Bureau de Change (BDC) operators in Abuja have blamed the steady fall of the naira on deliberate hoarding of foreign currencies which forces them to buy from government officials and top politicians across the country.

Some BDC operators at Wuse Zone 4, a popular spot for foreign currency exchange, lamented that the pervasive scarcity of the dollars and other core global currencies is due to activities of highly placed government officials, top politicians and Central Bank of Nigeria’s (CBN) staff, who have found the falling naira as a way to line up their pockets at the expense of the nation.

On allegation made by a former CBN governor and current Emir of Kano, Sanusi Lamido Sanusi, that people sit at home and make calls to buy dollars from the CBN and resell, BDC operators corroborated it, saying, “It is true.”

Refusing to identify his name, a BDC operator said, “Dollar is scare, we don’t have it like in the past. For us to have it, we must identify who to approach to buy from CBN for us,” he said.

“Mostly, top government officials use their influence to buy from the CBN in the name of going abroad for official assignment,” he further alleged.

Asked if he knew anyone or had bought from them, he said, “My ‘oga’ (boss) does not sleep,” adding that “he follows them around, sometimes he goes to their houses in Asokoro, Maitama to beg them to buy dollars. He traveled to Kano last time to approach somebody for it,” he pointed out.

According to information provided by the BDC operators, ministers, key personnel at the presidency, top politicians not in government but with strong links as well as traditional rulers mostly from the northern part of the country use their influence to buy dollars from the CBN even at the old rate of N170/$.

This must have informed the allegation of Sanusi, who, according to sources, must have spoken from vintage position.

“My boss told me he buys dollars sometimes at N300 and N380 depending on individual sellers,” another BDC operator noted.

The CBN while trying to prop up the naira few months ago opened dual windows and harped that the naira was floated to subject it to market forces.

Unfortunately, the national currency has continued to receive intense battering and fell to N406/$ few days ago at the black (parallel) market.

Recent reports said the naira has shed almost 40% against the dollar in almost a year, making it the worst performing currency globally.

And if that was not enough, Sanusi ran scathing attacks on the Federal Government handling of the economy in general and the CBN currency operation in particular.

“You don’t have to be an economist to know that any system that allows you to sit in your garden, and with a telephone call, make one billion naira without investing a kobo, that system is wrong. It is unsustainable”, Sanusi said of highly placed politicians and top individuals who use their influence to buy forex from the CBN and sell to make undeserved profit.

“And just so we are not always blaming the previous administration. We have also made mistakes in this administration,” he added.

“And if we fall into the same holes that we fell into the last time where the government is always right… If a policy is wrong, it is wrong. Nothing will make it right and it has to be changed,” the former CBN governor asserted.

Investigations based on findings from the BDC operators have shown that CBN top executives know about the whole dirty deals.

According to information, they are helpless as they cannot stop immense pressure put on them.

“Often, calls come from various sources that are highly placed. The major culprits in requesting for forex which they possibly resell are the ministers and highly placed presidency staff, who the CBN executives cannot ignore,” a BDC operator told Independent, lamenting that he was tired of begging these “people for forex.”

Few months ago, before the CBN floated the naira, there were allegations against a key aide to President Muhammadu Buhari, who had unimpeded access to forex as the nation groaned under forex scarcity.

The CBN had defended its position, saying it did not sell dollars to individuals but the aide while defending his dollar purchases said he did not breach any law as he did not buy above the threshold set by the CBN.

There has also been allegation of the CBN leaving its constitutional role of being the bankers’ bank to the buying and selling of currencies.

According to the BDC operator, who spoke with Independent, “the CBN flexible forex regime has not worked in our favour or the country but has become the conduit pipe as Emir Sanusi has said to influential people’s advantage.

“Banks don’t have adequate forex and so the demand placed on us is high. But for you to get it, you must be prayerful that one government’s official or politician remembers you and comes calling to sell what he has gotten for cheap from the CBN,” he said.

http://independentnig.com/we-buy-dollars-from-government-officials-bdcs/

Ok

"Unfortunately, the national currency has continued to receive intense battering and fell to N406/$ (N415/$) few days ago at the black (parallel) market."

Recent reports said the naira has shed almost 40% against the dollar in almost a year, making it the worst performing currency globally.

Useless APC government economic policies, hopeless situation

"...due to activities of highly placed government officials (APC) , top politicians (APC & PDP) and Central Bank of Nigeria’s (CBN) staff (Emefiele and APC staffers). Useless government

Said it before and it bares repeating.. Just as pdp's racket was fuel subsidy, apc's racket is forex subsidy.. You get forex at 197 today 29th of August if you get connect inside CBN or you have someone close to d corridors of power!

And una say I dey corrupt?

Seriously,The rate Naira is crashing calls for Urgent action cos at this rate it will surely get to #1000 by december
WAHALA DEY

The naira keep crashing and crashing. Price of commodities have sky-rocketed, the masses are the mostly affected. Which way Nigeria?




GIVE YOUR SKIN A TREAT, CHECK MY SIGNATURE!

Okay

Nothing new.
Seized forex from citizens remitted by their families & hand them N200/$ but pass the dollars to crooks (relations & friends) to sell back to the masses @ mad rates in the name of floating after hoarding for months.

The thunder that will answer them all will not stop with this generation!

Olympus has Fallen & London has Fallen.
And now the sequel, Nigeria has fallen..........

deliberate hoarding of foreign currencies
making it the worst performing currency globally
somebody please tell me what treason means again?

What some people don't realise is that no one can ever make our country great but ourselves.
In our own little ways we should shun corruption. don't give, don't take.
I will deny myself ill gotten wealth because I know it is the right way to live. My aim is not to be the richest man but to show to people that there are honest means to make it.

Isorite in sanusi's voice

“Mostly, top government officials use their influence to buy from the CBN in the name of going abroad for official assignment,” he further alleged.......The rot still persists!

Naira is crashing and d dulllard is gallivanting allover d stratosphere spreading ear infection from Lake Chad to Kenya. Meanwhile his illiterate, kwashiorkor & cutlass wielding brodas are having a swell time acting Spartacus all over d country.

Fantastically corrupt Government!

Whilst Jonathan and his friends ran a subsidy fraud cartel , Buhari and his forex thieves are running a well oiled foreign exchange racketeering fraud cartel. Buhari has failed us all

the zoo!

the poster below me said it all.







Okwa 1 naija, okay na.

I assuare you zat the pederal gammant iz awaya of diz anda will do ebry thin to fight kwaraption God bless za pederal refublic of Nigeria.


I tell you. you have seen nothing yet. continue to believe that Buhari will change thiz country. he is the biggest lier in the History of West Africa. God save us from this An*mal amen

Imagine...

Just take a look at the picture above my post...

They were quick to put blame on the now past administration...

Now they're in power and they're performing far worse...

This is a government that was said to have been carefully selected by virtue of Buhari's "integrity"...

Now look at the nonsense they are doing....

I don't blame Buhari, I blame the mindless zombies who brought him here.

Na pesin wey don chop belle full they talk about dollar...

Is wa mehn
So na so after shouting APC from the rooftop of my house for village, na so Bubu go come fall my hand like this?
E no go beta for der destiny mehn

Aisha Harliburton

Buhari is just the S.I unit of corruption.

IT MEANS THAT

Goodluck was So Buhari

youngalex:
Bureau de Change (BDC)

According to information provided by the BDC operators, ministers, key personnel at the presidency, top politicians not in government but with strong links as well as traditional rulers mostly from the northern part of the country use their influence to buy dollars from the CBN even at the old rate of N170/$.
Recent reports said the naira has shed almost 40% against the dollar in almost a year, making it the worst performing currency globally.
http://independentnig.com/we-buy-dollars-from-government-officials-bdcs/

Naira the worst performing currency in the world, Buhari set the record under 15 months, still some shameless people are blaming Jonathan

and Nigerians for buying imported goods as if Nigeria is the only country in the world that buys imported goods, the same people told

us na PhD we go chop certificate no matter, today the difference is crystal clear for everyone to see.

You see!?

https://www.nairaland.com/3302420/cbn-governor-says-naira-may

PMB is using this forex issue to payback his benefactors.
Paying them for bringing him to power.
only zombies will still argue with this article.
it's mainly traditional rulers and other influential people from a certain region that are really cashing in on this forex issue.

I have said it before and I will keep on saying it until proven otherwise, PMB is not a man of integrity.
If he really has the core interest of this country at heart and want to sincerely fight corruption, this issue would have been properly addressed.
This country has never been so divided along religious and tribal lines while been battered with economic and social hardship brought upon it by leaders who are not positively proactive,sincere and organized.
The only thing this PMB lead administration is good at is showing off its gross irresponsibility by always been so quick to apportion blame to the past administration without shame or responsibility.

Is this not the height of corruption?
Is this article not enough evidence for EFCC to commence investigation?
Oh I forgot,it has nothing to do with PDP or any opposition so they will turn a blind eye and deaf eyes.

If this trend continues,by December it may be #500-$1


I love my country but I'm truly ashamed of our leaders!

Am about to change some Naira to pounds to pay for my training fees, I am not smiling at all .... If I curse , it won't make any difference, but whoever has access to God's vengeful Angels should help me ask them to kill all these evil people

[size=13pt]Is that not corruption?

Where is EFCC when you need them [/size]

the biggest thing that annoys me the most is the fact that the presidency will not in any circumstance try to explain to the Nigerian people whats happening and what is being done to tackle the degrading situation of Naira... they are playing with us like a game of monopoly, as long as they can get their hands on cheap USD every other person should GTH...

Wither Nigeria?

Can the corruption in this Buhari government get any worse.The Forex racketing fraud perpetuated by government and presidential officials is monumental. Just look at the effect of their greed on the masses. What a shame!

The useless APC government has already outperformed the previous Democratic and Military government of Nigeria as the worst ever.

May God run the lifes of all them that helped bring in this demonic and oppressive government the same way Nigeria is been retrogressively managed.

All you need to be rich over night in Nigeria is knowing the 'right person'. Imagine being connected with these kind of people. You are rich bro(in Kanye West's vioce). I don't complain anymore.