hustla:
Nigeria won't change till there are consequences, serious ones for corruption and things like this
We need the death penalty badly before Nigeria can be good again

If you like hang everybody until the hangman hangs himself it won't change anything. China is currently facing the same problem. Heard it on BBC yesterday. Despite their draconian laws there is widespread illicit capital flight. The rule is 50k dollars max. transfer by person. There is widespread over invoicing, fraud and identity theft/collusion going on right now in China. People just want to get dollars out by all means because the government stubbornly refuses to devalue.

No matter how you spray a swamp the bugs will always re-emerge because the atmosphere is perfect for them. To stop them, drain the swamp. Restructure Nigeria and rid it of bugs.

prince3009:


Can u give me details of what it was if you don't mind!

Hma vpn.

kennyman2000:
Hmmmmm... Its well.


Check my signature for ur customised wristband

What's your price range like,assuming a doing just a piece?

[[s]quote author=Melkizedek post=42892588]
OK I am guessing you're one of Aisha Rice Eaters Association (AREA) member..for you to pretend not to know that humans have been getting burnt with tires all over Nigeria for decades..from Lagos to Aba..sharia faithfuls in the north have been decapitating thieves for years..instead of clamouring for a stronger institutions and a better bias free constitution you are here agitating for human killing.. Abeg swerve![/quote][/s]

Your comment is ridiculous and irrelevant!

Parcks:
It's so painful that a policy that was put in place to protect our very own naira is now being exploited by financial scoundrels. I must say that the buck stop right at CBN's door. Why, for heaven sake will you sell 'limited dollars' to the banks without bothering to know how it is being used. I sense emefiele and his cohorts are principal suspects in this mess. They need to be investigated ASAP! EFCC, over to you.

You are not protecting the naira. You are protecting importers of toothpicks and pampers. Protecting big oil financial monopoly, de-industrialization and mediocrity.

Linqsz:


What's your price range like,assuming a doing just a piece?

we dont do a piece.

Melkizedek:

Stories that touch. You guys have been burning thieves on the street for decades, has that stopped theft?

It will stop
Those rich retar.ds don't want to die and wont attempt such

Reference:


If you like hang everybody until the hangman hangs himself it won't change anything. China is currently facing the same problem. Heard it on BBC yesterday. Despite their draconian laws there is widespread illicit capital flight. The rule is 50k dollars max. transfer by person. There is widespread over invoicing, fraud and identity theft/collusion going on right now in China. People just want to get dollars out by all means because the government stubbornly refuses to devalue.

No matter how you spray a swamp the bugs will always re-emerge because the atmosphere is perfect for them. To stop them, drain the swamp. Restructure Nigeria and rid it of bugs.

So how do you propose they drain the swamp and restructure naija?

Where will Emefiele turn to, he accused the Bureau De Change of round trippng, forward loading etc. And now banks are even worse, will the CBN start selling to end users,

The truth of the matter is that, the BDCs determine the true value of the Naira, everybody( home and abroad) wants to deal using the black market rate.

As at this afternoon, Black Market Rate for Dollar is: We Buy 335 We Sell 338.

My advise for Emefiele is to work with the BDCs and regulate their activities properly.

Blessed2252:
CBN and the Government is to be blamed for all these corruption. How do you experiment with sensitive economic policies without designing appropriate checks. You want to tell me the government is not aware that such practices have been occurring and has only been made worse by their continued deceit and longing for more money? I look at Nigeria and I laugh hard because we have come to the point were we now accept wrong as right because the government believes the masses don't know any better. Buhari's government can't solve Nigeria's problem, rather it's been a charade of economic, financial and social downturn since it's inception. Mark my words, this government will soon give up and there will be economic and public anarchy. Nigerians stop following politicians blindly. Criticize them now no matter their party and let's hold them accountable for all the mess in this country before it's too late.

God bless you.

No economic on ground now.

hustla:




So how do you propose they drain the swamp and restructure naija?

The 3D's. Devolve, decentralise and devalue. I will try to explain but I'm on the road.

I started hating Access bank the day I withdrew part of the profits in my Online Forex account which I funded through their Visa card back then at N220 per Dollar only to be paid @ N199 per dollar. In fact, it pained me to my bone marrows cos I was expecting the rate not to be lesser than N300 per dollar then as I was charged over N300/dollar by same bank when I used it to buy online around that time ; so they chop over N101 on a dollar from my earnings... walahi, e no go better for them all. Na untimely death and sickness go dey collect the money from anyone flexing with my hard earned money among them. Awon ole oloju kokoro

CBN may wish to consider introducing the following measures in addition to directing the banks to publish their official weekly forex applications. Importers should be directed to submit copies of their weekly forex requests to the CBN or it's accredited agents to monitor the time frame of final release of forex to overseas suppliers through the various banks. Also, invoices submitted by importers should be reviewed by CBN or its special agents to ensure that prices are not inflated to take forex out of the country. Banks should be compelled to periodically publish their Open Account transactions and dollar equivalent of withdrawals by Nigerians using naira cards overseas. Further, declaration of forex being taken out through the airports should be taken seriously and well documented. BDC should also submit their weekly forex transactions to CBN, showing sources of their forex stock and end users. The totality of these measures, among others, will reveal significantly the outflows from the system. Once we have this data, it becomes easier to see which bank or entity is engaged in forex sharp practices and the penalty should be hefty, including jail term for the internal audit staff of defaulting banks without option of fine! To complement the above measures, the federal government should outlaw the use of forex in any transaction within Nigeria and offenders should face serious sanctions including jail term.

In addition to the banks publishing their official weekly forex applications, Importers should be directed to submit copies of their weekly forex requests to the CBN or it's accredited agents to monitor the time frame of final release of forex to overseas suppliers through the various banks. Also, invoices submitted by importers should be reviewed by CBN or its special agents to ensure that prices are not inflated to take forex out of the country. Banks should be compelled to periodically publish their Open Account transactions and dollar equivalent of withdrawals by Nigerians using naira cards overseas. Further, declaration of forex being taken out through the airports should be taken seriously and well documented. BDC should also submit their weekly forex transactions to CBN, showing sources of their forex stock and end users. The totality of these measures, among others, will reveal significantly the outflows from the system. Once we have this data, it becomes easier to see which bank or entity is engaged in forex sharp practices and the penalty should be hefty, including jail term for the internal audit staff of defaulting banks without option of fine! To complement the above measures, the federal government should outlaw the use of forex in any transaction within Nigeria and offenders should face serious sanctions including jail term.

There is a saying"Give a man a gun and he will rob a bank, give a man a bank and he would rob the world.

When CBN stopped the sale FX to BDCs, most kids were here applauding the move and prefer to do business with banks that BDCs Operators are fraudulent. Now that DMBs has the monopoly to buy from CBN and sell to end use, has the selling margin been anything friendly? No, quote me if BUHARI ( Emefiele is not in Charge here) don't reverse that, dollar will hit N400 to 1$ by month end.

Reference:


The 3D's. Devolve, decentralise and devalue. I will try to explain but I'm on the road.

Okay please, try to when you're done
Devaluation might not help now though

Purej:
Where will Emefiele turn to, he accused the Bureau De Change of round trippng, forward loading etc. And now banks are even worse, will the CBN start selling to end users,

The truth of the matter is that, the BDCs determine the true value of the Naira, everybody( home and abroad) wants to deal using the black market rate.

As at this afternoon, Black Market Rate for Dollar is: We Buy 335 We Sell 338.

My advise for Emefiele is to work with the BDCs and regulate their activities properly.

Your head de there.

I said it that people don't know the work of BDC.

Employ the work of BDC with a stiffer rules because with them CBN can effectively monitor the market.

l don't know if our finance minister is alive or not.

God Bless you my brother.

Purej:
Where will Emefiele turn to, he accused the Bureau De Change of round trippng, forward loading etc. And now banks are even worse, will the CBN start selling to end users,

The truth of the matter is that, the BDCs determine the true value of the Naira, everybody( home and abroad) wants to deal using the black market rate.

As at this afternoon, Black Market Rate for Dollar is: We Buy 335 We Sell 338.

My advise for Emefiele is to work with the BDCs and regulate their activities properly.

The federal government should outlaw the use of forex in any transaction within Nigeria and offenders should face serious sanctions including jail term. [/quote]

But the FG is also guilty of this by demanding for dollars from Private Cargo Terminal Operators for license fee. You can not fight the Dollar, The more Buhari is fighting dollar, the stronger it becomes

tunde4top:
Devaluation is the natural solution to our problem now. I expect the CBN to devalue the naira, place import ban on many frivolous goods we should manage to produce here, and tell the FG to urgently fix electricity. By doing the above things, we will naturally become an export dependent country in no time. Lack of devaluation is an advantage to the FG and banks in revenues, and a big disadvantage to the masses (common man) in revenues. The fg knows these things, and that is why they are refusing to do the right thing. Disadvantages of devaluation 1. The landing price of petro etc will rise and that will affect the 5naira gain the FG makes in per litre of fuel. If the landing price increases, the masses will political opponents will even force the FG to subsidize, and the FG dont want that because they just want to make money. 2. Banks will loose money. advantages of devaluation to common man .. The masses that do legitimate import business will now get dollar at a fixed price like 260-265 at parallel market instead of the current 330.

Aren't you forgetting something? Nigeria is already an export dependent country. If the price of oil was really high we wouldn't even be discussing devaluation or a forex crisis, this goes to show that devaluation is a farce which would not help the current state of our economy but actually make it worse. Remember the Naira was devalued in 2014 and this sparked the beginning of the collapse. Your theory would only work if three things happen simultaneously, investors are encouraged by stable electricity and security, the price of oil maintains its current level and the CBN reverses all of its forex policies made within the last 12 months. You and I know this is not going to happen

Adesiji77:
There is actually more to this.

Some importers are actually "over-desperate...brb

Cc: lalasticlala, dominique, Mynd44, Seun

Nigerian importers are crazy. They ought to report fraudulent practice. All the other banks with take high level caution after one had been indicted and slam with billions of naira fine. But they would stay dumbed and be complaining Nigeria is bad.

In the real sense, they are the evils killing the country with their inaction in the face of injustice and impunity

Optimisticgondy:
I started hating Access bank the day I withdrew part of the profits in my Online Forex account which I funded through their Visa card back then at N220 per Dollar only to be paid @ N199 per dollar. In fact, it pained me to my bone marrows cos I was expecting the rate not to be lesser than N300 per dollar then as I was charged over N300/dollar by same bank when I used it to buy online around that time ; so they chop over N101 on a dollar from my earnings... walahi, e no go better for them all. Na untimely death and sickness go dey collect the money from anyone flexing with my hard earned money among them. Awon ole oloju kokoro

mr man , you don't need to blame the bank for this, you should have known that you are are using a naira denominate card to pay for dollar transaction, and the rule ,is whenever you are receiving payment to the card , they pay you at official rate, and they are free to charge you any amount when you are making payment, you should have opted for dollar card, ie opening a dom acct. and applying for visa card to be linked to it, it will save you all this stress, that was exactly what i did.

Ndolarr:
CBN may wish to consider introducing the following measures in addition to directing the banks to publish their official weekly forex applications. Importers should be directed to submit copies of their weekly forex requests to the CBN or it's accredited agents to monitor the time frame of final release of forex to overseas suppliers through the various banks. Also, invoices submitted by importers should be reviewed by CBN or its special agents to ensure that prices are not inflated to take forex out of the country. Banks should be compelled to periodically publish their Open Account transactions and dollar equivalent of withdrawals by Nigerians using naira cards overseas. Further, declaration of forex being taken out through the airports should be taken seriously and well documented. BDC should also submit their weekly forex transactions to CBN, showing sources of their forex stock and end users. The totality of these measures, among others, will reveal significantly the outflows from the system. Once we have this data, it becomes easier to see which bank or entity is engaged in forex sharp practices and the penalty should be hefty, including jail term for the internal audit staff of defaulting banks without option of fine! To complement the above measures, the federal government should outlaw the use of forex in any transaction within Nigeria and offenders should face serious sanctions including jail term.

This racket can't succeed in developed Nations. Why? The importers will report to police,efcc and regulatory authority immediately.

There are investigative journalists that will pretend to do such fraudulent deal with the banks just so as to catch them red-handed with video proof. Such journalists becomes heroes.

Why are we this lukewarm and condescending in this country? Government cant be everywhere, we need to help them.

@INTROVERT

Everything said here is very true.. Especially those bank boys that work with forex and FT department and their ogas. I can't say more coz Il just implicate people close to me.

It is either you want to be part of the problem or part of the solution!

sholatech:
This is why Emir Sanusi told Buhari he is encouraging corruption by refusing to Devalue the Naira!

But if PMB devalues now everything will hit the roof including petrol that is imported making the government more unpopular

adamspee:

mr man , you don't need to blame the bank for this, you should have known that you are are using a naira denominate card to pay for dollar transaction, and the rule ,is whenever you are receiving payment to the card , they pay you at official rate, and they are free to charge you any amount when you are making payment, you should have opted for dollar card, ie opening a dom acct. and applying for visa card to be linked to it, it will save you all this stress, that was exactly what i did.

@Adamspee. Mr Man man, if they charged me 225 per dollar when I deposited with the card, should they pay me 199 per dollar now that they charge over #300 per dollar on the same card? Seems you're one of those "eating" the money( directly or indirectly)

omolola15:
I bought a software online that cost 9.9 USD. Hours later first Bank gave me alert of 3,385.08 naira. That means I was charged around 341 naira per USD. The thing vex me but nothing I fit do. I just keep praying we get out of this mess as soon as possible.

I ALSO BOUGHT A SOFTWARE ONLINE FOR 19.99 USD AND GTBANK CHARGED ME N5397, THAT'S ABOUT N370 TO A DOLLAR, AND THAT WAS OVER A MONTH AGO! NO BANK IN NIGERIA IS REALLY INTERESTED IN THE CUSTOMER'S WELFARE OR BUSINESS PROGRESS, THEY JUST WANT TO MAKE MONEY BY ANY MEANS POSSIBLE. WE ARE IN SERIOUS TROUBLE!

adamspee:

mr man , you don't need to blame the bank for this, you should have known that you are are using a naira denominate card to pay for dollar transaction, and the rule ,is whenever you are receiving payment to the card , they pay you at official rate, and they are free to charge you any amount when you are making payment, you should have opted for dollar card, ie opening a dom acct. and applying for visa card to be linked to it, it will save you all this stress, that was exactly what i did.

How do one go about the whole Visa-card thingy? do you have to order for for VISA card separately despite having master from one's bank?

Only a fool will say CBN is not aware of this racketeering by the commercial banks. I won't be surprised to hear that there is certain amount being remitted back to CBN by these banks.

The people who will be at the receiving end are the masses, because the importers will only sell based on the cost of their purchases.

My question is that, if someone earns his dollars through an online business (such as Affiliate Marketing), which exchange rate would his payment be accrued to in Naira. Even if you've specified dollar as your payment currency in your account.

cirmuell:
I won't be surprised if UBA is one of those banks. A very useless bank to say the least.


Please name those banks, let know the enemies of Nigeria.

all the commercial banks..GTB own worse pas