https://www.youtube.com/watch?v=jTRA_K08ghk

Operatives of the Economic and Financial Crimes Commission raided the offices of black market currency dealers in Abuja on Tuesday in a bid to halt the rapid fall of the naira.

Naira plunged rapidly between Monday and Tuesday to more than 840 in Abuja a week after the the Central Bank of Nigeria said it will replace higher notes to fight counterfeiting, inflation and insecurity.

https://www.youtube.com/watch?v=AH66tXQvdmI
President Muhammadu Buhari has backed the move, saying it will help fight corruption. His finance minister criticised the policy.

Hopes the policy could help fight money laundering appears to have backfired as suspected holders of illicit cash scramble to change their stash into foreign currencies, fueling demand for dollars and a further plunge in the value of naira.

The currency crossed the 800 mark for the first time weekend and the decline has shown no sign of abating. On Tuesday, traders told PREMIUM TIMES they were buying a dollar for as high as 840, implying they would sell more.

CBN need to put some measures in place, anybody that needs dollar should go to the bank and obtain it with ease. It is only in Nigeria that black market rate nonsense is happening. Aboki will wake up and add money, who does that.
Every sector of Nigeria enterprise need to be regularised

Aboki 840-1 Emefiele
Full time result

If raid them, advise banks to make process of accessing Dollars less cumbersome. That has been the problem why people resort to blackmarket

Did the black market forex exchange people cause the decline in the value of the naira?. Raiding their offices is just a waste of time and shadow chasing.

Now EFCC is talking! Many of their 'marketers' helping them to promote arbitrary and criminally speculative prices are all over nairaland. EFCC should go after them too.

They are buying to hoard and speculate to fuel more scarcity that crowds out those who genuinely need the forex. Ghanaian government is currently doing same and I wonder why EFCC waited this long

Useless government

Naira will even depreciate the more because the 'parallel market operators' will go underground, and there will be no more FX to meet the demands

Idiots and urchins
Anyone trying to force a sick drug-addict octogenarian on Nigeria doesn’t mean well for the country

aishatui6630:
Naira will even depreciate the more because the 'parallel market operators' will go underground, and there will be no more FX to meet the demands

Seems you are new in this. It is now that USD will fall!

The unpatriotic speculators will lose everything except they do EFCC's bidding. The scarcity is more artificial and speculative than real. It is the speculative guys now that will be forced out by EFCC.

That is why I blame EFCC for waiting this long.

Someone with sense...people don't know how much dollars are needed to meet daily needs...not to talk of monthly and quarterly...and accessing dollars in the bank is not easy...while black market is fast....

aishatui6630:
Naira will even depreciate the more because the 'parallel market operators' will go underground, and there will be no more FX to meet the demands

ym8282055:
If raid them, advise banks to make process of accessing Dollars less cumbersome. That has been the problem why people resort to blackmarket

Banks have no plan of giving USD to people who don't have a dorm account with them.
The day First Bank told me their conditions for accessing dollars, I was dumbfounded. I think those banks secretly sell it to politicians and BDC at higher rates.

BTW, since the CBN is printing new notes, EFCC needs to keep close tabs on BDCs because those who have hoarded our money for decades will be coming to exchange it for dollars through them.

Omo


https://www.youtube.com/watch?v=OqYnG017wLY

"If you don't have a job, say you don't have a job", Wike lashes out at Momodu

I nor even know watin I won talk again

They are doing their fuvking business anyway.Buhari is a bad boy though

Okay

aishatui6630:
Naira will even depreciate the more because the 'parallel market operators' will go underground, and there will be no more FX to meet the demands

Whoever needs should go to the bank. Anyone with dollars should be arrested and dollars seized. They should also promise whistleblower 20% of the money

Buhari has traveled out of Nigeria for medical tourism with Forex.

Tinubu has travel out of Nigeria for medical tourism with Forex.

Wike has traveled out of Nigeria for a political meeting with forex.

Nigerian lawmakers have traveled out of Nigeria for recess with Forex.

Politicians sends Forex to their children who studies abroad for upkeep.

Tell me why the Foreign exchange will not go up.

its up to them....

no country would allow what nigeria is doing....

Make I laugh Small,una go wuse zone 4?

ym8282055:
If raid them, advise banks to make process of accessing Dollars less cumbersome. That has been the problem why people resort to blackmarket

that is a lie....i can change in the bank easily....
i dont know where you have this story from....

Arrest politicians who are hoarding it for 2023 elections, leave innocent Nigerians alone.

Kunfu. Economics

DOLLAR NO BE GROUNDNUT. POLITICIANS ARE BEHIND THIS,THEY HIDE FOREX IN MONEY PITS TO CAUSE SCARCITY AND PROFIT FROM SUCH EVIL.
close ALL blackmarket forex like sanusi did back then. let people bring in all forex in banking system.
BY THE WAY WHT ARE WE STILL IMPORTING THAT CANNOT BE MADE HERE,EXCEPT HITEC SCIENCE AND TECHNOLOGY?

EFCC are jokers...

maryamabba:
CBN need to put some measures in place, anybody that needs dollar should go to the bank and obtain it with ease. It is only in Nigeria that black market rate nonsense is happening. Aboki will wake up and add money, who does that.
Every sector of Nigeria enterprise need to be regularised

That's one market that shouldn't exist but it does because the banks are weak. Before you get dollar in our bank for official use, it always take months wait. So the black market is booming because it is bridging the gap between our weak banking institutions and demand for fx.