TenQ:

No sir!
The steady decline in the dollar is not caused mainly by speculations BUT the law of demand and supply.

Almost everything we use in Nigeria (from toothpicks, pens, papers, clothings, jewelries, pins, needles, threads, etc) is IMPORTED, this means
1. The is a very STRONG demand for the dollar
2. The CBN cannot meet the demand need for this dolar
3. Therefore, the price of Dollar to Naira goes UP.
Its quite simple.

Only that our economic experts think there is a FISCAL solution to this problem.

The only solution is to begin an IMPORT substitution Local Manufacturing Economy.

Unfortunately, these people wouldn't want to go this line. They will rather find someone to blame.

philip0906:

Can you please name any policy enacted by this clueless regime, that has had any positive or wanted effect on the country? Border closeure? Cycle of policy sommersaults from the CBN? Crypto ban? 5 naira for every dollar policy? Kindly name one policy

thebosstrevor1:
Go and manipulate United states dollars and see if you won't end up in jail

philip0906:
Let them be deceiving themselves. Today, the dollar sold for 595. The real black market are the guys on the streets not AbokiFx who simply curates.

We shall see if Buharinomics can beat the basic economic principle of demand/supply.

sapientia:
Big big Grammer is the reason Nigerians dont know their right from their left

Just to tell us that CBN could not prove abokifx manipulates exchange rates.

That CBN is just practicing trial by error and hoping for the best luck, premium times is just blowing Grammer up and down

Naira will sink further and Emefiele might blame endsars protest, when it happens, explain it in a way every Nigerian will understand.

phineas:


There are entire analytic reports on policies that have been enacted in the last 30 years in this country .If you are not lazy and you really care to know you will search for them and read up.

It's not my job in any way to ensure you are educated on the matters you choose to comment on.

If you must speak on public issues,get enlightened,and make it a lifetime commitment.

Truthissupreme:
Do you have sense

How does one person manipulate dollars that even cbn can hardly do

They only co-relate the rates from the black market

The black market bureau de change mostly run by abokeys funding terrorism is the problem aside the demand and supply of an import based nation

amaham:

You can lie eeh!

philip0906:

Them hol you for blokos, you begin claw onto straws...Policies are not for the short term, you claimed. This is over 6 years of this clueless regime. Name one single policy that has been enacted that has benefited...You begin yarn opata. Nonsense!

Truthissupreme:
no mind the idiot

Buhari good policies are too big to be seen but we can feel this jihad policies as soon as possible

SirBlack999:
This regime could have been avoided if not for Lagos Intellectuals. I remember one tweeting something that goes like; 'Buhari imprisoned my father, but I'll vote for him because he's a reformed Democrat'.

Lastly, it will never be well with them

thebosstrevor1:


Speculation is what most people use the dollar for in Nigeria, they don't trade, neither do they import.

They find for ways to buy the dollar in cheap and sell it to the public for higher gain

thebosstrevor1:


And i wasn't talking about the cbn

A currency aggregator site in the United states or in the uk can not source its data from illegal sources. That will be economic saobatage

Esseite:
The CBN took the right decision, ABOKIFX was fast becoming another CBN without regulations.. it was the go to hub for street rates and open to fraud.

[/b]E.g Aboki Fx could buy 1 million dollars this morning and sell in the afternoon with the propaganda on an increase in rates[b].. it's open to manipulations.

ABOKIFX took away the haggling of rates by putting in a fixed rate.

CBN did good, since that shut down ABOKI, dollar has remained same price without increase on hourly basis we had before now.

Truthissupreme:
so who you con blame?

An unknown site that collates rates or the actual black market cbn is supplying dollars to

TenQ:

No.
1. The bulk of the traders who need Dollars can not legally source it from the Banks.
2. The CBN gave a limit of $100 per month which is grossly inadequate for the small trader.

If I want to import pressure cookers of $2000, where do you advise that I get my forex (we dont manufacture pressure cookers in Nigeria)

thebosstrevor1:


And i wasn't talking about the cbn

A currency aggregator site in the United states or in the uk can not source its data from illegal sources. That will be economic saobatage.

The black market in Nigeria does not exist and don't have any dollar from the cbn, aggregating black market price when it is the government have stoped selling dollar to them is illegal and sabotage.

Esseite:
The CBN took the right decision, ABOKIFX was fast becoming another CBN without regulations.. it was the go to hub for street rates and open to fraud.

E.g Aboki Fx could buy 1 million dollars this morning and sell in the afternoon with the propaganda on an increase in rates.. it's open to manipulations.

ABOKIFX took away the haggling of rates by putting in a fixed rate.

CBN did good, since that shut down ABOKI, dollar has remained same price without increase on hourly basis we had before now.

adonainana:


You are very confused, a black market is an unofficial market for any product currency, guns, Cocaine anything. There is a black maker for it

You don’t have to recognize a black market cos it’s called a black market for a reason

CBN doesn’t have to sell dollars to it either it’s an unofficial market which is popular because the official market for trading currencies in Nigeria vis banks and CBN does not exist

A website telling you CBN rates, black market rates is not the source of your
Misfortune

Dollar is still 565 as we speak it will still increase to 600 before December

Even before September 2022 because that’s when opec will allow Nigeria to increase its crude oil production levels to sell to earn more dollars

So more devaluing on the way or the naira tumbling further

So no need to waste your energy on a website

thebosstrevor1:


Abokifx do not buy and sell dollar, they aggregate data from currency street sellers but presently currency street sellers do not have access to cbn seller, to cbn they are banned, so how then do you aggregator data from a banned source and then post it as the official price

adonainana:


as funny as it sounds for you people who don’t get the gist .

You can buy dollars now at whatever price Aboki is selling it and wait 3 months and you will sell for a big profit

We can use someone here in nairaland as escrow if you would like to place a bet on it.

So I don’t know which world some of you people are from, you swallow everything hook line and sinker
There are inadequate policies making the naira tumble against foreign currencies, instead you go and attack someone displaying rates on his website

You people are very funny. How may Aboki’s know what website is more less a website that displays rates

Let say Buhari can’t reason well for himself, what about the rest of you guys

What sort of embarrassment is this

sapientia:
Big big Grammer is the reason Nigerians dont know their right from their left

Just to tell us that CBN could not prove abokifx manipulates exchange rates.

That CBN is just practicing trial by error and hoping for the best luck, premium times is just blowing Grammer up and down

Naira will sink further and Emefiele might blame endsars protest, when it happens, explain it in a way every Nigerian will understand.

thebosstrevor1:


We are not talking about goods traders. But those who deal in currency and where people buy their dollar from

The bulk of currency traders source dollars for cheap and sell to traders or those who need it for large profit. Even that goods trader also use it to speculate, he uses half for trade and then sell to other traders for profit too.

thebosstrevor1:


Abokifx do not buy and sell dollar, they aggregate data from currency street sellers but presently currency street sellers do not have access to cbn seller, to cbn they are banned, so how then do you aggregator data from a banned source and then post it as the official price

adonainana:


All these things you just typed makes sense to you like this

School una no go go smh

ORIENTATION101:
please tell us at least 3 cbn policies that have made naira tumble against dollar?

Esseite:


ABOKFX had so much power to make or mar the economy.

adonainana:


Policy number 1- not having enough implementation policies to defend the naira against the dollar in times of sever scarcity

Policy number 2- banning sale of forex to BDC some 2 months ago ( disastrous policy )

Policy number 3- not having a back up plan in light of alternatives to earn forex from the international market ( Nigeria only has crude oil to sell to earn dollars )

Nigeria is like this People like you who don’t n know much about anything more less the basics are in charge of running Nigeria

So nothing much to explain here

thebosstrevor1:


The official dollar rate is on cbn website. Bank do have their own rate on their exchange rate banners. Shekana!

Any exchange apart from that is illegal.

Black market are illegal and it is a criminal offense to trade in the black market for any goods

iswallker:
[s][/s]

this made little or no sense..

you couldnt pick anything from what premium times wrote on the issue - why not be quiet

anyways - one thing they said is this - if any single entity can sit and speculate and drive the value of your currency south like the naira is going - there is something inherently wrong with your policy

TenQ:

You can't overlook the Law of Demand and Supply and still expect your economic theories to work.
There is too much demand for the dollar.

The question you should ask yourself is WHY?

TenQ:

No.
1. The bulk of the traders who need Dollars can not legally source it from the Banks.
2. The CBN gave a limit of $100 per month which is grossly inadequate for the small trader.

If I want to import pressure cookers of $2000, where do you advise that I get my forex (we dont manufacture pressure cookers in Nigeria)