fairfora:
Sadly, this post would not draw much crowd whereas, this is what affects everyone in the country. Don't mind them. Tomorrow they'd come and be bragging that they're the richest people in Africa, after they must have shortchanged the legitimate SMEs who are struggling to survive. We have been approaching our banks since early april for forex. We have explored all the opportunities, ranging from Investors and importers windows, SMEs retail, SMEs wholesale, to Form Q windows but all have proved ineffective. You can't send cash fx deposited in your acct overseas. It has to be inflows...meaning only fx deposited into your account by transfers only( mainly from abroad or from within same bank internally) can be transferred to buy goods abroad. Bank directors are complicit in this mess. They divert what is meant for the SMEs and sell to the highest bidders like dangote. I don't want to hear anyone calling dangote the richest man again because he took hold of opportunities meant for hundreds of thousands of SMEs nationwide and utilized it solely, for over a decade.

I can count how many times we have had our LC transactions approved...na only dem and tell me how they wouldn't make headway? Yet our banks would keep sending us emails that forex are available to go round. You need rice for instance and everybody else needs rice but you need forex to order rice. You approach the bank and they tell you no forex, after meeting all the requirements. If you had the opportunity to buy the rice and bring it into Nigeria in a vessel in a single deal, you're made for life. But once somebody like dangote places a call through to all commercial bank directors, they'd mop up all the available dollars and give to him, thereby deprive the SMEs who also want to rise and become somebody the opportunity. Otedola, tony elumelu, jim Ovia and the rest are all players in this game of selfishness. Tell me why they wouldn't call them rich after all the opportunities available to others must have been mopped up by them? And if SMEs struggle to get their dollars at the back market to order their goods, they wouldn't be able to compete with the likes of dangote because they'd sell at a higher price...dangote would get in volume and at good rates from bank directors and bdcs ...no be wetin you get, na im you go sell?

Such sharp practices can only be allowed in Nigeria. Emefiele can't say he's also clean in this deal cos that's where they make money too. That's why SMEs are finding it difficult to thrive in Nigeria. Go to America, SMEs drive their economy. You dare not try this shiit over there except you want to spend the test of your life in a correctional facility. Useless govt, useless system we've got.

henryobinna:
Don't mind Emefiele, he's as high as his boss.

They likely do not have sufficient dollars to supply to businesses hence the business men have to look elsewhere

GeorgeTheCoder:
I am confused. Is the parallel market legal or not ?

If it is, why is Emefiele interested in their business ? If it isnt, why is the CBN not sanctioning those who access it ?

The CBN governor's response is very lame.

StubbornGENIUS:
It's Possible to buy at 460 cos of scarcity of forex and difficulty of getting it directly from the apex bank.The aim is probably to resell it at a higher rate to a third party.

dirtydiva:
Both are legal but for local & foreign investors to access dollar from parallel mrkt is wrong and should be contain by CBN. The effect is dat dey don't want govt to know their transactions by acquiring forex from bank so as to hide their tax report and their earnings, secondly some of them are into dubious activities dat dey prefer such corridor

isthatso:


Don’t mind the jester

GeorgeTheCoder:


You cant provide a legal window and ask people not to access it.
The real problem is that there is an officially sanctioned black market in Nigeria which we call the parallel market.

henryobinna:
Don't mind Emefiele, he's as high as his boss.

They likely do not have sufficient dollars to supply to businesses hence the business men have to look elsewhere

DRSEGUNBABA:
360 is audio price for most 99% of Bussiness in Nigeria. Only people going to Mecca and highly connected get at 360.

ykalhaji:


Yes, but the chicken has come home to roost. Even the big guys can't even call their directors to get dollars now. Emiefele is just paying lip service to the Official rate; those guys in that meeting are not stupid, none of them believes Emeifele for a second. I am certain even as they were in the meeting their agents were buying forex in the parallel market.

Dangote is in a very advantageous situation because he has companies in different countries, he can loan his Nigerian subsidiaries dollars from the offshore accounts of the subsidiaries in other countries to make foreign payment. One reason why any serious Nigerian businessman must try to create working subsidiaries in other more organized countries.

RuddyFusion:


Well explained...but do they always have to evacuate the dollar to their respective foreign HQ?

And who funds the parallel market...who regulates that end? How's it that they always have dollar to sale at that end?

vedaxcool:
[s][/s]

Always sympathetic to criminals, always excusing their evil ways and leading the charge to normalize them.

TruthDefender:
Mumu CBN governor? He clearly doesn't understand demand and supply. Economics 101.

It's like NNPC GMD complaining that people are buying black market fuel at inflated prices. Meanwhile there are no fuel at the filling station.

s4short:


It is you that does not understand that covid has crippled almost everything and as such the demand for dollar should be very low which necessitated the market restrictions. Those business men did not just source for forex that they need but were planning to make profit from the forex trading which is why he is cautioning them.

fairfora:
Sadly, this post would not draw much crowd whereas, this is what affects everyone in the country. Don't mind them. Tomorrow they'd come and be bragging that they're the richest people in Africa, after they must have shortchanged the legitimate SMEs who are struggling to survive. We have been approaching our banks since early april for forex. We have explored all the opportunities, ranging from Investors and importers windows, SMEs retail, SMEs wholesale, to Form Q windows but all have proved ineffective. You can't send cash fx deposited in your acct overseas. It has to be inflows...meaning only fx deposited into your account by transfers only( mainly from abroad or from within same bank internally) can be transferred to buy goods abroad. Bank directors are complicit in this mess. They divert what is meant for the SMEs and sell to the highest bidders like dangote. I don't want to hear anyone calling dangote the richest man again because he took hold of opportunities meant for hundreds of thousands of SMEs nationwide and utilized it solely, for over a decade.

I can count how many times we have had our LC transactions approved...na only dem and tell me how they wouldn't make headway? Yet our banks would keep sending us emails that forex are available to go round. You need rice for instance and everybody else needs rice but you need forex to order rice. You approach the bank and they tell you no forex, after meeting all the requirements. If you had the opportunity to buy the rice and bring it into Nigeria in a vessel in a single deal, you're made for life. But once somebody like dangote places a call through to all commercial bank directors, they'd mop up all the available dollars and give to him, thereby deprive the SMEs who also want to rise and become somebody the opportunity. Otedola, tony elumelu, jim Ovia and the rest are all players in this game of selfishness. Tell me why they wouldn't call them rich after all the opportunities available to others must have been mopped up by them? And if SMEs struggle to get their dollars at the back market to order their goods, they wouldn't be able to compete with the likes of dangote because they'd sell at a higher price...dangote would get in volume and at good rates from bank directors and bdcs ...no be wetin you get, na im you go sell?

Such sharp practices can only be allowed in Nigeria. Emefiele can't say he's also clean in this deal cos that's where they make money too. That's why SMEs are finding it difficult to thrive in Nigeria. Go to America, SMEs drive their economy. You dare not try this shiit over there except you want to spend the test of your life in a correctional facility. Useless govt, useless system we've got.

TruthDefender:
Ignorant youth. Let me give you one group of Nigerian businessmen that need forex but cant source it,unless through the parallel market : Car dealers importing vehicles from the USA. I have many friends in this business and know how much i have helped them source for dollars.

Don't comment on issues you know nothing about

fid4fid:


Importing cars no need Form M.
And without Form M them no go fit go bank to do FCY transfer to other countries, even if they buy dollar from aboki.

How these your guys come manage dey fit send transfer? A bi e get any bank wey for do transfer without Form M? I don ask UBA & Sterling... Them say them need Form M for FCY transfer.

fid4fid:


Bro, I been ask Sterling bank today. Them say with Form M, you fit deposit and transfer upto $10k daily to oversea company.

But problem with Form M now be say to use "dagbo" or fake insurance certificate to open Form M on singlewindow portal no work again. You go need get original certificate of insurance from Insurance company then apply for Form M on single window portal.

GeorgeTheCoder:
I am confused. Is the parallel market legal or not ?

If it is, why is Emefiele interested in their business ? If it isnt, why is the CBN not sanctioning those who access it ?

The CBN governor's response is very lame.

sultaan:
The video implies that most of the big shots are converting their assets to dollar.
It you take a bank account with N1bn and your account shows you just bought $2.2m .
A month from now you still have $2.2m but if it was in naira it would have lost value
When all the billionaires are doing it at the same time the CBN panics it will be a trigger for a downward spiral of the naira.

Look at the situation where most of his audience are not Nigerians, it means wealth will be moved overseas while the economy is haemorrhaging . When you neglect the local investors and depend of foreigners, a time will come when they have to take their profit home.
It is extremely wrong for the Governor to have access to their banking information and use it against them when making policies.

covid2019:

Sir,do you think dollar will increase or decrease in like a month's time ?


Fid4fid
Truthdefender dasuks adaorank

slivertongue:

"We've seen your account already but we are appealing to you to stop and do what is right and what is legal so that Nigeria can be a better place for you to live in."
"Don't go into illegal business. Do your business legally and make your money. I repeat and I know it. I know some of you are involved. Stop now! By you going to the parallel market, you are helping to overheat that market."


ECONOMIC SABOTEURS !!!

fairfora:
True. The certificate of insurance bears a unique number which must now be activated first on the ASKNIID.COM which happens to be owned by the NIA. The certificate upon activation by the NIA, would now sync into the CBN's single window portal for activation. It's the insurance company that would send the details to the body for activation while processing your marine insurance oo. Once you click attach after inserting the insurance certificate number on the trade portal , it would automatically accept it if it's genuine, same with the SON or Nafdac product certificate processed by either cotecna, intertek or SGS in your suppliers country or origin. It would be hard to defraud those guys now and I love it .

Forget what sterling bank is saying. Forex is scarce like water in the desert. After completing your form M, you'd now queue endlessly for forex bid, which might not come until after 2-3 months. CBN policy could favour you midway shaa as it changes everyday so, let me not discourage you. We bidded for 120k usd and only got 17k USD under the retail SMEs window, wetin we wan take that one do na, after waiting for 2 good weeks and we learnt we cant touch the 17k usd until after 45 days . It was just an option suggested by our account officer after waiting almost forever for forex bid upon completion of form m. If you are not transferring beyond 20kusd, you don't need any form m wahala. It would be approved and done within one week max because funds are always readily available for that from CBN weekly. The CBN allocates forex to banks weekly for SMEs under this window but you cannot do more than 20kusd in a quarter. You may even exhaust the 20k in one transaction if you so wish. All you need do is fill a Form Q and attach your signed commercial invoice and your request on a company letterhead, your CI must have freight included. Good luck bro.

ykalhaji:


You are right, the guy just dey act movie magic. See if Emeifele can say all these nonsense in front of the economies creme de le creme, imagine the unending jargons he and this administration has been feeding us the average citizens. That is how they said they are feeding school children during a period where schools are closed.

fairfora:
Sadly, this post would not draw much crowd whereas, this is what affects everyone in the country. Don't mind them. Tomorrow they'd come and be bragging that they're the richest people in Africa, after they must have shortchanged the legitimate SMEs who are struggling to survive. We have been approaching our banks since early april for forex. We have explored all the opportunities, ranging from Investors and importers windows, SMEs retail, SMEs wholesale, to Form Q windows but all have proved ineffective. You can't send cash fx deposited in your acct overseas. It has to be inflows...meaning only fx deposited into your account by transfers only( mainly from abroad or from within same bank internally) can be transferred to buy goods abroad. Bank directors are complicit in this mess. They divert what is meant for the SMEs and sell to the highest bidders like dangote. I don't want to hear anyone calling dangote the richest man again because he took hold of opportunities meant for hundreds of thousands of SMEs nationwide and utilized it solely, for over a decade.

I can count how many times we have had our LC transactions approved...na only dem and tell me how they wouldn't make headway? Yet our banks would keep sending us emails that forex are available to go round. You need rice for instance and everybody else needs rice but you need forex to order rice. You approach the bank and they tell you no forex, after meeting all the requirements. If you had the opportunity to buy the rice and bring it into Nigeria in a vessel in a single deal, you're made for life. But once somebody like dangote places a call through to all commercial bank directors, they'd mop up all the available dollars and give to him, thereby deprive the SMEs who also want to rise and become somebody the opportunity. Otedola, tony elumelu, jim Ovia and the rest are all players in this game of selfishness. Tell me why they wouldn't call them rich after all the opportunities available to others must have been mopped up by them? And if SMEs struggle to get their dollars at the back market to order their goods, they wouldn't be able to compete with the likes of dangote because they'd sell at a higher price...dangote would get in volume and at good rates from bank directors and bdcs ...no be wetin you get, na im you go sell?

Such sharp practices can only be allowed in Nigeria. Emefiele can't say he's also clean in this deal cos that's where they make money too. That's why SMEs are finding it difficult to thrive in Nigeria. Go to America, SMEs drive their economy. You dare not try this shiit over there except you want to spend the test of your life in a correctional facility. Useless govt, useless system we've got.

fid4fid:


My Form M for my supplier dey valid. But where I dey get issue na my oversea freight forwarder. Because the company wey dey go pick up my shipment after loading dey different from my manufacturer/supplier.

I no open Form M for my freight forwarder. Now to pay them dey hard me because Bank need form M to transfer money. I'm thinking of buying RMB to my account in China and converting it to USD to transfer to the company in NZ. That's only possible if sending from personal account to personal account.

Boys for Dubai say them go collect naira here to give me dollar for there. But those boys for Deira na G guys... and I go need deposit naira here for them for them go give me Dirham and help me wire am to NZ. This option no safe at all...

On the long run I go need go open Form M for my freight forwarder. That means I go get Certificate of Insurance.

Which insurance company make sense? Wey sabi activating the certificate number through NIA?


Another funny thing be say, if you open Form M for one bank ( UBA)... If you wan send money through Sterling Bank, them No go gree collect that Form M.