Financial analysts and bankers last night commended the Central Bank of Nigeria (CBN) for lifting the ban on Foreign Exchange (FX) cash deposits and discontinuation of Foreign Exchange supplies to the Bureau De Change operators.

Some analysts said last night that the bold step is capable of restoring sanity to the market....

http://businessdayonline.com/2016/01/analysts-welcome-cbns-review-of-fx-market-rules/

I think this is the smartest thing the CBN has done since the issue started. They've finally agreed that the laws of Economics apply to Nigeria.

Very smart move i just hope they will also remove the useless restriction on the atm and allow people to collect western union in $ back

As regards the issue of accepting FX cash deposits to domicilary accounts, I think the CBN has done the right thing by reversing itself.
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On the issue of stopping sales of FX to BDCs, I think the CBN has been constrained to take this position due to the continuous decline in oil prices (today $31) and the resultant decline in FX Reserves. This will, however, have serious implications on the exchange rate in the parallel market (expect N290 - N320 soon).
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Sadly, this is not the fault of CBN, it is the result of the collective failure of our past leaders to diversify the economy and promote exports. The last administration left us with $30bn in Reserves (despite high oil prices). In comparison, Russia has FX Reserves of $450b+, Saudi Arabia has over $750bn, China has over $3tn.

Nice one..

nice move!

Bevista:
As regards the issue of accepting FX cash deposits to domicilary accounts, I think the CBN has done the right thing by reversing itself.
---
On the issue of stopping sales of FX to BDCs, I think the CBN has been constrained to take this position due to the continuous decline in oil prices (today $31) and the resultant decline in FX Reserves. This will, however, have serious implications on the exchange rate in the parallel market (expect N290 - N320 soon).
---
Sadly, this is not the fault of CBN, it is the result of the collective failure of our past leaders to diversify the economy and promote exports. The last administration left us with $30bn in Reserves (despite high oil prices). In comparison, Russia has FX Reserves of $450b+, Saudi Arabia has over $750bn, China has over $3tn.

In Comparison, return to black Africa where you belong for now. You have neighbors in Ghana and Cameroon.
Stop comparing your black self with people who are way out of your reach.

How many trillions did the previuos administrations left before Jonathan?

I understand you will grasp Saudi Arabia and leave the other two in your quest to tell me they are not China and Russia.
There is the development and Population factors.
How many Saudi Arabians come to Nigeria to spend their foreign reserve yearly?
How many Nigerians go to Saudi Arabia and Israel to spend our foreign reserve yearly?
The number of Nigerians buying from outside are way too much compared to that of Saudi Arabia.
The population of Nigeria is 5 times higher than that of Saudi Arabia.
The production of oil by Nigeria is below that of Saudi Arabia.

When next you google up foreign reserve figures, find out why it has to be that way.

Seun:
I think this is the smartest thing the CBN has done since the issue started. They've finally agreed that the laws of Economics apply to Nigeria.

hello goodday sir, pls is dia anyway i can access my e-mail via nairaland?

ZUBY77:
In Comparison, return to black Africa where you belong for now. You have neighbors in Ghana and Cameroon.
Stop comparing your black self with people who are way out of your reach.

How many trillions did the previuos administrations left before Jonathan?

I understand you will grasp Saudi Arabia and leave the other two in your quest to tell me they are not China and Russia.
There is the development and Population factors.
How many Saudi Arabians come to Nigeria to spend their foreign reserve yearly?
How many Nigerians go to Saudi Arabia and Israel to spend our foreign reserve yearly?
The number of Nigerians buying from outside are way too much compared to that of Saudi Arabia.
The population of Nigeria is 5 times higher than that of Saudi Arabia.
The production of oil by Nigeria is below that of Saudi Arabia.

When next you google up foreign reserve figures, find out why it has to be that way.

Apparently, you have a prejudiced notion about my objective for comparing the various economies.
---
In any case, for the benefit of other readers, my objective was simply to show how constrained the CBN is in continuing to support the BDCs due to our relatively low FX Reserves.

Let the importing begin


Yaaay

Adesiji77:
Financial analysts and bankers last night commended the Central Bank of Nigeria (CBN) for lifting the ban on Foreign Exchange (FX) cash deposits and discontinuation of Foreign Exchange supplies to the Bureau De Change operators.

Some analysts said last night that the bold step is capable of restoring sanity to the market....

http://businessdayonline.com/2016/01/analysts-welcome-cbns-review-of-fx-market-rules/

Only a devaluation will restore sanity

Bevista:
As regards the issue of accepting FX cash deposits to domicilary accounts, I think the CBN has done the right thing by reversing itself.
---
On the issue of stopping sales of FX to BDCs, I think the CBN has been constrained to take this position due to the continuous decline in oil prices (today $31) and the resultant decline in FX Reserves. This will, however, have serious implications on the exchange rate in the parallel market (expect N290 - N320 soon).
---
Sadly, this is not the fault of CBN, it is the result of the collective failure of our past leaders to diversify the economy and promote exports. The last administration left us with $30bn in Reserves (despite high oil prices). In comparison, Russia has FX Reserves of $450b+, Saudi Arabia has over $750bn, China has over $3tn.

The answer is a devaluation. Even Russia with thee huge figures yiu gave devalued its currency. Is GEJ supposed to come out of retirement and devalue for them?

Bevista:
Apparently, you have a prejudiced notion about my objective for comparing the various economies.
---
In any case, for the benefit of other readers, my objective was simply to show how constrained the CBN is in continuing to support the BDCs due to our relatively low FX Reserves.

There is no constraint! Devalue the currency!