| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by Aleem26(m): 11:18pm On Feb 21 |
Very simple Walahi 1 Like |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by pendragonbladgo(m): 11:30pm On Feb 21 |
Crimecity:
And you want foreign investors from other countries in your country?
See the e-diots supporting Tinubu How is China doing it alone? |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by viodemus: 11:31pm On Feb 21 |
Be careful. It will make it reach 4000 naira or more. Build the foundation first. The solution is not even that complex yet. |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by Babalegba(m): 11:31pm On Feb 21 |
onuman:
What's a radical idea?
When you want to buy electricity transformer from Europe, you pay with Naira?
Join APC like Bwala and become crazy. You should stop putting words in people's mouths just for truancy sake. He is not asking for foreign countries to be paid in naira but that payments ,savings and all dealings in Nigeria should be in naira and indeed there are laws to that effect but it has not been followed. Anyway Nigeria will win eventually and all her haters will be disgraced. 1 Like |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by chidiokay: 11:34pm On Feb 21 |
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. All these epistle and trouble for what .... is dollar Air I think we are giving way tew- much credence to the Dollar, the scope of FX trading is level of "confidence"(i.e staked) on currencies ... at the moment everybody wants to save in Dollar against the Naira The best solution the govt can implement is, re-direct the economy from dollar one way, the govt preference for dollar is a source of encouragement to speculators & BDCs |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by Eriokanmi: 11:36pm On Feb 21 |
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. The black market had always been there before many of yiu were born and naura remained strong. You don't even need to buy fx expert you want to travel overseas. If you needed to order goods, banks were there to help . There was a time in this country when the official rate and the so called black market rate were almost equal. When banks refuse to sell fx to you for whatever reason, you head for BDCs. Why do you think people are hoarding the dollar? Tell tinubu if you know him to reverse his floating of the naira. Otherwise, people will see paper on the ground and think its money. He won't be abke to endure the soon to come wahala that will erupt in Nigeria. The masses will always be at the receiving end. What's in the various banks is a tip of the iceberg when compared to the money in the hands of those mallams. If i were tinubu, I'd take a harsh measure of converting the over 30bn usd lying redundant in commercial banks to naira. But he'd not do that cos himself and friends own the majority of those monies. We don't have a committed leader yet. To rule Nigeria successfully isn't rocket science. A leader with a will is needed. A lot of people reading my message always make mistakes by attacking Obi each time, thinking he's the one I'm referring to. I wonder why they don't mention atiku. There are many Nigerians who are qualified enough for that position. But the corrupt guys we have there won't permit them. |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by onuman: 11:37pm On Feb 21 |
Babalegba:
You should stop putting words in people's mouths just for truancy sake. He is not asking for foreign countries to be paid in naira but that payments ,savings and all dealings in Nigeria should be in naira and indeed there are laws to that effect but it has not been followed.
Anyway Nigeria will win eventually and all her haters will be disgraced. Haters of Nigeria are already being disgraced by Karma. Haters of Nigeria are those Nigerian groups who have presented apex political leadership of Nigeria since 1970. You see where their leadership of Nigeria has taken 200million people to. Starvation in the midst of billions of Dollars earned since 1970 by Nigeria. Develop more sense. |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by StOla: 11:40pm On Feb 21 |
skj1377:
Ban use of dollar in Nigeria. Ban crypto of any kind. Never sell dollars to bank. Companies requesting dollars should be inspected by son , firs and Nafdac before request can be granted . Finally stop payment of school fees abroad. No direct benefits to Nigeria. Only a revolutionary government can execute this commonsense policy. |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by Ken4Christ: 11:46pm On Feb 21 |
He gave the right counsel. I have mentioned it in my post.
You import products and pay with dollars.
You export and they also pay you in dollars.
This is the main reason dollar is appreciating against the naira.
When foreign firms come to buy from us and we insist they pay in Naira, it will make them buy naira. And when they begin to buy naira, the value will increase as the demand for naira increases.
Then, we should stop importing fuel. When we do, we are helping to increase the value of dollars. |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by Babalegba(m): 11:50pm On Feb 21 |
onuman:
Haters of Nigeria are already being disgraced by Karma. Haters of Nigeria are those Nigerian groups who have presented apex political leadership of Nigeria since 1970. You see where their leadership of Nigeria has taken 200million people to. Starvation in the midst of billions of Dollars earned since 1970 by Nigeria. Develop more sense. Haters of Nigeria are many and demographically varied.People exhibiting schadenfreude when things go wrong for Nigeria will all be certainly disgraced eventually. Some apex political leaders tried their best but were undermined by deep rooted corruption |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by onuman: 11:57pm On Feb 21 |
Babalegba:
Haters of Nigeria are many and demographically varied.People exhibiting schadenfreude when things go wrong for Nigeria will all be certainly disgraced eventually. Some apex political leaders tried their best but were undermined by deep rooted corruption What? They were undermined by deep rooted corruption? In other words, you don't understand that once the source of a river gets muddy, the course and mouth of the river also goes muddy? Translated because you cannot understand: once the apex political leadership is corrupt, every level of the society also gets corrupt. Those who led Nigeria all the years from 1970 institutionalized corruption in all levels of the society in Nigeria. |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by Streetdoctor: 12:07am On Feb 22 |
skj1377:
Ban use of dollar in Nigeria. Ban crypto of any kind. Never sell dollars to bank. Companies requesting dollars should be inspected by son , firs and Nafdac before request can be granted . Finally stop payment of school fees abroad. No direct benefits to Nigeria. I tink what u need right now is good, u really need food dis night bcs ur brain cells are malfunctioning |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by Streetdoctor: 12:09am On Feb 22 |
IamAtikulate:
And will use your papa prick to pay for Google Ads and Workspace. Don't carry that your Yoruba incompetence near international payments An average Westcoast believes so much in ewedu and amaka politics. If u Wana discuss about forex, just meet importers first, not these idiots we hv online dishing out paper economics like Cardoso |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by jaxxy(m): 12:09am On Feb 22 |
teadrake:
Economic saboteurs are fully ready to sink any policy aimed at curtailing there excesses. when we buy buy back our refined crude in dollars? Apc has lost it now they are destroying everything they touch. |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by Glassysea(m): 12:12am On Feb 22 |
Advisers too much this one will say this another person will advise this, so means the president don't have head to think or his advises don't have any brain to think, I cannot understand all this bullshit talk |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by Mitsurugi(m): 12:19am On Feb 22 |
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| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by Babalegba(m): 12:30am On Feb 22 |
onuman:
What? They were undermined by deep rooted corruption?
In other words, you don't understand that once the source of a river gets muddy, the course and mouth of the river also goes muddy?
Translated because you cannot understand: once the apex political leadership is corrupt, every level of the society also gets corrupt.
Those who led Nigeria all the years from 1970 institutionalized corruption in all levels of the society in Nigeria. You are making blanket generalizations which cannot really be right. General Idiagbon was not corrupt.He tried to stamp out corruption but the masses were not too happy as they thought he was too strict. It is not possible for a good man to reach presidential or governorship level in Nigeria. He must be callous, calculating,fetish,not mindful of human life, selfish ,corrupt, perfidious and wicked. You cannot find a good man among those jockeying for apex political posts in Nigeria. They are all crooks.and self serving |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by onuman: 12:39am On Feb 22 |
Babalegba:
You are making blanket generalizations which cannot really be right. General Idiagbon was not corrupt.He tried to stamp out corruption but the masses were not too happy as they thought he was too strict.
It is not possible for a good man to reach presidential or governorship level in Nigeria. He must be callous, calculating,fetish,not mindful of human life, selfish ,corrupt, perfidious and wicked. You cannot find a good man among those jockeying for apex political posts in Nigeria. They are all crooks.and self serving In the bolded above. I agree with you. You are 100% correct. As for Idiagbon, take note that he was never the apex political leader of Nigeria. Buhari was then. Therefore, there was a limit he could do in his anti corruption crusade. If you are a Yoruba, I can bet you are not a Nurudeen Olagunju. Most of those Nurudeens of the SW have sold their hearts to Sokoto Caliphate and no longer accept the truth about Nigeria when told. |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by NovusHomo(m): 12:51am On Feb 22 |
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| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by Takwando(m): 1:46am On Feb 22 |
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. The best comment on this thread |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by bull67: 1:47am On Feb 22 |
SalamRushdie:
See the kind of empty heads we have in Nigeria ha ha ha he he he. I wander what went through his brain went he made those comments. Maybe he was drunk 1 Like |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by LandMann: 2:07am On Feb 22 |
The government of Tinubu and past administration succeeded in killing the naira.
Can Tinubu and his political friends and enemies recall how they did congress and shared/competed on who will share the most dollars?
Tinubu think he's wise by directly attacking BDCs dominated by northerners. They'll sabotage your government and economy by hoarding the dollar more and selling at higher prices once they get their hands on any.
Also Tinubu foolishly advised Buhari to print naira in excess during covid to save the economy. The dullard implemented and now what do you think is the result of too much money in circulation chasing too few goods? Massive inflation and depreciation of your currency you moronic leaders who failed basic economics.
North east is a hotbed of insecurity and illegal exports in Nigeria. Farmers cannot farm and produce in peace for people to buy and consume.
No electricity to power production.
The monopolist Dangote will produce diesel and sell at exorbitant rate to industries powering their production with diesel instead of Normal electricity and they will transmit cost to consumers.
The end result is massive supply shock and skyrocketing demand due to population growth.
Years of looting and refusing to develop the country. Soon the masses will have to eat the elites because they have gotten too fat from feeding off the poor |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by akwunomy(m): 2:40am On Feb 22 |
jmoore:
Bwala: Once you join APC, your brain stops working.
If you ban the use of dollar to buy things from China. What else will you use to buy? Cowries? This one tire me…thought that guy used to be intelligent…what happened… |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by hedeybody: 3:48am On Feb 22 |
He does not anything. You ban local dollar but internationally dollar in use |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by saintneo(m): 3:53am On Feb 22 |
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. Great write up! However, recall that Tinubu (APC) and Atiku (PDP) dollarised their primaries and campaigns before the last election. The sudden scarcity of USD kicked off just before presidential primaries of both parties. Recall their delegates received huge USDs to sway their votes; why are these USDs not back in the system? 1 Like 1 Share |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by goldust777: 4:12am On Feb 22 |
Give naira value again by opening the borders and let Nigerians trade with other African countries across the border in naira and watch if the naira won't appreciate in value locking up the border and storing up your worthless naira within your borders when not industrially productive is a delibrate economic sabotage |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by spacechuks(m): 4:23am On Feb 22 |
You people are just fooling yourselves,
When the present government stockpiled dollars pre-election period and used it for buying votes and bribing INEC officials including the INEC chairman, they don't know this will cause artificial exchange hike,
Even all those who jostled for ministerial slots by bribing with dollars,
The problem is from the top, not from commercial banks
Commercial banks are just at the receiving ends,where there no commercial banks when dollar was 160,
The CBN is just another toothless bull dog that like bullying commercial banks especially on trivial matters in a country that doesn't work whereas the fraud going on in the CBN is mega,
The CBN should be unbundled, CBN that is not even generating income, what is their work, where are their salaries coming from, from tax payers or from oil and gas revenues, rubbish CBN
The political class are the problem,
The masses should channel their anger to the political class 1 Like |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by udomonday: 4:28am On Feb 22 |
Sell dollars directly from CBN to those who need them most,ban abokis and stop selling to commercial banks. |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by harjibolar10(m): 5:00am On Feb 22 |
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. God bless you. This is the kind of critics we need here abeg, not those lads with pessimistic thoughts upandan. Nigeria will be great again!!! |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by Newton1045: 5:11am On Feb 22 |
I don't like this man BUT
I AGREE WITH THIS SUBMISSION TOTALLY.
Americans don't use naira. Change everything to naira. Every thread in our currency |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by Newton1045: 5:18am On Feb 22 |
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 for these practical steps, which they know but corruption and politicking won't let them do the right thing. Aboki BDC are determine to cripple this government plus corrupt banks. I wonder Tinubu can't see this |
| Re: Bwala To President Tinubu: Ban Use Of Dollars For Local And International Trade by femicyrus(m): 5:26am On Feb 22 |
Crimecity:
And you want foreign investors from other countries in your country?
See the e-diots supporting Tinubu Who foreign investor epp? |
. Such ignorance!