₦airaland Forum

TPAND:
A step in the right direction.

Among the 3rd world, Nigeria appears to be the most dollarized.

Nigerian schools with Nigerian founders will demand dollars as school fees
Politicians heap 100dollar bills in their homes
You see dollar at every nook and cranny you turn to.

Very true indeed. I know of landlords in Lagos and Abuja that insist on dollar house rent payment. really ridiculous

Remii:
you have not been to Angola, that is only place I have seen that you buy things in dollar and get change in dollars too, other places they give change in their own currency.

Must we be like Angola? As if Angola is a country to look up to.

evy1:
Bros tell am o.Ghana and dollars like bread and beans.

I tell you, he no know.

phlamy:
How we do we stop our extreme dependence on the dollars. Everybody in this country does one thing or the other with dollar, most are racketeering. How do we move away from thid

Same thing i have been thinking

ANBAKO:
Must we be like Angola? As if Angola is a country to look up to.

am not justifying but just to say it happens in Angola and it's not a desirable situation.

Ralphlauren:
Fantastic!

So many bureau de change operators that are nothing but experts in money laundering. Such operators should be outside any reputable bank's risk appetite.

Regarding PEPs, the corrupt ones or those that have had one corruption scandal or another or any adverse media linked to them should also be exited.

About a year ago, my office recieved part of their contract payment. Their consultancy services were paid in Dollars as per expertriates and local services in Naira. As the dollar part hit their home account directly from CBN, we the local workers were happy that we had enough money for all our increase in salary/benefits demands, bonuses and allowance will be paid with extras, our hopes was dashed as the management still took like 70% of the local sevices money and illegally converted to Euro which was credited to their account in Europe.

To achieve that, i know for a fact that the bank where the Naira was gave them an impossible list of fulfilments before the money is wired which included informing EFCC and our client (government). Ofcourse, they could not, so the account officer recommended a BDC operative and in 24hrs, Euro hit their account in Europe. I wondered what magic these BDC guys did but i knew that BDC's are bad news for Nigeria without proper regulation as in the present situation. All the BDC are after is their comission and do not bother on the implications on the econony of the country. The BDC guy made N2m from converting N35m to Euro and crediting an acc in europe.

adanny01:
About a year ago, my office recieved part of their contract payment. Their consultancy services were paid in Dollars as per expertriates and local services in Naira. As the dollar part hit their home account directly from CBN, we the local workers were happy that we had enough money for all our increase in salary/benefits demands, bonuses and allowance will be paid with extras, our hopes was dashed as the management still took like 70% of the local sevices money and illegally converted to Euro which was credited to their account in Europe.

To achieve that, i know for a fact that the bank where the Naira was gave them an impossible list of fulfilments before the money is wired which included informing EFCC and our client (government). Ofcourse, they could not, so the account officer recommended a BDC operative and in 24hrs, Euro hit their account in Europe. I wondered what magic these BDC guys did but i knew that BDC's are bad news for Nigeria without proper regulation as in the present situation. All the BDC are after is their comission and do not bother on the implications on the econony of the country. The BDC guy made N2m from converting N35m to Euro and crediting an acc in europe.

Imagine ! And this is just a tip of the ice berg.

why would a BDC covert and transfer 35m euros. When there are banks in nigeria? Such transactions should be totally outside their remit.


The BDC sector requires total sanitation. They are used for so many shady deals. Licenses need to be revoked so as to reduce the number of operators drastically.