I think you've got an idea here. Unfortunately, we have a government of dullard that can't value it. There's another idea shared by someone on YouTube about using remote jobs to bring in foreign exchange but until now, no one is talking about it.

Not until the proper thing is done concerning our economy, the dollar will continue to rise. Nigeria is still an import-dependent economy and imports even the most basic things

My own na to

Your president is patronizing foreign hospitals yet you want to crash the dollar!

Maybe you think say na plane crash!


Just dey play!

I don’t really know how the digital market is basing their exchange. But they are way higher than Parallel market.

abhosts:
I went to a BDC to buy dollar today and observed the BDC staff were monitoring the rates on Binance P2P website. The rate they sold me dollars was within a 2 Naira margin of the going rate on Binance P2P. I later went on Binace P2P and noticed that liquidity was very low on the platform. The Naira could lose N100 to USDT but trading volume within that period could be as low as $50,000. If Binance P2P is the de-facto indicator of dollar rate in the parallel market, I thing it is time for the CBN to intervene there.

If the CBN can float 5 merchant accounts on Binance P2P and provide them liquidity of $5m weekly, the price of USDT would easily crash to about N1,200(or lower) and stay there in the short term.

Yes they tried it with 2 billion dollars the market swallowed the money within 2 weeks

They need to pass a law making BDC’s and other currency speculators illegal. Only banks at official rate can and should issue exchange. Otherwise they are just t playing here. Also, platforms that have made money through such sabotage should be raided and their money confiscated for sabotage. You can’t try this in any first world country, speculate against their currency and go free. They will cripple you to the 10th generation and you will spend a long time in prison.

2mch:
They need to pass a law making BDC’s and other currency speculators illegal. Only banks at official rate can and should issue exchange. Otherwise they are just t playing here. Also, platforms that have made money through such sabotage should be raided and their money confiscated for sabotage. You can’t try this in any first world country, speculate against their currency and go free. They will cripple you to the 10th generation and you will spend a long time in prison.

You are just on point

When they are ready to tell us the truth then we will listen.
They now blame the poor masses for not patronizing Locally made things, meanwhile Dangote is planing to import crude from America. Our politicians don't patronize local hospitals, their kids don't school in Nigeria, then you sell your crude in a foreign currency 💲 very smart of you. Yet you want your economy to be strong.

Meanwhile poor and average Nigerians are obedient people. You asked them to eat local rice which was about 7k as at the time you enforced it now its over 50k they can't even afford it again.
Why were we not having this issue all the time PDP was in power?
I know pro Apc will come to support Apc but na you dey suffer am. Then you'll create excuses for your suffering just to protect the integrity of your task master that don't know you. Shuuuur

2mch:
They need to pass a law making BDC’s and other currency speculators illegal. Only banks at official rate can and should issue exchange. Otherwise they are just t playing here. Also, platforms that have made money through such sabotage should be raided and their money confiscated for sabotage. You can’t try this in any first world country, speculate against their currency and go free. They will cripple you to the 10th generation and you will spend a long time in prison.

You have got a real solution

Declare BDC's and currency speculators illegal

If one needs foreign exchange, approach the bank

Bobloco:


You have got a real solution

Declare BDC's and currency speculators illegal

If one needs foreign exchange, approach the bank

That if banks have enough and willing to give you.
There is scarcity of forex.

Naira is perfuming poorly to all currency in the world.

Not just the dollar. I don’t know why you all focus on the dollars

Bullfallo:
Naira is perfuming poorly to all currency in the world.

Not just the dollar. I don’t know why you all focus on the dollars

Then close the Naira and let Nigeria start spending dollar. Those who can't get any dollar should trade through barter. Adejo takes goats and maize to the market and take Laptop from Johnson while Aunty Rashidat takes her basket of pepper to the market, Emma take it and give her packets of antibiotic plus a pack of peak milk...shiekena.

2mch:
They need to pass a law making BDC’s and other currency speculators illegal. Only banks at official rate can and should issue exchange. Otherwise they are just t playing here. Also, platforms that have made money through such sabotage should be raided and their money confiscated for sabotage. You can’t try this in any first world country, speculate against their currency and go free. They will cripple you to the 10th generation and you will spend a long time in prison.

Excellent idea.

In Ethiopia, if you are caught trying to buy forex in black market, you will be

1. Deported
2. Cash confiscated
3. The ethiopian BDC will go straight to jail... if he doesn't just disappear.

If you're super lucky, you would meet a corrupt security official that would just steal the money and release you. But that cash is non-negotiable, he wouldn't give you a dime.

The Government doesn't play... at all.

This is a short term solution, they have done this twice in 4 months.
They Pump and dump

abhosts:
I went to a BDC to buy dollar today and observed the BDC staff were monitoring the rates on Binance P2P website. The rate they sold me dollars was within a 2 Naira margin of the going rate on Binance P2P. I later went on Binace P2P and noticed that liquidity was very low on the platform. The Naira could lose N100 to USDT but trading volume within that period could be as low as $50,000. If Binance P2P is the de-facto indicator of dollar rate in the parallel market, I thing it is time for the CBN to intervene there.

If the CBN can float 5 merchant accounts on Binance P2P and provide them liquidity of $5m weekly, the price of USDT would easily crash to about N1,200(or lower) and stay there in the short term.

lwisee:


That if banks have enough and willing to give you.
There is scarcity of forex.

Banks are the ones providing BDC’s with connect for FX because they can also make money from the sabotage. They are all cashing out. They get it cheap and sell high. If FG is not willing to stamp on that hard, we are not ready at all.

If everyone looking to sell is depositing in the bank, the banks will have enough when BDC no longer exist.

oz4real83:
Not until the proper thing is done concerning our economy, the dollar will continue to rise. Nigeria is still an import-dependent economy and imports even the most basic things

You people should stop this import nonsense, the problem with Nigeria FX is corruption remove corruption and see naira regain it's strength

What happened to AbokiFx?
You are putting a square peg in a round hole. The only thing that can sustain the economy is forex. Give more jobs, more exports and more USD inflows. Banks should be flooded with USD. That's the only way to sustain the economy and not ban Currency speculators.

2mch:
They need to pass a law making BDC’s and other currency speculators illegal. Only banks at official rate can and should issue exchange. Otherwise they are just t playing here. Also, platforms that have made money through such sabotage should be raided and their money confiscated for sabotage. You can’t try this in any first world country, speculate against their currency and go free. They will cripple you to the 10th generation and you will spend a long time in prison.

Error401:
What happened to AbokiFx?
You are putting a square peg in a round hole. The only thing that can sustain the economy is forex. Give more jobs, more exports and more USD inflows. Banks should be flooded with USD. That's the only way to sustain the economy and not ban Currency speculators.

No serious country in this world allows currency speculators. All of them are still thriving in Nigeria. That is a problem. A very big one. Nigeria problem is multifaceted but this is one of them. By the way, exports will only increase if they ban a lot of imports. For an import dependent country will you be able to survive such a ban You people will be online crying of hunger. Such decisions require a lot of hardship especially if people have been importing for years.

oz4real83:
Not until the proper thing is done concerning our economy, the dollar will continue to rise. Nigeria is still an import-dependent economy and imports even the most basic things

How much dollar have your president spend in France, is naira not performing better before the advent of calamity called APC, how much is In Nigeria foreign reserve when Buhari took over how much it's today? Is Nigeria not importing goods when naira was N215 to dollar

Aboki Fx was banned for more than a year, and the naira kept going down. The problem is not the currency speculators but the poor economy

2mch:

No serious country in this world allows currency speculators. All of them are still thriving in Nigeria. That is a problem. A very big one. Nigeria problem is multifaceted but this is one of them. By the way, exports will only increase if they ban a lot of imports. For an import dependent country will you be able to survive such a ban You people will be online crying of hunger. Such decisions require a lot of hardship especially if people have been importing for years.

Parable007:
When they are ready to tell us the truth then we will listen.
They now blame the poor masses for not patronizing Locally made things, meanwhile Dangote is planing to import crude from America. Our politicians don't patronize local hospitals, their kids don't school in Nigeria, then you sell your crude in a foreign currency 💲 very smart of you. Yet you want your economy to be strong.

Meanwhile poor and average Nigerians are obedient people. You asked them to eat local rice which was about 7k as at the time you enforced it now its over 50k they can't even afford it again.
Why were we not having this issue all the time PDP was in power?
I know pro Apc will come to support Apc but na you dey suffer am. Then you'll create excuses for your suffering just to protect the integrity of your task master that don't know you. Shuuuur

This is my anger with this, the one they called president is in far away France spending dollars. How did PDP they tag corrupt manage to handle economy and security for good 16years. How much did APC meet Nigeria foreign reserve how much it's today. Until masses begin to ask the real questions

oz4real83:
Not until the proper thing is done concerning our economy, the dollar will continue to rise. Nigeria is still an import-dependent economy and imports even the most basic things

Old story. We are talking near term fix. Wasn't Nigeria import dependent in April 2022 when dollar was still around 500? Did we start importing 3 times more all of a sudden?

GeneralOjukwu:


Excellent idea.

In Ethiopia, if you are caught trying to buy forex in black market, you will be

1. Deported
2. Cash confiscated
3. The ethiopian BDC will go straight to jail... if he doesn't just disappear.

If you're super lucky, you would meet a corrupt security official that would just steal the money and release you. But that cash is non-negotiable, he wouldn't give you a dime.

The Government doesn't play... at all.

This your idea is very good but unfortunately it will not work in Nigeria because the same corrupt politicians are the one operating BDC

If BDC people are contributing to our economic problem

Then let's CBN shed 2 zeros from the Naira to distabilize the parallel market.

Princewill1:
If BDC people are contributing to our economic problem

Then let's CBN shed 2 zeros from the Naira to distabilize the parallel market.

If they do that, they destabilise everything equally including the stock market. But I would really like for one zero to be removed from the naira. Then naira becomes around 130-140.

mrvitalis:

Yes they tried it with 2 billion dollars the market swallowed the money within 2 weeks

Op dey sleep 0n top bicycle, something they tried already and boasted about it b4 it was swallowed.

You remember when czar posted nigerian flag

They could have harnessed diaspora remittance properly but they have no sense

lwisee:


That if banks have enough and willing to give you.
There is scarcity of forex.

Why are the banks not willing to give? when they are meant to be the official distributors

banks tell you there is no dollar but if you are persistent they direct you to an Aboki outside, where are those abokis getting it if not from the banks, same way customers hardly get mint notes from the bank but when you get to owambe you see some agent selling mints who is there source if not banks

We can call the Govt all sorts of name but even people aint helping matters, presently there are so many uninvited players in the fX market staking against the Naira hence the free fall

If una like blow grammar from now till tomorrow nothing go come out see this kind of great idea that is here but the will keep employing dullards as a minister and so on

Omoh this conversation ehn