₦airaland Forum

eph12:
Oh is that what you meant? The new national id card is standard and has NIN linked to the owners profile for confirmation. With adequate investigation everything they need to know about the holder of the id is available.

Almost everyone has National ID card but not everyone has International passport..


Anyone who is buying dollars will definitely provide his/her passport and possibly his valid visa which all will be confirm before buying dollars and there will be limit depend on the country you are traveling to.

FG and cbn are so dumb that even after standard conversion at 305,, profits they've made still couldn't balance the market or economy!! Like seriously,, after all this months what were u thinking?? What was plan b? Oh now na to abolish it after uselessing the economy!!?

MichaelSokoto:
cutting trees keh?
so dat ahboki nor for see where stand dey call customers?

dis con3 is filled to d brim wit clowns, walahi.

na so we see am for this country o, from one comedy of errors to another

APCmyheart:
Almost everyone has National ID card but not everyone has International passport..


Anyone who is buying dollars will definitely provide his/her passport and possibly his valid visa which all will be confirm before buying dollars and there will be limit depend on the country you are traveling to.

I wonder how you S/W APC supporters think,Buhari will render about 1 million Aboki black market dealers jobless and they will not fight back for their daily bread.Every country have black market,they can only reduce the gap.

APCmyheart:
I swear i think that is exactly what should have been done a very long time ago, I talk about this same thing with a friend few months ago and i think it's best option..

No black market anymore, CBN should have their agents in different banks in some location where they will sell dollars to private individuals and make sure it's a fix amount weekly and purpose of the money should be known..

The buyer most provide his/her international passport before buying, Only international should be made the only means of ID..

This issue has been on since late last year.

There is this Unilag professor Henry Boyo who have a robust analysis of how the CBN should go about it.

What I have been saying and advocating is why do we have so many dollars in physical currency in Nigeria. Dollars is not our currency so why is it so much in circulation in our economy. It is natural that people will go for stronger currency when they are presented with choice and it will kill the local currency. Take away the choice, and you see the local currency pick itself up.

We have destroyed our currency for a long time by allowing this BDC people. They don't have a way to regulate who they sell the currency to. Even party goers who has nothing to cotribute to the economy goes to they to buy. You now find genuine traders having to compete with fun seekers to obtain the same dollars. While the traders has a limit he can go to buy the currency to attain profit in his business, the fun seeker does not.

So we say keep all dollars in banks, let the banks sell it to those who really needs it and also give priority to genuine traders who will turn it around and use it to profit the economy in the long run.

CandyDiamond:
I wonder how you S/W APC supporters think,Buhari will render about 1 million Aboki black market dealers jobless and they will not fight back for their daily bread.Every country have black market,they can only reduce the gap.

LOL no one render jobless instead top cut them to seize, If banks are selling for 305 and can be easily access will you patronize BDC that are selling for 490?


common sense..

jomoh:
This issue has been on since late last year.

There is this Unilag professor Henry Boyo who have a robust analysis of how the CBN should go about it.

What I have been saying and advocating is why do we have so many dollars in physical currency in Nigeria. Dollars is not our currency so why is it so much in circulation in our economy. It is natural that people will go for stronger currency when they are presented with choice and it will kill the local currency. Take away the choice, and you see the local currency pick itself up.

We have destroyed our currency for a long time by allowing this BDC people. They don't have a way to regulate who they sell the currency to. Even party goers who has nothing to cotribute to the economy goes to they to buy. You now find genuine traders having to compete with fun seekers to obtain the same dollars. While the traders has a limit he can go to buy the currency to attain profit in his business, the fun seeker does not.

So we say keep all dollars in banks, let the banks sell it to those who really needs it and also give priority to genuine traders who will turn it around and use it to profit the economy in the long run.

Exactly my point, Even those trader should not be handed the cash if possible, The Bank should be able to help them pay to where ever they are buying from and see BDC collapse and started selling at a price not more than #1-2 difference.

CandyDiamond:
I wonder how you S/W APC supporters think,Buhari will render about 1 million Aboki black market dealers jobless and they will not fight back for their daily bread.Every country have black market,they can only reduce the gap.

I wonder how you dullards from the east thinks.

Tell me where does your interest lies. 180million Nigerians that stand to benefit or the 1million abokis that are making the remaining 179million to suffer because of their selfish interests.

No country can totally eliminate black market. At least our government won't be funding them to make life unbearable to it's citizens. let the get their dollars from travellers who can only move a maximum of $10,000 in cash.

What this means is that banks will stop selling dollars to the bottomless pit of BDC. They will have to source their dollars from somewhere else.

What this means is that the little dollars we get from our foreign trade can be rationed amongst genuine business men to buy products that Nigeria needs not what we can produce ourself.

What this means is that genuine traders will get their dollars from banks and use it for the good of the economy not some fun seeking yahoo boy who wants to show off.

What it means is that your SE brothers who wants to travel to China for business can get their dollars at a normal price from banks whithout having to compete with fun seekers at the BDC.

It also means a lot of things that i am very sure will be too complex for your brain being a wailer that you are.

APCmyheart:
Exactly my point, Even those trader should not be handed the cash if possible, The Bank should be able to help them pay to where ever they are buying from and see BDC collapse and started selling at a price not more than #1-2 difference.

In the first place we shouldn't be allowed to withdraw dollars from banks. It is not our currency. Dollars sold should be transfered by the buyer to the seller wherever they are in the world.

We buy stuffs online with our naira denominated master cards without having to touch dollars physically. Why can't the traders too pay for their goods without having to touch the dollars or if they have to withdraw it, let them do so outside the country.

you are very right my brother, CBN should have there agent in every banks and sell to private individuals, they should adopt taking finger print of every customers and you are entitle to $10,000 quarterly, they should made it compulsory to get a dollar card and peg daily withdrawal to $50 on the account bt no limit if you using it for payment via online or POS..once a customer exceeded spending withing a month he/she would need to source from outside or wait for another 3 months to buy from CBN cus once they have ur finger print on there system you can not buy from any CBN agentry within that 3months period..

APCmyheart:
I swear i think that is exactly what should have been done a very long time ago, I talk about this same thing with a friend few months ago and i think it's best option..

No black market anymore, CBN should have their agents in different banks in some location where they will sell dollars to private individuals and make sure it's a fix amount weekly and purpose of the money should be known..

The buyer most provide his/her international passport before buying, Only international should be made the only means of ID..

THIS USELESS GOVT IS AT IT AGAIN . ... ............ HOW IS THAT EVEN POSSIBLE?.... Can someone care to explain how they will achieve that?

jomoh:
In the first place we shouldn't be allowed to withdraw dollars from banks. It is not our currency. Dollars sold should be transfered by the buyer to the seller wherever they are in the world.

We buy stuffs online with our naira denominated master cards without having to touch dollars physically. Why can't the traders too pay for their goods without having to touch the dollars or if they have to withdraw it, let them do so outside the country.

Exactly what am discussing with a friend here, Anyone going to banks to buy dollars should not be handed cash more than $1000 and the rest should be put in ATM which will be useful in their country of destination alone...


Or bank transfer the money to the seller simple..

me been saying that this parallel market is an elaborate 419 yahoo scheme.

4Play:
The parallel market exists because the CBN is meddling with the price discovery mechanism by restricting access to forex at the official rate. Remove the CBN's restrictions and its other dodgy market manipulation and the parallel market dies a natural death.

True talk @4Play. N1,000 to $1 loading

ThinkSmarter:
This will be a good measure 2wards curbing this ugly trend of exorbitant exchange rates for the Dollar, Euro and Pounds Sterling in the black mkt.
After all most Towns and cities in Nigeria hv designated banks where one can easily go to make transactions being it money gram, WU, FX.
this will be a Good job if CBN will get it enforced.

you said banks, please which banks...

fabulouskeem:
you are very right my brother, CBN should have there agent in every banks and sell to private individuals, they should adopt taking finger print of every customers and you are entitle to $10,000 quarterly, they should made it compulsory to get a dollar card and peg daily withdrawal to $50 on the account bt no limit if you using it for payment via online or POS..once a customer exceeded spending withing a month he/she would need to source from outside or wait for another 3 months to buy from CBN cus once they have ur finger print on there system you can not buy from any CBN agentry within that 3months period..

Finger print is also a welcome development but that quarterly will be hard for a business man oooo.

Did the FG establish the parallel market in the first place? So how can they abolish it.

onatisi:
The Nigeria economy needs an average of 2billion dolllars every day to cater to it fx deals, for you to make sure that the money makes enough impact u will need to to sustain it for 2,to 4 weeks . And I know that many bankers will fault my estimations of 2billion dollars daily as grossly under estimated because even fuel importers alone can take half of this ,multiply 2billion dollars daily by 15,days . Then you willl see how I arrive at 30 billion

That means Nigeria's greatest problem is Fuel Importation! What a pity!

There is only one way to abolish the Parallel market, its to make banks give forex to all who need it at bank rates so folks don't need to go to the parallel market thus making parallel market unattractive.

Egypt did it and it worked, until Nigeria do that the parallel market would continue to thrive on the greed platform.Oh I forgot the banks are also guilty.

APCmyheart:
Exactly my point, Even those trader should not be handed the cash if possible, The Bank should be able to help them pay to where ever they are buying from and see BDC collapse and started selling at a price not more than #1-2 difference.

I thought the CBN was paying directly to the organizations the manufacturers or the importers buy from. Doing otherwise does not make sense. It would actually encourage round tripping!

omonnakoda:
There is nothing black about the parallel market .It is open , transparent and realistic. For most of the the last 16 years the difference between the government rate and the parallel rate has been minimal because government interference was minimal. The reason for the crisis is the government intervention to create artificial prices.
The foreign exchange market is widely recognized by economists as coming closest to "perfect" in terms of the forces of demand and supply playing the greatest role in price discovery.

Government should sell government dollars at the highest price that people are prepared to pay. #305 is a joke and only creates room for arbitrage and corruption.

The most painful bit is that government is shortchanging the other tiers of government when distributing oil revenue dollars at the rate of 305.

Spot on!

To buttress your point, the parallel market is the real forex market as that is the place where willing buyers and willing sellers agree on mutually beneficial prices.
In Nigeria of today, nobody with precious dollars will ever sell at 305 naira.

Only the CBN sells such a scarce commodity at an artificially low price. Even the CBN governor will not sell you his personal dollars at 305 naira. That tells me that the CBN's policies are not driven by rational economics but are politically dictated.

For every petrodollar the CBN sells at 305 naira, the federation account, and by extension the three tiers of government have lost a monumental 185 naira per barrel of oil. I wonder why the states and local governments are not seeking legal redress for this daft policies.

murmee:
I thought the CBN was paying directly to the organizations the manufacturers or the importers buy from. Doing otherwise does not make sense. It would actually encourage round tripping!

This policy will help if they are serious and monitor it closely

Stalwert:
[s][/s]

oga bear parlor analyst comot for road

seems to me you are the beer (not bear) parlor analyst.

well that's why you have option of secondary market (black market ) to source dollar if one can't wait for 3 months...I believe once dollars begins to appreciate they can increase volume for ppl going for business

APCmyheart:
Finger print is also a welcome development but that quarterly will be hard for a business man oooo.

fabulouskeem:
well that's why you have option of secondary market (black market ) to source dollar if one can't wait for 3 months...I believe once dollars begins to appreciate they can increase volume for ppl going for business

Good ideal