Nteogwuija:


Wow, you want to legalize yahoo yahoo, you should as well call back the Niger Delta militants to start kidnapping expatriates because we can also get forex inflows as ransom payments.

The following should be legalized
(1) Yahoo Yahoo - this will buoy up our hard currency into the country and increase in supply will reduce the price of forex correspondingly. The money from yahoo yahoo can not be equated to our Uranium, Californium, illegal bunkering etc that the western coutries have taken from Africa apart from the Slave Labour of my Ancestors.

(2) Niger Delta Turnkey Refining aka illegal refinery should be legalized and practitioners trained to reduce carbon monoxide flaring, the increase in supply of refined products like diesel, which is what manufacturers need.

(3) Legalize BTC and Blockchain related trading platform for effective monitoring and taxation. The tax from that sector can help the economy.

(4) Tax the Churches and Mosques, especially churches and let the Daddy GOs be super taxed for their luxury jets as they are not adding value to the economy.

ChatterHouse:
I'm appealing to all Nigerian

To start patronising our made in Nigeria product to revive the naira

Tinubu was so hasty in pleasing his puppeteers

As a Capitalist you should not make hasty decisions
About the economy

People are waking up in multidimensional poverty everyday

Unfortunately I'm not sure we have any tangible locally-made products to purchase. Almost every major item in my house is purchase from Abroad. televisions air conditions fridge-freezer mobile phone laptop. There is simply no replacement for these high-value items within Nigeria.
I'm not proud about it. But that's just the reality!!

IconicR:
Actually and truthfully Jonathan and Buhari are responsible for all these rubbish and not the new government who is trying to put things back on track

Hmm.
It is good to support government as you do. But when thing as going glaringly wrong, don't you think you should point it out, so those in authority change course or put more competent people?
Is the current situation not affecting you? the increase and announced pending increase in fuel cost, the almost daily devaluation of the naira, the increase in Poverty. Are you not concerned? Or do you stay abroad?

Every bank in Nigeria is guilty of this.

Branch managers divert dollars for personal gain, as to why if you go to banks, they mostly to tell you that they are out of dollar cash.

It is time the country gets a new CBN governor, someone who knows his onions. The present acting governor does not make the cut.

If banks are selling dollars illegally, it is symphonic of market failure and the CBN should take the blame.

Why is the Naira falling so fast? Until you know why, no solution will work. More importantly, why is there a wide disparity between the official and parallel market rate?

Is it down to the importers of 43 items from accessing the official forex? They may be putting pressure on the parallel market

Or should sale of forex to BDC's be resumed? Forex sold to the BDC's hit the parallel market instantly, and this will help improve the Naira's value. I won't be surprised a sale of $200m to them a week would immediately lead to the strengthening of the Naira overnight. Sell it to them at 750 and I am sure the Naira would rebound to 760-800 overnight.

festacman:
President Tinubu should stop deliberately allowing himself to be be distracted by Niger's internal affairs as against his primary assignment of leading Nigeria to prosperity.
- Nigeria and Nigerians need his undivided attention 24 hours because the ship is sinking
- Nigerians need him to inaugurate his ministers immediately to commence work because even the Niger coupists have beaten him on this as they have cabinet already
- Nigerians need him to pay more attention to ACTIVE governance and less attention to political appointments and consolidating his positions in APC
- Nigerians need him to URGENTLY unveil his policies, programmes, incentive packages and reforms toward reviving the economy.
- Nigerians need him to pay attention to managing the rising inflations due to removal of subsides and floating exchange rate policy.
- Nigerians need him to be a lot swifter in approaching government than the baba go slow he is currently is.

Where is the manifesto that was sold to us? What What has happened to erudite Femi Gbajabiamila many hoped would keep Tinubu focused on the things that matter? Are Tinubu's recently appointed Senior Special Assistants sleeping rather than brainstorming? What's going on?

Lol. To lead a nation like Nigeria nor be by mouth. Tinubu cannot deliver. We knew it from the get-go.

Our CBN has now becoming a toothless dog, how can the whole CBN claiming they will name shame bank? Where is their big stick to confront and discipline any erring banks. Their controlling power now limited to naming and shaming banks. Did we tell them we dont know their name. Nigeria is drastically turning to a nation without law and regulation, where individual behaves the way they wants.

dre11:
Naira is currently undervalued, says Ag. CBN Governor

…adds: We’ll name, shame commercial banks engaged in illegal sales of Dollars



https://www.vanguardngr.com/2023/08/naira-is-currently-undervalued-says-ag-cbn-governor/

“We need to name and shame commercial banks involved in such malpractices,” he said........

ALL YOU CAN DO IS NAME AND SHAME PEOPLE WHO ARE COMMITTING CRIME AGAINST THE COUNTRY.........

NO WONDER CRIMINALS ARE ON THE INCREASE IN THE COUNTRY.

MR MAN, IF THERE'S NO PUNISHMENT FOR THE CRIME, PLEASE SHUT UP.

THE DAY OF RECKONING IS COMING.

omohayek:
What is this claptrap about "Illegal remittances"? This is utter nonsense from an economic point of view, and solid evidence that this guy has no business staying in place a day longer than necessary. Remittances actually strengthen the Naira regardless of how they are conducted, as they represent demand for the currency. Nowadays, Nigeria actually gets more of its USD from remittances than it does from oil, and without them the . The only thing "illegal" about them is that Emefiele's greedy CBN tried to force Nigerians abroad to yield to an "official" exchange rate that effectively gave them half of what their money was really worth, and sadly this incompetent clown seems set on continuing this pig-headed policy meant to create a steady source of funds to siphon through arbitrage schemes like "round tripping". Any source of foreign exchange strengthens the domestic currency, no matter the route it flows through, just as any source of demand for tangible goods strengthens the bargaining position of those selling them.

As urgent as the Niger coup matter may be, Tinubu needs to act quickly to find a new permanent CBN governor who actually understands economics and is willing to sweep the CBN clean of all ignorant holdovers from the Emefiele era such this one. Until someone serious and confidence-inspiring is put in charge and given a free hand to clean shop, the Naira will continue to drop in value like a stone, as the status quo gives little confidence to markets that the root cause of Nigeria's ever-weakening currency - namely inflationary monetary policies - will be nipped in the bud. Enough of incompetents trying to shift blame to "AbokiFX" or "greedy [sic] bankers" for their own self-inflicted failures.

Thank God for this.

I had actually commented before I saw this. It was painful reading the article.

The governor want to name and shame banks for illegally selling Dollars? If they are doing so illegally, the CBN should take the blame for it and no one else. The CBN has made it profitable to do so. Why blame an undertaker for burying a corpse? Why condemn choir boys from looking at a topless woman's bust?

The BDC's were even complaining about Binance. Whether the nation likes it or not, that's another inflow of forex into the economy. Before crypto, the parallel market had most of this market to themselves. A lot of the money may be dirty but as you would admit, it is an inflow and would affect the value of the Naira.

Yes, the country needs a new CBN governor, someone who knows his onions. Someone who can think outside the box as well.

Hmmm

TheBillyonaire:


The following should be legalized
(1) Yahoo Yahoo - this will buoy up our hard currency into the country and increase in supply will reduce the price of forex correspondingly. The money from yahoo yahoo can not be equated to our Uranium, Californium, illegal bunkering etc that the western coutries have taken from Africa apart from the Slave Labour of my Ancestors.

(2) Niger Delta Turnkey Refining aka illegal refinery should be legalized and practitioners trained to reduce carbon monoxide flaring, the increase in supply of refined products like diesel, which is what manufacturers need.

(3) Legalize BTC and Blockchain related trading platform for effective monitoring and taxation. The tax from that sector can help the economy.

(4) Tax the Churches and Mosques, especially churches and let the Daddy GOs be super taxed for their luxury jets as they are not adding value to the economy.

WITHOUT CHURCHES AND MOSQUES RESTRAINING THE PEOPLE, THIS COUNTRY WOULD HAVE GONE HAYWIRE.

Newness2019:


WITHOUT CHURCHES AND MOSQUES RESTRAINING THE PEOPLE, THIS COUNTRY WOULD HAVE GONE HAYWIRE.

Like China?

Nteogwuija:


Wow, you want to legalize yahoo yahoo, you should as well call back the Niger Delta militants to start kidnapping expatriates because we can also get forex inflows as ransom payments.

The comment funny die.😂😂

omohayek:
What is this claptrap about "Illegal remittances"? This is utter nonsense from an economic point of view, and solid evidence that this guy has no business staying in place a day longer than necessary. Remittances actually strengthen the Naira regardless of how they are conducted, as they represent demand for the currency. Nowadays, Nigeria actually gets more of its USD from remittances than it does from oil, and without them the . The only thing "illegal" about them is that Emefiele's greedy CBN tried to force Nigerians abroad to yield to an "official" exchange rate that effectively gave them half of what their money was really worth, and sadly this incompetent clown seems set on continuing this pig-headed policy meant to create a steady source of funds to siphon through arbitrage schemes like "round tripping". Any source of foreign exchange strengthens the domestic currency, no matter the route it flows through, just as any source of demand for tangible goods strengthens the bargaining position of those selling them.

As urgent as the Niger coup matter may be, Tinubu needs to act quickly to find a new permanent CBN governor who actually understands economics and is willing to sweep the CBN clean of all ignorant holdovers from the Emefiele era such this one. Until someone serious and confidence-inspiring is put in charge and given a free hand to clean shop, the Naira will continue to drop in value like a stone, as the status quo gives little confidence to markets that the root cause of Nigeria's ever-weakening currency - namely inflationary monetary policies - will be nipped in the bud. Enough of incompetents trying to shift blame to "AbokiFX" or "greedy [sic] bankers" for their own self-inflicted failures.

And I forgot to add, the present free fall of the Naira would provide ammunition to those against more deregulation and liberalization of the economy to frustrate things. All we read here is how Tinubu's policies are failing and they never fail to point to the Naira's free fall.

Acekidc4:
Why will Naira not fall when all we do is to import everything even up to ordinary Tooth pick. Let's start Producing and Manufacturing at least 60 percent of things we import and watch our Naira regain it strength.

Some will still talk nonsense on my Mentions!!

Ideally, yes... But with the like of GSK closing shop, we'll need the tackle the root cause hindering industrialization.

Lols thank God say the suffering is not only for easterners. To all the ebola victims, u a own na suffering and smilling

BoldBrainz:


!

I feel like strangling you!

You don't need to strangle the mumu that is on colo..na sense e no get🤣🤣

Use one of the bank as an example

/
So naming and shaming commercial banks is the oversight function of CBN.

No penalties or fines?

/

Ridiculous!!!
Name them and shame them?
That’ll never stabilize the dollar
It’s just like telling people am making money by selling things expensive and they’re mine..
You know how dumb that sounds

Acekidc4:
Why will Naira not fall when all we do is to import everything even up to ordinary Tooth pick. Let's start Producing and Manufacturing at least 60 percent of things we import and watch our Naira regain it strength.

Some will still talk nonsense on my Mentions!!

It is not about export sir. Go and check. Nigeria has more export earnings than Tunisia but the Tunisian Dinar is more valuable than the Naira.
I am of the opinion that there is a deliberate plan to keep the Naira weak to control the citizens. It is been devalued constantly so the elites who have hard currencies will be extra rich.

An elite that has 1 million dollar 10yrs ago will be around 150million naira rich then but now, he will be a billionaire in Naira without doing anything cos Naira will soon be 1000 usd.

Forget what economics taught you. Countries with fewer exports than Nigeria still have higher value currencies compared with the Naira.
Even if Nigeria stops all imports today and starts exporting at the rate of China, 1 Naira can NEVER go back to 1usd.

A typical example was when we banned rice, a major food import. Did Naira appreciate? Instead it was going down. The forces beyond me and you keep pulling it down.

I said it b4 that usd will hit 1k and i am saying it again that 1Gbp will hit 2k soon in Nigeria

Are they no longer allowed to sell to the highest bidder again? Na wao

Newkin:
Please if anybody can help me with any little amount to eat I will be very happy. Feeding is a big problem for me and my family please no matter how small. I havent eaten anything since yesterday in the morning pls. My dad is a retired teacher and my mom is late. Am a single mother with my own son mouth to feed, the little money i make have use it to cater for my dad illness and pay house rent but his health is getting worst. Now we can't even eat or buy water to drink. Please if you're reading this message pls come to our aid, no matter how small it will go a long way pls. May God meet you at the point of your need as you have show us mercy
Acct num: Angel Oyom

067801

6041
G.TBank

Beggar Angela, you have staged a comeback to your begging ways. Read from below a previous post of yours.

Rosemorn:
Beloved, please don't just scroll pass, please can any kind hearted person please assist me with little money to get drugs. Am seriously down with malaria and typhoid, and I don't have a dime on me to eat or buy medicine am running temperature please.cant die in silence please help me in any little way. May you never lack anything in this life. Amen.
Please my name is Angella
Acct num:

067801

6041
G.TBank

Red flag. Disclaimer. Persona non grata.
This person, known as Angela, has all these names for just one account in GTBank:
Ann, Anne, AngelaUbi, Anngela, Angella, Anna, Angela, Angela Ubi, Angelah, etc.
He is a serial criminal scammer and is here to promote his begging advert scam.
You should go to your church or mosque to beg and stop using different monikers on NAIRALAND to swindle people.
You have used over 50 monikers to beg. If you are genuine, you should have been known with one moniker. Using many is a clear indication you are a fraud.
The way I see it, you'll soon get deliverance from the Devil. Keep thinking you are deceiving people. There is nothing hidden that will not be revealed; covered that will not be opened.
The great day of your revelation is at hand. Be expectant, because surely it will come.

Lobatan! Since when did naming and shaming become a statutory penalty for entities breaking the law? Is what they're alleged to be doing illegal or immoral? What sort of wahala be this nah? 🤨

Acekidc4:
Why will Naira not fall when all we do is to import everything even up to ordinary Tooth pick. Let's start Producing and Manufacturing at least 60 percent of things we import and watch our Naira regain it strength.
Some will still talk nonsense on my Mentions!!

The best talk you just made,Bro unlike those who just love to be ranting here on Nairaland!
Your suggested Solutions is what I had earlier analysed and supported long time ago!
1.Nigerians wants immediate solutions to major Economic Crisis,caused by Politicians,who are more greedy, without following Economic diversifications- which Past Govts failed to do,as almost everyone is now facing that reality!
2.CBN, should go into Banking Halls,as Secret agents and see how Bankers ,across their Counters, asking Nigerians receiving Money Abroad to change it with their Own preferred Agents,thereby undermanned the CBN and Fed govt Policies!
Note the difference:
Nothing is wrong,if Customer choose but for you ( Bankers) to be the ones continuously and persistently doing it is Corruption and greed and Unpatriotic! If they( those involved) are Prosecuted for Economic Sabotage,then we get sense!
•This is the reasons why those Foreign Currency Prices goes higher in our locality because of our greed in an indirect manner and we need to change!
The same during the Cashless -Naira Policy that was almost frustrated by banks,as New Notes are being horded, Foreign Currencies too are!
3 Let Nigeria begin to Export- more of her Products,then the fake- Values we place on this Foreign Currencies does exist,it's just because we Ourselves are Undermining our Own Integrity - as we intentionally raised the Values to get more benefits!
American, British, even Europe will not do that because of being Patriotic!
Govt- should also:
FIX Light/ Power for 24/7 - they have refused to give light and are Frustrating the Youths and National Development!

And they had to announce it instead of doing it in a clandestine way. S.m.h

It all been programmed no African country can function well.

omohayek:
What is this claptrap about "Illegal remittances"? This is utter nonsense from an economic point of view, and solid evidence that this guy has no business staying in place a day longer than necessary. Remittances actually strengthen the Naira regardless of how they are conducted, as they represent demand for the currency. Nowadays, Nigeria actually gets more of its USD from remittances than it does from oil, and without them the . The only thing "illegal" about them is that Emefiele's greedy CBN tried to force Nigerians abroad to yield to an "official" exchange rate that effectively gave them half of what their money was really worth, and sadly this incompetent clown seems set on continuing this pig-headed policy meant to create a steady source of funds to siphon through arbitrage schemes like "round tripping". Any source of foreign exchange strengthens the domestic currency, no matter the route it flows through, just as any source of demand for tangible goods strengthens the bargaining position of those selling them.

As urgent as the Niger coup matter may be, Tinubu needs to act quickly to find a new permanent CBN governor who actually understands economics and is willing to sweep the CBN clean of all ignorant holdovers from the Emefiele era such this one. Until someone serious and confidence-inspiring is put in charge and given a free hand to clean shop, the Naira will continue to drop in value like a stone, as the status quo gives little confidence to markets that the root cause of Nigeria's ever-weakening currency - namely inflationary monetary policies - will be nipped in the bud. Enough of incompetents trying to shift blame to "AbokiFX" or "greedy [sic] bankers" for their own self-inflicted failures.

As usual, a malicious epistle.
So you know inflow of dollar irrespective of its source, strengthens the naira, yet allow potential dollar earners suffer under your beloved govt of Tinubu?
You still feel Emefiele trying to corner remittances at lower I&E is worse than this one, but they are, in principle, same measure of stupidity because black market to CBN, can't be officially recognized.
The CBN head is right to attempt to force bankers to sell at the lower I&E rate. He is under pressure and like Emefiele, needs to arrest the situation by wishing more people align to the I&E instead of the bigger black market.

ND oyel is gradually taking the backstage and to me, an advocate of resource control, is a good step in the right direction. Let fair conditions for businesses be opened up to allow even a casual wear maker or artisan chocolate maker earn forex directly. Medical tourism spots should be promoted so people with specific ailment can come to Nigeria and pay us willingly in exchange for services and not just kidnap ransoms. The CBN need to smell the coffee and stop pretending they manufacture dollars so must produce enough of it. They do not.

Rick9:
And they had to announce it instead of doing it in a clandestine way. S.m.h

Yes,if need be,so that the Wicked can change and that failures to change,the arms of the Law will eventually caught up with them!
Why should those in tie and suit be the very one making double - dealing and Undermining Nigeria!
For most of these Bankers,despite the heavy Salaries,they still carried out Selfish and Greed in the Banking Halls,then sharing the Exchange Currencies Monies,that ought to come to the Banks( their very own banks and altered the CBN and Govt Policies!
It's Economic Sabotage by underming the Currency Prices, you know!

Osuoh, u'll name n shame? Really? So, there's no consequences for violation of financial regulations? Or d consequences is to name n shame? U ain't serious!

TheBillyonaire:
The statement from the CBN personnel is an indication of the IQ benchmark of an average quota system nepotistic nomination. Renamining the formal sector as Nigeria Forex Market without eliminating the BDC parallel system is an exercise in futility.

Whether the currency is floated or value-fixed, the BDC agents will mark-up the price index for maximum profiteering and that has become the bane of our currency trades.

There are two solutions , and I will share it for free.

1. Eliminate the BDC (black market) system by instructing the Security & Exchange Commission to launch a Forex Trading platform and allow Nigerians to trade the currencies digitally instead of haurding of dollars and selling at margins.

2. Totally make it a yahoo level of offence for any BDC or Aboki to sell currencies, because they are the major speculators and the syndicates conducting money laundering at high margin. But I guess Aboki businesses can not be touched.

I prefer (1), because it will automatically eliminate (2) with time.

It is only when the black market is banned or discouraged by providing an option that we will have a stable float regime.

Most importantly, encourage exports by providing Export Subsidy and go ahead and legalize yahoo yahoo or just stop arresting yahoo boys so they can bring in foreign currencies without even product exports.

Remember, Economy has no emotions, economy does not go to heaven, otherwise Nigeria will go the way of Venezuela, mark my words.

It is easier said on nairaland.

Currency exchangers exist almost in all developed countries with strict regulations. So eliminating BDCs completely is out it.

This whole problem started when CBN stopped selling forex to the BDCs. This made the number of speculators increased and also increased demand.

Make them jejely begin BDC operation back.