₦airaland Forum

dallyemmy:
To curtail the parallel market excesses, CBN needs to force them to open accounts where customers could pay in. POS could be used also. This would enable CBN to track their transactions regularly and the BVN of the customers.

CBN has done that already, forcing bank's to create accounts you can open without any documentation except passport.

But we also need to put the banks into consideration....as there shuld be limits. If I am able to open an account with only passport photograph, no document of traceable address or valid ID issued by a verifiable source...then we would all still be faced with the problem of easily money laundry, scam, and financial corruption.

If I can open account without leaving my house upload one fake passport and there's not restriction to the amount of cash I can collect. The country isn't safe. I can scam you to pay cash to my account. When you go to the police expecting the bank to produce its scammer customer, how does the bank produce the customer since there's no verifiable address. The bank becomes exposed and liable...so in the verge of making accounts and POS available to all, some restriction of running and cash limits has to be inplace especially for accounts with very little or no traceable documentation...my own opinion though

Then CBN needs to carry verification if there are fake accounts like you rightly said and mete adequate penalties.

coolsegun2002:
CBN has done that already, forcing bank's to create accounts you can open without any documentation except passport.

But we also need to put the banks into consideration....as there shuld be limits. If I am able to open an account with only passport photograph, no document of traceable address or valid ID issued by a verifiable source...then we would all still be faced with the problem of easily money laundry, scam, and financial corruption.

If I can open account without leaving my house upload one fake passport and there's not restriction to the amount of cash I can collect. The country isn't safe. I can scam you to pay cash to my account. When you go to the police expecting the bank to produce its scammer customer, how does the bank produce the customer since there's no verifiable address. The bank becomes exposed and liable...so in the verge of making accounts and POS available to all, some restriction of running and cash limits has to be inplace especially for accounts with very little or no traceable documentation...my own opinion though

coolsegun2002:
Where do u expect him to make reference from?
Is it not these same commercial bank's that will borrow you the money. All he's saying is it is quite unfair for the CBN to force bank's to drastically reduce lending rates when the condition of the country isn't favourable.
I once listened to the PRO of MTN back in 2005, and he said something I so much agree with.... "let government of Nigeria make business running a bit favourable by providing 24hrs electricity and see if call and data tariffs won't drop drastically. There's a mast beside my house, they don't run on PHCN at all..it 24hrs mikano.just imagine that running cost for all their mast nationwide, every one wants to maximise profit.. shareholders wants returns.

Look at from the angle of ordinary cooked rice sellers. 50naira rice is now one spoon, very soon there won't be N50 meat again. Why?
you have indirectly paid for kerosene or gas, water, cost of other, transport cost, ingredients and possibly cost of other labour hired in cooking the entire food.

And this is what people are still clamouring for...the government is shouting corruption....let them first tackle some little things the masses shuldn't be worried about before they will now expect people not to take bribe or steal money, or impose rules on pple and business owners bank's inclusive

Citizens of many schools abroad especially in Europe go to school for free even to PHD level, water is almost free, light is affordable, fuel which is only used for cars is sometimes not even needed cos there are free fast bullet railway transport system available to transport u across the country so there's very little reason to steal, and every reason to force bank's to lend us money to do business.

there is only one truth, fix electricity and everything will fix it self.
Ranging from the high cost of living to the high cost of doing business.
Development will grow without much human input. We can start talking of electric cars, electric trains, price of fuel and allied products will drop cos industrial and household consumption takes about 80% of diesel import into the country daily.
Let them just fix our electricity and watch things fix themselves including forex.

ISTANDWITHBUHAR:
No one take this your useless spamming post serious anymore hahaha..

Below for your reading pleasure. I hope that you can understand and acknowledge.
Cheers.

Omoedeki:
While Nigerians are still speculating the actual reason behind the sudden appreciation of the Naira over major International currencies since February 20, 2017 and Central Bank of Nigeria (CBN) sudden change of policy, Mr Babatunde Gbadamosi, a Lagos Businessman and former governorship candidate, who exposed in details the monumental organized foreign currency fraud by the Buhari government and officials of CBN was arrested and still detained by the Department of Security Services (DSS) since February 22, 2017.

In a social media video which went viral, Mr Gbadamosi frowned at the shabby practices where those that genuinely need foreign currencies for Business are not provided with any, while the President's allies and the cronies of CBN big-wigs are receiving them at ridiculous low rates of N3/$1.
Every effort to secure Mr Gbadamosi's release has proved abortive. The DSS has ensure that no one visits or see the incarcerated voice of the Nigerian opposition in the secret detention center he was dumped six days ago and sources close to Hope For Nigeria within the secret police headquarters in Abuja are claiming that Gbadamosi was accused of blackmailing the Central Bank of Nigeria and the Government by releasing those classified information about forex sales.
Regrettably, while Mr Babatunde Gbadamosi is languishing in DSS secret detention center for saving Nigeria from the forex mafia, Nigerians are giving the glory to the acting President Osibanjo who raised no finger in the new development where the CBN suspended forex sales to cronies and allies of President Buhari and sudden revert to the polices of the former President Goodluck Jonathan, where the Naira is protected with our external reserve.
Re-echoing the concern of Nigerians including that of the former CBN governor and the Emir of Kano, Sanusi Lamido who revealed the operation of over 20 different foreign exchange rates by the CBN and some Nigerians making billions of Naira daily from their gardens trading dollar they bought at an alarming low rates, Mr Gbadamosi demanded that these sharp practices should stop in other for the country to survive the self-induced recession.

Gbadamosi quoting various media sources in the Video, stated that the CBN was selling forex to some close allies of President Muhammadu Buhari for as low as N3 to $1 through what is called Bills of Collection. People where given Dollars with cold claims that their Form M was filled and submitted like 35 years ago but forex was not released. They cartel only has to claim that they made their importation in 1985 but forex was not released to you despite submitting duly completed Form M.

With all documents perfected, the forex will then be released at the prevailing rate in 1985. They will get $3 million at N5/ $1 and selling to end users at say N480/ $1. The said customer will be making about N1.425billion in one transaction.
He listed transactions by some individuals that got $4,327 at the rate of N23.34 to $1 through “credit card payment” for “invisible” purpose and under “invisible sector”. A bank also got $3,589.11 at the rate of N3.19 to $1 also for “invisible” purposes and under “invisible” sector. There was a transaction involving sale of $66.72 at the rate of N0.62 to $1. There was also a sale of $5.56 to a company at the rate of N0.61 also for “invisible” purposes. A particular transaction also involved the sale of $570.8 at the rate N3.17.
In contrast, there was a company, who purchased $1,462,480.83 at the rate of N425 to $1. The document shows that individuals and companies got foreign exchange for purposes ranging from importation, PTA, school fees, “invisible”, family maintenance allowances, mortgage payments and medical travel among others.

This video lead the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), to query the CBN Governor, Mr. Godwin Emefiele, demanding “prompt response” to the allegations of corruption in the CBN’s foreign exchange allocation and transactions. Multiple Petitions against the CBN indicated how some companies and individuals got foreign exchange in US dollars at the rates as low as low as N0.61 to $1 while others got it in rates that were as high as N470 to $1.

Malami, in the letter, dated February 6, 2017, and with reference number, HAGF/CBN/2017/VOL.1/1, asked Emefiele to respond to the allegations “to enable us to advise the Presidency and take appropriate measures.”
Titled ‘allegations of racketeering in the Central Bank of Nigeria; disparity in allocation of foreign exchange’, and addressed to Emefiele, the letter was delivered to the CBN governor’s office on Monday.
The allegations in the attorney general's letter to Emefiele includes:-

alleged corruption in the apex bank’s “foreign exchange allocation transactions.
2. questionable policy in CBN’s allocation and sale of foreign currency to Nigerians.
3. arbitrary allotment of different exchange rates for same purposes.
4. allocation of conflicting foreign exchange rates.
The DSS has not charged Mr Gbadamosi after six days of arrest and they denied him medical attention, family visits and rejected the request for his lawyers to see him or be informed of the reason for his arrest.
It is shocking to note that Nigerians are enjoying the appreciation of the Naira over major currencies and praising the CBN and the government that overseas the foreign currency fraud that almost crippled the Nigerian economy while the man who scarified neck for us, is under chain and locked up in secret detention center

http://www.hopefornigeriaonline.com/breaking-naira-gains-dss-still-detaining-mr-gbadamosi-exposed-govt-forex-fraud/

www.nairaland.com/attachments/3431120_cdatausersdefappsappdatainternetexplorertempsavedimages3420191picsart1455886204785jpeg503a9ea978cee321112203705090d494_jpeg42f7ff794fb9c526b6223de620a8596b

Emefiele didn't learn shit in school

I agree with the CBN Gov., but using Banks' expenditures as an excuse nt to reduce interest rate is Crap. Reducing interest rate, YES it'll increase the level of borrowers as well as the level of employment. But these tendenceies will result to inflationary presures as a result of "More money nw chasing the few available goods". Trust our producers and marketers to cash in on this!

specter:
there is only one truth, fix electricity and everything will fix it self.
Ranging from the high cost of living to the high cost of doing business.
Development will grow without much human input. We can talking of electric cars, electric trains, price of fuel and allied products will drop cos industrial and household consumption takes about 80% of diesel import into the country daily.
Let them just fix our electricity and watch things fix themselves including forex.

My brother sometimes I think they don't really know what to do....cos they can't be all bad in those seats of power.....

when u steal all the money when you were in power and not do anything good for development. You are still coming back into the same system u refuse to fix and develop when u were given the opportunity. By then, there won't be free money to steal

anonimi:
Below for your reading pleasure. I hope that you can understand and acknowledge.
Cheers.





www.nairaland.com/attachments/3431120_cdatausersdefappsappdatainternetexplorertempsavedimages3420191picsart1455886204785jpeg503a9ea978cee321112203705090d494_jpeg42f7ff794fb9c526b6223de620a8596b

Oga there are so many lies that you don't need s soothsayer to tell you this is a big lie, Selling $1 for 3naira OMG please stop this nonsense abeg..

You no even talk say 200 naira you said 3 Naira to $1 please spare all this jargon's..

coolsegun2002:
Where do u expect him to make reference from?
Is it not these same commercial bank's that will borrow you the money. All he's saying is it is quite unfair for the CBN to force bank's to drastically reduce lending rates when the condition of the country isn't favourable.
I once listened to the PRO of MTN back in 2005, and he said something I so much agree with.... "let government of Nigeria make business running a bit favourable by providing 24hrs electricity and see if call and data tariffs won't drop drastically. There's a mast beside my house, they don't run on PHCN at all..it 24hrs mikano.just imagine that running cost for all their mast nationwide, every one wants to maximise profit.. shareholders wants returns.

Look at from the angle of ordinary cooked rice sellers. 50naira rice is now one spoon, very soon there won't be N50 meat again. Why?
you have indirectly paid for kerosene or gas, water, cost of other, transport cost, ingredients and possibly cost of other labour hired in cooking the entire food.

And this is what people are still clamouring for...the government is shouting corruption....let them first tackle some little things the masses shuldn't be worried about before they will now expect people not to take bribe or steal money, or impose rules on pple and business owners bank's inclusive

Citizens of many schools abroad especially in Europe go to school for free even to PHD level, water is almost free, light is affordable, fuel which is only used for cars is sometimes not even needed cos there are free fast bullet railway transport system available to transport u across the country so there's very little reason to steal, and every reason to force bank's to lend us money to do business.

how do you want the economy to be favorable where they are part of the process...
if they can give a single digit lending rate many investors will come in and invest uncritical sectors that they themselves will benefit from in the long run..
investors will come and invest in power, telecom boost economy etc..
some banks in Nigeria are richer than some European countries...
they can do it and will not run into problem..
as for the telecommunications.... remember it was same excuse MTN gave that they were spending more on power at communication masts centre reason why they cant reduce cost of sim cards and tarrif then but when globacom came in they adjust and sim is almost free plus tarrif but still they did not pack their loads and can pay fine favorably and conveniently without sacking or affecting their business... pls don't eat every crap these stupid people passes to us or trying to make us understand

emi14:
Why can't CBN employ someone like you? But when you're employed obviously you will forget this brain in ur closet.

the same reason why you can't be employed by them cos they know you don't reason good

REDshouse:
the same reason why you can't be employed by them cos they know you don't reason good

Sitting in one under tree talking rubbish from jan/dec. Jobseekers association.

REDshouse:
the same reason why you can't be employed by them cos they know you don't reason good

I was positive . All the same I owe you no apology. Am not searching for employment. Am self employed and can as well employ you internationally. You are obviously job seeker

Benjom:
Our past glory shall be restored... $1 = N10

No, it used to be 1$=#0.8

emi14:
I was positive . All the same I owe you no apology. Am not searching for employment. Am self employed and can as well employ you internationally. You are obviously job seeker

you can employ me no doubt but u don't own my life... Ur comment was positive indeed

emi14:
Sitting in one under tree talking rubbish from jan/dec. Jobseekers association.

everyone seek for job to do that is human nature. .. even tinubu and buhari at one point in their life seek for presidential job or whatever job

eezeribe:
I dedicate this FTC to the CBN Governor and Minister of finance.
Even a 100level student of Economics or Finance knows something more than the both of them.
Their Cluelessness is Monumental.I wonder how they schemed their way to the top.

#SACK EMEFIELE AND ADEOSUN

I'm an Engineering graduate but from my vast experience of the economy, when you increase the increase rate many businesses suffer, majority of them collapsed and staffs are been retrenched, it add pressure to the unemployed youth which cause youthful restiveness and increase crime rate.
then banks spend more money in recovery bad loans which might end up with AMCON by paying the debt and employ manager to manage the ASSETS which will still collapse because of bad economy. so why not CBN reduce the interest rate so that it can be viable for investors. employment depends on this policy but it seems they are clueless. my 1% brain

please how much is the current dollar to naira exchange,its very urgent

Emefeile fu..cking idio...t, when inflation was not high nkan, what happened? Wasnt it the same double digit?!
How will a small business owner access loans at double digit with the other crippling constraints around and still remain sustainable?!

coolsegun2002:
Where do u expect him to make reference from?
Is it not these same commercial bank's that will borrow you the money. All he's saying is it is quite unfair for the CBN to force bank's to drastically reduce lending rates when the condition of the country isn't favourable.
I once listened to the PRO of MTN back in 2005, and he said something I so much agree with.... "let government of Nigeria make business running a bit favourable by providing 24hrs electricity and see if call and data tariffs won't drop drastically. There's a mast beside my house, they don't run on PHCN at all..it 24hrs mikano.just imagine that running cost for all their mast nationwide, every one wants to maximise profit.. shareholders wants returns.

Look at from the angle of ordinary cooked rice sellers. 50naira rice is now one spoon, very soon there won't be N50 meat again. Why?
you have indirectly paid for kerosene or gas, water, cost of other, transport cost, ingredients and possibly cost of other labour hired in cooking the entire food.

And this is what people are still clamouring for...the government is shouting corruption....let them first tackle some little things the masses shuldn't be worried about before they will now expect people not to take bribe or steal money, or impose rules on pple and business owners bank's inclusive

Citizens of many schools abroad especially in Europe go to school for free even to PHD level, water is almost free, light is affordable, fuel which is only used for cars is sometimes not even needed cos there are free fast bullet railway transport system available to transport u across the country so there's very little reason to steal, and every reason to force bank's to lend us money to do business.

the European countries u mention have little populations, our population can never allow that.

TheFreeOne:
Is Emefiele working for Nigerians or he's protecting the interests of banks

The dude is sounding like a misfit.

He's working in the interest of Zenith BANK where he came from, I just don't know PMB refuse to sack this man or redeploy him to ministry of comercial bank

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Meanwhile for someone out there;
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Don't SPEND 1 yr waiting for a job!

LastProphet:
the European countries u mention have little populations, our population can never allow that.

the European countries do this with ordinary tax payers money......they don't have cassava to export, they don't large forest for wood export, they don't have coal, they don't have other natural resources and the almighty petroleum that fetch us money...the

United state is five times the size of Nigeria....and they have free education at least to secondary level. Some of their community colleges offer free education...so don't even go there.....its corruption eat alone that's worrying our government do not know how many children 90million dollars will school and that stupid idiot went and hide it alone in one rugged looking house......my brother that's just the small one we saw ooooooo..from just one man ooooo...
The loot of Abacha till today have not been fully recovered from Swiss bank. Yet the Abacha family isn't has broke as dangote....thats just another family..

Bro...there is enuf money in this country to steal and still take care of the masses...but they just won't do it..the size of Nigeria isn't the problem

thank you for the observation.

WeRblessed:
Do you mean to say CBN lend money to people?
You said "they borrowed money to people".

You can only borrow 'from' and lend 'to'. You do not borrow something to someone. You borrow from someone and lend to someone.

Just wanted to correct ​you on that. You know my brother, no one is perfect, and English could be confusing sometimes.

coolsegun2002:
the European countries do this with ordinary tax payers money......they don't have cassava to export, they don't large forest for wood export, they don't have coal, they don't have other natural resources and the almighty petroleum that fetch us money...the

United state is five times the size of Nigeria....and they have free education at least to secondary level. Some of their community colleges offer free education...so don't even go there.....its corruption eat alone that's worrying our government do not know how many children 90million dollars will school and that stupid idiot went and hide it alone in one rugged looking house......my brother that's just the small one we saw ooooooo..from just one man ooooo...
The loot of Abacha till today have not been fully recovered from Swiss bank. Yet the Abacha family isn't has broke as dangote....thats just another family..

Bro...there is enuf money in this country to steal and still take care of the masses...but they just won't do it..the size of Nigeria isn't the problem

u made some good points

Instead of some of you to sit down and learn from a guru, like Emefiele, who was the MD of one of the most success banks in Nigeria, you are here exposing your ignorance. Grow up, guys!