NewStats: 3,262,881 , 8,178,451 topics. Date: Tuesday, 03 June 2025 at 10:14 PM 3s4b4j

Professor Hafiz Abubakar, former deputy governor of Kano State, has spoken on the rot in the economy, narrating how bullion vans go to government houses to carry money to bureau de change in broad daylight.

Abubakar stated this during the 21st Daily Trust Dialogue held on Thursday at NAF Conference Centre in Abuja.
The event was themed “Tinubu’s Economic Reforms: Gainers and losers”.

Daily Trust reports that Nigeria is battling with its worst naira depreciation crisis with the local currency exchanging at N1,400 to a dollar at the parallel market as of Thursday January 25, 2024.

There has been an alleged arbitrage in the foreign exchange market with the Bureau De Change (BDC) operators allegedly at the centre of the trade.

Our correspondent reports that the parallel market is the most important market for foreign exchange transactions.

Speaking at the Daily Trust Dialogue, Hafiz Abubakar urged The Central Bank of Nigeria (CBN) to provide a system that will sanitize the unwholesome practice in forex transactions, saying the practice involves a very big risk for the country.

He said, “When I was a student in the 1980s in the United Kingdom, I was fully aware that there was a cap on cash transactions you can hold with bureau de change. Regrettably in our country, it is open.

“The Central Bank of Nigeria has no figures of what is going on in our BDCs. And I am sure they are fully aware of the very great risk. In civilized societies, there are caps for cash transactions in any bureau de change, but in our country it is limitless.

“And there is no system that keeps record of the transactions for our Central Bank to know what is happening there. To me, that is a very big risk. It is part of what is fueling corruption in this country. Bullion vans go to some government houses to carry money to BDCs in the daylight. I wonder why we don’t have a system that can make sure transactions are carried through the banks legitimately.”

https://dailytrust.com/trust-dialogue-bullion-vans-carry-money-from-govt-houses-to-bdcs-ex-deputy-gov/

Any time I read bullion van my mind go just go Tinubu

Arobaga:


Any time I read bullion van my mind go just go Tinubu

I see what you did there, comrade

If you still think [Nigerian] politicians care about you, including those parading themselves as saints, you're in for the rude shock of your life.


Their emotional ers that benefits little to nothing of their largasse, will soon flood this thread with the usual tribalistic & religious jargons, their political gods has fed them with.

Happens in downstreet bourdillion too

Weren't you part of the system you deemed rot? And you can't even boast of any tangible development you brought to your constituency, ward or even your family house coupled with the jobless ones hovering around your envoy, nonsense

Tinubu is not just ferrying Lagosians common wealth in bullion vans; he has also built a two-decade-old blueprint conduit pipe connecting the coffers of the Lagos State Treasury to his personal pocket.

Here's the problem, you knew this and you kept mouth shut till you were out of the system, when they're eating at the table, nobody talks. Our patrotism is questionable in this country. If you probe further, some of these Governors are owners of BDCs. We're aware of certain politically exposed persons that are shareholders in banks that hoard dollars on their behalf.

-kiss the truth!

When Peter Obi said that the government of the day is a criminal enterprise, did you think he was just politicking? He knows what he's talking about! That's why they will fight tooth and nail to keep someone like him away from the Presidency.

Ok

bbb

Karlifate:


I see what you did there, comrade

Despite all these, they still voted him. Some people are born perpetual slaves

1 dollar is 1,405 today and they're are keeping quiet over it. Propaganda doesn't develop a nation, honesty and transparency in governance do. Anyone who still stashes naira in his these days is worst than mumu. What that money could buy last week can't buy it right now.

Fx rates keep going up per day but they don't care. People keep dying as a result of insecurity but they don't care. How would they care, when they're not voted into power but found their ways there through the back door. When a leader is genuinely voted into power, he cares about his people who put him there because he wouldn't want to let them down.

I'm thinking of converting all my money to dollar now sef. E no dey drink water. Let it be in my dom and let naira keep hitting the rock.

Na today? It have tayed

dre11:


https://dailytrust.com/trust-dialogue-bullion-vans-carry-money-from-govt-houses-to-bdcs-ex-deputy-gov/

Gandollar.even get babariga to keep some.

.

Now you can see that the political class are the ones killing the value of the Naira. Businesses are cutting back on their imports due to weak demand but Naira keeps falling because of wicked politicians.

Ganduje follow rubbish Naira

See as the man is talking like we in nairaland are not aware of this old info...

We know what's up nah, na today.

When I tell some people that importation is not the cause of naira losing value but corruption from the government, the rate at which they mop up the available dollars with stolen funds is faster than what the country is earning in dollars.

Hmmm

Gandollar , now GanAPC .


Waiting for when tinubu will serve him hot

Okay nah

This is horrible
The thieves are still in power as we speak
I wonder who will hold them able

Why is he saying this now? Like he's innocent

Karlifate:
If you still think [Nigerian] politicians care about you, including those parading themselves as saints, you're in for the rude shock of your life.


Their emotional ers that benefits little to nothing of their largasse, will soon flood this thread with the usual tribalistic & religious jargons, their political gods has fed them with.

Dem weyreys gbogbo..

Marvieduke:
See as the man is talking like we in nairaland are not aware of this old info...

I'm glad you're fully aware however those from the other sides will pretend like it doesn't matter.

Arobaga:


Any time I read bullion van my mind go just go Tinubu

YES