kolagbemi:


From all you listed above, tell me 1 or 2 that's not true.

I know you won't answer the question but I hope you will.

We are too good in criticizing.

Solving a problem requires identifying the cause(s) of the problem.

Whytelyon:

I see it as a welcome development, at least every company who's registered can get the price of dollar for normal bank rates. Not buying a dollar for almost 500 Naira, its a good one, if implemented correctly.

Whytelyon:

I see it as a welcome development, at least every company who's registered can get the price of dollar for normal bank rates. Not buying a dollar for almost 500 Naira, its a good one, if implemented correctly.

NwaEzefuNaMba:


Of cause not! What were you thinking? It will lead to dollar scarcity hence causing hike in exchange rate.

Oildichotomy:
Please we should be very much aware of the thin line separating identifying the cause and blaming the cause. Trust me the government is playing the latter everytime they come to the media.

Spillover of a reactionary government and the blame cycle continues for any problem.
We know this!!

takenadoh:
if you have Bureau de change littered everywhere like Fast-food joints or filling stations, there will be no need to patronize black market or if the banks didn't have all these restrictions and one could just walk in and change to any currency needed like its done in advanced countries, the Black market will die a natural death.


but when you see pple hiding and exchanging dollars like it is contraband ,what do u expect?





[url]thenaijalisting..com[/url]

smada13:



Had it been you have a full understanding of the Nigerian export n import business environment, you won't have written this cuz Kemi was actually right. The first problem Nigeria faced came from the black market, forcing the exchange rate of dollars indiscriminately through the creation of artificial scarcity so as to make exorbitant gains, and some commercial banks toed that line, offering to sell dollar to bureau de change operators instead of business people cuz of the gains they want to make.

And since that month of September 2014, the economy hasn't recovered.... All other problems compounded the debacle.

Think through before you criticize. Thanks

Whytelyon:



Bank rate = $1 -> #314 naira

Black market $1 -> #496 naira.
Which you prefer? At least first thing this idiotic government is doing correctly.

Omooba77:
How will they get supply of dollar to fund this...Those ruling needs God's touch, they seems not to know what they are doing..

Lakeside2134:


Don't all this things add up to it and they are not excuses but facts,even though buhari and his economic team got it wrong in so many aspects and policies but you cannot deny the facts you listed .
Read what you wrote again and think it through slowly please.

Clone2020:
If you are in the US or have relatives in the US trying to send money to naija, I will exchange the funds at 410/$, simply deposit into my US bank account and receive instant funding into your Nigerian account. Don't bother with western Union and co, they exchange at 375/$ with fees and the exchange rate drops to around 345/$.

See my contact below.

kolagbemi:


Depending with the side you are looking at it. How do you identify causes of a problem and not sound blaming?

So here is an example. Your car broke down and you got to office late. Tell me what you will say when they ask why you came late?

Or another one, your parent blame your wife for the economic down turn in your house, then she reply them with "your son marrying. Second wife is the cause". Did she just blamed you or identify the cause of the problem.

Oildichotomy:
You still don't get my post do you?

Read this caveat slowly and let-go trying to defend the government


I can't absolve them of any blame, they are heavily culpable in this regard

Whytelyon:



Oga, its basically the same thing. They run the same practice, abi aboki no get BDC way day registered? They only come out to seek customers when they short of customers, I have several of them as friends mind you.

TeamSimple:
I hope it affects the Naira positively.

SweetJoystick:


Can you fund my payoneer account? If yes at what exchange rate?

Omooba77:



I guess you are just defending inept government;since I was born black market has always exist and the exchange difference has NEVER been as high as this. It shows something is wrong somewhere.

greenermodels:
bureau de change is the parallel or black market. Nigeria adopted a two tier exchange rate after buhari military regime was kicked out. during his regime, possession of foreign currency carries heavy penalty including death and the result was serious dollar scarcity. a two tier exchange rate means that there must exist a parallel market in order for the exchange rate to be determined by market forces.

smada13:



I don't have to defend any government as I'm not part of them, my job have to do with providing financial services for business people especially on the island (lagos), businesses started taking a downward slope since the month I mentioned and the last government compounded it together with the pipeline bombings. I still maintain my position that the bureau de change guys are the problem of our economy, knowing those that run that section, it's only a northerner that can break that change, which is why I'm thumbing up the decision of this government.

Whytelyon:



Oga, its basically the same thing. They run the same practice, abi aboki no get BDC way day registered? They only come out to seek customers when they short of customers, I have several of them as friends mind you.

cosade:


The issue is not with the number of BDC operators but the lean sources of forex inflow into the country.

smada13:


But the operators are the ones determining the price now. The understanding of OLIGOPOLY market will suffice. They started with creating artificial scarcity to push up the exchange rate of the dollar to the Naira...... The banks seeing this occasionally push their dollar to them to make more profit. That was the beginning of the decline of this economy

takenadoh:


the number of Bereau de change is a problem,
this crisis didn't start today how can you regulate that guy at the street corner that isn't registered?

The CBN too is lying to themselves, wester Union is transferring for 375 -$ , Black market 490-$ , official rate is 300 smth

takenadoh:


the number of Bereau de change is a problem,
this crisis didn't start today how can you regulate that guy at the street corner that isn't registered?

The CBN too is lying to themselves, wester Union is transferring for 375 -$ , Black market 490-$ , official rate is 300 smth

cosade:


Elementary economics taught us that where effective demand is more than effective supply there would be increase in price. If we have millions of BDC operators and no willing person to sell forex to them, then their existence is useless.

Love Machine:
What do Nigerians stand to gain in all these?

takenadoh:


My brother you missing the point, Government can regulate registered entities better than random people on the street, rather than sending DSS to catch people here and there, there is scarcity in foreingn exchange and the number 1 provider is he Government, meaning government can control things through its policies and registered organizations.

cosade:


Yes, government is the main provider of forex but a lot is also coming from the private sector and individuals. For example, Nigerians in diaspora brought in a whopping sum of $21 Billons to the Nigerian economy in 2014.

World Bank Data Shows Nigerians Sent Home $21 bn
https://www.naij.com/423001-world-bank-data-shows-amazing-sum-nigerians-sent-home-in-2014.html

When the forex price is considered low, this category of people will simply refuse to remit money home, thus reducing supplies which in turn would lead to increase in price.

Since the price of crude oil crashed coupled with the distruptions in the Niger Delta, the FGN's forex supplies has reduced drastically. Before this crash, the difference between the BDC price and black market was just about N10 as against over N100 that we have now due to the acute shortage.

It's all about demand and supply.