adonainana:
Omo imagine pretending you are Travelling and you get the maximum PTA for $4000 at 410 and you just go jeje to the black market and sell for 570. Profit of 640,000 naira without even breaking a sweat

Reminds me of one Form M round tripping too like that and every time someone I knew done it he got like 1.2 million naira in profit and because it was Form M all you had to do was pick up from where you stopped

Kai Nigeria and fraud is like 5 and 6
Even Buhari is no exception cos promising $1 to 1 naira is fraud by false representation

God save us all

Pls check my profile I help change pounds to naira

Can you credit a UK account in Pounds and get the Naira equivalent in Nig?

JuanDeDios:

Fundamentally, yes. But we're talking about how you manage that problem. Enefiele thinks he can fix the "official price", sell BTA at that price, abolish the black market, and tell importers to go hell since we should all be eating yams and cassava anyway. But people want imported toothpaste and cars, hence the black market. A dual window complicates the situation because it sends the "black market" on a tailspin, and the "black market" is where real sector players have to source their dollar. So the economy suffers real bad.

And in turn we all suffer

bunto:
Nigerian educated elites are the bane of this country. They are extremely greedy. Constantly doing their best to frustrate every effort or policy made by government to help the people.
Until bankers start to go to jail in this country, nothing will change.

Or we borrow a leaf from chiinese constitution

murphyibiam15:
Truth is that the Nigerian people are so insincere and corrupt like the govt, just imagine.

I just know that the free fall of NGN is artificial and manipulated by dark forces

Oga, it's the banks doing the fake visa and tickets to buy fx.
It is all an inside job.
My paddy traveled to the US last week. I called him about his ticket and visa, cause I would have used it to buy fx for my dom acct. He said since he was given cash money ie usd by his boss there was no need for him to buy.
He said his banking officer used his details to buy fx for resale purposes.

If an insider did not offer me this very opportunity, I will join you guys and call it scam.....

This is no scam anything, pure inside job...

All in the name of hustling?

Ndioshe?

Oleburuku

treesun:


The problem is that most guys in banks, especially those in Forex will be cashing out. Their excuse will be they cant detect fake travel documents.

it's simply lackluster attitude of those that's supposed to enforce d law, or even the banks themselves encourage dat kind of fraud...Try depositing even 1 million naira in a bank & see how meticulous they are in counting & filling documents to make sure no mistake is done.... And they say they are being scammed with fake visas & Tickets? omoh...they need another lie

Can you imagine
People that have visa and ticket now will start selling those.
Why are our government officials never proactive? Always waiting for things to spiral before taking action.
Get a team of young IT gurus together and ask them to fix the problem.

nedekid:

Oga, it's the banks doing the fake visa and tickets to buy fx.
It is all an inside job.
My paddy traveled to the US last week. I called him about his ticket and visa, cause I would have used it to buy fx for my dom acct. He said since he was given cash money ie usd by his boss there was no need for him to buy.
He said his banking officer used his details to buy fx for resale purposes.

treesun:


https://punchng.com/customers-scam-banks-with-fake-visas-tickets-for-forex/?

CBN should first check why banks sell dollars to customers at black market price but buy from u at official cbn rate.

The only way to stop this madness is by raising policies to boost the value of the naira against the US dollars. When the value of the naira rises, those hoarding this Forex thing will run at loss automatically. That's the logic and that's the only feasible way to deal with culprits.

Systems don't work on morals, trust or obedience. This is the same issue with our government. You employ people and expect them to work because they go to church or mosque without defining due roles and responsibilities, zero performance evaluations, zero employee engagement policies.

Ghost workers nearly damaged Nigeria until GEJ developed BVN. That's an example of a working system. Stop preaching, put systems in place and go to bed.

Rules are made to be broken.........


emefiele is just bouncing around like someone, a rabies dog, don bite........


He is clueless and looking for other people to blame.......

Why buhari cannot just sack him and replace him with a competent person, is truly alarming.......

daddytime:


Can you credit a UK account in Pounds and get the Naira equivalent in Nig?

Yes I can

+4475 916 839 24

Please read through my reviews here on Nairaland if possible before hand
https://www.nairaland.com/6399183/money-transfer-services-uk-nigeria



Legitimate transfers only

Winneygirl:


You can withdraw in USD or naira. Any one you choose.

. Alright. Tnxs.

Am a bit reluctant writing this, but I hope somehow it gets to the CBN governor.

Dollar and every other currency is valued above the Naira, simply because the Government keeps rolling out rules and policy that convey that these ycurrencies are valued more. WHY?

Banning BDC is good but hardly enough. It is less than half a measure. The CBN should ease off micro managment of forex. Leave the banks to source forex and sell to who ever they approve needs it. Only fix the maximum margin they can make from sale of any currency, say 0.00001% percent either way Naira to Euro, Euro to Naira FOR EXAMPLE

Banks should bid for forex from CBN. But apart from this, CBN should funnel or handle less than 30% of forex accruing from crude sale.

How?

1. All exports should be paid for minimum of 60% in Naira. Notice, that all countries with stable currencies have their exports in their local currency

Except for China, who tries to devalue her currency to aid her policy of dumping and killing smaller local manufacturing in other countries

Just 50% oil exports in Naira is enough to stabilize the Naira, as long as the crude buyers approach our banks to buy naira for payment. If crude buyers pay in naira, you are not really losing the forex, rather you are passing it to the free market to determine its relative exchange. Hence creating external demand for Naira, forcing a US merchant to look for naira.

2. Make Naira an internationally exchanged currency so that other people holding it will not have it valueless. As of now any Naira outside Nigeria is illegal. So international forex companies do not deal in Nsira at all. This archaic post civil war policy that is often touted as preventing corruption and money laundering is totally useless and senseless for a struggling economy. Politicians stock Forex in their houses, and the high availability of forex in government makes such money laundering untraceable since Nigeria does not control those currencies. The several cases from Ikoyi apartment, to the likes of Andy Uba and their private jets caught in others countries with USD are just a few.

3. Remove all hurdles for accessing currency exchange as they only make foreign currencies appear more valuable. No matter how it is painted, CBN is the one telling Nigerians to value USD, Euro, Yen higher by requiring all kinds of forms before access, Form M, Form A, Etc. Yet, these currencies are merely for exchange. Before exchanging, you must already have the wealth in one form or the order.
Any transaction less than 500million Naira should be done under the discretion of the banks, with CBN and Customs providing only guidelines.

Rather that using forex to filter imports and subsequent devaluation of our currency due to the restriction, Customs should do its job at the ports and prevent banned items from entering instead of collecting bribes up and down.

4. CBN should only hold strategic reserve of other countries currency for emergencies, Only enough for 1-2 years import support in Emergency. The rest should be in the free market. Treating other countries currencies as wealth by hurding them, while treating your own currency like mere exchange is so stupid on so many levels. We do not need excessive large foreign reserves, they are just means of exchange and should be released to allow our young people compete with others in the would stage.

We want technological development, but can you imagine that an average Nigerian student cannot buy Chinese 3D printer for prototyping, without wondering how to get USD. Such things should be seamlessly handled by your bank without you even noticing the conversion.

5. Stop stockpiling other countries paper as sovereign wealth. It's just paper money, and has no intrinsic value. If US is nuked today, USD will loose immense value. But each regime of Nigerian Gov. Keeps telling us of their success in stockpiling dollars as sovereign wealth fund. Please bring the money back into our economy so it can be used for exchange. Use it to buy precious metals locally and keep as wealth. They have intrinsic values. Use it to invest in infrastructure projects of other African countries in Naira or as goods and services supplied from Nigeria. That's how to store wealth. Strategic forex funds is simply for Emergency purchases during wars, natural disasters, plagues. They are not suitable for wealth storage.

6. CBN should be an invisible hand in the forex market. A situation where people bribe CBN staff in order to get their Form M approved tells so much why the forex problem cannot be solved. For the past 10years, I have heard severally of a syndicate within CBN that will add 5 to 10 naira to the official exchange and get your Form M approved. Over centralization creates room for massive corruption so CBN should play less in the market.

Initially people will seek to defraud the market, but if the banks consistently are able to easily provide forex, BDCs will die, fraudsters will die. CBN syndicate will only have big major transactions of over1 billion to authorize. Naira will appreciate.

If Egypt with merely tourism can have Eqyptian Pounds exchanging at 16 to USD, Naira with crude oil sales should exchange for even less. So the devaluation of Naira is artificial, and caused by none other than the Govt. and CBN through their myopic policies and micro managment of forex exchange.

adonainana:


Yes I can

+4475 916 839 24

Please read through my reviews here on Nairaland if possible before hand
https://www.nairaland.com/6399183/money-transfer-services-uk-nigeria



Legitimate transfers only

Okay, thanks.

Will hit you up..

Junk journalism.

How can a journalist just take excerpts from a speech by the CBN governor, and write a story without actually going to each of the 25 banks to confirm if this is true?

Oboy see job

slawormiir:
Damnnn niggarrrr

The street is no longer funny

Mount your guard because if you loose guard them go maga you

Drizzy Diesel

Winneygirl:


You can withdraw in USD or naira. Any one you choose.

The idiots at the western union or Moneygram point will be telling me that there is no dollar. They would want to handtwist you into having naira equivalent.

So no be abokiFX again?

Sasaki.means of. income don close...

Naija and scammers' mentality goes peri persu....


An average naija is a dangerous species waiting to happen....

treesun:


People were making noise about Yuan in 2015, I told people then that Government were only doing propaganda, everywhere in the world, dollar is the currency to be competed against. I know banks will frustrate this policy, if you know you know.

How are the banks frustrating this policy? You have ppl cancelling flights tickets and using fake visa to obtain USD and go back to sell to the parallel market....lol and you think the bank alone is the problem....Useless Citizens

adonainana:
Omo imagine pretending you are Travelling and you get the maximum PTA for $4000 at 410 and you just go jeje to the black market and sell for 570. Profit of 640,000 naira without even breaking a sweat

Reminds me of one Form M round tripping too like that and every time someone I knew done it he got like 1.2 million naira in profit and because it was Form M all you had to do was pick up from where you stopped

Kai Nigeria and fraud is like 5 and 6
Even Buhari is no exception cos promising $1 to 1 naira is fraud by false representation

God save us all

Pls check my profile I help change pounds to naira

please can you explain more about this Form M fraud to me...

waploger:


please can you explain more about this Form M fraud to me...

you wan do the fraud alaye �

Lexusgs430:
Why buhari cannot just sack him and replace him with a competent person, is truly alarming.......

Buhariconomics is worse than Mefficonomics. The Sheik that Buhari would pick to replace him would be worse than him.

If any customer scams a bank with fake visa... I assure you, it's an insider thing, A bank official is definitely involved.

Last year October Access Bank made me fill Form A even after sourcing the funds from the street market.

Lol

priceaction:
Quick question: if I hv I inflow of 20k$, intto my dorm,will I be able to collect it cash on the desk or they will give me naira equivalent. All these their policies dey confuse most times.

If you received USD into your Dom account, you have the right to request USD cash at the counter. If that branch doesn't have the FX, ask them to refer you to a branch that does.

Seun:
Buhariconomics is worse than Mefficonomics. The Sheik that Buhari would pick to replace him would be worse than him.

So make we kúkú dey manage this incompetence, dey go.......

Indeed, garri is much better than cassava.........

makky4y:
you wan do the fraud alaye �

no be fraud oh! i want double my hustle.

I recall those days we were in the bank, guys do cash out with this method

Both the airline Travel agents and the people who ply this trade are guilty. Sometimes bank staffs makes money off this too by aiding and abetting.

The hustle for street no be here. Nigeria hard.

I have visa and flight ticket to Europe , is it right to request PTA for dollars instead of Euro?