₦airaland Forum

this all started when they sold dollars for 3 naira to the rich and mighty, so let them find a way to settle this non sense

if CBN wants to boost the naira, they need to fight thier corrupt practices, these 20 banks are suppose to be helping not destroying. if the CBN apply more tactics to thier approach, these banks would have not option rather than to comply fully to thier policies.

Please o let me ask. What is difficult in scrapping this second tier foreign exchange market alias black market.
I think it was born during IBB's regime in the 80s.
Can't all and every forex transactions be done solely in the bank which I think is easier to regulate.

So that all these abokis selling forex will go and look for job instead of disturbing our economy with unnecessary speculations.
MY OPINION Pleaseeeeeee

Govt should have their own BDC abi

Nigeria doesnt know how to maintain or sustain any policy.
Corruption keeps finding its way back.

So wen will dis affect positively d cost of commodity in d MKT,till spaghetti is 80# I am out

what is this one saying, pls go and sleep. must u talk

datopaper:
Why! Why!! Why!!!

Nigerians,

People working in our banking sector are Nigerians.
Simply they are corrupt.

They will frustrate this incompetent government lead by President Buhari.

But the end sufferers are Masses of this nation.


Please wake up, let all Nigeria join politics to send these people packing.

That is first antidote for Nigeria survive

Rule of Law.

Bankers and Civil servants are the problem of Nigeria

loomer:
This naira self them swear for am?

Gain 0.8% today then e go come loose 10% later.

All thanks to the economic terrorist

Short of words... And some of these wicked souls destroying this country through their selfish means are in church now in their best attires some also performed last jumat too.

signature2012:
Eliminate BDC from the country and see the Naira appreciate.

Spot on. The BDCs are the ones causing all the havoc. It's really funny how the dollar went on a downward spiral when CBN only sold dollars to banks around two weeks ago.

The same BDCs were crying and CBN decided to sell 10k dollars to each BDC at the same rate they sell to banks and gbam dollars starts to increase against the naira!

My take is only the IMTOs and banks should be allowed to trade dollar and for those of you castigating the banks, know that banks are required to publish their dollar sales weekly so we all know who gets what and any perceived is severely punished by the CBN. BDCs on the other hand don't do same.

One day we will get out of all this wahala.

God bless Nigeria, the only country where the laws of demand and supply work in reverse order.

/
Naira is going to N600/$.
I have seen other Central banks or their equivalents try intervention and failed woefully. From Japan, Russia to Switzerland, it is the same story. Reprieve for naira will come when US government takes bearish sentiment on the US dollar. Until then, CBN is throwing money after bad money.

\

Let EFCC start arresting erring banks and bank managers, then the rest would adjust.

olrotimi:
In Nigeria, we'd always find a man-made reason for everything, even if it's just basic economic principles coming into play.

What do you mean by basic economic principles? Is demand more than supply? What else can cause rise in prices when the CBN is meeting the forex needs of the country?

signature2012:
Eliminate BDC from the country and see the Naira appreciate.

Lol. Chief economist of the federation. Do tell how the elimination of BDCs is the panacea.

35million naira deposited to CBN by each of the 3000 licenced BDC would be repatriated though.

Make dem ready the cash

mybestlove:
Please o let me ask. What is difficult in scrapping this second tier foreign exchange market alias black market.
I think it was born during IBB's regime in the 80s.
Can't all and every forex transactions be done solely in the bank which I think is easier to regulate.

So that all these abokis selling forex will go and look for job instead of disturbing our economy with unnecessary speculations.
MY OPINION Pleaseeeeeee

My brother you can buy dollars in Ghana virtually everywhere. But their regulatory body make sure that dollars is not prioritised like we do here in Nigeria. BDC surely is like a certain arm of govt in Nigeria frustrating the economy... they are no different from the red carpet say nay tors...

modath:
Excuses!!!

We just don't earn enough FX for both the NEEDS & WANTS of this nation!!!! What is readily & easily available is never scarce nor costly!!! Increase exports to earn more! Every other thing is just mere wishful thinking!!

Thank you sir.

This is the problem with all African countries. You want everything made in foreign countries while having nothing to sell on the international market... It can't work.

Future generations are going to be just as poor if not poorer.

Cut your wants or earn sufficient FX, end of story.

I'm praying that dollars should fall; i want to buy a brand new android

HolyTitus:
I'm praying that dollars should fall; i want to buy a brand new android

Wanting the android phone (produced by other people) is the reason your Naira will continue to fall and the dollar continue to rise.

Your generations will continue to get poorer while those who produce the android phones will get richer.

Buyers lose, sellers gain. That is why we are always in FX crisis.

chibuzorAbia:
Wanting the android phone (produced by other people) is the reason your Naira will continue to fall and the dollar continue to rise.

Your generations will continue to get poorer while those who produce the android phones will get richer.

Buyers lose, sellers gain. That is why we are always in FX crisis.

lol, this my friend here don vex above normal gauge; it's not good for your health, bro

I think say dem say na jona cause am!

ZUBY77:
All thanks to the economic terrorist

Who?

the banks are frustrating CBN because their profit margin was reduced last week by CBN before now at interbank they are given dollars at 315 and the sell for 375 a whooping N60 profit but last week the CBN said banks will get dollar for 357 and sell at 360 this means the profit is now just N3, this has obviously angered the banks and they started frustrating the CBN.

That is why CBN asked people to report any bank that refuses to sell dollars to them for possible sanction, what the president of ABCON Gwadabe is saying may be a solution

is it so hard and inconceivable to believe that incompetence can actually originate from the CBN? even as analysts and international observers foresaw the unsustainability and foolishness of this moves.. ordinary Nigerians cheered on as if the strength of the Naira urged on by CBN interventions impacted on the real sectors of the economy.. yet we celebrated like drunk football fans in a local beer parlour

I think the only way that the CBN can use to curb commercial bank excesses is to instruct all banks to scan and forward their dollar sales books for confirmation to see if they exhaust their weekly allocated $80m. Any money bank that err should be seriously dealt with, if not; money banks will still frustrate the policies of CBN as regard exchange rates.

Government doesn't even like low Dollar. If they do they will push BDCs out of business.

HARDDON:
As long as there are vultures frustrating Osinbajo's efforts, injuction of fx wud remain Unsustainable .

Banks r selling to only their cronies. Man know man.

guy let me say this, when jona was trying to fix light some vultures were frustrating his effort by bursting gas pipeline
when buhari wan fix economy people are frustrating his effort
even me in my village i wan build community frustrating my effort, is it that nigerians r frustrated people or what. nigeria is messed up sorry to say

Nagisa:
The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has blamed the recent depreciation of naira on the speculators’ onslaught and resistance by the banking industry.
Gwadabe said on Saturday in Lagos that the refusal of some banks to sell the invisibles such as personal and business travel allowances frustrated naira recovery.

The ABCON chief said that the CBN had recently accused the banks of frustrating its policies.

He said it was ironical that the naira started losing strength in spite of the CBN’s review of the rates from N375 to N360 to a dollar.

According to him, the naira started trading on Monday with a promising outlook for sustained strength against the dollar and other currencies, but it began to fall at the middle of the week.



“The naira ended deeper northward to close at N394 to a dollar on Friday, translating to 10 percent depreciation of what was recorded during the week,’’ Gwadabe said.

The association president said that the removal of disparity in applicable exchange rates among the BDCs, Travelex and the banks should have strengthened the nation’s currency.

The financial expert said, “CBN’s knack for last minute solution as recent development has shown, accounted for the misfortune of the naira at the foreign exchange market.’’

Gwadabe said that the battle for the soul of the naira would be won if the CBN could boost liquidity to the BDCs for the effective unification of rates.

“It is evident that the injection of liquidity to the interbank market rather than the BDC sub-sector is not effective and transparent for sustained FOREX rate convergence and unification.

“Statistics from the CBN shows that about 20 banks get 80 million dollars weekly for invisible transaction as against the 20 million dollars weekly for over 3000 CBN licensed BDCs nationwide.

“The CBN should enhance public awareness to guide end users on FOREX availability and applicable exchange rates.

“The CBN should diversify the buffers from oil proceeds to foreign investors inflows and Diaspora remittances,’’ Gwadabe said.

He urged the CBN to sponsor a bill for an act of the National Assembly for naira convertibility in West Africa, as part of the solutions to full recovery of the naira.

Gwadabe said that naira was currently a means of exchange in about 15 countries in Africa.

He urged the Federal Government to increase security surveillance at the nation’s airports and land borders to checkmate illegal foreign cash evacuation.

The naira ended the week on a negative note, eroding the 12.36 appreciation it recorded in its trading last week.

The Nigerian currency appears to be on trial again, as experts argue that winning the battle for the soul of the naira requires more than pulling the monetary policy lever.

They called for a blend of fiscal and monetary policy and indeed patriotism from all Nigerians to save the naira from further sliding.

(NAN)

Read more at http://www.herald.ng/naira-fell-despite-cbn-intervention-abcon/#rw4gDhXoFZK5c2eQ.99

All lies, the M form used for raising exchange were backdated to 1985 @ a rate of 2 dollars to 1 naira, only for them to sell to nigerians at 515, bubu the fool, well done

The shyte wasn't going to work anyways but if that's the lame reason that they want to give then I have a solution.

Even though it's not in their mandate but CBN needs to sell Fx directly to the populace.

Do this by opening a sales kiosk at CBN, rent stalls at malls or have windows at banks.

They'll create employment too.

sit down sir ,you dont something reasonable

I found this quite interesting and informative:

"He urged the CBN to sponsor a bill for an act of the National Assembly for naira convertibility in West Africa, as part of the solutions to full recovery of the naira.

Gwadabe said that naira was currently a means of exchange in about 15 countries in Africa."

Interesting point. I didnt know that the Naira was a means of exchange in 15 countries in Africa.
My question is: if it is already a means of exchange in 15 Africn countries, more more can be done to make it even more convertible like he was suggesting here?