ahiboilandgas:
Funny enough it hurts ever one inculding the Bleep akara seller ....cos the drug company is forced to import at speculative rate cos by araka sellers and when the araka seller have malaria he hia force to buy antimalaria at this self induced speculative rate ....instead of 600 naira the akara seller now pay 1000 .....effectively lossing out the imaginary gains ...

Oga it doesn’t work that way, your inflation is nearing 13%. Tbills rate almost in the negative. Why must the masses who want to save their money in any currency near the brunt? You would have had a point in you are asking FG to remove subsidy entirely on pilgrimage and others not telling people what to do with their money.
If cbn shuts dorm account, many offshore companies will be waiting to take over causing more damage

ahiboilandgas:
u are free to keep it under the pillow ..u are free to do explanations on why u are travelling with over 10k into Nigeria ...u are also free to not send any dollars to nigeria ...

Duh.

Nigerians are one of the highest holders of cryptocurrencies.

I am talking billions.

You are talking about cash dollars, lol

ojesymsym:
We have had this discussion here about the people and HR in Nigeria being a major problem, .

It's not a poverty thing. I used to think that way too until I worked in Kano for 2 years. I forgot my phone one time in a Keke Marwa and the driver brought it to my hotel. When I told my friends at work, they all testified to how many of those occasions they have witnessed severally.

I don't like bringing race to the matter. But what is very evident is that there are some particular ethnic groups in Nigeria that are most likely to be dishonest, cruel and possess a lot of theft tendencies. So let's stop pretending an average Nigerian doesn't have issues. It's not all poverty. North is the poorest region in the country, and by that half baked analogy, they shouldn't be honest.

einsteine:


Who says they don't need it?

You buy a land and you don't build on it, waiting for it to appreciate, does the government take the land from you? Should they?

Secondly, like I pointed out to you, the bank's lend in dollars everyday. Where do you think the money they lend for comes from? Just their capital or capital and deposits? The dollars in domiciliary accounts are not idle. Don't fall for the Buharinomics propaganda

Of course the banks lend out the monies deposited with them in whatever currency. That's what they're there for.

einsteine:


Who says they don't need it?

You buy a land and you don't build on it, waiting for it to appreciate, does the government take the land from you? Should they?

Secondly, like I pointed out to you, the bank's lend in dollars everyday. Where do you think the money they lend for comes from? Just their capital or capital and deposits? The dollars in domiciliary accounts are not idle. Don't fall for the Buharinomics propaganda

what has vp done with the 1 million pounds holding since 2015? instead it grew to 1.2m pounds ..which Nigerian bank can lend 500m dollars on a long term of 10 years to a local company .....how long u beem in your banking ......on land is called speculation...on the c/o u agreed to develop max 2 years if not the state can revork ur title ...land speculation dont hurt the naira ....it retard development and it localised..



U just learning i guess the ropes of Nigeria ..

Tobex4realTobex234:


It's not a poverty thing. I used to think that way too until I worked in Kano for 2 years. I forgot my phone one time in a Keke Marwa and the driver brought it to my hotel. When I told my friends at work, they all testified to how many of those occasions they have witnessed severally.

I don't like bringing race to the matter. But what is very evident is that there are some particular ethnic groups in Nigeria that are most likely to be dishonest, cruel and possess a lot of theft tendencies. So let's stop pretending an average Nigerian doesn't have issues. It's not all poverty. North is the poorest region in the country, and by that half baked analogy, they shouldn't be honest.

Yet the governments across Nigeria happily steal and engage in other anti-people acts, no matter their tribe or ethnic colouration. And let's not say its the politicians as against the populace - everyone was once a general member of the congregation before ascending to positions of power.

agreed 100%

Tobex4realTobex234:


It's not a poverty thing. I used to think that way too until I worked in Kano for 2 years. I forgot my phone one time in a Keke Marwa and the driver brought it to my hotel. When I told my friends at work, they all testified to how many of those occasions they have witnessed severally.

I don't like bringing race to the matter. But what is very evident is that there are some particular ethnic groups in Nigeria that are most likely to be dishonest, cruel and possess a lot of theft tendencies. So let's stop pretending an average Nigerian doesn't have issues. It's not all poverty. North is the poorest region in the country, and by that half baked analogy, they shouldn't be honest.

ahiboilandgas:
what percentage can the bank lend from people dorm accounts saving ? infact a large junk will be idle endlessly cos of the risk of paying back by the borrower in dollars cos the enterprises borrowing is earn in Naira and depend on hawish nigerian system to convert back to dollars to feed this dorm accounts with short call time ...

Companies are borrowing in dollars everyday. I have read quite a few Credit Approval Memos where the currency was dollars. Also, many loans these days are hedged. That's why there is a forwards market. Besides, you don't make money without a little risk.

And there's no problem even if the dollars lie idle. Those dollars could as well be offshore. They are not the entitlement of the Nigerian government.

Nigerians have been so used to governments of force and centrally planned economy that the concept of a free market flies over people's heads. If people don't want to hold Naira, you can't force them. There are banks in Cook Islands right now that would open an offshore account for you right from your home and they are full reserve banks. Pretty sure they will be happy to accept Nigerians' idle cash.

einsteine:


Duh.

Nigerians are one of the highest holders of cryptocurrencies.

I am talking billions.

You are talking about cash dollars, lol

yes husppuppy and Burberry held over 12m dollars on cypto....so we know the source of the dirty income..

ahiboilandgas:
how will they get the dollars since we dont print or plant it in our farms ....meanwhile 20 bn dollars is held by people u dont need it and they buy ever day....

So you think banning dorm account is the solution?
Since you seem not to know the problem,let me help you;
Nigeria is a very unstable economy where you can wake up tomorrow and hear its currency has depreciated or collapsed,so since it's people know this and have no faith in their gworo chewing leaders,the prefer to keep their savings in stable foreign currencies.
Again,a bulk of these guys aren't speculators like you label them but are just protecting their money's value.
So if you ban dom account,people will still buy the dollars and keep in their houses just like they are doing now that banks no longer pay dollars to dorm account holders.
Fix the shithole first before you come up with funny policies that can easily be bypassed by a 4 year old child.
My mama be dey keep big trading money for inside kom-kom,then imagine wetin dem go do to dollars wey fit enter even inside person nyarsh
Go to stable countries around(Cameroon,eq guinea,benin,etc..) and see the faith people have in their currencies,do you think it's because they don't have access to dorm account in their countries?
You think they don't know they can go to any aboki close by and by dollars and keep in their socks and inside their girlfriend boobs?
They do but because of the sheer stability of their various currencies,they know converting theyr money to fx is useless and they will lose as price will never increase,unless of course shithole Nigeria currency have problem again and then Nigerians start putting pressure on their local currency market again like now,dollar jump from 550xaf to 610xaf because shithole Nigerians can't manage their affairs properly
What a pain in the ass country.

ahiboilandgas:
yes husppuppy and Burberry held over 12m dollars on cypto....so we know the source of the dirty income..

Sorry but you are remarkably uninformed.

einsteine:


Companies are borrowing in dollars everyday. I have read quite a few Credit Approval Memos where the currency was dollars. Also, many loans these days are hedged. That's why there is a forwards market. Besides, you don't make money without a little risk.

And there's no problem even if the dollars lie idle. Those dollars could as well be offshore. They are not the entitlement of the Nigerian government.

Nigerians have been so used to governments of force and centrally planned economy that the concept of a free market flies over people's heads. If people don't want to hold Naira, you can't force them. There are banks in Cook Islands right now that would open an offshore account for you right from your home and they are full reserve banks. Pretty sure they will be happy to accept Nigerians' idle cash.

u are encouraging criminalilty...tell the chinese govt that that u wan hold dollar by force ....free markets an advertise by the west is not the only principle to develop ....control markets like shown by communist party have lift 500m Chinese out of poverty...

ahiboilandgas:
u are encouraging criminalilty...tell the chinese govt that that u wan hold dollar by force ....free markets an advertise by the west is not the only principle to develop ....control markets like shown by communist party have lift 500m Chinese out of poverty...

Lol, okay sir.

The countries you listed earlier are not import dependent. Nigeria is over 80% import dependent.

einsteine:
The free market always wins.

We have seen such economic foolishness in areas like drug prohibition before. We saw it when George Soros broke the Bank of England and the BOE exhausted its foreign reserve trying to defend the pound before giving up. We saw it when the Swiss tried to prevent their currency from appreciating but were forced by the market to give up. We see it when China tries to prevent capital flight and enterprising hustlers still find a way to provide "capital flight services" to those who don't have faith in the CCP and the CNY.

The CBN refusal to allow the Naira a bit of freedom is economic idiocy and only benefits currency profiteers and hustlers.

einsteine:


Sorry but you are remarkably uninformed.

mr informed tell.me the percentage of dorm saving or holding loan out by your bank in proportion to total dorm holdings to Nigeria firms...

Economic theory loading .... neoliberalism as opposed to elements and extent of government regulation - the free market is not usually the best way for a country to arrange its affairs, most definitely not. The reason why the United States, for instance, is so polarised and Germany, for instance, is not.

ahiboilandgas:
u are part of the problem cos u dont need the dollars now ....

Why would you say that? If I choose to keep my money in crypto so as to protect against naira inflation, how can you fault me for not keeping it in naira?

I was lucky to sell around 450 though. Rate has dropped below 410

Crazeworld:
Does this means black market rate will crash? I'm asking because I have some few dollars on Binance currently traded at 463/$. If the CBN intervention will force black market rate down, it wouldn't be wise holding on to dollars now right?

I got out of all my dollar position on binance this morning when I read the story of how CBN will start selling dollars to bdc as from next week.
Naira dollar trading on crypto sites mimic the black market rate.
I expect a fall in black market rate, the extent of which will depend on how far the CBN is willing to go in providing funding for the forex market.

TransAtlanticEx:
So you think banning dorm account is the solution?
Since you seem not to know the problem,let me help you;
Nigeria is a very unstable economy where you can wake up tomorrow and hear its currency has depreciated or collapsed,so since it's people know this and have no faith in their gworo chewing leaders,the prefer to keep their savings in stable foreign currencies.
Again,a bulk of these guys aren't speculators like you label them but are just protecting their money's value.
So if you ban dom account,people will still buy the dollars and keep in their houses just like they are doing now that banks no longer pay dollars to dorm account holders.
Fix the shithole first before you come up with funny policies that can easily be bypassed by a 4 year old child.
My mama be dey keep big trading money for inside kom-kom,then imagine wetin dem go do to dollars wey fit enter even inside person nyarsh
Go to stable countries around(Cameroon,eq guinea,benin,etc..) and see the faith people have in their currencies,do you think it's because they don't have access to dorm account in their countries?
You think they don't know they can go to any aboki close by and by dollars and keep in their socks and inside their girlfriend boobs?
They do but because of the sheer stability of their various currencies,they know converting theyr money to fx is useless and they will lose as price will never increase,unless of course shithole Nigeria currency have problem again and then Nigerians start putting pressure on their local currency market again like now,dollar jump from 550xaf to 610xaf because shithole Nigerians can't manage their affairs properly
What a pain in the ass country.

making no sense or points to me the those countries have 1 billion euro each in france inreturn for cfa ...this are mushroom nations trying to wean off slavery and manipulations.


Some member have even applied to withdraw their 1 bn euros from france central bank ....they dont control the currency .....talk of countries that have same parameter like Nigeria...

Crazeworld:

Why would you say that? If I choose to keep my money in crypto so as to protect against naira inflation, how can you fault me for not keeping it in dollars?

I was lucky to sell around 450 though. Rate has dropped below 410

Sold at 469 and will be waiting to go in again when and if price drops below 400.
I don't gain anything by arguing with market or complaining about what the CBN is (not) doing.
I am out to take advantage of whatever happens in the market to make some money.

lol. This is really nice.

You listen to the arguments and take your position.

pluto09:



Sold at 469 and will be waiting to go in again when and if price drops below 400.
I don't gain anything by arguing with market or complaining about what the CBN is (not) doing.
I am out to take advantage of whatever happens in the market to make some money.

Crazeworld:

Why would you say that? If I choose to keep my money in crypto so as to protect against naira inflation, how can you fault me for not keeping it in dollars?

I was lucky to sell around 450 though. Rate has dropped below 410

lucky u ...3 party agent on form m has been stop too meaning less false letter of credits by importers ...

pluto09:


I got out of all my dollar position on binance this morning when I read the story of how CBN will start selling dollars to bdc as from next week.
Naira dollar trading on crypto sites mimic the black market rate.
I expect a fall in black market rate, the extent of which will depend on how far the CBN is willing to go in providing funding for the forex market.

Truly, information is power...

ojesymsym:
The countries you listed earlier are not import dependent. Nigeria is over 80% import dependent.

That's of no relevance to my submission.

When the Nigerian auditor at KPMG sees his pension not keeping up with inflation and decides to hold some foreign currency to protect himself, it does not cross his mind that Nigeria is an import dependent country.

Even @ahibooilandgas here has been holding dollars (from his posts) and complaining of inflation, why doesn't he offer his dollars to the foreign reserve of the CBN at 360 Naira to a dollar

pluto09:

...I don't gain anything by arguing with market or complaining about what the CBN is (not) doing.
I am out to take advantage of whatever happens in the market to make some money.

I think you have a point here. I don't understand mathematics either but whether naira against the dollar is 500 or 300, what is the point if you don't benefit anything financially?

If a mudu of rice sells for 2k, everyone still needs to spend the naira to purchase it. I don't think I will pass up the opportunity to increase the amount of naira I have...legitimately.

pluto09:



Sold at 469 and will be waiting to go in again when and if price drops below 400.
I don't gain anything by arguing with market or complaining about what the CBN is (not) doing.
I am out to take advantage of whatever happens in the market to make some money.

The price would drop then go back again.

The CBN position is not backed by fundamentals. They can't keep up with the demand in the long term. People are waiting with billions (just like you waiting for it at 400) to snap at any cheap dollars.

At the end of the day, the foreign reserve will be depleted. It is a bazaar for speculators and currency hustlers.

I cannot blame individuals who hold USD, I do also.
My response was where you say free market worked in those countries and so must work here. By free market, except of course I do not understand what you meant by free market

einsteine:



That's of no relevance to my submission.

When the Nigerian auditor at KPMG sees his pension not keeping up with inflation and decides to hold some foreign currency to protect himself, it does not cross his mind that Nigeria is an import dependent country.

Even @ahibooilandgas here has been holding dollars (from his posts) and complaining of inflation, why doesn't he offer his dollars to the foreign reserve of the CBN at 360 Naira to a dollar

ojesymsym:
I cannot blame individuals who hold USD, I do also.
My response was where you say free market worked in those countries and so must work here. By free market, except of course I do not understand what you meant by free market

The market works whether the government likes it or not.

In Zimbabwe, people refused to transact with the government issued currency.

I stated that those countries tried to go against the markets and failed/are failing. For example, in 2015, people around the world saw the Swiss Franc as a stable currency and started converting dollars and euros and yuans to it. The Swiss tried to prevent this because an appreciating currency hurts their export. They couldn't because the market always wins and the CHF eventually appreciated.

Putting obstacles to free markets would always lead to undesirable consequences, in our case, the depletion of the foreign reserve, economic uncertainty and eventually Investor apathy

einsteine:



The price would drop then go back again.

The CBN position is not backed by fundamentals. They can't keep up with the demand in the long term. People are waiting with billions (just like you waiting for it at 400) to snap at any cheap dollars.

At the end of the day, the foreign reserve will be depleted. It is a bazaar for speculators and currency hustlers.

Yes, I expect the price to drop and then go back up again.
One has to be on top of his game as a speculator.
The CBN does not have enough dollar to meet all the demands, they are just trying to manage a delicate situation and in all honesty I can't blame Meffy.

Crazeworld:
I think you have a point here. I don't understand mathematics either but whether naira against the dollar is 500 or 300, what is the point if you don't benefit anything financially?

If a mudu of rice sells for 2k, everyone still needs to spend the naira to purchase it. I don't think I will pass up the opportunity to increase the amount of naira I have...legitimately.

I have always been an advocate of free market and my position has not changed.
If those who are in charge of the country economy think otherwise, the best I can do for myself is to take advantage of their foolishness.

DexterousOne:



Your last paragraph though
Lmao.

You seem to know what you are doing, and what you want.

Keep it up sir *thumbs up*

Good day Sir

You can recommend those APP he listed?

einsteine:



That's of no relevance to my submission.

When the Nigerian auditor at KPMG sees his pension not keeping up with inflation and decides to hold some foreign currency to protect himself, it does not cross his mind that Nigeria is an import dependent country.

Even @ahibooilandgas here has been holding dollars (from his posts) and complaining of inflation, why doesn't he offer his dollars to the foreign reserve of the CBN at 360 Naira to a dollar

very true i hold a dollars position to mitigate my cost of procurement oversea...i buy truck tyres ,rim,injectors ,truck heads ,discharge valves from my dollar holdings ....i work in a regulated enviromemt and cannot increase prices in naira to reflect devalutions...example.Apapa to airport is125000 per trip for over 2 years but tyres have jumped from 55k to 80k ....while dstv has increase price to 18500 while me am stuck...