Kelklein:
You have a point.. the only problem is that even the Banks are crooked.. they get Dollar allocations too like the BDCs but they hoard instead of transacting with them..

The EFCC is trying to clean up the system of street-trading and we can only implore them to sustain the monentum.. it's going to be hard tho. They deserve some commendation for the little they have done esp in Zone4 Abuja.. that place used to be a free-for-all but there is some level of moderation now..

An analogy is almost like those that trade fuel on the road. It is those who need them and patronise them that are encouraging the trade. If nobody is buying, you won't see them on street.. but then you have to move your car from A to B and the fueling stations have endless queues or no fuel sometimes..

The wayout is to boost your foreign reserve via exports and productivity, and discourage the need for Dollars as much as possible.. Productivity is a double edged sword.. because it makes Items people would pay dollars to import available locally and earns you foreign exchange when you export excess to outside country...

the government only pay lip services to banning transactions in dollars in the country. People still pay their wards school fees in dollars.. The political class are still converting their loots into dollars on a daily basis.. the EFCC and NFIU needs to device a means to nip money laundering at source.. but again the Banks have not been helping..!

Nigeria is wild..

Nbkay23:
Mods pls help us repost and get to fp
(Moderators: dominique, FOD, puskin, naijacutee) Fynestboi

Nbkay23:
Let’s get the people to know what’s happening, the economy is failing we need solutions
(Moderators: MissyB3, Fynestboi)

john1101:


Nigeria problem I always tell people is easy to solve we just need to pick the right people out of over 200 million heads, our rulers now including security and legal system are old and clueless. They think because they are crooked of people blood they are exemted but when calamity hit close to them they scream God why me, disregarding judgement after death.

PARADIZEPRIEST:
LONG ADVOCATED,THE MALLAMS ARE USING IT TO SAY THEY ARE VICTIMIZED,BUT THIS IGNORAMUS ANNOYING ILLITERATE GUYS WHO ARE DISTROYNG NAIRA VALUE BY COLLECTING LAUNDERED MONEY FROM CRIMINALS DRUGS AND ILLICITS TRADES TO CIRCLE IN OUR SYS. DOLLAR HAWKING IS EVIL AGAINST NIGERIA ECONOMY ,IT MUST BE STOPED,LET THEM SELL CURRENCY IN REGISTERED GUARANTEES BDC COMPANIES AND DOCUMENT IT TO EFFECTIVELY HELP CONTROL OUR NAIRA VALUE DEFENSE. cardoso is trying hard,kudos!

PARADIZEPRIEST:
LONG ADVOCATED,THE MALLAMS ARE USING IT TO SAY THEY ARE VICTIMIZED,BUT THIS IGNORAMUS ANNOYING ILLITERATE GUYS WHO ARE DISTROYNG NAIRA VALUE BY COLLECTING LAUNDERED MONEY FROM CRIMINALS DRUGS AND ILLICITS TRADES TO CIRCLE IN OUR SYS. DOLLAR HAWKING IS EVIL AGAINST NIGERIA ECONOMY ,IT MUST BE STOPED,LET THEM SELL CURRENCY IN REGISTERED GUARANTEES BDC COMPANIES AND DOCUMENT IT TO EFFECTIVELY HELP CONTROL OUR NAIRA VALUE DEFENSE. cardoso is trying hard,kudos!

SalamRushdie:
A country where people trade naira on the road under guise of POS?

Kelklein:
You have a point.. the only problem is that even the Banks are crooked.. they get Dollar allocations too like the BDCs but they hoard instead of transacting with them..

The EFCC is trying to clean up the system of street-trading and we can only implore them to sustain the monentum.. it's going to be hard tho. They deserve some commendation for the little they have done esp in Zone4 Abuja.. that place used to be a free-for-all but there is some level of moderation now..

An analogy is almost like those that trade fuel on the road. It is those who need them and patronise them that are encouraging the trade. If nobody is buying, you won't see them on street.. but then you have to move your car from A to B and the fueling stations have endless queues or no fuel sometimes..

The wayout is to boost your foreign reserve via exports and productivity, and discourage the need for Dollars as much as possible.. Productivity is a double edged sword.. because it makes Items people would pay dollars to import available locally and earns you foreign exchange when you export excess to outside country...

the government only pay lip services to banning transactions in dollars in the country. People still pay their wards school fees in dollars.. The political class are still converting their loots into dollars on a daily basis.. the EFCC and NFIU needs to device a means to nip money laundering at source.. but again the Banks have not been helping..!

Nigeria is wild..

Nbkay23:
It’s no longer news how Dollar is skyrocketing in our Economy Nigeria Today, and the Devaluation of our Naira, well I’ll like to share my own 2percent on the situation.

Considering the fact that Nigeria only spends naira, But the availability of dollars to some, in the economy is Devastating. These are the Big business corps, BDC’s operators and Particularly the Government. The reason for our currency devaluation, here I’ll tell you now..I’m an economist and a part time forex trader, so believe it what I’m telling is true.

The Cbn exchange dollar thru the Bureau d change to the public, the way they do it, is By releasing Dollars to particular registered BDC traders as they claim, Dollars is released to this Individuals to sell to the General public daily, What these people do is, they sell at a particular rate and increase the rate so as to Have some dollars left in stock, By hoarding them, They come back to the bank next day and deposit naira, Saying Demand of Dollars is High, Next day collecting of dollars take place in the Bank again, the bank doesn’t have a choice than to increase the rate cos the rate of return is Low in Value, Definitely business has been done and profit has been made. The issue is Why can’t the CBN put a stop to Street Trading, Aboki’s calling people dollar, dollar on the streets and Devise a Means of Transaction using the Bank for Transparency while Dealing thru the Accounts of the BDC’s, this way you can avoid Laundering of money, illegal transactions and Consumption of Government funds, Most Politicians in Abuja prefer to use the Bureau d change cos it’s a seamless way of Transaction, No one can hold you, No amount is too much, Infact the bigger the amount the Better they friends with you. Street transaction of Dollars is still the same as Spending dollars in the economy. You won’t see other Countries allowing other currencies to be Transferable in the Streets, We have to put a stop to this Menace if we want to save this Country from Collapsing , Using Debts to hold the naira is not the way, Defunding the Banks of Dollar deposits is not the way, Defunding the crypto holders is not even the way, We have to let Transparency and Records take control of the Exchange system, Not in the streets, But banks. Slots can be made Available for Preferable BDC’s Vendors, And Stop Doing Business with the Economy

Below in this picture is a woman walking Pass the exchange Board in Tokyo Japan, You can Visibly see the chart

Kelklein:
You have a point.. the only problem is that even the Banks are crooked.. they get Dollar allocations too like the BDCs but they hoard instead of transacting with them..

The EFCC is trying to clean up the system of street-trading and we can only implore them to sustain the monentum.. it's going to be hard tho. They deserve some commendation for the little they have done esp in Zone4 Abuja.. that place used to be a free-for-all but there is some level of moderation now..

An analogy is almost like those that trade fuel on the road. It is those who need them and patronise them that are encouraging the trade. If nobody is buying, you won't see them on street.. but then you have to move your car from A to B and the fueling stations have endless queues or no fuel sometimes..

The wayout is to boost your foreign reserve via exports and productivity, and discourage the need for Dollars as much as possible.. Productivity is a double edged sword.. because it makes Items people would pay dollars to import available locally and earns you foreign exchange when you export excess to outside country...

the government only pay lip services to banning transactions in dollars in the country. People still pay their wards school fees in dollars.. The political class are still converting their loots into dollars on a daily basis.. the EFCC and NFIU needs to device a means to nip money laundering at source.. but again the Banks have not been helping..!

Nigeria is wild..

SalamRushdie:
A country where people trade naira on the road under guise of POS?

Nbkay23:
It’s no longer news how Dollar is skyrocketing in our Economy Nigeria Today, and the Devaluation of our Naira, well I’ll like to share my own 2percent on the situation.

Considering the fact that Nigeria only spends naira, But the availability of dollars to some, in the economy is Devastating. These are the Big business corps, BDC’s operators and Particularly the Government. The reason for our currency devaluation, here I’ll tell you now..I’m an economist and a part time forex trader, so believe it what I’m telling is true.

The Cbn exchange dollar thru the Bureau d change to the public, the way they do it, is By releasing Dollars to particular registered BDC traders as they claim, Dollars is released to this Individuals to sell to the General public daily, What these people do is, they sell at a particular rate and increase the rate so as to Have some dollars left in stock, By hoarding them, They come back to the bank next day and deposit naira, Saying Demand of Dollars is High, Next day collecting of dollars take place in the Bank again, the bank doesn’t have a choice than to increase the rate cos the rate of return is Low in Value, Definitely business has been done and profit has been made. The issue is Why can’t the CBN put a stop to Street Trading, Aboki’s calling people dollar, dollar on the streets and Devise a Means of Transaction using the Bank for Transparency while Dealing thru the Accounts of the BDC’s, this way you can avoid Laundering of money, illegal transactions and Consumption of Government funds, Most Politicians in Abuja prefer to use the Bureau d change cos it’s a seamless way of Transaction, No one can hold you, No amount is too much, Infact the bigger the amount the Better they friends with you. Street transaction of Dollars is still the same as Spending dollars in the economy. You won’t see other Countries allowing other currencies to be Transferable in the Streets, We have to put a stop to this Menace if we want to save this Country from Collapsing , Using Debts to hold the naira is not the way, Defunding the Banks of Dollar deposits is not the way, Defunding the crypto holders is not even the way, We have to let Transparency and Records take control of the Exchange system, Not in the streets, But banks. Slots can be made Available for Preferable BDC’s Vendors, And Stop Doing Business with the Economy

Below in this picture is a woman walking Pass the exchange Board in Tokyo Japan, You can Visibly see the chart