₦airaland Forum

Djicemob:
I want to believe you but do you have proofs?

I have always believed banks sell at the rate displayed in the hall.

I do back chartey up on this. Online use of my card online is always in the 230/240 region and that was before this week. The banks have been shooting up their rates because the BDCs do not run at the CBN rates and since most individual purchasers use them they as well feel 'why not'.

Forex works with the economics law of demand and supply. Since the higher demand is on the BDCs, they can keep upping the price as long as they are the men of the Dark Market. illegitimate transactors find them as a source of ready launderable cash as they do not want their monies to pass through the banking system where it would be recorded. Once the CBN can control the Black Market by making it illegal once and for all and force all forex transactions into the banking system all the illegal transactions would fall and less demand for the dollars would give way to lower rates.

Banks have a lot to lose if they mess up

40manlappy:
@echelons

Thanks for your enlightening post.

A colleague asked me few days ago if a BDC would not be doing anything illegal if it sources for FX (both onshore and offshore) for sales to local reputable businesses (e.g. manufacturing firms etc) who are unable to get adequate FX through the CBN window for importation of raw materials and goods.

What do you think? I am not very conversant with this area.

Looping:Activa, ifyan, teemy, ceaser, xandy84, Kashif, Boss13, Chukzyfcb

Now the purpose of regulating dollar sales by regulating the BDCs would be diminished if that happens. It is no big deal if it is between friends or associates but when done on a commercial level it must be done by registered persons who have to provide track records of every sale.

Note that the regulation is a means of limiting money laundering where money could be sold here and resurfaces in another place as another currency. The end result would be such foreign transactions would be illegal once they stage conversion over here.

ShowYourCertificate:
The Northern Elites won't agree, Buhari inclusive

It is either that or watch the economy plunging downwarn. Believe me it won't be northern elites he would have to deal with when the recession reaches stage 9.

I have a friend that is a BDC mallam but I doubt if he would ask me for BVN if I want to make dollar purchases. Non regulation would aid money laundering and if they do not want to follow rules then scrapping them all together would be ok as it would make the dollar rate move to proper rate of N199. Remember that they are the ones that keep hiking the rates.

Papertrail11:
God bless yur generation for this statement. ....if im emefiele I will cancel bdc if yu neeed dollar go to bank and get it at govt rate not 199 to 260

Your head dey there my broda. Let the banks handle it completely. Since these guys have encouraged capital flight out of the country they might as well be phased out once and for all.

a 100 million would employ the services and know-how of several geniuses for years as well as a contractual agreement of the rights to their works during the period of employment which would yield more millions and I would still be the face of the company. What else would one want?

A really big move that would have the CBN finally in control of rates. Now the BDCs would be forced to make sales electronically close to the official N199 rate.

the only time problem exists is when the man does not know how to control his tongue and temper and speaks insensitively to his woman just because he is better at it. he should be a teacher rather than a bully. one with love and care would do better.

lakritz:
those are 4rm states with high number of opposition in the state assembly. Osun house of assembly is made up of 28 APC members with only 1 PDP. They can neva impeach him.

If this be so it shows elected lawmakers of that state would rather server party interests than that of the people who elected them into office. But first there should be proper complaint from the populace. In the UK once an e-petition reaches 10,000 the house of commons must get back to the people with a response after debating the topic.

This is Nigeria we are talking about where history keeps repeating itself.

HzRF:
U just come back from Europe?


House of assembly (state) in Nigeria is just an extension of the Governors' office

lolz. but governors have been placed on impeachment trials before. so it is possible.

The courts are there for redress. It takes a trail and procedure brfore JAMB would agree to delist the institutions. Why the noise after the deed has already been done. It takes more than one man to have this reverse made. The whole delisting and cutting off could be reversed by the state lawmakers if there is the will to do so.

There is a way to have things done. Until I hear of this case being in court or an impeachment move against the man I would believe the people of osun are perfectly satisfied with him.

Her offence is she made a report without a court affidavit. The policemen are already acting on the Social Media Bill. (joking)

On a serious matter who will they report to, the police again? That is why the populace do not trust reporting issues to 'their friend' and rather prefer going online to say their issues which the whole world sees and that they take serious. Now the Social Media Bill seeks to take even that away from us.

That is why Babatunde died when he could have been saved.

The younger sister of the victim, Blessing Omoyeni, said his brother would not have died if he was rescued on time.She said he spent over one hour in a pool of blood before he was rushed to the Lagos University Teaching Hospital, Idi Araba.
She said,
“Nobody was ready to assist him to the hospital. A man had to throw himself in front of a commercial bus and asked the passengers to disembark, before he could get help. “He was rushed to LUTH, but they were turned back at the gate by a doctor who pronounced him dead on arrival around 12am.

https://www.nairaland.com/2789901/bus-conductor-killed-man-week

Quite a pity that a fellow web developer is so soon gone in his prime. I hope youths could take a caution from this on building their natural habits. If Babatunde had peacefully settled with the conductor like say bought recharge card at the bus stop he could have provided change to the man and headed his own way rather than pick an argument with an agbero of no address.

The conductor also had an habit of hurting people and getting away with it in the past only that this time he was not so lucky. It is not funny that young men die for silly reasons.

with good business spirit the right thing was done. however, as a nation with the deadline we have made the world know we are in a recession and that money would pave our budget bill and i am not sure mtn has that kind of money lying around.

A DNA test would pinpoint the unruly staff if there is semen on the condom. That simple act is enough to send Wellsworth shares crashing down. A good warning to treat your staff well.

Has anyone actually noticed that explicitly there is no mention of the president not in support or against this current Social Media Bill. Some statements can be easily gotten out of if there is no exactitude.

Everfrank:
The Nigerian Presidency has issued the statement below, quoting President Muhammadu Buhari as dissociating himself and his administration from the media muzzle law being cooked by the Nigerian Senate.

Read full statement below:

SOCIAL MEDIA BILL: BUHARI RESTATES COMMITMENT To FREE SPEECH.
President Muhammadu Buhari has reiterated the commitment of his administration to the protection of free speech in keeping with democratic tradition.

The Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu who was reacting to the public hostility towards the social media bill now being debated by the Senate, said President Buhari has sworn to defend the constitution of Nigeria and would not lend his hand to anything that is inconsistent with the constitution.

“But he is not averse to lawful regulation, so long as that is done within the ambit of the constitution which he swore to uphold.”

“The President said free speech is central to democratic societies anywhere in the world. The President explained that without free speech, elected representatives won’t be able to gauge public feelings and moods about governance issues.

“As a key component of democratic principles,” the President acknowledged that people in democratic societies “are so emotionally attached to free speech that they would defend it with all their might.”

“Malam Garba Shehu explained that President Buhari is fully aware of the public reservations about the proposed legislation but assured that there is no cause for alarm “because the Senate is a democratic senate. The President won’t assent to any legislation that may be inconsistent with the constitution of Nigeria.”
http://www.premiumtimesng.com/news/194780-buhari-dissociates-self-from-media-muzzle-law-says-im-committed-to-free-speech.html

gaetano:
lol! U funny o.

Maybe you could edit this second post of yours with or point to this response https://www.nairaland.com/2730108/did-know-pull-out-game/4#40743964 lest anyone seeing your initial post believes a falsity that was never in the bible and you being accountable as the one that created that impression.

Malakh:
who the hell are you to tell the Creator of all things if He says so, if you let me vex,i'll make sure you phone or pc gets destroyed in seven days.

kulekaa:
him folo dem write bible?

baaayloe:
No that not what he is saying
, she's a widow and it is the duties of brother in laws to raise offspring for their late brothers then.

sinaj:
You are also trying to tell us that Itz right to phuck ur brodas wife

chuna1985:
As u can see in the holy bible, u can phuck someone who it not married to n its okay.

Onan and Tamar were married which would have happened to Judah's third son if he was sincere.

Gen 38 King James Version
8 And Judah said unto Onan, Go in unto thy brother's wife, and marry her, and raise up seed to thy brother.

11 Then said Judah to Tamar his daughter in law, Remain a widow at thy father's house, till Shelah my son be grown: for he said, Lest peradventure he die also, as his brethren did. And Tamar went and dwelt in her father's house.

14 And she put her widow's garments off from her, and covered her with a vail, and wrapped herself, and sat in an open place, which is by the way to Timnath; for she saw that Shelah was grown, and she was not given unto him to wife.

Mathew 22

24 “Teacher,” they said, “Moses told us that if a man dies without having children, his brother must marry the widow and have children for him. 25 Now there were seven brothers among us. The first one married and died, and since he had no children, he left his wife to his brother.
26 The same thing happened to the second and third brother, right on down to the seventh.
27 Finally, the woman died.
28 Now then, at the resurrection, whose wife will she be of the seven, since all of them were married to her?”

I recommend everyone get a copy of esword which has bible commentaries that small issues like this could be explained.

This is the Op gaetano's quote

Genesis 38:8-10

Then Judah said to Onan, “Go in to your brother's wife and perform the duty of a brother-in-law to her, and raise up offspring for your brother.” But Onan knew that the offspring would not be his. So whenever he went in to his brother's wife he would waste the Fluid on the ground, so as not to give offspring to his brother. And what he did was wicked in the sight of the Lord, and he put him to death also.

This is the original King James Version

6 And Judah took a wife for Er his firstborn, whose name [was] Tamar.
7 And Er, Judah's firstborn, was wicked in the sight of the LORD; and the LORD slew him.
8 And Judah said unto Onan, Go in unto thy brother's wife, and marry her, and raise up seed to thy brother.
9 And Onan knew that the seed should not be his; and it came to pass, when he went in unto his brother's wife, that he spilled [it] on the ground, lest that he should give seed to his brother.
10 And the thing which he did displeased the LORD: wherefore he slew him also.

I would also be adding other sections that would show further proof that Judah counted Tamar marrying as important and not encouraging just any one having sex with her.

11 Then said Judah to Tamar his daughter in law, Remain a widow at thy father's house, till Shelah my son be grown: for he said, Lest peradventure he die also, as his brethren did. And Tamar went and dwelt in her father's house.

14 And she put her widow's garments off from her, and covered her with a vail, and wrapped herself, and sat in an open place, which is by the way to Timnath; for she saw that Shelah was grown, and she was not given unto him to wife.

24 And it came to pass about three months after, that it was told Judah, saying, Tamar thy daughter in law hath played the harlot; and also, behold, she is with child by whoredom. And Judah said, Bring her forth, and let her be burnt.

There have been children of dual parentage in the bible like Joseph father of Jesus.

Matthew's genealogy
Eleazar
Matthan
Jacob
Joseph

Luke's genealogy
Levi
Matthat
Heli
Joseph

Suppose that Eleazar, the legal heir of David's throne died without widow or son. Customarily a more or less close relative would be counted as his legal descendent and be said to have been "begotten" by him. Suppose also that Matthan is that relative and is the same person as Matthat (in Luke) with an alternative spelling. That would mean that Jacob and Heli are brothers. Then suppose that Jacob dies before he has sons. According to the custom of Levirate marriage (see Matthew 22:25) the brother of the deceased man is to marry and raise up descendants for the sake of the name of the dead brother. Thus Heli marries Jacob's wife and they give birth to Joseph, Jesus' father. In this way Joseph is the legal heir through Jacob's line, but the actual physical son of Heli.[/b]

Wife acquisition has been a tradition of the jews no wonder even the ibo tribe of nigeria whom are believed to descend from them have this tradition also but the marriage was always sealed.

Mathew 22

24 “Teacher,” they said, “Moses told us that if a man dies without having children, his brother must marry the widow and have children for him. 25 Now there were seven brothers among us. The first one married and died, and since he had no children, he left his wife to his brother.
26 The same thing happened to the second and third brother, right on down to the seventh.
27 Finally, the woman died.
28 Now then, at the resurrection, whose wife will she be of the seven, since all of them were married to her?”

Now onward to Onan's death was caused by an act of wickedness - chop and clean mouth. A lesson to us married folks that we would be held accountable to God for the way we treat our spouses especially with selfish intentions. Those that deny their spouses sex should take note!

there is the part of the law that requires a search warrant be presented to the owners of a place right before the search takes place. i hope these women would follow the provisions the law has given them to seek redress if they feel cheated.

jorel1:
Cool down, every trader fails and wins , with systematic and mechanistic optimised approach you can defeat the market.
The fact i don't trade with stop doesn't mean i don't have a mental stop..
But anyway, don't worry, i have a enough history and equity to cover - 2000 pips
Instead of your advice based on your einstein mentality, Your concern rather should be learning from me on how i trade like an investor without stoploss...
there is no law that says stops must be used, its only what the brokers encourages clients to use so they can stay in business..its not my fault if you don't have the intelligence or IQ or education to invent strategies to optimize your trading skills.so if it works for you as a new trader, use it..don't follow me

I was talking with respect to the bolded. Stops are made to be used in preparation of the expected and the unexpected. 15-1-15 is a day a lot of traders and brokers would not easily forget as the swissy moved over 4000 pips up and down (not pipettes) on all its instruments within a period of just 30 mins.

Rightworld:
Hello bro, please i dont get what you mean 2000 pips stop lost

On how much account sir?

if a man is too concerned with respect it could be an issue. if someone does not respect you saying "am i your mate?" does not bring it. my wife is older than me and living it simple has made us bond together and one another's friend.

also we are a country with a highly negative trade balance having lesser export to import ratio thus the demand for the naira is lesser compared its foreign counterparts yielding lesser value on the intl. markets. i hope that area would be considered

the aim is to stop the addition of new dollars into the system. it could be painful now but the rewards would be abundant with time. reverting now would have serious backlash and the naira would bleed heavily. it is a forex law. low demand, low value

coolsix:
Its not a good move..

restriction on accessing the dollar reduces demand and thus its value. if these limiters were not in place the demand market would have made the naira go into free fall to like N500.

mohlanforex:
naira master card and democilliary account ... is there other way to fund account very easily.

several brokers now have nigerian affiliations where you can pay locally to their bank account. use them.

jore1 i read your last post to olly12's advice and i recommend you use that 2000 pip stop even if you believe it cannot be reached. i have seen too many account managers kill budding accounts with a combination of high lots and no stop loss. use it!

jorel1:
Actually, my main worry is ... being on a positive side of market and getting stopped out because of the use of a last minute stop loss...

many traders have fallen to this belief. it kills accounts.

iheanyiebeneze:
am up by 300%. on forextime competition.
Who is with me?

bro i dey with you. could only get increase of 600% as at this evening. it pays to do well in the first week

erekoshe:
If someone wipe and reversal, it would be picked up by audit teams, devices and security rules etc and he'll get fired.. I don't know how audit work down there, but that's how it is everywhere.


If someone can do that, he can empty the bank, so that's not true.


A lot of pieces are missing in the OPs tale like I said earlier.. A staff of the bank can't just empty your account and fund it back... Even in insane climes, its not done. Whoever can do that from the bank can delete the entire bank data.

@teemy, sometimes don't say what you don't know, no lawyer Wil be stupid to defend you when you fall prey to a cheap 419. So if I call you that I'm Buhari and defraud you, what will you call Lawyers for? So a patch will empty accounts?

Abt the bank balance reading zero, its just not possible, the prices of the equation are not complete

quite funny that it was today I chose to make a post of an access bank ATM transaction that did not end up with a withrawal only for the bank to claim their ledger confirms my being payed. Once myown back asked for video verification they have yet to respond for over about a month now. Banks for the sake of bad publicity cover their behinds as well as evidence that could lead to inhouse fraud.

A subpoena would make the OP maga1 conduct his own fact finding investigations rather than wait till eternity and be at the bank's disposal and mercy when his money could be used for better things within same time.

desperate times, desperate banks, desperate measures