Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 213. (Read 1345690 times)

As Naira depreciates further in the parallel market

Bureau de Change, BDC, operators have been surviving by several options since they were banned from the Central Bank of Nigeria, CBN, supply of foreign exchange, Forex, a little over one month ago.

A group of financial market observers at the United Capital Plc, have made an inquest into the activities of the BDCs since the ban and these are some of their findings.

‘‘Following the Central Bank of Nigeria’s (CBN) decision to halt sale of Foreign Exchange (FX) to Bureau De Change (BDCs) operators, many of them have suffered for volumes and had to seek alternative sources to get FX supply. Survey of anecdotal sources revealed that BDCs do not solely depend on the CBN but have sourced for FX through the peer-to-peer transactions to fund their supplies.

‘‘The recent ban has forced them to amplify their reliance on sourcing FX via these sources. For example, BDCs take advantage of the limit on domiciliary account balances as well as transfer limits to facilitate international cash receipts and payments.

‘‘Also, many of them have moved to solidify relationships with high volume customers which has required them to raise their bid quotes as they compete for these volumes. This has forced them to raise their offer quotes.

‘‘Unsurprisingly, on Tuesday last week, the parallel market rate jumped to N527/$1, the highest in four years.

However, a more interesting loophole has been identified with BDCs relying on using customers to buy Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) from their banks.

‘‘The customers use fake visas in conjunction with already purchased travel tickets to buy FX from banks before going on to cancel the tickets.

‘‘The dollars are then sold to the BDCs at cheaper rates giving them the opportunity to sustain exorbitant margins earned on their FX transactions.

‘‘In response, the Central Bank has directed all commercial banks to publish on their websites the names and Bank Verification Numbers (BVN) of customers who are engaged in this act.

Clearly, the CBN continues to struggle to block the loopholes in the FX market while its ability to supply the needed FX for the entire economy remains very limited.

‘‘The move to restrict supply for certain import needs as well as other rationing and restrictive policies have only created further loopholes.

‘‘Overall, we think the way forward is the creation of a freer FX market which will encourage improved FX supplies as well as allow all parties within the ecosystem operate with greater transparency.’’

Meanwhile, findings by Vanguard Money Digest last weekend shows that the exchange rate in the parallel market has seen Naira further depreciating to N530/$1.

What do you people think can be the anti-cryoto policies CBN could possibly pass into law? With what I am thinking about this, the Nigerian SEC support cryptocurrencies and only calls for regulation, but yet cryptocurrencies like Bitcoin are not security but a commodity, we can see many political leaders also supporting cryptocurrencies. What did you think would be governmental move, will it be anti-crypto move or not,? All I am think about is that the anti-crypto policies will never be beyond the CNB while P2P will always still be the favorable option to go for.

[....]

Leader of the proscribed Indigenous People of Biafra, Nnamdi Kanu, has asked the High Court of Abia State to compel the Attorney General of the Federation, Abubakar Malami (SAN); the Department of State Services and six others to pay him N5bn in damages being monetary compensation for the “physical, mental, emotional, psychological and other damages” suffered as a result of the alleged infringements of his fundamental rights.

Kanu, who is currently in DSS custody, filed the suit on Tuesday through his special counsel, Aloy Ejimakor.

The IPOB leader also secured an order from the High Court of Abia State to serve by substituted means an application for enforcement of the fundamental rights of Kanu.

Kanu contended that his rights have been infringed upon since 2017 when he fled the country due to an alleged threat to his life by security agents and after his extraordinary rendition to Nigeria from a foreign country recently.

In the suit, no HIH/FR14/2021, the respondents include the Federal Government of Nigeria (1st), Attorney General of the Federation (2nd), Chief of Army Staff (3rd), Inspector General of Police (5th), Director General, State Security Services (7th) and three others.

The reliefs place before the court include:

“A declaration that the expulsion of the Applicant from Kenya to Nigeria by the Respondents or their agents and their consequent detention and planned prosecution of the Applicant in Charge No: FHC/ABJ/CR/383/2015 (Federal Republic of Nigeria v. Nnamdi Kanu) is illegal, unlawful, unconstitutional and amount to infringement of the Applicant’s fundamental right against unlawful expulsion and detention, and to fair hearing, as enshrined and guaranteed under the pertinent provisions of CFRN and the Charter).

“An order restraining the Respondents or their agents from taking any further step in the prosecution of the Applicant in Charge No: FHC/ABJ/CR/383/2015 (Federal Republic of Nigeria v. Nnamdi Kanu) pursuant to said unlawful expulsion of the Applicant from Kenya to Nigeria.

“An order mandating and compelling the Respondents or their agents to forthwith release the Applicant from detention and restitute or otherwise restore Applicant to his liberty, same being his state of being as of 19th June, 2021; and to thereupon repatriate the Applicant to his country of domicile (to wit: Britain) to await the outcome of any formal request the Respondents may file before the competent authorities in Britain for the lawful extradition of the Applicant to Nigeria to continue his prosecution in Charge No: FHC/ABJ/CR/383/2015 (Federal Republic of Nigeria v. Nnamdi Kanu).

Another thing abeg eye don too dey for Nigerian make una slow down small if not plenty people go hear am. No too do Nigerian doings outside this thread, this na mata one of us bring come my table. See make I tell una, normally ehh  we from side people no dey too like, so make we no go make mata worse for us. Remember say if you too show off ur progress, village people go upgrade their witch. kudos to everyone, make we dey watch each other back

After four years of development, the Central Bank of Nigeria (CBN) is set to roll out its digital currency project. The launch will reportedly happen on the occasion of the country’s 61st Independence Day celebration on Oct. 1.

Nigeria’s central bank digital currency (CBDC) project comes amid significant anti-crypto policies from the CBN and negative cryptocurrency sentiments from several government officials. The digital naira is also coming at a time when its fiat counterpart has plunged to new lows, with the central bank enacting even tighter forex restrictions.

Details of the eNaira project circulated across commercial banks in the country show plans for strict identity verification mandates for utilizing the digital currency. The CBN plans to introduce a tiered ID verification system with different transaction limits for each tranche.
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With CBDCs seen as governments’ response to cryptos and privately-issued stablecoins across the globe, there are concerns that more anti-cryptocurrency laws may emerge in Nigeria. Indeed, China upscaled its crypto crackdown activities as soon as its digital currency project moved into the public testing arena.

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Oya I no wan see fight here oh before we go organized flogging for all of una lol, I believe say una just dey disagree to agree sha na so e supposed be. Everybody no supposed agree all time, does small small differences na e show say we dey educated. Again we dey celebrate our broda mpamaegbu but the thing no too sweet me sha as poka mata still dey pending and d way things dey go I no sure say we fit deliver am but we just dey wait.

E mata strong and if dem go reason our pleading na signature ban like 1/2 yrs something. I no understand why we dey throwaway better chance wey dis forum dey provide by doing careless things. Abeg make we try know rules and obey dem even for meriting and all that, I dey see plenty low quality meriting ongoing within ourselves, e no make sense abeg make una create better quality posts first before una run the package una d try coordinate.

Another thing abeg eye don too dey for Nigerian make una slow down small if not plenty people go hear am. No too do Nigerian doings outside this thread, this na mata one of us bring come my table. See make I tell una, normally ehh  we from side people no dey too like, so make we no go make mata worse for us. Remember say if you too show off ur progress, village people go upgrade their witch. kudos to everyone, make we dey watch each other back

Hey hey hey Charles-Tim and Engineer, na fight una wan take welcome be back from the 🦁's den ba? Abeg, make una nor do dat wan here. Na true sey some people dey like use I dey busy dodge responsibility but I nor think sey na wetin happen for dat whitelisting matta. Charles gist me immediately where Upgrade dey but sey make im enroute am through anoda persin......]

No it's very necessary Charles just leave am as I talk make I clear my mind I no dey hold grudge for mind me and you know say for this country " I'm busy" na reversing full time. ( I've cleared my mind )

I got in touch with him but he was very busy (I do not want to tell you what he was doing, just to be private) and told me to give him one hour, he messaged me back less than 30 minutes or less than an hour (I couldn't recall but I remembered he messaged me back faster than the time he told me he would) about the matter, but I couldn't wait, I posted for the whitelisting under LoyceV's whitelisting thread and messaged him, everything was done less than 10 minutes. Everyone tried to help, and I think this statement is highly unnecessary.

---snipped---

Me I be person wey nodey hide mouth you see that whitlister wey dey among us? Nothing come out for him side make una nodey carry am for mind na LoyceV whitelist that appeal account thru Charles.

[.....]

Abeg, later I go gist una wetin I learn from dat ordeal and how wey go take dey dodge wahala here. Na to sleep remain for me now.

How I wish we all live by what we study in Nigeria, education is not meant to only pass through and have a roughly experience, we work on what we learn in school and make application in the practical world.

In other news, what are Y'all busy with? Una dey busy dey collect NFTs up and down to resell? Which trends are you guys on board ma?

- NFTs
- DeFi
- IDOs, etc.