Pegasus Reporters Issues on the Wing
“Before suggesting ways out, I want to ask. MUST NIGERIA FOREX OPERATION INVOLVE BUREAU de CHANGE? Because there are countries where BDCs don’t exist. Rather, all their banks have boots in their airports where visitors drop and change their money before entry”
*CBN Governor Yemi Cardoso
PEGASUS REPORTERS, LAGOS | SEPTEMBER 30, 2024
1. I appreciate President Tinubu’s efforts on plans to revamp the Nigerian economy. It is commendable, although still a long way and those with a Quick-Fix mindset may not understand.
2. But does the president note that the greatest felons in economic sabotaging are: commercial banks, influential criminals who access and trade in money without any productivity value in economy chain and government agencies such as Nigerian Custom, civil servants and some CBN staff who are moles. CBN moles inform the criminals ahead of policy implementation.
3. The ideal trend of forex should be: Consumer purchasing power which will lead to increase productivity, which leads to high/low demand for forex which will in turn determine stability of forex and portend healthy and predictable economy, especially monetary policies.
4. Our forex case is abnormal because it jumped consumer instinct, jump productivity, but makes FOREX TRADING standing stronger without link to consumer or productivity. That is FOREX TRADING in absolute form without link to demand and supply in FOREX Market.
5. Our FOREX standing aloof makes business extremely difficult. A medium scale business wanted to buy a drum of chemical for production. A drum of chemical is $1000 from the source to landing.
6. He couldn’t get it directly from the bank, official rate is N1200, but Aboki sold for him for N1600. The overhead cost had added N400 with multipler effects. But CBN will keep measuring importation against exportation at the rate of N1200 which usually makes CBN statistics unreliable at times.
7. Then what is source for Aboki? Or his rare? It is criminal speculators cum manipulators who have access to dollar without productivity but can afford to mope dollars in circulation, manipulate price in forex market and access dollar from banks. They stand as reap off between banks who themselves are willing accomplishes to reap off manufacturers. Can’t understand why banks will be the link between manufacturers and Aboki. Remember we don’t have law on unexplainable wealth.
8. This is made possible because of the free money in the circulation which made it possible for speculators to stock dollars without care. If anyone could check banks records to see how dollar rose rapidly when Buhari won election in 2015 and 6 months after, the person will be dazed. Those with free naira just bought dollars in panic to stock. Anyway, they don’t have anything to lose because it is not money that flows with economy so untraceable.
9. Before suggesting ways out, I want to ask. MUST NIGERIA FOREX OPERATION INVOLVE BUREAU de CHANGE? Because there are countries where BDCs don’t exist. Rather, all their banks have boots in their airports where visitors drop and change their money before entry.
10. Mr. Cardoso can we do that? Sir, we don’t need Bureau de Change sir. I, Oni Gbolabo, suggest that Banks must have boots in the international airports to stop all foreign currencies at entry point for exchange. At least dollar, pounds and yen are not legal tender here sir
11. If you can do this then declare all foreign currencies illegal within our sovereign space. If anyone has it let the person deposit it with banks and get equivalent in naira.
12. After that,let all deposits in dollar inventories reside with CBN, in my secondary school economics I was told CBN is the banker of all banks. Has it changed?
13. Close all BDCs because they don’t relate with consumer instinct, they don’t relate with productivity neither operate on demand and supply but destructive speculations. They are financial demons in-between. Why should some criminals stay in their hotels to dictate what International Brewery and other struggling manufacturers will pay for dollar off economic reality?
15. Force all dollars in circulation back to vault so that actual policy can control all dollars in circulation. Sir, don’t be deceived we have dollars here just that they are not part of the economic chain.
16. The funniest aspect is: anytime CBN quote the money in circulation CBN doesn’t remember to quote money stocked under some people’s bed in dollar forms.
17. Doing the above, then all transfer beyond $5,000 in dollar must happen through authority and be accountable.
18. Let investors bring dollar but must spend in naira strictly on exchange rate. Mr. Cardoso the criminals are laughing at my suggestion:
Because many elected officers keep dollars under their beds too.
19. If the USA redesigns her dollar today dollar will be less than N500 in Nigeria because the dollar hoarded in Nigeria is more than what is available in entire Africa.
20. We heard of a retired officer years ago who lost billions when his apartment was engulfed in fire . He stocked dollars to the extent that if he wanted to buy anything he invited Aboki to his house. In this same Nigeria.
21. Add this to the plan to cut fuel importation which takes a greater percentage of FOREX we will see the actual worth sir
Oni Gbolabo Dr. via onigbolabo@yahoo.com
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