₦airaland Forum

nairalanda1:
And now we blame the governors.



Who's next in the blame game? They will probably blame us Nairalanders next week for our provocative comments on the naira fall.

At the end we are not producing enough forex earning stuff

Comot let me read better comments

Urgent1Million:
😂😂😂😂😂😂😂😂😂
Good thing the south east decided not to join any protest.

Hahahaha you are right ooo

emkz:
These are just temporary measures and are bound to fail. The forex market in Nigeria is like a hydra-headed snake. Cut one head; as you face another head, the first head will grow back. Cut the damn neck! In other words, let the CBN address the root of the problem instead of pretending they don't know.

Since last week, dollars injected into the forex market are mopped up.

Who exactly are those mopping up the forex?

What economic activity is tied to the raid of the forex?

Ribadu claims the activities of speculators are responsible for the hike in dollar rates.

My question to Ribadu is: why are the speculators not afraid of the government?

For many years, bank MDs have been accused of buying forex from CBN and the forex goes into the black market through back channels, for example, there are vulturistic abokis sitting in banking halls trying to buy off dollars from customers.

Who regulates those abokis?

If the $10billion the vice president said would come into the system enters, it would be evacuated by the same speculators which would not solve the problem.

My observation is that CBN has lost complete control of the forex market and are being regulated by the BDCs and population instead of CBN being in control. All over the world, forex trading is heavily regulated by governments through central banks.

What I also observed is that the dollars are mopped up by those who don't need them but are keeping them for a profit. Therefore, let CBN take complete control of the forex market through the following measures:

(1) Deregister all unlicensed BDCs. That market is heavily unregulated and until they are faced squarely by the authorities, the practice of the naira dying will not stop.

(2) Stop selling dollars to commercial banks as it is clear that they have failed in meeting their obligations to customers with the dollars. People who approach the banks for PTA/BTA and school fees are directed to the BDCs. Why do BDCs have dollars and banks don't? Even with banks, some people still approach the CBN to transfer their school fees. Infact, it was found that the banks had $5billion in their vaults. How come no one has been punished when these same banks created artificial scarcity to push people to BDCs?

(3) All banks should be compelled to show a statement of how they used the dollars they received from the CBN from the last two years. At least it would give us some ideas of what disappeared through the black market.

(4) CBN needs to carry out a tsunami on the banking industry. Use some bank MDs known for the forex fraud as examples by dismissing them for breaking the law.

(5) Once all these measures are taken, the CBN must protect all forex coming into the country to ensure the problems we currently have are not iterated.

In summary, CBN needs to take drastic measures to regulate the market.

There are other measures that can be taken to get the dollars from those who have stored them. Whether the CBN would have the will is something else. The Nigerian forex market is like those who pirate music.

Kill the black market for forex.

Thank you if only Tinubu will see this and work or consider it

crossfm:
Hehehe.

This is a good one,but I still have my reservation.

From the article, big animal food companies stopped buying grains. This means livestock sector will be the ones who will suffer the most.

If there is no livestock feeds,our protein production will be greatly effected.

They are robbing Peter to pay Paul.

What if these companies decides to start production again,what will be the out come.

In my conclusion, prices will drop for days,then pick up again. The problem still remains.

Let the protein production wait first

Chrisrare:
Nigerians don't like to mind their business, how she chooses to dress shouldn't concern anybody.

That's for you from corrupted region

MASTERCHIEF0847:
Don't worry by the time they will start feeding on cooked grass they will wake up to reality.

Including you na ,no problem

LoveLeadsLand:
I'm waiting for you.

Jesus went to the synagogues and the temple, which were the equivalents of today's churches. Meanwhile, Jesus was never a Nairalander. So, why are you a Nairalander since you obviously think anything should be done exactly as Jesus did it?

Is Nairaland a point worshipping?

matify83:
I don't understand the story too well.

From the report, the truck was arrested within Nigeria territory and not at the border crossing, right?

Why all the fuss about nothing?

Has food stuffs suddenly become prohibited items?

Export of food from Nigeria has not been officially banned yet. Why is the army running faster than its shadow?

Hmmm what post are you commenting about self?

Mashaa Allah
Jazaka Allahu khaira

naijaking1:
Sultan is one of the greatest problems of Nigeria.

Say something meaningful Oga or keep quiet

matify83:
All these would have been prevented if we had used common sense in choosing our leadership instead of pandering to ethno-religious sentiments.


Now that the ship has set sail , we must bear the brunt of our actions or inactions.

Do you think it's all about the leadership,what about the followers too......If you know ,you know

God1000:
Good, but I'm surprised this same northern leaders that kept quiet throughout Buhari's administration are now talking, protests are also taking place in the core north, something we didn't see for good 8 years under Buhari.


This country is irredeemable, people choose when to talk and protest, they won't do it if their son is in power, the same thing is playing out in south west, and I don't expect them to join any nationwide protest with Tinubu in Aso Rock.

Anyway, this hardship is unprecedented and I agree with everything he said.

In saner climes leaders resign if they can't fulfill their promises, I remember several UK prime ministers like David Cameron, Theresa May, Boris Johnson and Liz truss, they all resigned.

We have a clueless president.

How do you mean . .Oga go and read back

Messileo10000:
Charm wey no prevent us from scoring

Ogaaaaa, the players played rubbish and were underserving

Simple.

More than RUBBISH SIR

Blackfire:
Ordinary 6M

Are you one of them ni... Better come out oo

pdppower:
Wey the picture make we believe.

I beg somebody should help me with something. Ebi npa mi o.

Bcoz no pix noni

Meerahbel:
Fear is what kill many people. Tomorrow listen to Wazobia FM 95.1 FM to report this issue

Do this ,but prepare to leave the job

Beremx:
Crime has no ethnicity or religion. Say no to crime

Nobody will check for their names

Malroux:
You will never end well for destroying Nigeria beyond redemption.

You're doing yourself Oga
He's not God ora perfect person
He did his best ,he never hunted you or your family..stop the rubbish

Righthussle:
Make una open the border for am make him go Niger abeg. I no like Buhari atall.

Like him for what?
God already likes him ,so leave am alone

Jewessgratitud3:
I've been trying to do that o. One woman now go and use big cola to do new year for me few days to this thing, I now drank it i

Haha funny lady

izubext007:
The north has the highest number of fake degrees, so u exposed your people.

For your mind
Think again

Bobloco:
Seun Mynd44 ban this fellow

Are you an ipob?

Yemaya:
It’s the most unnecessary venture
Needless self inflicted pain

Hmmm this generation self..I reserve my comment

socialmediaman:
“You made me do this” are the words of someone who can’t take responsibility for their actions

Maturity demands everyone take responsibility for their actions.

Gbam

Abufo:
before nko? na dem dem!

Just saying it to scared them from continuing with the atrocities...
They know no one

Okay

SavageResponse:
Is he going to be fighting every guy he sees around his mother?

Na question be that shiort

socialmediaman:
Thank God!

Would be necessary to see a doctor also. Shock can hide pain, some people begin to feel the pain the next day.

I've heard of people having internal bleeding subsequently after incidents like this. They thought they didn't get a scratch at first, noticed increasingly severe pain days after, and doctors found internal bleeding that could've ended their lives if they hadn't showed up sooner

Hmmm 6pu are right please go and see a doctor as soon as possible

MadamVanessa:


Atleast, Nnamdi Kanu was captured by a sovereign nation Nigeria. Now tell me, what have you lots done about few Fulanis herdsmen that chased and raped your mothers and sisters anally, killed your cowards brothers and fathers, Chased alot to Idp camp in Benin republic, what have you cowards done about that?

What have you cowards done about Illorin captured by the Fûlanis? isese festival banned by these Fulanis, Yoruba ancestral stool desecrated by this same Fulanis? What have you cowards done about that? Are Fulanis the government that you cowards can't fight? I laughed at your føolishness.

who isese epp......idol worshipper
abeg go rest madamii

WHEN GOD IS DONE WITH YOU EHHN
AND YOU WILL THINK SAY YOU ARE PROGRESSING
IN LIFE....HNMMM

illicit:
Go Kaduna North ASAP

☠️

hahaha but Kaduna people are not what you think sha

bamvik:
thanks for your input, but please I need current realities in this 21st century

dey play