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Nairaland Forum / Nairaland / General / Business / Buhari: BDC Is A Scam And Drain To Nigeria (40813 Views)
Naira Firms On Black Market After Central Bank Action - BDC Traders / Remittance: CBN Raises BDC Exchange Rate To N385/$ / Naira Strengthens Against The Dollar As Bdc Intervention Goes On (2) (3) (4)
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Re: Buhari: BDC Is A Scam And Drain To Nigeria by Purej: 3:04pm On Jan 30, 2016 |
coolsix:. If you buy PTA 0f $4,000 from Bank at the rate of N200, you travel out and return with a balance of say $2000, and you intends to convert it back to naira, (1) Bank will buy at 199 (2) Bdc will buy at 300 Where will you go? be sincere 1 Like |
Re: Buhari: BDC Is A Scam And Drain To Nigeria by Nobody: 3:25pm On Jan 30, 2016 |
Purej: If bank buys at 199 and sell at 220 do you think BDC will business if they don't adjust their price? Now why should CBN do business more with BDC than with Nigerian banks. This policy is suspicious |
Re: Buhari: BDC Is A Scam And Drain To Nigeria by horpeelo(m): 4:39pm On Jan 30, 2016 |
This is reality not paper....... Things in life are not judged on grades you obtained from school |
Re: Buhari: BDC Is A Scam And Drain To Nigeria by Nobody: 5:19pm On Jan 30, 2016 |
Purej: The Bdc of course |
Re: Buhari: BDC Is A Scam And Drain To Nigeria by Purej: 5:26pm On Jan 30, 2016 |
soulpeppersoup: Banks can only sell dollar to u through PTA or BTA and the limits are $4000 and $5000 respectively. While Mallam can sell any amount to you. The solution to this problem since Mr. President rejected devaluation is to allow banks and oil companies to sell dollars to BDC, by so doing, the market will be liquid and there will be enough supply, which will in turns crash the dollar rate. Its a simple law of demand and supply. Whether we like it or not, dollar has become our second currency 1 Like |
Re: Buhari: BDC Is A Scam And Drain To Nigeria by Purej: 5:39pm On Jan 30, 2016 |
horpeelo: During the era of Prof. Soludo, Banks and oil companies were allowed to sell to BDCs, the market was liquid and the margin between the official mkt rate and the parallel mkt rate was between 50kobo to N2. The CBN was concerned that the external reserve is depleting because they sell to BDCs, but since CBN stopped selling to them, the external reserve is still going down. Yoruba wld say "Ori bibe koni ogun ori fifo". it means cutting off one's head is not the cure for headache. 1 Like |
Re: Buhari: BDC Is A Scam And Drain To Nigeria by erico2k2(m): 6:50pm On Jan 30, 2016 |
Vig86:They are an essential part of society. The have come to stay .UK.us.have them. |
Re: Buhari: BDC Is A Scam And Drain To Nigeria by murmee: 9:03am On Jan 31, 2016 |
erico2k2:The big question you need to answer is whether in the UK & US you have just mentioned, the Governments of those countries sell foreign currencies to BDCs. We all know that BDCs exist in most countries but they DON'T source their currencies from the Government ( CBN) |
Re: Buhari: BDC Is A Scam And Drain To Nigeria by otunba9ja: 8:06pm On Jan 31, 2016 |
RedCapChief: i find it absolutely disturbing when people draw conclusions on mere news headlines......does obama need to be a soldier before making coments or taking a position on the conflicts and ongoing war here and there around the world ??....... please note that buhari and his likes or any person occupying similar position has an array of special advisers who cover and are well vast in different areas that may require the head or lead man to take a position when such matters require his decision or position...... if the above clarification does not help a bit,...i bet if any other will.... |
Re: Buhari: BDC Is A Scam And Drain To Nigeria by RedCapChief(m): 9:18pm On Jan 31, 2016 |
otunba9ja:While I agree that it is the job of the President to make a decision on the advice he is given, it is not his job to make such advice himself if he is not capable of doing it. Obama has been advised on ISIS and it is his job to take a decision on it. It is not his job, however, to analyze ISIS or their modus operandi or their strengths and weaknesses |
Re: Buhari: BDC Is A Scam And Drain To Nigeria by grandstar(m): 12:07am On Feb 01, 2016 |
Jdesilentkiller: What seun said actually makes far more economic sense than the head knowledge you are spewing out. Even Soludo and Sanusi have both condemned Buharis archaic policies which is causing serious damage to the economy. I wanted to go into exports but had to shelve it when I realised I would have to sell the forex earned at the official exchange rate. Cement manufacturers even complained bitterly about it. The naira is heading 400 to $1 this year. |
Re: Buhari: BDC Is A Scam And Drain To Nigeria by grandstar(m): 12:11am On Feb 01, 2016 |
tinsel: Different countries have different ways they manage their forex. If CBN chooses to sell forex to the BDC ,so be it as long as it makes market sense. Even in countries where the central bank does not sell, BDC can buy directly from banks. That is not the case in Nigeria |
Re: Buhari: BDC Is A Scam And Drain To Nigeria by grandstar(m): 12:15am On Feb 01, 2016 |
ZACHIE: The naira is 306 and you are still defending Buhari?! Must the naira touch 5,000 before you wake up? Soludo and Sanusi, both supporters of Buhari have both condemned his policies. |
Re: Buhari: BDC Is A Scam And Drain To Nigeria by erico2k2(m): 9:19pm On Feb 02, 2016 |
grandstar:the p ounds is 415, in another news its £1 to $1.40, no wonder the pounds is running high |
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