I was waiting for this. Now time to sell my foreign currency to highest bidder. $1 =N1000

lwisee:
Good move, most people sit behind their laptops, check the exchange rate on abokifx before giving you quotations.
The next thing you hear is 'Oga everything is expensive now ooo
Even 1 dollar is now N560 I swear, you can check abokifx'

Government need to shutdown the website as well.

Wooow, what a solid idea, why didn't the dumdum think of this since 2015 now $1 = 1 Naira

IPIGSRDOTARDS:
I use this frequently. Why shut it down?
Worst CBN Governor EVER.

Was he planted to destroy the economy because that's exactly what he been doing all along.
Buhari, I beg fire this guy ASAP.

I think we need to visit his days as Zenith Bank CEO. He must have cooked the books. His policies to stem the NGN in FX markets are just unimaginable.

Which kain country b dis abi na Bo-kohari again? So FX na secret again?


Check online you will see foreign currency rates everywhere, why is Naija always backward?

IPIGSRDOTARDS:
I use this frequently. Why shut it down?
Worst CBN Governor EVER.

Was he planted to destroy the economy because that's exactly what he been doing all along.
Buhari, I beg fire this guy ASAP.

The man is a banker all the decisions he has ever made were to benefit the bank.

1. Paying remittance in local currency. That helped the bank to dictate what rate they are willing to pay on the remittance. The banks then turn around and sell at a profit to the BDC. Initial excuse used was that paying out remittance in foreign currency to the beneficiaries will have adverse effect on the country foreign reserve. Imagine I sent $1000 through Western Union and instructed that the beneficiary be paid in dollar how will paying out the $1000 affects the country foreign reserve. I put in $1000 and I get out $1000 that is a wash. He did it because his real goal was to create scarcity of dollar in circulations. This was a policy change from the Jonathan administration. Exchange rate when Buhari came into power was around 195 - 220. Now we are at 570. The man is incompetent plain and simple.

2. Stopping BDC from trading in FX had the same purpose. It created artificial scarcity of dollar in the open market, you can see this in the banks ATM rates on VISA card those rates are still within N450 - N460 range but parallel market rate, which in reality is the open market is at 570. Go into any bank and try to buy FX exchange you can imagine the number of papers you will need to fill out. Only in Nigeria is it easier to obtain FX exchange to pay foreign school fees than to run a business.

TimeSpaceWizard does have a point from an economic policy standpoint.

Why is everyone fixated on the dollar. There's a huge chunk of the demand for FX which is driven by speculation and greed. To sustain such a policy.

1. CBN must meet all transparent FX demands and pay only international counterparties.

2. All FDI and FPI's must easily repatriate

Dollar should not be used for speculative purpose or as a store of value in a naira driven economy

Keep your dirty mouth shut. You guys are so wired to a financial system that is designed for fraud. Nigeria fx system is a fraudulent system. I have a US company and I use that to make payments for imports and its shipped into Nigeria. Why should I depend on a fraudulent system to actuate my destiny?

The person explaining there is suffering alongside you all that have to go through understand a stupid system in order to survive when he can simply incorporate a US company and do businesses in better economies.

I do not know why you guys are primarily Ape-like.

Mister Americana

You can easily do forex transactions from American banks simply because the. USD is the most demand fiat in the whole world. Everyone (including America’s enemies would gladly accept USD. Only few people would accept Naira.

This is why i said you are literate by half. Just because you have done a few micro transactions in one outback county in Texas does not qualify you to have macro economics conversations. You evidently have never worked in international trade before nor understand its workings.

Unfortunately you are not smart enough to learn from others else you would have picked few points since the beginning of this thread.

Incorporate your business in the US and have an account here for your purchases and bypass use of Nigeria banks.

So how do you fund the account you opened in USA?

With Naira from sales?

How will you convert the naira you collect from the streets of Nigeria into value in your American account?

Do you even know the meaning of a domiciliary account?

This is not the right thing.

CBN is only chasing shadow.

The Aboki fx was only gathering prices from the streets.

Kindly visit my signature for your business ideas and updates

AmuEbule:


Yes. You are right, I am abroad. Worry about your useless leaders in Nigeria who rely on their marabouts & don't know their left from right.
I am developing projects in Nigeria, mindful of the high cost of materials but I don't give a rat's behind because your leaders are confused.
Everything is devalued, right? Then tell your good for nothing 85 yr old certificate forging dullard to stop the senseless borrowing from China.
I just paid #3400 for 50 bags of cement but I am glad I can afford it. Blame your freaking unsteady and corrupt Nigerian leaders, clown!

see who is calling someone clown. You think you are the only one abroad? I am sure I have been to more countries this year than u have been in all your life.
Calm down, there are always G’s bigger than you. Humility and civility could give u insights during arguments without resulting to insults. You bought 50 bags of cement when I buy a trailer load of cement bags and you call me a clown? I can refer you to some builders in the building threads who have worked for me and will validate me. It is obvious you are upcoming and i am sure you will understand what I am telling you after some years.

angelfallz:
Actually he would still be better off. Because, he has dollars that he can convert to naira. Eg if he has $2,000 and converts to naira with an exchange rate of ₦500 to 1$, he would have ₦1 million. So you see even if things are more expensive, he would still have more naira to spend because he is converting from dollars to naira.

I see your point but you guys are not seeing the bigger picture.
I am busy and don’t have time to explain in detail. But I will give you a little insight.
Dollar increases, cost of material increases. You get more Naira but do you really get more value? Fine when compared with those that are local whose salaries or income do not increase ,he is sort of better off because the local power of purchase for them is reduced. But let us go to him that thinks the devaluation of the Naira is good for him.
He finishes building his house at say 45 million Naira. And if he is to sell, the house is Worth 55 million in 2021. Using a rate of 550 to a dollar, he built the house $81.9k and sellable at $100k. Fast fwd to 4 yrs when the dollar has hit $1100. Do you think the house he built can be sold for 110 million,NO. The answer is no because going by antecedents it doesn’t change as the dollar changes. Take a house that was being sold for 150 million in 2015 when the exchange rate was N150. Meaning the house was worth $1,000,000. Do you know how much such a house is worth now, not more than 250million Naira. Is dat up to a million dollars? No. But when compared to the 150 million naira of 2015,it may appear as if the house has significantly increased in value but in real dollar equivalent, it has significantly lost value to about $500k as against the initial $1 million dollars of 2015.
So you see, having a good property investment in Nigeria is like being on a 5 star cruise ship that is on water (Nigeria) where the cruise ship is moving fwd but the tide of the country is moving backwards. Years later, u will discover u have made a lot of progress on the water but the tide of the water made you regress in relation to land. Unless you are in a business like selling cars where you can base your selling price directly on the exchange rate, overall, you are regressing.

Then you all will continue to lament. You prefer to have dorm account and buy dollars and store there but you forget that dollars' value is accelerating upwards because everyone is storing up dollars.

Then you want the aboki bdc fx system in place for you to continue the round tripping, but you want import to be easy cos your currency is not accepted due to its volatility.

Seems you all are too smart to understand that you are the cause of your own problems.

I don’t really have a a dome account in the first place. So, your assumption is utterly wrong.

I’m only told you the reality ing ground. The bulk of those that run dom account are the big men in the country. Is it someone that is trying to survive that will open an account to keep FX.

hosemujica:
Aboki FX have done nothing to you oga, all the point you tried to make does not add up.

The fact that when you sell your $ to the banks at the official rate they (Banks )turn around and sell it to BDC operators at black market rate, this I have seen. So whose fooling who? The government should go after the banks and BDC or tell us exactly why they are after abokifx

Abokifx is also a BDC why do you think his bank account was Frozen?
some of you don't even understand the topic you just Jump to defence of what you know not

danowena:
see who is calling someone clown. You think you are the only one abroad? I am sure I have been to more countries this year than u have been in all your life.
Calm down, there are always G’s bigger than you. Humility and civility could give u insights during arguments without resulting to insults. You are bought 50 bags of cement when I buy a trailer load of cement bags and you call me a clown? I can refer you to some builders in the building threads who have worked for me and will validate me. It is obvious you are upcoming and i am sure you will understand what I am telling you after some years.

E pain you ba? Nairaland Dangote! Buzz off, clown. You think I have time to measure wealth with a yahoo boy like you. Olodo!

danowena:
see who is calling someone clown. You think you are the only one abroad? I am sure I have been to more countries this year than u have been in all your life.
Calm down, there are always G’s bigger than you. Humility and civility could give u insights during arguments without resulting to insults. You are bought 50 bags of cement when I buy a trailer load of cement bags and you call me a clown? I can refer you to some builders in the building threads who have worked for me and will validate me. It is obvious you are upcoming and i am sure you will understand what I am telling you after some years.

You are in pain for being called a clown. Loser! Play more mmm and delve into yahoo stuff more. Yes, you may have been abroad but I am not the reason why you were deported ok. Carry your wahala go and stay off my mention tout

owagbeba:


But how do we eliminate black market when we can’t walk into the bank and get dollar or Chinese RMB or eDollar over the counter?

What’s available is Form Q and A. The payment schedule for these options is so unreliable. If you have a bill to settle next week, that might be difficult through Form Q because you need to have Form M to access Form Q.

what I meant is the site is publishing rates CBN doesn't approve of. Alot of Nigerians are into round trippings. I am not denying the facts we have fx challenges but what I see on the streets are also contributing to these challenges. Some Nigeria present fake documents to the commercial banks, collects forms A & Q and return back to sell them at the back market thereby denying legitimate people the opportunity to get these FX andincreases scarcity as well. The CBN over the years have fulled these army of black marketers to the extent they have a union that could speculate and hold us to ransome. This army sometimes buy up fx, hold onto them to cause scarcity and sell at rediculous prices not supported by actual economic impacts. We must also change our appite for this black market to fissle away, let's focus on our competitive advantage in production rather than quick money from importation.

RodgersAkpafu:

Doesn't the central bank know that by easing restrictions there would be some usd windfall.
The black market exist in the first place because the central bank is price fixing, and USD liquidity is weak

The solution is simple
but we have an imp as a central bank governor who lacks wisdom

We have an appetite for quick money in Nigeria that is why millions are into fx exchange business and few are into farming. The economy is structurally bad, no matter the measure cbn introduces now the huge army of men and women into fx business will work against it to make more money at the expense of the nations economy. There is no doubt the present govt doesn't command reputable economic team but we must also look inwards how some of us contribute to these woes.

property123:


We have an appetite for quick money in Nigeria that is why millions are into fx exchange business and few are into farming. The economy is structurally bad, no matter the measure cbn introduces now the huge army of men and women into fx business will work against it to make more money at the expense of the nations economy. There is no doubt the present govt doesn't command reputable economic team but we must also look inwards how some of us contribute to these woes.

The central bank CREATED this room for racketeering in the first place
You cannot blame the populace for taking advantage of the folly of the govt
We should stop the culture of victim blaming in the country

The Central Bank should better wake up

property123:
I am cool with this decision. That site manipulate FX rates. Someone wakes up and click on the site and tells me that is the rate he will work with. Majority of FX buyers or sellers are speculators waiting to reap massive IRO at the detriment of the overall good of the economy. The black market needs to be eliminated by any means.

??

HEAVEN4444:
Something strange is happening. GLOBAL RESET ? even sebastian BDC who post rates everyday has stopped doing it today.

https://sebastianbdc.com/

i think they may force the dollar down. global reset. maybe the world is about to move away from the dollar ? maybe they will globally force it down and then now maybe it will be 20 naira to 1 dollar

Have you woken up now?

Because the Dollar is still $1/N550.

AmuEbule:

You are in pain for being called a clown. Loser! Play more mmm and delve into yahoo stuff more. Yes, you may have been abroad but I am not the reason why you were deported ok. Carry your wahala go and stay off my mention tout

The fact that u think because someone has been blessed by God almighty is as result of fraud or ritual shows the level of your reasoning which is far below mine. What you ought to do is calm down and ask questions that will improve ur life or income instead of grabbing at straws in an attempt to build a defensive case for urself. I won't indulge you with a response any longer. End of discussion.

angelfallz:
What do you suggest?

Start with the major FMCG's (The Dangotes, Unilever, Nestle, BUAs et al

Ascertain the profit margin from each of their products, check out what percentage profit they are making on each product, weigh it in dollar terms against the official rate at which you sold dollars to these manufacturers, and then project and enforce to them how much they should sell to the citizens who are in the majority and the ones the leaders fought tooth and nail to come "serve".

membranus:


Have you woken up now?

Because the Dollar is still $1/N550.

LOL. brah happy Friday

RodgersAkpafu:

You cannot cheat nature
You cannot cheat economic principles
okay
If e sure for the central bank
Let them make the withdrawal limit 1k USD on our cards
Let's see whether the rates will not drop
Scarcity is the issue here
And no voodoo economics can bring u out of it

Smart submission.

The black market thrives on the principle of scarcity or starvation or "jonsing" eg, narcotics.

Solatium:



How many of the people spend such in a month? 80% of Nigerians don't even have business with touching dollar's.
if you spend $1k this month i can bet you will have no business spending another till after a year or so, except if you are importer

I'm learning.

Great arguments back and forth.

danowena:


The fact that u think because someone has been blessed by God almighty is as result of fraud or ritual shows the level of your reasoning which is far below mine. What you ought to do is calm down and ask questions that will improve ur life or income instead of grabbing at straws in an attempt to build a defensive case for urself. I won't indulge you with a response any longer. End of discussion.

Tell us more about the MMM business you went into and your deportation issues. You can use your other handles to like your comments on Nairaland, that's your business.

But the truth is that you are really an empty vessel. If you need help with rehab, I will do my best. Just signal and I will ask one my NGO bot members to assist you. You think I am here to measure priick with you, think again clown. I am not your mate ok.