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CBN Resumes Sales Of Forex To Bdcs / CBN Suspends 19 Banks From Forex Sale To BDCs / CBN To Banks: Sell Forex To BDCs - Nairametrics (2) (3) (4)
Re: CBN Resumes Dollar Sales To BDCs by orlaryhincah(m): 7:29am On Aug 07, 2016 |
CallMeNJay: I was charged #400 on Friday |
Re: CBN Resumes Dollar Sales To BDCs by Joel3(m): 7:32am On Aug 07, 2016 |
....how many times will I have to say this. dollars operations is in the wrong hands. how to correct this nation is for bank to start paying people for the said foreign remittance that is de only way dollars can get to the right hands. not converting there money to it equivalents. until then dollars will keep going up. 3 Likes |
Re: CBN Resumes Dollar Sales To BDCs by leofab(f): 7:32am On Aug 07, 2016 |
General Cassandra I hail you and your economic team ohhh 1 Like |
Re: CBN Resumes Dollar Sales To BDCs by stephany007: 7:39am On Aug 07, 2016 |
CallMeNJay:sorry which bank please cause I was planning on doing an online transaction so I can stop if that is the rate |
Re: CBN Resumes Dollar Sales To BDCs by Coldfeets: 7:41am On Aug 07, 2016 |
krendo: The thing don taya me, I swear But if the thing to helep improve our economy, then I say carry go |
Re: CBN Resumes Dollar Sales To BDCs by pinkcottoncandy: 7:51am On Aug 07, 2016 |
Please oooo is it compulsory that the CBN Governor must be Nigerian, how about getting a foreigner that truly understand economics and the dynamic that move it? If UK can afford to get a Bank of England Governor who is from CANADA because he knows his shit, why cant we do the same here. I think the government needs to start appointing global think tanks and white people to come up with policies before implementation, if not very soon war go start for this country oooo. Our so called leaders did not go to school to sabi something...they merely went to pass exam...so how can they know how to solve a problem if they do not even know what the problem is?? I have been changing naira to pounds since...and it is no longer funny...my money don finish 4 Likes 1 Share |
Re: CBN Resumes Dollar Sales To BDCs by 36STATES: 7:57am On Aug 07, 2016 |
May god punish illiterate Buhari and his army of ignorant fools. The lazy backward brain dead Nigerians only remember people abroad to milk them for Dollar. For your information, most of that 21 billion Dollars remittance come from drug, prostitution, alcohol, gays etc. So before you condemn those abroad for going to jail or being executed in the course of their hustle, just understand that they're more useful to Nigeria than your sorry as*s. Many abroad are in jail to remit those monies that illiterate Buhari uses to subsidise his fellow jihadi moslems and some useless christians to both Jerusalem and Mecca. Now he wants to resume giving Dollar to mallams from government purse. Why can't they buy and sell without government taking part? How many northerners are abroad to remit Dollars that will be handed over to mallams for mecca and BDC? 4 Likes 1 Share |
Re: CBN Resumes Dollar Sales To BDCs by richard870(m): 8:01am On Aug 07, 2016 |
SMH...its obvious that the CBN governor,in particular, knows little or nothing about the dynamics of monetary policies. You are now reverting to the previous state (which was said to be bad @ d time) after 7 months of massive economic catastrophe This administration is simply clueless! 1 Like |
Re: CBN Resumes Dollar Sales To BDCs by Onegai(f): 8:10am On Aug 07, 2016 |
But seriously, What DOES Kemi Adeosun do with her time? Because as Minister of Finance, she's underperforming to an alarming level. What are her plans to help stimulate the country's economy? It's like she doesn't exist or have meetings with Emefiele and others. 2 Likes 1 Share |
Re: CBN Resumes Dollar Sales To BDCs by SirAweezy(m): 8:23am On Aug 07, 2016 |
Obviously CBN governor knows nothing... well dollar is expected to fall this coming week because of this move.... but it will start having its way back gradually before the month is over.... Nigeria is dying!!! 1 Like |
Re: CBN Resumes Dollar Sales To BDCs by SirAweezy(m): 8:23am On Aug 07, 2016 |
Obviously CBN governor knows nothing... well dollar is expected to fail this coming week because of this move.... but it will start having its way back gradually before the month is over.... Nigeria is dying!!! |
Re: CBN Resumes Dollar Sales To BDCs by loveuGOD: 8:38am On Aug 07, 2016 |
This is the major reason for rise in dollar from the onset. Where do they want them to get dollar to sell to d public. Buhari didnt know anything about economics and he was trying to drive d cbn with his military aporoach. U dont want bdc Ban of card oversea I wont devalue naira Stop foreign transfer ( which makes most investor pull out) Now when all his policies sumersulted he now reversed most of d above policies after it has already caused a lot of damage.. No leader rule with bitterness, one way traffic, sentiment can succeed. Policy goes a long way to drive economics positively. Lastly its high time d CBN got autonomy to control our economy. getting order from oga at d top should stop. 1 Like |
Re: CBN Resumes Dollar Sales To BDCs by 989900E: 8:42am On Aug 07, 2016 |
eph12: No doubt, but anyone of Emefiele's caliber with some substance of self-worth should be able to resign if he/she thinks the president is hampering his efforts and tarnishing his image (that way he can shame the president) -- I dare he CAN NOT! The presidency has too much dirt on him to send him to Kuje in the blink of an eye, else he is a perpetual 'bingo' to Buhari. 1 Like |
Re: CBN Resumes Dollar Sales To BDCs by naijafresh: 8:45am On Aug 07, 2016 |
The government can dance around as much as they like and keep chasing their own tails. The black market will continue to thrive in the current environment, there is a reason why it's called the black market and the government can't regulate this 'black market' however hard it tries. They are just chasing shadows. The true value of the naira is the value all those who have dollars are willing to exchange for with those who want naira. It's the value they mutually agree to pay for it and is subject to the laws of demand and supply. We currently have a two tier market situation, the black market will only mirror the rates offered by CBN when dollars are more readily available and there's no incentive to source outside or inside official channels unless you're hiding your activities. You can't artificially force a nominal value on the dollar unless you have deep pockets as in billions of dollars in reserve to flood the market and reduce the pressures of the demand and supply aspect of the market. Major economies have tried to fight market forces and have eventually succumbed. They have hit their fingers burnt and learn to employ a different strategy such as economic stimulus not aggressive forex policies as they just make the banking sector richer. You can imagine what's happening in our already corrupt environment. It's once again the turn of the bankers to cream the top off the economy. No one in his right mind even the governor of CBN will personally sell his dollars for N197 when he knows there is someone who is ready to offer N400 for it, it's as simple as that. Compelling international money transfer operators to sell their remittances to a designated body so you can give them lower than the market value just drives them underground and encourages the black market. The naira needs to be allowed to float and we need strong and sustainable economic policies without the impediment of corruption 3 Likes |
Re: CBN Resumes Dollar Sales To BDCs by justmenoni: 8:46am On Aug 07, 2016 |
So someone abroad will send their money in foreign currency through imto and then funds would be dispersed in naira at official bank rates, let's say the bank buys this dollar from imto at 320, they would surely sell it to the bdcs for more than 340 so they the Banks would gain 20 naira per dollar,if that is multiplied by the projected 20b dollars then the banks in naija will make huge amount of money.. 1 Like |
Re: CBN Resumes Dollar Sales To BDCs by kechywillz(m): 9:01am On Aug 07, 2016 |
Buhari's inept economic policy has destroyed Nigeria 1 Like |
Re: CBN Resumes Dollar Sales To BDCs by Nobody: 9:02am On Aug 07, 2016 |
Selling dollars to bdc and excluding banks to sell to the public fuels scarcity the more. 90% of BDC guys will get dollars at official interbank rate and sell to individuals at stupendous higher rate far from interbank rate which breeds scarcity. To stabilize naira,sell to bdc and banks the true value of the naira and let market forces come into play. That's wen we shall see the true floating currency coming to play 2 Likes |
Re: CBN Resumes Dollar Sales To BDCs by NEROSKY(m): 9:08am On Aug 07, 2016 |
LordAdam: I like the BOLDED |
Re: CBN Resumes Dollar Sales To BDCs by eph12(m): 9:12am On Aug 07, 2016 |
989900E:@ bolded, is this something to be happy and brag about? |
Re: CBN Resumes Dollar Sales To BDCs by 4watever: 9:18am On Aug 07, 2016 |
This is good. Should make the black market dollar price fall asap. |
Re: CBN Resumes Dollar Sales To BDCs by tempest01(m): 9:23am On Aug 07, 2016 |
This is a good policy....but the three money transfer agencies allowed in the market should offer competitive rates that will cause an inflow. World remit offered rates that were enticing. I'm as much as this move will help curb the problems we are facing, the process should be monitored so that the charges are not too much, and more players should be allowed in after due compliance with the laws, to avoid monopolistic tendencies. |
Re: CBN Resumes Dollar Sales To BDCs by 989900E: 9:29am On Aug 07, 2016 |
eph12: I'm sorry if you have the impression I am happy about it. I absolutely DO NOT -- we are in a sad situation. You don't want to know my story with the falling Naira. All I am saying is, Emefiele cannot walk out on Buhari, even if he is fully convinced it is the right thing to do . . . Emefiele's shady dealings, especially from the past, are his baggage. On an aside, remember he assured the President with this new 'dirty float' policy the Naira will settle at lower than N250 to a dollar, but it is presently at N310 to a dollar at the interbank (still a fluid situation though . . . could get better or worse). If you are the boss will that make you happy? As much as we might think the President is clueless about Forex, his fears are justified, and some renowned economists share his fears too. It is the job of the CBN governor to allay those fears with positive results, making the right demands (I doubt Buhari can grant Emefiele's demands . . . he is not delivering and has a questionable past). Kachikwu was able to have his way with Buhari, 'cause he was delivering on promises. Buhari will almost do anything Kachikwu tells him to do. 1 Like 1 Share |
Re: CBN Resumes Dollar Sales To BDCs by akaahs(m): 9:37am On Aug 07, 2016 |
Government of kakistocracy. |
Re: CBN Resumes Dollar Sales To BDCs by 989900E: 9:40am On Aug 07, 2016 |
tempest01: You are right. Well, the remittances from diaspora goes to the BDCs now, which should bring their rates closer to the 'interbank' . . . harmonize rates sort of. And, in addition, the CBN still needs to keep funding the FMDQ market properly until investors come in, it is BS listening to some quarters blaming the CBN for intervening (I wonder why Emefiele bothers about their noise). These are early stages, bar Canada, Switzerland, and a few countries, no country operates a 'clean float', there are always interventions, and we are beginners here . . . And the CBN needs to choke the banks with both hands if need be to cooperate, or else the banks are very good at sabotage (and that goes for the BDCs now), as already being experienced. |
Re: CBN Resumes Dollar Sales To BDCs by naijafresh: 9:44am On Aug 07, 2016 |
justmenoni: Only if you're desperate enough to use a 'registered' IMTO like western union etc as virtually everyone abroad has an informal way of sending money back home that doesn't involve the services of an IMTO and their artificially low rates. The plan is for IMTOs to collect your money and sell to the banks at the CBN determined rate. The banks will then sell to the BDCs at the CBN determined rate but in reality there is a hidden mark up as we all know and your money ends up being sold on the black market for the prevailing rate. Net result is you are given N310 for your dollar and banks divert your money via BDCs etc to the black market where they sell for N390-400 under the table. So who's cheating who? Regarding remittances, $20 billion is a conservative estimate. In my opinion they probably capture the transactions by registered IMTO but not the vast majority of transactions by individuals and small time operators. They can't stop people sending money back home, they can only stop larger IMTOs from trading and the result is people will take their money somewhere else and there is no difference to the exchange rate if the dollar because the informal market or black market so to speak is practically independent of government is CBN policies. I might even set up shop, come to think of it. If you want to send pound sterling home securely please message me for details. Please note I'm not a government registered IMTO so you will get the market rate for your money not the Hajj rate |
Re: CBN Resumes Dollar Sales To BDCs by 247Dior(m): 9:46am On Aug 07, 2016 |
LordAdam:you really deserve drink bro.. people always playing politice of hate with everything in this failed country 1 Like |
Re: CBN Resumes Dollar Sales To BDCs by naijafresh: 9:59am On Aug 07, 2016 |
danjumakolo: I share your opinion, too many millionaires are being made in the banking sector at the expense of the wider economy Last time it was the Oil and gas sector getting rich while the rest of the country suffered. Who will it be next? 1 Like |
Re: CBN Resumes Dollar Sales To BDCs by naijafresh: 10:11am On Aug 07, 2016 |
989900E: So may I ask where the CBN is expected to get the funds to keep funding the FMDQ market? We simply don't have the inflow of dollars to satisfy demand. It's not a simple matter of opening the nations coffers and depleting our reserves. The lack of income has to reflect in our economy until our fortunes are reversed. See what floating the price of fuel did to demand, fuel importation and consumption was halved or reduced as people altered their behaviour. We can't keep spending like there is no recession like a lot of Nigerians want us to do. Left to some we should sell all our reserves at 167 to the dollar till we have nothing left. Then what next? The nations you mentioned may intervene but they have the resources to do so and they back intervention up with other strategies. Strategies don't have to revolve round artficially supporting the naira we also have to stimulate the domestic economy and reduce the craving for forex for luxury items etc. Which raises a question, what is a luxury item? Just because we don't produce an item in Nigeria should we ban the importation of the item because it adds strain to the dollar dependent economy? 1 Like |
Re: CBN Resumes Dollar Sales To BDCs by 989900E: 10:17am On Aug 07, 2016 |
naijafresh: I very well understand your angle, and I am not insinuating the parts in bold, that said: what is the total monthly Forex demand of the country as a whole? what is the total Forex inflow (overseas remittances, investors, crude oil sales and other exports)? And what are our Forex reserves? |
Re: CBN Resumes Dollar Sales To BDCs by onatisi(m): 10:24am On Aug 07, 2016 |
Onegai:The final decision lies with buhari,if they advice him and he says NO ,what should they do When she advised him in Qatar,did he listen I am sure many of those ministers are regretting taking up any portfolio under buhari
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Re: CBN Resumes Dollar Sales To BDCs by naijafresh: 10:36am On Aug 07, 2016 |
989900E: Well, according to widely quoted figures from CBN we used to earn 3 billion USD a month before oil prices crashed and now we earn less than 1 Billion USD while our monthly dollar requirements are about N900 billion a month so roughly 3 billion USD against an income of less than a billion USD. I'm not sure if this accounts for all inflows or just earnings from crude. Our reserves as at June 2016 are down to 26 billion USD from circa 40 billion USD. So we have been dipping ton our reserves. Its been quoted that if we sold dollars to meet current demand we would consume all our reserves in less than a year. |
Re: CBN Resumes Dollar Sales To BDCs by omorttee4u(m): 10:36am On Aug 07, 2016 |
During obasanjo and yar'adua there was no problem on our exchange rate like this. Why, The two Government truly practiced floats of currency...i.e no restriction of dollar or other currency by monetary system ( CBN and Commercial Bank's) . Any foreign investors can come to Nigeria, and then call on the outlet outside Nigeria for Money, if the Money Dollar, should have been given the customer in Dollar instead of Naira,they would sell to beuru de change and the existence of dollar will determine it's price in the circulation. You made policy that allow Govt official to embezle public fund in dollar, and let the so call dollar scarce in the circulation. i believe every transaction made from US or other country are being transferred to Nigeria in dollar and the money is being diverted by our corrupt politicians. Up to this moment, the dollar is still being diverted. Cos you made this easy for corrupt politicians. This is the most reason you are the cause of hardship Nigerians are going through now. Expecially in terms of exchange rate. 1 Like |
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