All I see are brown roofs

seunmsg:


Just tell Barth to stop stealing Alex Otti’s project. Alex Otti started the project and completed it within 6 months. Barth should stop clauking ownership. - Obidients.

See how this thing just dey pain you...kai!!! These people ooooo

Kai!!!!

Ronuuuuuuuu

plaetton:

Yeah.
Let's pretend that I'm an ostrich, just like you're doing.

I look around me and everything in my house and surrounding is made in good ol Nigeria. My clothes, my watch, my shoes, my toothbrush and toothpaste, my body lotion, my bedsheets, my leather sofa, my TV and entertainment set, my car, my generator, even the fuel for my car and generator, my breakfast cereal and milk, my coffee, every necessity of life and luxury at my disposal are all made in the generator economy of Nigeria .

Luxury is a choice

Survival is not

ValarDoharis:
The BDCs are not the problem, chasing them with guns will only make matters worse. The tail should not wag the dog!

Move the country from consumption to production and fight corruption head on. This is the hard way and the only way!

Don't let your child die of hunger while waiting for balanced diet.
Give him glucose water , let him be alive and see the day of balanced diet

LordBillionz:

That's what I am saying...

If the banks provide efficient ATM services, we won't have the need for POS operators. Banks should be attacked and not pos operators.

It's more like cutting the head of a snake. Before now, there were no POS and enough cash was in circulation though there used to be queues. But with enough efficient ATMs, the queues can disappear.

Bank MDs are the problem.

Pos came to solve a banking deficit.

Like paracetamol comes to treat headache.

When paracetamol starts causing liver toxicity , it has to be withdrawn


If pos were to ever become an issue in trying to solve an earlier issue , they will also be tackled

plaetton:


A very jaundiced view, and a most mo.ronic action to target the supply side of a demand and supply issue.


It's like saying that banning the sale of satchet water would reduce the thirst for water.
There is absolutely nothing wrong with BDCs.
Over the 40yrs or so, they had become a necessary and essential part of our economic system.
On the other hand, the banking system is perhaps the biggest problem in Nigeria over the same 40yrs .
The BDCs perform an essential service that Nigerian banks have refused to do - provide forex liquidity to the economy. Banks are 100% complicit in every act of corruption in Nigeria, yet neither the banks nor their managements are ever humiliated or punished.

Now, let's look at secondary school economics 101.
If you cut off the steady supply of forex to public that demand forex, that would automatically create a forex scarcity, which also automatically lead to much higher forex prices. The higher forex prices continues to fuel more speculation and even higher prices.

Secondary 101 is too high.

Start from your primary 3 social studies.

Tell me the basic needs of the society and whether forex is one of them, and why you can't live without foreign goods and foreign currency

successmatters:


The POS became a problem because people in the CBN stopped supplying banks with cash, so the POS operators found it hard to obtain ordinary cash that used to be full everywhere on demand across the counter. Simple demand and supply I learnt in primary 4.

Many POS operators were sleeping in filling stations to buy their cash and resell to needy people on the streets, and its not cheap to buy.

Punishing the POS will be wrong, without punishing the people who starved the system of cash. You go after the cause of to problem and not the symptoms!

I don't know how hard it is to learn simple economics.

Peter Obi should save his breath, many Nigerians lack the capacity to understand simply things.

Just accept that even good medicines can have a side effect.

When a side effect becomes life threatening, you discontinue the drug.

Very simple to understand

mrvitalis:

First rule of government is don't make bans you can't enforce it would make you look weak

You can't ban bianace you can't ban crypto trading

The people demanding money from bianace are Chinese importers provide dollars cheaper for them and watch bianace scatter

Truth is there is little anyone one can do short term

Floating ab unstable currency got us here

Peg the naira at 2000 yes higher than black market
Hope it would hold and restore confidence

[/b]But identifying manufacturers of import substitutes and export potential goods and given them low interest loans to expand production through banks is still the best solutions

[b]

Best long term solution...agreed

LordBillionz:

BDC ain't the problem but the bank MDs are.

Let me give you an instance using our Naira BDC (pos Operators). If we have ATMs readily available where we can get needed cash, would we have much need for pos operators?
If the bank make cash available, not much will be going to pos to buy naira.

Same goes with bdc, if the bank ain't riddled with much bureaucracy and dollars are sold to verified needed hands, this rates would have been under control.

Efficient vetting of dollar buying, monitoring its usage by the buyer and ensuring the dollars are used for the stated purpose for buying it can help control the rates.

Let banks begin to sell dollars but at a vetted, controlled and monitored process.

The truth is even POS CAN become a problem in certain situations.

And if they do, they must be fought.

Didn't we see them become a problem in the cash crunch era

mrvitalis:

There have always been BDC since 1990s they were not is not and would never be the issue

Stop printing money if u want naira stabilizing in the short term

That is choosing to punish the masses rather than the thieving elite


Stop printing money and you end up with the cash crunch of last year

Clam.p down on dollars and you squeeze the high volumes of money unreached by CBN hertetofore

commoditiesnig:
.
Gbam!

Thanks

Bonjovi13:


You have tried based on your understanding of the issues.
However you must know that Nigeria is a very unique country. They system is flawed and deliberately too to allow criminals, currupt politicians and public servants to profit and thrive.
Not everything you see is as it appears in Nigeria.
Now if the system wasn't flawed the BDCs were simply licensed to provide forex services to the public where for some reasons they cannot use the banks.

They were not meant to be the first option for buying and selling of forex. The banks have the primary function of meeting the forex needs of MDA's, commercial and private customers with the CBN auctioning forex to the banks on the opening of business everyday.

Because the CBN is able to match the deman for forex on the official side, BDC rates will not be too far from the official rates cos supply is there.

However that's not the case. CBN currently cannot meet the demand on the official side
and also via the banks. Regular customers cannot buy dollars from banks so they have to recourse to the BDC.

Now those people I mentioned above including the bankers now exploit the system, they access dollars via CBN and the banks and sell them to the BDC at a profit. That's what Peter Obi mentioned as unproductive excess supply.

The BDC guys add their own markup and sell to the public. The demand is higher than supply to the dollars value goes up whilst the Naira value comes down.

The middle class that have savings in naira panics and rushes to the BDCs to buy dollars and store to maintain its value.

BDCs want more profit so they speculate and fix prices. It works because the official market has low supply. The available dollars is moped up from the official system and sold to the BDC, rince and repeat( Round tripping).

Meanwhile, Nigeria is still dependent on imports, oil production is down, no forex coming in. So supply is low.

That's why Peter Obi is saying going after the BDC is ill advised. Fix the the source of the problem, the symptoms would disappear.

Thanks

Yeah but the problem still has to be solved.

Long term solutions leave us all dead in a short while.

Quick fixes are necessary.

Not just BDCs , if we have to place a moratorium on foreign imports, and payments for a while so be it.

We have to grow this economy if we are not to die.

Foreign goods, schools, etc are good, but can be done without.

We are in that dire emergency, let us pull out all the stops now

Hausa prople want to use their parliamentary majority to always vote in prime minister in a parliamentary system

Will not work

Instead divide nigeria.

When buhari was ruling with nepotism you all kept mute.

Tinubu copied from his master and you're having a taste of your own medicine and its not going well.

Northern hypocrites

Divide the country if you're tired

successmatters:


You spoke against people running to BDC to clear their dollars, meaning that if you have your way, you will block banks so they cannot do that easily. That's a way of locking the banks, blocking free trade.

Nope never meant that

We should never run a system where people can have foreign currency to such a tune as to threaten the economy and security of the nation.

Money supply is critical.

The CBN regularly mops up excess liquidity.

But with these rogue dollars out of reach ,you just can't control money supply.

These BDCs are the confidence people have to stash so much, knowing its easy to change or launder.

The CBN wouldn't be so lazy or ignirant in undermining national economy as to do what BDCs do

YourMrBoo:


Respectfully you're wrong. Fixing the economy and shoring up foreign reserve should be the real fix. Focusing on quick fix won't get us nowhere. You will get the needed results but it's all wash. Not gonna last


Targeting bdc should be the last menu and also providing a system that can weed the wrong guys out. Not shutting them down completely

Do you know a malaria patient can die of convulsions you refused to quickly stop, while receiving treatment for his malaria

Quick fixes address an area rapidly.

The main treatment must go on

But bdcs are a problem and they must be handled

YourMrBoo:


End sars was masses revolution to federal government decay

Bdc is not a governmental agency but business that oils the economy you can't go and shut them out without providing another efficient way of trading fx.

Comparing end sars with bdc is just being plain foolish and sheer stupidity


Let's see how the rascality goes.
You will still come and cry 😭

Be respectful with your language please

I'm not advocating rascality. But BDCs are the natural first place to begin a quick fix of the uncontrolled and rampant dollar racketeering.

successmatters:


BDC are even the solution. When you lock the banks like you are advocating and people cannot get dollars, godds can get inflated to up to 2000%

Who is advocating locking the banks

mrvitalis:

BDC are not a serious issue.. They are not

CBN is simple

If you don't know how to manage it short term simply say so let's tell u how it's done

This thread is for you to share your views.

But don't say BDCs are not the issue, do you know how much capital is locked up as dollars in private hands because they know they can quickly run to bdcs and clean them up

BDCs are part of the issue

successmatters:


Until our capacity increases, the symptom will be getting worse. And cutting off the small supply of medication while there is little production and no withdrawal of dollars from banks, there is no hope in the near future.

Chicken and egg situation.

Way forward is take any relevant action immediately possible

Bdcs must go

Straybullet:


You're quite mature, that was rude

Thanks ojare

successmatters:


As more pharmaceutical companies are leaving Nigeria, we continue to be more import dependent on a daily basis. The disease here is lack of production, dollar scarcity is just a small symptom.

On the contrary, our capacity is bound to increase.

Now we routinely use our own substitutes for augmentin for example

ify2016:


Sorry to say this. You don't sound enlightened.

Your conclusion is too quack and misleading.

Thanks for the engagement, share your views so the less enlightened can learn

successmatters:


You are making a mistake at the bold. Dollar is more than drugs to a business in an import dependent economy.

No I'm not.

Our import dependence is a matter of choice not of necessity.

We are not import subsistent, we are import addicted.

That in itself is a disease that needs to be cured by starving you of the addictive substance.

Dollars are our cocaine not our antibiotics

successmatters:


Peter Obi is saying, if you go after the BDC only, you will worsen the problem.

That's the message.

Ok.

Hopefully they do other things as well

Nigeria is going

successmatters:
BDC are to banks what pharmaceutical outlets are to hospitals.

Where there are no drugs in the hospitals, or odd hour transactions, or where banks are distant, business cannot be allowed to suffer. BDC also provides employment.

Peter Obi is right like always.

No...this analogy is not relevant here, because dollars are not to Nigeria what drugs are to hospitals.

We can do without all this huge dollars in circulation everywhere.

successmatters:


What has he done so far to improve production? Nothing.

What gas the government done to stop endemic corruption? Nothing.

He is focussing on the convulsions only, he have no plans to treat the disease at all, just jumping around like buharri

I am the greatest critique of tinubu

He is a spectacularly failing president

So don't get it mixed up

But the war on bdc should be fought

successmatters:


Except the banks are ready to sell dollars on demand to people that need them for whatever needs, black markets will develop.

Well, if the government is as serious as it claims , that can be reduced to the barest minimum.

There are illegal guns in nigeria but if them catch you, you go no how far.

Dollar racketeering can be made a very serious issue, i expect it should

Then we will see sanity

mrvitalis:

Lol Buhari did the same thing did it work ?

Obi is saying BDC people are mere symptoms focus on the real issue

Nigeria trade deficit has been mostlypositive since 2015 yet naira he lost 90% of it's value

Fix the issue, the fundamental issue not going after symptoms

In medicine we don't only focus on the underlying issue, we also take quick fix steps to save a life

If you're treating malaria and the patient is convulsing, you don't just focus on the malaria, you quickly give something for convulsions to prevent death while your antimalarial works.

That is as it should be.

Main cause or not, the BDCs are now a serious cause for concern, as a link between unregulated black marketers and the regulating banking sector.

A very sick situation is on our hands

Much like police and criminals teaming up to do a heist.

Abeg BDCs must go

IduNaOba:
These same BDCs hav been here even when $1 was ₦100
Now instead of telling tinubu to know how makes policies and speaks publicly, you are balling Peter Obi?

Tinubu met usd at less than 700 ngn
His statements and policies are what has driven it up.

Peter Obi is proferring solutions but no you are against him?
Okay o

Even at 750 dollar was still a big problem, and was higher than previously

The issue is that without a solution , dollar can reache 10,000 naira

Don't think it can't happen like in Zimbabwe etc

We must act now.

This dollarized economy is a fake economy. It is not real.

We need to get real and work.

Do you know how many youths do nothing but buy dollar , keep and resell??

How is that a productive venture??

And yet it pays them more than people doing legit work

The ramifications are too many

YourMrBoo:
He's right cos that's the good way to go

Tinubu has always been irrational in his doings and so irrationally right cos that's not a good precedence.

Some bdcs are genuine and helps ease of doing business and so oils the economy

Some end sars police men were good but that didn't stop the bad eggs tarnishing the whole group.

Dollarization is now a national emergency on an existential scale.

This thing will destroy this country completely.

Let the surgery begin already.

Cut off what's decaying , some good flesh may go too, but that's the cost of allowing nonsense run amock for a long time

psucc:
Now, who "dollarized" the economy when Customs are demanding duties on some products in dollars?

When the budget is dollarized as per Sen. Ali Ndume

It may also interest you to know that most of the BDC operators are trading for the banks who supply those dollars to them and will not have it in there vault.

That top government officials are also involved in the trade.

These are the issues that must come out now that the BDCs are under scrutiny.

Why must customs demand revenue in a foreign currency?

Why must banks have an interest in BDCs

The rot in our system is too much, but once you start cleaning one part, the parts near it will show up for cleaning also.

I just saw a thread where his excellency Peter Obi was expressing disapproval on actions taken to reign in the bureau de changes in nigeria.

I hope I misread him, but if he is against the reforms implemented to curb the racketeering going on at those BDCs and their banking and black market allies, then I disagree.

I even advocate a total suspension of all BDC activity in nigeria.

Mpa nnukwu...onye nna...Peter obi...senior man.

This one no follow.

Our economy has been far too much dollarised, desperate times demand desperate measures.

We have to save the country at any cost.

Bureau de changes are a major part of the problem because as long as they freely do as they like, people who steal dollars know exactly where to run and clean it up in a few minutes.


They have to go.

If tinubu doesn't want to end them, then let him regulate them out of this their Criminal conspiracy with our thieving bankers and the touts on the streets with dollars and naira notes wrecking the economy.


Thanks onye mpa Peter obi, you're still the man though.

😃 😊