₦airaland Forum

Blaze14k:
When we tell people that the north is the problem of this country they become furious and attack. Look at most things that puts the economy and security of this country at risk it's mostly from the north. These people are highly corrupt and they can never change

Nbkay23:
It’s no longer news how Dollar is skyrocketing in our Economy Nigeria Today, and the Devaluation of our Naira, well I’ll like to share my own 2percent on the situation.

exchange Board in Tokyo Japan, You can Visibly see the chart

Nbkay23:
It’s no longer news how Dollar is skyrocketing in our Economy Nigeria Today, and the Devaluation of our Naira, well I’ll like to share my own 2percent on the situation.

Considering the fact that Nigeria only spends naira, But the availability of dollars to some, in the economy is Devastating. These are the Big business corps, BDC’s operators and Particularly the Government. The reason for our currency devaluation, here I’ll tell you now..I’m an economist and a part time forex trader, so believe it what I’m telling is true.

The Cbn exchange dollar thru the Bureau d change to the public, the way they do it, is By releasing Dollars to particular registered BDC traders as they claim, Dollars is released to this Individuals to sell to the General public daily, What these people do is, they sell at a particular rate and increase the rate so as to Have some dollars left in stock, By hoarding them, They come back to the bank next day and deposit naira, Saying Demand of Dollars is High, Next day collecting of dollars take place in the Bank again, the bank doesn’t have a choice than to increase the rate cos the rate of return is Low in Value, Definitely business has been done and profit has been made. The issue is Why can’t the CBN put a stop to Street Trading, Aboki’s calling people dollar, dollar on the streets and Devise a Means of Transaction using the Bank for Transparency while Dealing thru the Accounts of the BDC’s, this way you can avoid Laundering of money, illegal transactions and Consumption of Government funds, Most Politicians in Abuja prefer to use the Bureau d change cos it’s a seamless way of Transaction, No one can hold you, No amount is too much, Infact the bigger the amount the Better they friends with you. Street transaction of Dollars is still the same as Spending dollars in the economy. You won’t see other Countries allowing other currencies to be Transferable in the Streets, We have to put a stop to this Menace if we want to save this Country from Collapsing , Using Debts to hold the naira is not the way, Defunding the Banks of Dollar deposits is not the way, Defunding the crypto holders is not even the way, We have to let Transparency and Records take control of the Exchange system, Not in the streets, But banks. Slots can be made Available for Preferable BDC’s Vendors, And Stop Doing Business with the Economy

Below in this picture is a woman walking Pass the exchange Board in Tokyo Japan, You can Visibly see the chart

SoNature:
Stop the name-calling. Nigeria has a problem. The president, if he genuinely wants to fix the country, should grow some balls and do the right thing.

kingsways:
The CBN do not have to and indeed do not have the capacity to stop street Dollar sales

What the government needs to do is put the right policies in place and that is not the case at the moment.

There should be harmony between the Fiscal Policy and the Monetary Policy. It should be possible to source FX through the financial system for any transaction that is legally possible in Nigeria. This will significantly reduce the demand for USD on the street


It is a policy thing, you can’t go from street to street pursuing people who are selling Dollars

bigiyaro:
.... Nigerians are so stupidly funny, what is the aim of selling dollars to the general public in the first place, they should be no foreign currency on the streets, every bussiness in nigeria must accerpt naira as the means of exchange , if you want dollars go to america and do bussiness. If you want import, you take the naira equivalent to your bank while they pay to the foreign coy in dollars.Anyway everyone knows what to do, the problem is, corruption is weaved into the very fabric of the nigerian govt and society, so everyone go dey put eye away from the solution.

Nbkay23:
It’s no longer news how Dollar is skyrocketing in our Economy Nigeria Today, and the Devaluation of our Naira, well I’ll like to share my own 2percent on the situation.

Considering the fact that Nigeria only spends naira, But the availability of dollars to some, in the economy is Devastating. These are the Big business corps, BDC’s operators and Particularly the Government. The reason for our currency devaluation, here I’ll tell you now..I’m an economist and a part time forex trader, so believe it what I’m telling is true.

The Cbn exchange dollar thru the Bureau d change to the public, the way they do it, is By releasing Dollars to particular registered BDC traders as they claim, Dollars is released to this Individuals to sell to the General public daily, What these people do is, they sell at a particular rate and increase the rate so as to Have some dollars left in stock, By hoarding them, They come back to the bank next day and deposit naira, Saying Demand of Dollars is High, Next day collecting of dollars take place in the Bank again, the bank doesn’t have a choice than to increase the rate cos the rate of return is Low in Value, Definitely business has been done and profit has been made. The issue is Why can’t the CBN put a stop to Street Trading, Aboki’s calling people dollar, dollar on the streets and Devise a Means of Transaction using the Bank for Transparency while Dealing thru the Accounts of the BDC’s, this way you can avoid Laundering of money, illegal transactions and Consumption of Government funds, Most Politicians in Abuja prefer to use the Bureau d change cos it’s a seamless way of Transaction, No one can hold you, No amount is too much, Infact the bigger the amount the Better they friends with you. Street transaction of Dollars is still the same as Spending dollars in the economy. You won’t see other Countries allowing other currencies to be Transferable in the Streets, We have to put a stop to this Menace if we want to save this Country from Collapsing , Using Debts to hold the naira is not the way, Defunding the Banks of Dollar deposits is not the way, Defunding the crypto holders is not even the way, We have to let Transparency and Records take control of the Exchange system, Not in the streets, But banks. Slots can be made Available for Preferable BDC’s Vendors, And Stop Doing Business with the Economy

Below in this picture is a woman walking Pass the exchange Board in Tokyo Japan, You can Visibly see the chart

ugo227:
I agree you might be a forex dealer but you are definitely not an economist sorry.

Nbkay23:
It’s no longer news how Dollar is skyrocketing in our Economy Nigeria Today, and the Devaluation of our Naira, well I’ll like to share my own 2percent on the situation.

Considering the fact that Nigeria only spends naira, But the availability of dollars to some, in the economy is Devastating. These are the Big business corps, BDC’s operators and Particularly the Government. The reason for our currency devaluation, here I’ll tell you now..I’m an economist and a part time forex trader, so believe it what I’m telling is true.

The Cbn exchange dollar thru the Bureau d change to the public, the way they do it, is By releasing Dollars to particular registered BDC traders as they claim, Dollars is released to this Individuals to sell to the General public daily, What these people do is, they sell at a particular rate and increase the rate so as to Have some dollars left in stock, By hoarding them, They come back to the bank next day and deposit naira, Saying Demand of Dollars is High, Next day collecting of dollars take place in the Bank again, the bank doesn’t have a choice than to increase the rate cos the rate of return is Low in Value, Definitely business has been done and profit has been made. The issue is Why can’t the CBN put a stop to Street Trading, Aboki’s calling people dollar, dollar on the streets and Devise a Means of Transaction using the Bank for Transparency while Dealing thru the Accounts of the BDC’s, this way you can avoid Laundering of money, illegal transactions and Consumption of Government funds, Most Politicians in Abuja prefer to use the Bureau d change cos it’s a seamless way of Transaction, No one can hold you, No amount is too much, Infact the bigger the amount the Better they friends with you. Street transaction of Dollars is still the same as Spending dollars in the economy. You won’t see other Countries allowing other currencies to be Transferable in the Streets, We have to put a stop to this Menace if we want to save this Country from Collapsing , Using Debts to hold the naira is not the way, Defunding the Banks of Dollar deposits is not the way, Defunding the crypto holders is not even the way, We have to let Transparency and Records take control of the Exchange system, Not in the streets, But banks. Slots can be made Available for Preferable BDC’s Vendors, And Stop Doing Business with the Economy

Below in this picture is a woman walking Pass the exchange Board in Tokyo Japan, You can Visibly see the chart

Kelklein:
You have a point.. the only problem is that even the Banks are crooked.. they get Dollar allocations too like the BDCs but they hoard instead of transacting with them..

The EFCC is trying to clean up the system of street-trading and we can only implore them to sustain the monentum.. it's going to be hard tho. They deserve some commendation for the little they have done esp in Zone4 Abuja.. that place used to be a free-for-all but there is some level of moderation now..

An analogy is almost like those that trade fuel on the road. It is those who need them and patronise them that are encouraging the trade. If nobody is buying, you won't see them on street.. but then you have to move your car from A to B and the fueling stations have endless queues or no fuel sometimes..

The wayout is to boost your foreign reserve via exports and productivity, and discourage the need for Dollars as much as possible.. Productivity is a double edged sword.. because it makes Items people would pay dollars to import available locally and earns you foreign exchange when you export excess to outside country...

the government only pay lip services to banning transactions in dollars in the country. People still pay their wards school fees in dollars.. The political class are still converting their loots into dollars on a daily basis.. the EFCC and NFIU needs to device a means to nip money laundering at source.. but again the Banks have not been helping..!

Nigeria is wild..

Idaytesj29:
If Banks and BDCs cannot be trusted. CBN has branches in almost all state capitals, all Dollar sales should be done by the CBN jare

Dee60:
Invitation to disaster. You really want civil servants to handle sales? The corruption will stink to the skies.

Kelklein:
You have a point.. the only problem is that even the Banks are crooked.. they get Dollar allocations too like the BDCs but they hoard instead of transacting with them..

The EFCC is trying to clean up the system of street-trading and we can only implore them to sustain the monentum.. it's going to be hard tho. They deserve some commendation for the little they have done esp in Zone4 Abuja.. that place used to be a free-for-all but there is some level of moderation now..

An analogy is almost like those that trade fuel on the road. It is those who need them and patronise them that are encouraging the trade. If nobody is buying, you won't see them on street.. but then you have to move your car from A to B and the fueling stations have endless queues or no fuel sometimes..

The wayout is to boost your foreign reserve via exports and productivity, and discourage the need for Dollars as much as possible.. Productivity is a double edged sword.. because it makes Items people would pay dollars to import available locally and earns you foreign exchange when you export excess to outside country...

the government only pay lip services to banning transactions in dollars in the country. People still pay their wards school fees in dollars.. The political class are still converting their loots into dollars on a daily basis.. the EFCC and NFIU needs to device a means to nip money laundering at source.. but again the Banks have not been helping..!

Nigeria is wild..

Nbkay23:
It’s no longer news how Dollar is skyrocketing in our Economy Nigeria Today, and the Devaluation of our Naira, well I’ll like to share my own 2percent on the situation.

Considering the fact that Nigeria only spends naira, But the availability of dollars to some, in the economy is Devastating. These are the Big business corps, BDC’s operators and Particularly the Government. The reason for our currency devaluation, here I’ll tell you now..I’m an economist and a part time forex trader, so believe it what I’m telling is true.

The Cbn exchange dollar thru the Bureau d change to the public, the way they do it, is By releasing Dollars to particular registered BDC traders as they claim, Dollars is released to this Individuals to sell to the General public daily, What these people do is, they sell at a particular rate and increase the rate so as to Have some dollars left in stock, By hoarding them, They come back to the bank next day and deposit naira, Saying Demand of Dollars is High, Next day collecting of dollars take place in the Bank again, the bank doesn’t have a choice than to increase the rate cos the rate of return is Low in Value, Definitely business has been done and profit has been made. The issue is Why can’t the CBN put a stop to Street Trading, Aboki’s calling people dollar, dollar on the streets and Devise a Means of Transaction using the Bank for Transparency while Dealing thru the Accounts of the BDC’s, this way you can avoid Laundering of money, illegal transactions and Consumption of Government funds, Most Politicians in Abuja prefer to use the Bureau d change cos it’s a seamless way of Transaction, No one can hold you, No amount is too much, Infact the bigger the amount the Better they friends with you. Street transaction of Dollars is still the same as Spending dollars in the economy. You won’t see other Countries allowing other currencies to be Transferable in the Streets, We have to put a stop to this Menace if we want to save this Country from Collapsing , Using Debts to hold the naira is not the way, Defunding the Banks of Dollar deposits is not the way, Defunding the crypto holders is not even the way, We have to let Transparency and Records take control of the Exchange system, Not in the streets, But banks. Slots can be made Available for Preferable BDC’s Vendors, And Stop Doing Business with the Economy

Below in this picture is a woman walking Pass the exchange Board in Tokyo Japan, You can Visibly see the chart

omoredia:
That's a lie. Even bank staff can't get fx cash from their own banks they get directed back to abokis again.

Kelklein:
who is talking about Bank staff.. fx businesses are controlled directly from above management

Badgers14:
I have been saying this for years..

But that's how the banks make most of their money, " round tripping"

Also those BDC operators have people in "high" places and corrupt politicians use them to "wash" their loot.

I mentioned before in my previous posts thay CBN injecting dollars in the market is not the solution, it gives naira a temporary reprieve but exacerbate the situation further in the long run and some people started calling me names..etc.

I want Naira to strong, the Nigerian economy to be stronger but we must be willing to hold the bull by the horn and make some tough choices and decisions devoid of tribes and our political association.

It's one of those things in Nigeria, we know the problem and the solution is relatively easy [/i] but nahhh we turn blind eyes and start a tribal war or political party war instead of turning all our energy to the issues at hand.

Nbkay23:
It’s no longer news how Dollar is skyrocketing in our Economy Nigeria Today, and the Devaluation of our Naira, well I’ll like to share my own 2percent on the situation.

Considering the fact that Nigeria only spends naira, But the availability of dollars to some, in the economy is Devastating. These are the Big business corps, BDC’s operators and Particularly the Government. The reason for our currency devaluation, here I’ll tell you now..I’m an economist and a part time forex trader, so believe it what I’m telling is true.

The Cbn exchange dollar thru the Bureau d change to the public, the way they do it, is By releasing Dollars to particular registered BDC traders as they claim, Dollars is released to this Individuals to sell to the General public daily, What these people do is, they sell at a particular rate and increase the rate so as to Have some dollars left in stock, By hoarding them, They come back to the bank next day and deposit naira, Saying Demand of Dollars is High, Next day collecting of dollars take place in the Bank again, the bank doesn’t have a choice than to increase the rate cos the rate of return is Low in Value, Definitely business has been done and profit has been made. The issue is Why can’t the CBN put a stop to Street Trading, Aboki’s calling people dollar, dollar on the streets and Devise a Means of Transaction using the Bank for Transparency while Dealing thru the Accounts of the BDC’s, this way you can avoid Laundering of money, illegal transactions and Consumption of Government funds, Most Politicians in Abuja prefer to use the Bureau d change cos it’s a seamless way of Transaction, No one can hold you, No amount is too much, Infact the bigger the amount the Better they friends with you. Street transaction of Dollars is still the same as Spending dollars in the economy. You won’t see other Countries allowing other currencies to be Transferable in the Streets, We have to put a stop to this Menace if we want to save this Country from Collapsing , Using Debts to hold the naira is not the way, Defunding the Banks of Dollar deposits is not the way, Defunding the crypto holders is not even the way, We have to let Transparency and Records take control of the Exchange system, Not in the streets, But banks. Slots can be made Available for Preferable BDC’s Vendors, And Stop Doing Business with the Economy

Below in this picture is a woman walking Pass the exchange Board in Tokyo Japan, You can Visibly see the chart

vengertime:
They're useless for thinking it's crypto people that are destroying the economy, meanwhile Aboki people have been the ones doing the damages for decades

bayplus:
So what are the easy solutions according to you?