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this guy is dull
It is not only bank executive problem. Nigeria is not producing anything. Emefiele pegged it because he knew we have nothing to offer internationally. Once you float the currency you are exposing it to market forces and they wil deal with it accordingly
Mr. Ayo, you know your stuff. You are very right, different between bank and malam rate should not be more than N5. That is what it is in the Middle East. You can even get forex through ATM. Bank is really doing their job.
🍿 story story
Nigeria produces and exports nothing! Absolutely NOTHING!!!! And the value of the naira will not depreciate abi?
After foreign companies left with their foreign direct investment, where will the dollar come from?
Thief calling thieves to arrest the other thieves 😂😂😂😂….. only in Nigeria.
If a person at the apex of the banking system becomes incapable of putting a stop to the madness of the dollar malaise, it can only mean that he/she is compromised to the extent that tampering with the system would be akin to personal economic suicide .
APC and BULK passing, blame game. with time, Tinubu will blame Awolowo, Tafawa Balewa for economic crisis they created. Please who appoints CBN governor ? who appoint EFCC chairman ?
💯% agreed with him plus… An executive order should be signed by Tinubu which should make currency trade in Nigeria illegal and anyone found with more than £1000 or $1000 cash should be jailed for 3yrs without fines while the foreign currency is confiscated.
Very truthful analysis
As long as you are not manufacturing and you are not buying home made goods, you are going nowhere. They can blame all they want, didn't Tinubu know what he was getting himself into when he foisted himself forcefully on Nigeriams with the help of judiciaru and inec, now he doesn't know what to do with the power he stole, ehat a shame. Stealing power us one thing abd knowing what to do with the power is another. The worst is yet to come, just brace up, it is going to be long painful ride coutesy of emilokan and his political bandits
This man is saying nonsense. Why would u blame the banks when the cbn were printing money anyhow and would u sell ur goods for cheap and make loss?
These APC guys dont even know the root of the problem. 1st it is perception. 2nd ur president background. 3rd His appointments and ministers nepotism. 4th lack of production and exportation, etc.
Until u guys sit down, think qnd apologise to Nigerians then the citizens will join in the build up of this country.
If private individuals and companies are changing their savings to any foreign currency just to save their value is what is triggering the market value going down.
Many unintelligent people in the helms of affairs. Someone blames Binance for naira fall. Damn and he is a banker. Naira's problem is two things, the money stolen by Buhari's administration because the money was taken out of the economic system and lack of productivity. All this plent useless talks makes me believe that being in APC means you have to be senseless
With due respect seun okinbaloye what is your problem ? Your line of questioning doesn’t make sense. Are you a spokesman for the banks ni ? When the guest speaker is making a point you cut in ? Why ? To what end ?
Bad journalism
Sheun Ayo is 💯% correct let me ask who are those for several years have been insisting floating the Naira, people like Soludo, Mohalu, Rewane, Prof Pat Utomi, this MD of IBTC all those present and former bank executives in collaboration with IMF and World Bank, today BAT hurriedly executed policies that destroyed many countries economy the first thing they will ask you is devalue and float which no western nations will do, no country play with there currency now Jankara market force led by bank Excos and aboki are now in charge of Nigeria financial economy.
Nigeria government should copy the GCC countries how they peg their currencies against the dollar, this will make the naira stronger. Also reduce import duty by customs and create more modular refineries for more productions.
This guy literally wants more people to suffer
Stop the blame game and get to work. Your party's policy of removal of subsidy without any cushion and allowing the Naira to float was an unmitigated disaster!
Fact!
Very good
These people have totally finished this country. Wickedness in the highest place ruling the affairs of Nigeria 🇳🇬.
THEY HAVE OVER 20 TRILLION NAIRA TO BRING THIS GOVERNMENT DOWN
Ayo has said the absolute truth, my thinking in all these is that, those who are supposed to punish the banks are also culprit reason we are still here. For me, there was no need to have floated the Naira in the first place, all that was needed to be done was to shut out the Abokis selling on the streets by reducing the volume of foreign currencies in their possession. Just like Ayo rightly said, it's only pple with little transactions, ppl who have monies sent to them from relative abroad that should be patronizing them, so why will they be the ones determining the price. There are too many criminals and government, and nobody punishes offenders, Impunity is the order of the day. If we want to get it right, strict punitive measures should be introduced into our systems..There is also a way the government can make the bank sit up to correct the abnormally going on right now, that will be said if contacted. All these things are not rocket science like they make it look.
Great discussion… however, how will a country allow binance to dictate the exchange rate? Binance is just a crypto exchange and one needs to be extremely careful because binance is a Chinese based exchange. Our monetary policies need to be solid and we should avoid crypto exchanges from manipulating our currency.
@Seun Okinbaloye, abeg invite me – Invite individuals who can provide valuable insights.
Ebi pawa oo economist Ayalowo
Ayo was so clueless about the topic. He was only making a noise.
APC has a WhatsApp group where they share information on who to blame and the rest follows suit.
How does BINANCE P2P fix prices of dollar for Nigerians???
Do they think Crypto exchange is like BDC???
What about decentralized exchanges??? Does this fellow know anything about it????
Ayo is right. Bank are supposed to sell within the margin of N1 to N3, selling with margin of N100 or above is criminal. That's why the BDC will add their margin which might be more than N200 margin. Banks in Nigeria are no longer doing the real business of banking. That's why BDC now started doing foreign exchange business of banking since banks abdjucated their responsibilities. When I stared banking, Foreign exchange transaction was termed as delicate and can ruin the economy of any country if not properly monitored and guided but in the last 8 years what had been happening is real criminality of unguided and unsanctioned round tripping in large scale and this happened because the CBN under Emefiele was culpable in this. No economy can survive the kind of criminality that happened in CBN in the last 8 yrs. FGN and CBN will in their own interest and in the interest of the country, take everything said by Ayo seriously. These are the reasons why floating of the naira was not working. If the Governors also loves this country, they should stop converting FAC allocation to dollars. All hands must be on deck to make Nigeria better. We have no other country to call our own.
If a kingdom is against itself, how can the kingdom stand? APC members and their friends are the problem of Nigeria. It will certainly reach a boiling point and then…..
Seun thinks the issue is an APC thing …alas we all in it together. Objective should be the order of the day and not subjectivity. The guy has made a very clear statement and has profer solutions. He's got balls!
If this govt has balls let it go ahead long…Cardoso you have heard.
Binnance has been found wanting of money laundry and fine with billions of dollars in the US.
What powers does the president have on issue like this… Is he powerless… Why then is he the president? Is Seun in support of these banks criminal policies?
Plus incompetent politricksiand!!!!