₦airaland Forum

Brunel:
deliberate hoarding of foreign currencies
making it the worst performing currency globally
somebody please tell me what treason means again?

What some people don't realise is that no one can ever make our country great but ourselves.
In our own little ways we should shun corruption. don't give, don't take.
I will deny myself ill gotten wealth because I know it is the right way to live. My aim is not to be the richest man but to show to people that there are honest means to make it.

Why people didn't hoard foreign currencies under the previous governments? Continue exonerating Buhari and his government.

Yes o, this government is not a talking one at all, so so dumb, can't even communicate with the people that brought her to power. Corruption chase that is one sided can't solve our economic problems. The presidency has problems with trust, I can seriously tell you he only trust his Hausa Fulani brothers. He doesn't even trusts his vice talk more of his southern ministers. So why should he allow them to advice him. But he is making a great mistake,no Aboki man can help this government with good economic growth policies, they are always concerned with sharing of the national cakes weather the economy is buoyant or not. It is the northern leadership that brought us deep in to this economic mess in the first place, all the past years of misrule, corrupt practices, tax evasions and what have you! this guys have damaged the economy OBJ tried to redeem (corrupt or not corrupt)

namelesss:
the biggest thing that annoys me the most is the fact that the presidency will not in any circumstance try to explain to the Nigerian people whats happening and what is being done to tackle the degrading situation of Naira... they are playing with us like a game of monopoly, as long as they can get their hands on cheap USD every other person should GTH...

The gap between the official rate and the black market rate of over N100/$ is an incentive for economic fraud of round tripping.
We must seek for ways to improve on the dollar supply side by urgently restoring crude exports to the pre-NDA (short run) and return domestic production to a very healthy status. The foundation to earn fx from other segments of the GDP than crude oil should be laid otherwise this bubbles and burst cycle will continue. We must control our consumption of foreign goods and services otherwise we will eat up our stock of FX on the importation of consumables, kill our industries and jobs for our youth.
I am not a fan of PMB but an avid believer in PROJECT NIGERIA

Lifestone:
The gap between the official rate and the black market rate of over N100/$ is an incentive for economic fraud of round tripping.
We must seek for ways to improve on the dollar supply side by urgently restoring crude exports to the pre-NDA (short run) and return domestic production to a very healthy status. The foundation to earn fx from other segments of the GDP than crude oil should be laid otherwise this bubbles and burst cycle will continue. We must control our consumption of foreign goods and services otherwise we will eat up our stock of FX on the importation of consumables, kill our industries and jobs for our youth.
I am not a fan of PMB but an avid believer in PROJECT NIGERIA

i think the problem is that this is not just a demand/supply driven pricing. It is fuelled by corruption. There are supplies to the market through funny channels as alleged. There is also a demand at any price, by those who are sharing money. So, the gap will always be there, moreso when we dont have a windfall to force a stable price through massive supply as SLS did during his tenure.

Bizzaro world. This piece of crap country never fails to bring shame to all associated with it.

Dee60:
i think the problem is that this is not just a demand/supply driven pricing. It is fuelled by corruption. There are supplies to the market through funny channels as alleged. There is also a demand at any price, by those who are sharing money. So, the gap will always be there, moreso when we dont have a windfall to force a stable price through massive supply as SLS did during his tenure.

It still boil down to demand and supply at the end of the day my brother, The demand could be for speculative purposes or to store benefits of fraud

youngalex:
Recent reports said the naira has shed almost 40% against the dollar in almost a year, making it the worst performing currency globally.

GEJ, you ruled for 5 years yet the naira was not this battered in spite of all the corruption allegations.
We are indeed sorry!

I am loyal follower of buhari and thatn will never change

Since the days the naira started moving north of 150 i wasn't happy and even today i am more sad than i was last week with our fored policy

I will keep saying this whether you are APC or PDP as far as the forex is concerned we just have to work together

Because wallahi everybody will be uncomfortable if this trend continues. The PDP supporters never get tired of blaming buhari, they can go on and on with the insults but can't bring up a tangible solution

then i sit and wonder is it that buhari is in Aso rock holding a switch on this dollar-naira issue or what?

The APC supporters, well they don't turn up in this kind of topics you will only see them in "good news" topics

As you can see up there, it is still the same greediness of nigerians that's causing these problems. And also the gullibility of some top government officials.

Some people that are insulting the presidency right now will even do worst than this yet they sit behind their keyboards and write rubbish.

The intelligent ones here that understand this things should come up with feasible solutions.

The presidency is on nairaland. We create a topic and tag the user. (relentless tagging)

The only way we can win this war is if everybody comes together and solve this issue. The whole issue of forex is only influenced by cbn and co but also the masses.

I love buhari but i hate this forex policy

youngalex:
Bureau de Change (BDC) operators in Abuja have blamed the steady fall of the naira on deliberate hoarding of foreign currencies which forces them to buy from government officials and top politicians across the country.

Some BDC operators at Wuse Zone 4, a popular spot for foreign currency exchange, lamented that the pervasive scarcity of the dollars and other core global currencies is due to activities of highly placed government officials, top politicians and Central Bank of Nigeria’s (CBN) staff, who have found the falling naira as a way to line up their pockets at the expense of the nation.

On allegation made by a former CBN governor and current Emir of Kano, Sanusi Lamido Sanusi, that people sit at home and make calls to buy dollars from the CBN and resell, BDC operators corroborated it, saying, “It is true.”

Refusing to identify his name, a BDC operator said, “Dollar is scare, we don’t have it like in the past. For us to have it, we must identify who to approach to buy from CBN for us,” he said.

“Mostly, top government officials use their influence to buy from the CBN in the name of going abroad for official assignment,” he further alleged.

Asked if he knew anyone or had bought from them, he said, “My ‘oga’ (boss) does not sleep,” adding that “he follows them around, sometimes he goes to their houses in Asokoro, Maitama to beg them to buy dollars. He traveled to Kano last time to approach somebody for it,” he pointed out.

According to information provided by the BDC operators, ministers, key personnel at the presidency, top politicians not in government but with strong links as well as traditional rulers mostly from the northern part of the country use their influence to buy dollars from the CBN even at the old rate of N170/$.

This must have informed the allegation of Sanusi, who, according to sources, must have spoken from vintage position.

“My boss told me he buys dollars sometimes at N300 and N380 depending on individual sellers,” another BDC operator noted.

The CBN while trying to prop up the naira few months ago opened dual windows and harped that the naira was floated to subject it to market forces.

Unfortunately, the national currency has continued to receive intense battering and fell to N406/$ few days ago at the black (parallel) market.

Recent reports said the naira has shed almost 40% against the dollar in almost a year, making it the worst performing currency globally.

And if that was not enough, Sanusi ran scathing attacks on the Federal Government handling of the economy in general and the CBN currency operation in particular.

“You don’t have to be an economist to know that any system that allows you to sit in your garden, and with a telephone call, make one billion naira without investing a kobo, that system is wrong. It is unsustainable”, Sanusi said of highly placed politicians and top individuals who use their influence to buy forex from the CBN and sell to make undeserved profit.

“And just so we are not always blaming the previous administration. We have also made mistakes in this administration,” he added.

“And if we fall into the same holes that we fell into the last time where the government is always right… If a policy is wrong, it is wrong. Nothing will make it right and it has to be changed,” the former CBN governor asserted.

Investigations based on findings from the BDC operators have shown that CBN top executives know about the whole dirty deals.

According to information, they are helpless as they cannot stop immense pressure put on them.

“Often, calls come from various sources that are highly placed. The major culprits in requesting for forex which they possibly resell are the ministers and highly placed presidency staff, who the CBN executives cannot ignore,” a BDC operator told Independent, lamenting that he was tired of begging these “people for forex.”

Few months ago, before the CBN floated the naira, there were allegations against a key aide to President Muhammadu Buhari, who had unimpeded access to forex as the nation groaned under forex scarcity.

The CBN had defended its position, saying it did not sell dollars to individuals but the aide while defending his dollar purchases said he did not breach any law as he did not buy above the threshold set by the CBN.

There has also been allegation of the CBN leaving its constitutional role of being the bankers’ bank to the buying and selling of currencies.

According to the BDC operator, who spoke with Independent, “the CBN flexible forex regime has not worked in our favour or the country but has become the conduit pipe as Emir Sanusi has said to influential people’s advantage.

“Banks don’t have adequate forex and so the demand placed on us is high. But for you to get it, you must be prayerful that one government’s official or politician remembers you and comes calling to sell what he has gotten for cheap from the CBN,” he said.

http://independentnig.com/we-buy-dollars-from-government-officials-bdcs/

Buhariiiii ohhhhhhhhh he who has ears let him listen. Adeosun and emefiele should go ohhhh hhhhh.buhari ohhhhhh must we all die before you believe sanusi and soludo.there is trouble in the land ohhhhh.buhari eschew hatred now because all we need is solution to the economic crisis .Buhariiiii ohhhhh bring soludo on board.abeg okonjo iweala please help ohhhh.

NigerDeltan:
Aisha Harliburton

Is this not stale already? Thought it has been overtaken by the recent event? This shows how u prefer to believe the lies.

No get shame again....
Corruption fighters have found a new way to suffer Nigerians. Only Zoohari and his side kicks are free to travel without fear of being harassed by DSS or EFCC.
APC go finish this country.

AroOkigbo:
GEJ, you ruled for 5 years yet the naira was not this battered in spite of all the corruption allegations.
We are indeed sorry!

Please argue intelligently..

You and I both know times were different

Not shifting blames but be smart about this

mashnino:
I am loyal follower of buhari and thatn will never change

Since the days the naira started moving north of 150 i wasn't happy and even today i am more sad than i was last week with our fored policy

I will keep saying this whether you are APC or PDP as far as the forex is concerned we just have to work together

Because wallahi everybody will be uncomfortable if this trend continues. The PDP supporters never get tired of blaming buhari, they can go on and on with the insults but can't bring up a tangible solution

then i sit and wonder is it that buhari is in Aso rock holding a switch on this dollar-naira issue or what?

The APC supporters, well they don't turn up in this kind of topics you will only see them in "good news" topics

As you can see up there, it is still the same greediness of nigerians that's causing these problems. And also the gullibility of some top government officials.

Some people that are insulting the presidency right now will even do worst than this yet they sit behind their keyboards and write rubbish.

The intelligent ones here that understand this things should come up with feasible solutions.

The presidency is on nairaland. We create a topic and tag the user. (relentless tagging)

The only way we can win this war is if everybody comes together and solve this issue. The whole issue of forex is only influenced by cbn and co but also the masses.

I love buhari but i hate this forex policy

But it was GEJ fault the oil price drop, GEJ fault that the Governors(Not mine, representing the light of nation) took him to court to release the savings to pay workers? It was his fault he trusted a Dasuki to do his job? All the mess up for 10 years all GEJ fault, we know....

Pavore9:
“Mostly, top government officials use their influence to buy from the CBN in the name of going abroad for official assignment,” he further alleged.......The rot still persists!

Exactly cause who is the one traveling?

bezimo:
Can the corruption in this Buhari government get any worse. The Forex racketing fraud perpetuated by government and presidential officials is monumental. Just look at the effect of their greed on the masses. What a shame!

The useless APC government has already outperformed the previous Democratic and Military government of Nigeria as the worst ever.

May God run the lifes of all them that helped bring in this demonic and oppressive government the same way Nigeria is been retrogressively managed.

Even Aisha Halliburton is not left out in this massive forex round-tripping corruption just as it was under Abacha.
No wonder DullardPoo said Abacha did not steal our money. Birds of a feather flock together, certainly & surely.




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PaulIdu:
Whilst Jonathan and his friends ran a subsidy fraud cartel , Buhari and his forex thieves are running a well oiled foreign exchange racketeering fraud cartel. Buhari has failed us all

This is worse. Forex affects everything especially business across countries. We don enter.

Odikpa very serious

mashnino:
Please argue intelligently..

You and I both know times were different

Not shifting blames but be smart about this

Bro pls stop the subtle blame game.
I knw u are an avid supporter of PMB.
It's the present stupid economic policies by this government that's in question here.
kindly read the post thoroughly and argue intelligently.

Why are we complaining? Even Buhari is intrested in per diem for traveling out of the country.

iamawara:
I assuare you zat the pederal gammant iz awaya of diz anda will do ebry thin to fight pight kwaraption God bless za pederal refublic of Nigeria.


I tell you. you have seen nothing yet. continue to believe that Buhari will change thiz country. he is the biggest lier in the History of West Africa. God save us from this An*mal amen

It is "pight", my guy, not "fight".

SailorXY:
Nothing new.
Seized forex from citizens remitted by their families & hand them N200/$ but pass the dollars to crooks (relations & friends) to sell back to the masses @ mad rates in the name of floating after hoarding for months.

The thunder that will answer them all will not stop with this generation!

It's true...
The government stopped banks from paying citizens foreign currencies sent to them from overseas.
They pay them paltry "Naira equivalent" and then do with the hard currencies as they wish.

Greed is obviously the main cause of the current Naira dip and inflation.
Yeye people!

Keneking:
Ok

"Unfortunately, the national currency has continued to receive intense battering and fell to N406/$ (N415/$) few days ago at the black (parallel) market."

Recent reports said the naira has shed almost 40% against the dollar in almost a year, making it the worst performing currency globally.

Useless APC government economic policies, hopeless situation

"...due to activities of highly placed government officials (APC) , top politicians (APC & PDP) and Central Bank of Nigeria’s (CBN) staff (Emefiele and APC staffers). Useless government

Top government officials especially at the presidency, the ministers and co. How many PDP officials are ministers and at the presidency? Call a spade a spade.

From Buhari's or GEJ's government officials? This country sha. It's like changing the name from NEPA to PHCN. No improvement, no practical change.

So the naira lost 40% of its value in just one year. Why the hell haven't you all changed your savings to dollars You are still holding on and hoping it will drop to 199N/$ abi? Buy it now at whatever price you can get it or your money will keep losing buying power.

Naira and tissue paper are like...

I heard buhari personally hands over $500,000 personally to amaechi each month

$1,000,000 for tinubu

Just to thank them for allowing his cows to roam the countryside

Naira and tissue paper are like....

Before nko We know na!!!

youngalex:
Bureau de Change (BDC) operators in Abuja have blamed the steady fall of the naira on deliberate hoarding of foreign currencies which forces them to buy from government officials and top politicians across the country.

Some BDC operators at Wuse Zone 4, a popular spot for foreign currency exchange, lamented that the pervasive scarcity of the dollars and other core global currencies is due to activities of highly placed government officials, top politicians and Central Bank of Nigeria’s (CBN) staff, who have found the falling naira as a way to line up their pockets at the expense of the nation.

On allegation made by a former CBN governor and current Emir of Kano, Sanusi Lamido Sanusi, that people sit at home and make calls to buy dollars from the CBN and resell, BDC operators corroborated it, saying, “It is true.”

Refusing to identify his name, a BDC operator said, “Dollar is scare, we don’t have it like in the past. For us to have it, we must identify who to approach to buy from CBN for us,” he said.

“Mostly, top government officials use their influence to buy from the CBN in the name of going abroad for official assignment,” he further alleged.

Asked if he knew anyone or had bought from them, he said, “My ‘oga’ (boss) does not sleep,” adding that “he follows them around, sometimes he goes to their houses in Asokoro, Maitama to beg them to buy dollars. He traveled to Kano last time to approach somebody for it,” he pointed out.

According to information provided by the BDC operators, ministers, key personnel at the presidency, top politicians not in government but with strong links as well as traditional rulers mostly from the northern part of the country use their influence to buy dollars from the CBN even at the old rate of N170/$.

This must have informed the allegation of Sanusi, who, according to sources, must have spoken from vintage position.

“My boss told me he buys dollars sometimes at N300 and N380 depending on individual sellers,” another BDC operator noted.

The CBN while trying to prop up the naira few months ago opened dual windows and harped that the naira was floated to subject it to market forces.

Unfortunately, the national currency has continued to receive intense battering and fell to N406/$ few days ago at the black (parallel) market.

Recent reports said the naira has shed almost 40% against the dollar in almost a year, making it the worst performing currency globally.

And if that was not enough, Sanusi ran scathing attacks on the Federal Government handling of the economy in general and the CBN currency operation in particular.

“You don’t have to be an economist to know that any system that allows you to sit in your garden, and with a telephone call, make one billion naira without investing a kobo, that system is wrong. It is unsustainable”, Sanusi said of highly placed politicians and top individuals who use their influence to buy forex from the CBN and sell to make undeserved profit.

“And just so we are not always blaming the previous administration. We have also made mistakes in this administration,” he added.

“And if we fall into the same holes that we fell into the last time where the government is always right… If a policy is wrong, it is wrong. Nothing will make it right and it has to be changed,” the former CBN governor asserted.

Investigations based on findings from the BDC operators have shown that CBN top executives know about the whole dirty deals.

According to information, they are helpless as they cannot stop immense pressure put on them.

“Often, calls come from various sources that are highly placed. The major culprits in requesting for forex which they possibly resell are the ministers and highly placed presidency staff, who the CBN executives cannot ignore,” a BDC operator told Independent, lamenting that he was tired of begging these “people for forex.”

Few months ago, before the CBN floated the naira, there were allegations against a key aide to President Muhammadu Buhari, who had unimpeded access to forex as the nation groaned under forex scarcity.

The CBN had defended its position, saying it did not sell dollars to individuals but the aide while defending his dollar purchases said he did not breach any law as he did not buy above the threshold set by the CBN.

There has also been allegation of the CBN leaving its constitutional role of being the bankers’ bank to the buying and selling of currencies.

According to the BDC operator, who spoke with Independent, “the CBN flexible forex regime has not worked in our favour or the country but has become the conduit pipe as Emir Sanusi has said to influential people’s advantage.

“Banks don’t have adequate forex and so the demand placed on us is high. But for you to get it, you must be prayerful that one government’s official or politician remembers you and comes calling to sell what he has gotten for cheap from the CBN,” he said.

http://independentnig.com/we-buy-dollars-from-government-officials-bdcs/

#teamaishabubu,#APCnewcompany,#tiftinibucronies

Keneking:
Ok

"Unfortunately, the national currency has continued to receive intense battering and fell to N406/$ (N415/$) few days ago at the black (parallel) market."

Recent reports said the naira has shed almost 40% against the dollar in almost a year, making it the worst performing currency globally.

Useless APC government economic policies, hopeless situation

"...due to activities of highly placed government officials (APC) , top politicians (APC & PDP) and Central Bank of Nigeria’s (CBN) staff (Emefiele and APC staffers). Useless government

true talk

bezimo:
Can the corruption in this Buhari government get any worse.The Forex racketing fraud perpetuated by government and presidential officials is monumental. Just look at the effect of their greed on the masses. What a shame!

The useless APC government has already outperformed the previous Democratic and Military government of Nigeria as the worst ever.

May God run the lifes of all them that helped bring in this demonic and oppressive government the same way Nigeria is been retrogressively managed.

Amen!

Nigeria is crying