It's bound to fail in the long run.

emkz:
These are just temporary measures and are bound to fail. The forex market in Nigeria is like a hydra-headed snake. Cut one head; as you face another head, the first head will grow back. Cut the damn neck! In other words, let the CBN address the root of the problem instead of pretending they don't know.

Since last week, dollars injected into the forex market are mopped up.

Who exactly are those mopping up the forex?

What economic activity is tied to the raid of the forex?

Ribadu claims the activities of speculators are responsible for the hike in dollar rates.

My question to Ribadu is: why are the speculators not afraid of the government?

For many years, bank MDs have been accused of buying forex from CBN and the forex goes into the black market through back channels, for example, there are vulturistic abokis sitting in banking halls trying to buy off dollars from customers.

Who regulates those abokis?

If the $10billion the vice president said would come into the system enters, it would be evacuated by the same speculators which would not solve the problem.

My observation is that CBN has lost complete control of the forex market and are being regulated by the BDCs and population instead of CBN being in control. All over the world, forex trading is heavily regulated by governments through central banks.

What I also observed is that the dollars are mopped up by those who don't need them but are keeping them for a profit. Therefore, let CBN take complete control of the forex market through the following measures:

(1) Deregister all unlicensed BDCs. That market is heavily unregulated and until they are faced squarely by the authorities, the practice of the naira dying will not stop.

(2) Stop selling dollars to commercial banks as it is clear that they have failed in meeting their obligations to customers with the dollars. People who approach the banks for PTA/BTA and school fees are directed to the BDCs. Why do BDCs have dollars and banks don't? Even with banks, some people still approach the CBN to transfer their school fees. Infact, it was found that the banks had $5billion in their vaults. How come no one has been punished when these same banks created artificial scarcity to push people to BDCs?

(3) All banks should be compelled to show a statement of how they used the dollars they received from the CBN from the last two years. At least it would give us some ideas of what disappeared through the black market.

(4) CBN needs to carry out a tsunami on the banking industry. Use some bank MDs known for the forex fraud as examples by dismissing them for breaking the law.

(5) Once all these measures are taken, the CBN must protect all forex coming into the country to ensure the problems we currently have are not iterated.

In summary, CBN needs to take drastic measures to regulate the market.

There are other measures that can be taken to get the dollars from those who have stored them. Whether the CBN would have the will is something else. The Nigerian forex market is like those who pirate music.

Kill the black market for forex.

nice one, most people here are just for criticism without even knowing the main problem. everyone needs to be part of the solution.

Before I understood inflation, I also made a similar suggestion by saying government should sell crude oil in naira. However a government can only make legal tender laws. Pay all wages in the country in the local currency and pay tax in local currency without exception. When you sell to foreigners whether as an individual, corporation or government then you can only get forex. You will not be able to enforce your legal tender laws. It applies only to things you have control over as a government

huptin:
Even the BRICS countries use dollars...since the so called BRICS thingy started dollar have only gotten stronger not weaker.

BRICS is just bravado to threaten the US, some of the members are mortal enemies, imagine India and China, they don't even trust each other.

It's bound to fail in the long run.

The point is not to ditch the Dollar at once but to move away from over reliance on Dollar. BRICS is not politics but provocative measure break Dollar dominance in the international domain. BRICS are currently developing alternative of SWITCH which give Dollar unfair advantage on the International payment system. It's not about hollow threat or anything.

huptin:
Even the BRICS countries use dollars...since the so called BRICS thingy started dollar have only gotten stronger not weaker.

BRICS is just bravado to threaten the US, some of the members are mortal enemies, imagine India and China, they don't even trust each other.

It's bound to fail in the long run.

Talk of SWITCH alternative being developed by BRICS will allow the member countries to settle payments in local currencies thereby strengthening it.

But our currency doesn’t have the international market value for transactions

Crimecity:
China doing it alone?

How old are you?. Jesus Christ.

So you're among those we argue with here.

Do you know the number of companies owned by Americans in China? Stop saying stewpïd things online.

Yes, you are of age to place your argument without insults.

China don't spend dollars, all International companies in China must obey their law. They trade in their currency.

So Mr Traveler tell us which country can you open foreign currency domicile account that you have travelled to ?!

Agbegbaorogboye:
It shows you have never traded outside Nigeria to think no country trades in any other currency other than theirs.

Even customs collect in dollars.

When politicians do the right thing every other thing will reset itself.
All these talk na kabash

descarado:
Even customs collect in dollars.

When politicians do the right thing every other thing will reset itself.
All these talk na kabash

Are you sure customs take duties in dollars?. That is not likely. They can value an import in dollars then impose duty accordingly but they will collect the money in naira

femicyrus:
Who foreign investor epp?

Lmao. Says someone whose leader has been junketting the globe in search of them.

The joke is on you, your leader and your fellow blind followers.

pendragonbladgo:
Yes, you are of age to place your argument without insults.

China don't spend dollars, all International companies in China must obey their law. They trade in their currency.

China with a dollar backed reserve?

Please don't mention me again if this is your level of thinking and world trade.

Atleast you have an Android phone. Stop saying things off heart. Research boy.

Front0lane:
So Mr Traveler tell us which country can you open foreign currency domicile account that you have travelled to ?!

Almost all countries in the world have domiciliary accounts. The problem with you APC supporters is how you choose ignorance -most times wilful- as an armor when you want to defend the ineptitude of your political masters.

So you somehow believe only Nigeria operates domiciliary accounts and it is bad simply because your political god is exhibiting cluelessness in office.

How com domiciliary accounts where not bad before your god took office?

Domiciliary accounts are also called foreign currency account for your info. They serve the same purpose

emkz:
These are just temporary measures and are bound to fail. The forex market in Nigeria is like a hydra-headed snake. Cut one head; as you face another head, the first head will grow back. Cut the damn neck! In other words, let the CBN address the root of the problem instead of pretending they don't know.

Since last week, dollars injected into the forex market are mopped up.

Who exactly are those mopping up the forex?

What economic activity is tied to the raid of the forex?

Ribadu claims the activities of speculators are responsible for the hike in dollar rates.

My question to Ribadu is: why are the speculators not afraid of the government?

For many years, bank MDs have been accused of buying forex from CBN and the forex goes into the black market through back channels, for example, there are vulturistic abokis sitting in banking halls trying to buy off dollars from customers.

Who regulates those abokis?

If the $10billion the vice president said would come into the system enters, it would be evacuated by the same speculators which would not solve the problem.

My observation is that CBN has lost complete control of the forex market and are being regulated by the BDCs and population instead of CBN being in control. All over the world, forex trading is heavily regulated by governments through central banks.

What I also observed is that the dollars are mopped up by those who don't need them but are keeping them for a profit. Therefore, let CBN take complete control of the forex market through the following measures:

(1) Deregister all unlicensed BDCs. That market is heavily unregulated and until they are faced squarely by the authorities, the practice of the naira dying will not stop.

(2) Stop selling dollars to commercial banks as it is clear that they have failed in meeting their obligations to customers with the dollars. People who approach the banks for PTA/BTA and school fees are directed to the BDCs. Why do BDCs have dollars and banks don't? Even with banks, some people still approach the CBN to transfer their school fees. Infact, it was found that the banks had $5billion in their vaults. How come no one has been punished when these same banks created artificial scarcity to push people to BDCs?

(3) All banks should be compelled to show a statement of how they used the dollars they received from the CBN from the last two years. At least it would give us some ideas of what disappeared through the black market.

(4) CBN needs to carry out a tsunami on the banking industry. Use some bank MDs known for the forex fraud as examples by dismissing them for breaking the law.

(5) Once all these measures are taken, the CBN must protect all forex coming into the country to ensure the problems we currently have are not iterated.

In summary, CBN needs to take drastic measures to regulate the market.

There are other measures that can be taken to get the dollars from those who have stored them. Whether the CBN would have the will is something else. The Nigerian forex market is like those who pirate music.

Kill the black market for forex.

Blessings to you

Crimecity:
And you want foreign investors from other countries in your country?

See the e-diots supporting Tinubu

Instead of attack.. say your own solution atleast he mentioned his own opinion

emkz:
It has to be carefully thought-out.

Traditionally, use of dollars as a local bill of exchange is outlawed by the CBN Act of 2007. Unfortunately, the CBN pumped dollars into the system over the years. CBN must correct their own anomaly first. There were rumours then that people got rich by receiving dollar allocations from a former CBN Governor and selling them to the unregulated black market. Former representative of Kazaure, Roni, Gwiwa, Yankwashi Constituency of Jigawa State, Muhammed Gudaji Kazaure, exposed how some people sleep as poor people and wake up as billionaires after collecting subsidized dollars and disposing them at the black market, and waking up as billionaires! I have travelled quite a bit, and I do not understand where such a practice happens apart from Nigeria.

Dollars can be sold to the banks, but the use by the banks must be heavily regulated. The reasons they are given forex in the first place is to fulfill obligations to customers. Unfortunately, they are uninterested in such noble ventures and turn to the black market to return huge profits and claim most profitable bank in Nigeria. Profitable from doing what exactly? The only reason I stated earlier that CBN should discontinue putting forex into the commercial banks is that they have failed. CBN may need to be the clearing house for ALL forex transactions which must be independently audited. In addition, forex anywhere in the world is a security document. Even certain denominations of local currencies in the EU and US are heavily regulated. I watched a US movie many years ago where police was called on someone for distributing $100 bills. While travelling through the EU region, I do not see their ATMs dispensing bills larger than €50. So the movement of dollars must be tracked. Never leave the market unregulated.

For payment of school fees, other bills, these can be paid electronically/transfer. Unfortunately, our banks refuse to do the transfers but request the customers to source the fx and deposit to them for them to recycle to the black market for profits. School fees should be paid because we need the manpower for nation building. It must be done the right way.

CBN needs to wake up and heavily regulate the banks. All banks must have their dollar accounts with CBN since we can no longer trust them to keep the funds. That way, any sale they want to make to any rogue politician or businessman, CBN is fully aware.

It is time for these people to fear the CBN.

Good

skj1377:
Idiot !! Iran has no foreign investors and their purchasing power is far better than Nigeria even with all the international sanctions. Almost all notable foreign investors have left Russia yet their currency is outperforming the Euro and dollar. Keep on looking for foreign investors to solve your problems. Idiotic ode

Are you comparing Nigeria with Russia? their currency is not outperforming €/$ at the moment, Russian citizens are feeling the heat with the international sanctions, and most of them had to leave Russia or adjust

How do you restrict the dollar during international trade?

When politicians came with bribing political delegates in dollars, they did not remember o now they have all turned into self-acclaimed ECONOMISTS.

It is well o.

emkz:
These are just temporary measures and are bound to fail. The forex market in Nigeria is like a hydra-headed snake. Cut one head; as you face another head, the first head will grow back. Cut the damn neck! In other words, let the CBN address the root of the problem instead of pretending they don't know.

Since last week, dollars injected into the forex market are mopped up.

Who exactly are those mopping up the forex?

What economic activity is tied to the raid of the forex?

Ribadu claims the activities of speculators are responsible for the hike in dollar rates.

My question to Ribadu is: why are the speculators not afraid of the government?

For many years, bank MDs have been accused of buying forex from CBN and the forex goes into the black market through back channels, for example, there are vulturistic abokis sitting in banking halls trying to buy off dollars from customers.

Who regulates those abokis?

If the $10billion the vice president said would come into the system enters, it would be evacuated by the same speculators which would not solve the problem.

My observation is that CBN has lost complete control of the forex market and are being regulated by the BDCs and population instead of CBN being in control. All over the world, forex trading is heavily regulated by governments through central banks.

What I also observed is that the dollars are mopped up by those who don't need them but are keeping them for a profit. Therefore, let CBN take complete control of the forex market through the following measures:

(1) Deregister all unlicensed BDCs. That market is heavily unregulated and until they are faced squarely by the authorities, the practice of the naira dying will not stop.

(2) Stop selling dollars to commercial banks as it is clear that they have failed in meeting their obligations to customers with the dollars. People who approach the banks for PTA/BTA and school fees are directed to the BDCs. Why do BDCs have dollars and banks don't? Even with banks, some people still approach the CBN to transfer their school fees. Infact, it was found that the banks had $5billion in their vaults. How come no one has been punished when these same banks created artificial scarcity to push people to BDCs?

(3) All banks should be compelled to show a statement of how they used the dollars they received from the CBN from the last two years. At least it would give us some ideas of what disappeared through the black market.

(4) CBN needs to carry out a tsunami on the banking industry. Use some bank MDs known for the forex fraud as examples by dismissing them for breaking the law.

(5) Once all these measures are taken, the CBN must protect all forex coming into the country to ensure the problems we currently have are not iterated.

In summary, CBN needs to take drastic measures to regulate the market.

There are other measures that can be taken to get the dollars from those who have stored them. Whether the CBN would have the will is something else. The Nigerian forex market is like those who pirate music.

Kill the black market for forex.

Very good suggestion and many more are still being provided but you and I know that those people u mentioned are untiocheables.. You and I know Tinubu can't touch them cos they are his cronies.. Most govt agents that will carry out this actions are cronies and even beneficiaries of this actions.. You and I also know that even the cbn governor is a beneficiaries of this same act including Mr president...
Make we siddon dey watch the show as it plays out..