Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,199,389 members, 7,971,412 topics. Date: Thursday, 10 October 2024 at 09:37 AM |
Nairaland Forum / Nairaland / General / Business / CBN Shuts Down AbokiFX Bank Accounts (57510 Views)
Bamboo, Nairabet, Abokifx: CBN Unfreezes Bank Accounts Of 440 Persons, Companies / AbokiFX: Emefiele To Oniwinde Adedotun “Come Let's Fight” (Video) / CBN Shuts Down Cryptocurrency Exchange Bank Accounts (2) (3) (4)
(1) (2) (3) ... (5) (6) (7) (8) (9) (10) (11) (Reply) (Go Down)
Re: CBN Shuts Down AbokiFX Bank Accounts by hosemujica: 6:39pm On Sep 16, 2021 |
Before I do any $ transaction I check their site first these guys are awesome. |
Re: CBN Shuts Down AbokiFX Bank Accounts by 2fast4u: 6:39pm On Sep 16, 2021 |
TimeSpaceWizard: Easy to say, impossible to implement.. Nigeria is so far behind that we need 100's of years to be like India or China. Manufacturing takes billions of dollars in Research and development, stable electricity, Good universities, etc... You think Nigeria will be able to manufacturer a computer chip, or a camera, or a phone anytime soon? nah fam.. we are 100 years behind at least.. 3 Likes |
Re: CBN Shuts Down AbokiFX Bank Accounts by mex22: 6:40pm On Sep 16, 2021 |
Useless govt.Trying to muscle everyone as if even the blind man on the street doesn't know it's the worst performing in the history of nigeria's existence. 1 Like 1 Share |
Re: CBN Shuts Down AbokiFX Bank Accounts by Buckeyemedia1: 6:40pm On Sep 16, 2021 |
TimeSpaceWizard:Bruv I get BOA account, doesn’t stop the need of operating a domiciliary account in Nigeria, when you need to withdraw & convert dollars to Naira when in Nigeria how do you do it? |
Re: CBN Shuts Down AbokiFX Bank Accounts by 2fast4u: 6:41pm On Sep 16, 2021 |
TimeSpaceWizard: You're earning dollars in USA and paying people via same.. You don't count amigo.. Now imagine your real estate company is in Nigeria, and people paid you NAIRA, but you had to settle suppliers in USA WITH USD.. This is the problem facing 99% of Nigerian companies and importers 3 Likes |
Re: CBN Shuts Down AbokiFX Bank Accounts by hosemujica: 6:42pm On Sep 16, 2021 |
CooKeed:Stop talking to this guy , he will make you look ignorant like him. 3 Likes |
Re: CBN Shuts Down AbokiFX Bank Accounts by quadraheem(m): 6:50pm On Sep 16, 2021 |
Local manufacturing and production should be enhanced for great exportation across Africa and the world. This is what will strengthen our Naira. |
Re: CBN Shuts Down AbokiFX Bank Accounts by Solatium(m): 6:50pm On Sep 16, 2021 |
CooKeed: I have full understanding of everything you stated even before you itemized them. i was only looking for something that i don't know unfortunately you did not state anything new sir,i am not being arrogant here. but let me make few corrections to some of the things you said. 1... Oil prices is not falling, it's actually going up,it was around $75 PB about 24hrs ago. 2... i agree we don't earn enough to balance our trading sheet and we can never earn enough,do you know why? Remittance from abroad are routed through black market because you get a higher exchange figure when you do sell to them,that singular act alone has wiped off about 40% of your forex from the system,the remaining ones have to come from what is declared legally and whatever most people get from the legal means are divided into 2 and a part sold for profit at the black market while the rest is used for intending purpose,what do you think will happen when we do such? where will the replacement comes from if we all go to the black market to sell? of course you will go to the same black market to buy at any rate when you need them. we are all involved in these . 3.... You can not even have enough dollar in circulation even if our legal tender is American Dollar,it's simple economic term,the more currency you have in circulation the higher your inflammation,we do not even have enough naira to spend at every giving time. Your o level economic subject an answer that when you flip to that page that talks about how you control excess liquidity which part of (a) OMO open market operations (b) Stock trading (c) withdrawal of cash from circulation and what have you. I can tell you for free that their is no way your forex needs will keep jumping exponentially every week when the population remain almost the same within the same period. Speculators which Black market and Abokifx belongs to that category are the major problem |
Re: CBN Shuts Down AbokiFX Bank Accounts by Nobody: 6:51pm On Sep 16, 2021 |
2fast4u: I supposed they are caught up in a level of ignorance that allowed them operate locally even though they think I am the ignorant one. My business in the USA was bought by the Nigeria business, and I also have an EXIM company here that handles all corporate communications with suppliers but the bills are paid by the US company on behalf of its Nigeria subsidiary. So the complexities associated with the Nigeria fx system is strange to me. |
Re: CBN Shuts Down AbokiFX Bank Accounts by Nobody: 6:51pm On Sep 16, 2021 |
Afriqan: Completely clueless as Buhari. |
Re: CBN Shuts Down AbokiFX Bank Accounts by CooKeed(m): 6:54pm On Sep 16, 2021 |
Solatium: It is OK if you don't learn anything new from my post. Hopefully, a few others will. Your 3 'corrections' are incorrect. And I hope you're arguing in good faith, not just for argument's sake. I will address them: 1. Please plot a chart of crude prices over the last 2 years (pre-covid to date) when the Naira was trading at 360 to the dollar and let's see. You cannot claim higher prices based on little fluctuations that happened in 24 hrs or a week. 2. The only question you need to ask yourself is this: what makes the black market to attractive? Why do people prefer to sell their remittances at the black market? Why is there a demand for dollars in the black market? You may please refer to my previous post for the answer. 3. This is simply not true. What do you mean by 'you cannot have enough dollars in circulation'? Both the Pound and Euro are worth more than the dollar. Surely, this means the UK and EU have more than enough dollars (relative to their respective currencies). Finally, your fx needs can jump exponentially. It is not about population. It is about demand and supply. It happened in Zimbabwe. It happened in Venezuela. It happens in all countries where imports continue to outstrip exports while government depletes foreign reserves. Are we saying that we don't have speculators? Of course we do. But they are not THE major problem. In fact, I'd say they are merely a symptom of the problem. If we had enough dollars, speculators would be out of jobs. 7 Likes |
Re: CBN Shuts Down AbokiFX Bank Accounts by benjijosh(m): 6:55pm On Sep 16, 2021 |
TimeSpaceWizard: And CBN is printing dollars that everytime you go to them, they will give you just enough right? 1 Like |
Re: CBN Shuts Down AbokiFX Bank Accounts by Nobody: 6:55pm On Sep 16, 2021 |
Buckeyemedia1: You did not read me well, I said I do not need one but I have one. The reason I have one is because the banks made it easier to receive funds directly here in USD. |
Re: CBN Shuts Down AbokiFX Bank Accounts by Nobody: 6:56pm On Sep 16, 2021 |
benjijosh: What do you need dollars for? |
Re: CBN Shuts Down AbokiFX Bank Accounts by stedmark(m): 7:03pm On Sep 16, 2021 |
They prefer our tailor police officer |
Re: CBN Shuts Down AbokiFX Bank Accounts by Arda1000(m): 7:07pm On Sep 16, 2021 |
lwisee: |
Re: CBN Shuts Down AbokiFX Bank Accounts by chloride6: 7:18pm On Sep 16, 2021 |
henryobinna: This isn't true.. |
Re: CBN Shuts Down AbokiFX Bank Accounts by chloride6: 7:18pm On Sep 16, 2021 |
henryobinna: Na you dey reply na 1 Like |
Re: CBN Shuts Down AbokiFX Bank Accounts by RodgersAkpafu: 7:21pm On Sep 16, 2021 |
2fast4u:Sad truth |
Re: CBN Shuts Down AbokiFX Bank Accounts by justmondris: 7:23pm On Sep 16, 2021 |
And what will stop them from relocating to Ghana and making the website still available to Nigerians? |
Re: CBN Shuts Down AbokiFX Bank Accounts by alizma: 7:24pm On Sep 16, 2021 |
Newboss:Actually I personally kicked against the total suspension of sale of dollars to the BDC, the CBN should have suspended that partially while allowing banks to run the sale activities along side the BDCs, the will enable the CBN to properly assess the situation before taking final decision. From the look of things, it is obvious we are heading for a crash without sales of dollars to the BDCs |
Re: CBN Shuts Down AbokiFX Bank Accounts by 989900: 7:25pm On Sep 16, 2021 |
I'm trying to reason why . . . can't come up with anything. What fxckery! |
Re: CBN Shuts Down AbokiFX Bank Accounts by 989900: 7:30pm On Sep 16, 2021 |
Emefiele is half part clueless, half part a thief. 1 Like |
Re: CBN Shuts Down AbokiFX Bank Accounts by CooKeed(m): 7:30pm On Sep 16, 2021 |
RodgersAkpafu: We don't even need to make all these fancy things for a start. No country makes everything. Make the one you can make. But make a lot of it and export it. Just make something. Produce stuff. Two years ago we were celebrating the opening of our first pencil factory. As sad as that sounds, I was able to stomach that. But I was shocked to learn earlier this year that Nigeria imports maize. Lots of maize. As in, we don't have enough maize to meet the demand of our livestock farmers. Maize that our ancestors have been cultivating for how long?!!! Maize!!! Ah! 5 Likes |
Re: CBN Shuts Down AbokiFX Bank Accounts by RodgersAkpafu: 7:31pm On Sep 16, 2021 |
TimeSpaceWizard:This does not correlate with reality |
Re: CBN Shuts Down AbokiFX Bank Accounts by Bobxin(m): 7:31pm On Sep 16, 2021 |
DuduParaPara: Site is still functioning, doesn't change anything |
Re: CBN Shuts Down AbokiFX Bank Accounts by Abiodunstephen(m): 7:37pm On Sep 16, 2021 |
Go and shut it now, rubbish. lwisee: |
Re: CBN Shuts Down AbokiFX Bank Accounts by ken6488(m): 7:40pm On Sep 16, 2021 |
TimeSpaceWizard:It will not change anything That's the problem instead of fighting the problem, CBN is fighting the shadow 1 Like |
Re: CBN Shuts Down AbokiFX Bank Accounts by RodgersAkpafu: 7:40pm On Sep 16, 2021 |
CooKeed:Mental laziness is the bane of black people That has always been the problem with us He only want to enjoy himself Carry women No thinking for the future or value creation 2 Likes |
Re: CBN Shuts Down AbokiFX Bank Accounts by Solatium(m): 7:52pm On Sep 16, 2021 |
CooKeed: 1... oil prices never stay static from time immemorial,it always fluctuate,even when it was been sold at $30pb the Naira was relatively stable,do you know why? the bad guy's were kept off. 2..The black market will continue to attract more patronage for as long as there humongous profit to make for both buyers and sellers,the black market don't make dollar's,they don't even sell anything seaside from forex and they sell whatever you brought to them,i just explained why it's so. Dirty deals,money laundering and greed is what fuels the BDC. 3..Go back to your basic economy,all over the world you can never get enough currency to go round, Europe and UK you cited as examples don't have that kind of arrangement,you only get forex from POST OFFICE in UK and some High street BDC who usually deals with remittance companies. An average European do not even want currency of other nations not to talk of holding them,go to South Africa,they are cool with their local currency ditto Morocco,the local Arabs don't hold dollar's in UAE or Qatar at least these are the places i have visited or transited |
Re: CBN Shuts Down AbokiFX Bank Accounts by pfadom: 7:54pm On Sep 16, 2021 |
Brainless and the worst CBN chief in the history of Nigeria. I can only blame Buhari for retaining a man who has not evidence of performance since assuming office as Governor. Shutting down accounts means nothing. All he needs to do is to work on the monetary economy. That's the issue with appointing bankers as CBN governor. |
(1) (2) (3) ... (5) (6) (7) (8) (9) (10) (11) (Reply)
Otedola Visits Dangote’s Oil Refinery, Petrochemical Plant In Lagos (Photo) / Adama Indimi At Her Brother, Ahmed's Wedding To Zahra / Tony Elumelu's Triplets With Toyin Saraki (Photo)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 69 |