SamMilla1:
The Forex trial continues
Relax guys, they are about to issue new license to new BDCs of their choice to open up a new channel to support and sponsor the Northern Agenda.

Emefiele is just a tool. He will open up someday.

I concur as well.

Confused people with confused policies, dollar 350 to dollar as at today

Sowada:
This emefiele man is a confuse man. He accuse the BEČa of killing the naira and he is inviting them back to the system. Na wa for this country front runners ooo.

Buhari is forcing him to get his BDC northern brothers in the game.

it is very unfortunate that we have an economic team that has been experimenting with policies since inception over a year ago. This niggas keep doing trial by error policies, some policies killing the naira, while some policies ameliorating the situation.

How would a serious investor invest in Nigeria, when you don't know the next policy shift in Nigeria.
Bihari keeps messing up big time, the worse is that his mallams keep supporting blindly even tho they are the worse hit

See what Jonathan's staff is causing our economy.

Jonathan sef

Sowada:
This emefiele man is a confuse man. He accuse the BEČa of killing the naira and he is inviting them back to the system. Na wa for this country front runners ooo.

You can't really blame him, he is just there as a figure head. He is actually been told what to do by the powers that be.

The government is gonna run aground Nigeria's economy, they know nothing of what they are doing.

jeffooh999:
Buhari maka why!!

is buhari the cbn governor? If he fires him and put someone there you will scream tribalism, let him fail very well so that his people will ask for his head.

Emefiele is as confused as Nigeria.

This same BDC guys that ran this country money market to the pits,
What's wrong with the current arrangement which seems to be a good move, these guys are thieves,
Sell them 1bn USD and in 10mins, they don't have a cent because one politician dey by the side dey wait.

It's a pity but this is where we find ourselves.

For some saying trial and error government.... Emefiele was appointed by GEJ , would you rather buhari fires him?

I wish us well

adioolayi:



Run! By there writings you shall know them... Scam..Run!

Good for you, now receive sense.

AroOkigbo:


I have this, I have that.
The question is. ..

Who you don epp?

I'm not a philanthropist, I'm only changing my money.

deji47:
Thought the CBN said few months ago, that it was only in Nigeria that Government funded BDCs. Hence the reason sales of forex to BDCs was stopped. Are we back to square one already?
Na siddon look remain now, with all these upandan policy reversals

na so my brother black things

When I pay paypal with my stanbic acct with 310/$.... even as at today Gtb charges 330/$

Clone2020:
I'm based in the US and I have PayPal funds for sale $3000 @ 330/$. I also have $5000 in my US Chase bank account available for bank transfer to any American bank or your dorm account at the rate of 340/$. My contact is in my profile and signature.

Onix01:
It's just a shame that we have kindergarten team as the president's choice in handling the economy. This set of people from CBN to Min of Finance can make or mar the president. They can also expedite his exit before 2019. Oga Buhari do the right thing before it becomes an irredeemable story.

You can moan about the CBN monetary policies but the Ministry of Finance has nothing to do with your economic woes.
Apart from managing the country's accounts and managing and pruning down government expenses, fiscal policies are exclusively that of the Minister of Budget and National Planning, Udoma Udoma under this administration.

fembukin:
When I pay paypal with my stanbic acct with 310/$.... even as at today Gtb charges 330/$

Keep using your Stanbic card then

God Dey

If done this will cause a fall in black market rate but is it sustainable?

Clone2020:
I'm based in the US and I have PayPal funds for sale $3000 @ 330/$. I also have $5000 in my US Chase bank account available for bank transfer to any American bank or your dorm account at the rate of 340/$. My contact is in my profile and signature.

Guy are you okay? Please go and read rule 16 on Nairaland

dayyabuyau:
This is welcome development! By the time CBN and BDCs implement this the gap b/w exchange rate will be no more! And to me I see no more Black Market(I.e parallel Market).

I laugh at your reasoning. So you think those @BDC would just spend their whole time selling currency at "white" market price? There'd always be black market and just watch out, it's going to be worse now. Nigerian are greedy people. Maybe Emefiele didn't remember his boss statement that that Nigerians are corrupt before he decided to re-admit BDCers to the inter bank forex market. Hoarding and sharp practices reactivated. I pity Nigeria.

talktrue1:
Inconsistency

Yep

Ijaya123:
Why do I get the feeling this is a wrong move?

Its not wrong move. There is BDC worldwide but they have to register and work according to the law.

Clone2020:
I'm based in the US and I have PayPal funds for sale $3000 @ 330/$. I also have $5000 in my US Chase bank account available for bank transfer to any American bank or your dorm account at the rate of 340/$. My contact is in my profile and signature.

Mastercard charges 330/$ for PayPal transaction, what's the incentive to buy from you?

Since bdc operation was stopped,naira has depreciated astronomical. Reason was because it gave room for hoarding. Bdcs never hoard money. You buy today and sell before the end of the week to be able to fund your account for next week. This help to keep liquidity and price stabilization. Since the closure of bdc Windows, so many damages have been inflicted to forex market. The excess cash which use to be domiciled in cbn as precautionary deposits from every bdc (35 million) was returned to all Bdcs and as well used immediately to purchase and hoard forex.when ifeanyi uba (capital oil ) who has nothing to offer appeared on channels television with his prophecy and hidden plans which he never disclosed to the public on how he will revalue naira. There was simply panic among the Bdcs and there stocked forex. The money was thrown into the market and there was free fall for dollars in just two days from 380 to 290 . It picked up again in just two days to 345.
We must tell ourselves the simple truth. Selling forex straight to importers inform of letter of credits will never work. It is now the so-called importers who have clout that are selling to Bdcs and some of their friends as inflow and remonby.(china currency)
I have so many things to talk but I'm tired of typing. I have little but meaningful solutions to forex market. The cbn governor introduced bvn in Bdcs operations but he never monitored it. This could have solved the Bdcs manipulations with stiffer punishment. NO BVN, NO SELL. FAKE BVN IS EQUAL TO REVOCATION OF LICENSE. I MEAN SELLS SHOULD BE STRICTLY TO TRAVELLERS.
With this news that Bdcs Will be getting forex,dollars will have downward movement from now. Those that have dollars in stall will bring it out to sell now.
Finally,this is a short time solution to our problem. Our problem lines on imported goods. We must give hid to agriculture and industry. Cheap forex means cheap imports from china. Dollars must be 400 and above to discourage importation. This will promote our local products.
My little knowledge in economics tells me that we can encourage or protect infant industry by embargo , outright ban etc. But these never work because of our agencies like customs and porous borders.
Finally,let's consider agriculture in whatever solutions we are offering at least to stop import of food items. My igbo brothers are always in forefront of causing and criticizing the president in whatever he says or does in this dead economy. This man inherited a dead economy and he is trying everything possible to resurrect it and you keep on calling him names . Some goes to the extent of praying for his death. IF MR PRESIDENT PMB IS THINKING GOOD OF ME AND YOU AND YOU ARE IN THE COMFORT OF YOUR HOMES PRAYING FOR HIS DEATH, DEATH WILL BE YOUR PORTION SOON UNLESS YOU CONFESS IN THIS FORUM NAIRALAND. LONG LIVE PMB, LONG LIVE FEDERAL GOVERNMENT OF NIGERIA.

SamMilla1:
The Forex trial continues
Relax guys, they are about to issue new license to new BDCs of their choice to open up a new channel to support and sponsor the Northern Agenda.

Emefiele is just a tool. He will open up someday.

You're so right. Emefiele is not confused but Buhari has turned him to a puppet.

Buhari himself is being manipulated by the trusted mallams he has surrounded himself with. And unbeknownst to him those guys are incredibly venal men motivated solely by the smell of money.

Mark my words, Muhammadu Buhari will run this country aground before 2019. The man is senile.

magicminister:
[size=16pt]may our enemies be as confused as this current administration.
Amen![/size]

I think you are more confused...The BDC used to operate freely but with the implementation of this policy the cbn can monitor their activities and there would no sudden hike in price of dollar as against the naira...Tell me should every nigerian that wants to change $200 always go to the bank??

I dont see how this move will be of much benefit to the economy. How do you want to explain to a typical mallam wey no go school the right policy to do his exchange raté. How do u want him to comprehend all these rights and régulation when all he wants is just to make gain from currency exchange. This country lacks visjonaries.

These people just dey us dey learn elementary economics, what type of try and error govt be this?

BDC is a problem of Naira, they kill naira by their corrupt practices, that is why we stop selling dollars to them, Nigeria is the only country that sell dollars to BDC; For Zombies sai Apc, sai CBN; now BDC are good for Naira, we will start selling dollars to them and incorporate into interbank market, Zombies-that is a good move, sai CBN, sai APC

It is well.

Instead of getting rid of black-market ?

menxer:

Mastercard charges 330/$ for PayPal transaction, what's the incentive to buy from you?

Use them then.

deji47:
Thought the CBN said few months ago, that it was only in Nigeria that Government funded BDCs. Hence the reason sales of forex to BDCs was stopped. Are we back to square one already?
Na siddon look remain now, with all these upandan policy reversals

I think it's a good policy. It will bring down sharply the difference between the official and black market rates. The official is 280 and the black market 330.The difference is 50naira or 20% gap.

It should not be more than 3%

With their entrance, the black market may drop to 300 or less

grandstar:


I think it's a good policy. It will bring down sharply the difference between the official and black market rates. The official is 280 and the black market 330.The difference is 50naira or 20% gap.

It should not be more than 3%

With their entrance, the black market may drop to 300 or less

there is a new press release on TheCable.com where it's stated that foreign investors want the naira devalued further above 300 naira to the dollar.

Search for it on Thecable.com and you will see it.

Truth is we are dead.