just kip going up up up ... kilo kan mi kan econs.

just kip going up up up ... kilo kan mi kan econs.

GreatEngineer:
Good move. Hope it helps to bring down the naira to dollar exchange rate.

in kiss daniel voice, "laiye, laiye o, bobo kojo"

Nigeria is going somewhere.....

And what are we currently manufacturing that will benefit from this move?

Good moves. Kudos to CBN.

kennyman2000:
Lol. 50k dollars wey no reach one igbo business man buy.

Na dem de kill our economy with finished products import.

989900:
The truth of the matter is, the BDCs don't have the dollar, hence the hike in price. Go to any mallo and ask for $30k, even 10k, you will see them running helter-skelter for hours trying to fetch it.

This should help with availability, and strengthen the Naira if properly monitored. The BDCs, banks, and politicians are very good at sabotage.

I will suggest dollar sales to be strictly by POS or bank transfers, or with BVN -- that's how you can keep track/records . . . hoarders and racketeers won't like that though.


The special intervention funds to agric and manufacturing sectors at low rates is so welcomed.

How many policy failures will we see from this confused government and the CBN.

I fail to see how all this makes any sense.

First of all, last 2 months or so, same CBN came to tell the world that they were phasing out the dual currency system, and came out guidelines for banks to sell $ to their customers.
One didn't need to be a prophet to have predicted the failure of that fantasy.

Now, a 2 months or so later, the CBN is admitting it's 100th policy failure by now asking banks to sell to the BDCs. Isn't that a recognition of the BDCs as the bona fide market for foreign exchange?

Then why do we still have an official rate? For whom is it for and who benefits from it ?

Why doesn't the CBN mandate banks to sell directly to the public rather than the BDCs, who would enjoy an easy 20% profit for No effort, at the expense of the public and the economy ?

By selling millions of $ to private BDCs every week, isn't the CBN directly subsidizing private companies with very scarce foreign exchange that benefit the economy in my other ways ?

I am confused.

Why is it impossible for a person to go into a bank and buy foreign exchange at whatever the market rate is ?

For a country that sells oil and receives more than $20b in remittances per annum, why ?

Blame it on Lamido Sanusi, who introduced the restriction dollar in circulation and let it scarce, allow politician to embezzled.


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.

Hmm....instead of giving USD to importer to import giving to BDC.for my genuine import of medicine i am still waiting to get forex from 8 months and you decide to give BDC.you cant give me small sum of 33k usd but u can pay weekly 50k to bdc for sell when ppl of country are suffering....

Keneking:
Only 200K$ per BDC can solve this problem.

Also up to 500K$ by December /New year would force it down to N282/$1

Haba baba na only God knw whr u get ur own fact from wey dey make u conceptualize such analysis

plaetton:


How many policy failures will we see from this confused government and the CBN.

I fail to see how all this makes any sense.

First of all, last 2 months or so, same CBN came to tell the world that they were phasing out the dual currency system, and came out guidelines for banks to sell $ to their customers.
One didn't need to be a prophet to have predicted the failure of that fantasy.

Now, a 2 months or so later, the CBN is admitting it's 100th policy failure by now asking banks to sell to the BDCs. Isn't that a recognition of the BDCs as the bona fide market for foreign exchange?

Then why do we still have an official rate? For whom is it for and who benefits from it ?

Why doesn't the CBN mandate banks to sell directly to the public rather than the BDCs, who would enjoy an easy 20% profit for No effort, at the expense of the public and the economy ?

By selling millions of $ to private BDCs every week, isn't the CBN directly subsidizing private companies with very scarce foreign exchange that benefit the economy in my other ways ?

I am confused.

Why is it impossible for a person to go into a bank and buy foreign exchange at whatever the market rate is ?

For a country that sells oil and receives more than $20b in remittances per annum, why ?

Thanks for your post.

It seems Nigerians don't get how unserious the present mgt. of CBN is (and this extends to economic mgt. team of FGN). They increase MPR on one hand and ask for Nigerians to diversify! With which money

Policy somersault every 2 weeks. Even the 30K they proposed haven't been implemented, they are already increasing it to 50k. While the people that really need the FX to import needed machinery, spares and raw materials cannot get it anywhere.

northvietnam:
I don't like this news, me wey dey plan to receive USD in a months time from my uncle and this people want to spoil market for me... God I need more dollar hike please

hehehehe

kokosheen:


Thanks for your post.

It seems Nigerians don't get how unserious the present mgt. of CBN is (and this extends to economic mgt. team of FGN). They increase MPR on one hand and ask for Nigerians to diversify! With which money

Policy somersault every 2 weeks. Even the 30K they proposed haven't been implemented, they are already increasing it to 50k. While the people that really need the FX to import needed machinery, spares and raw materials cannot get it anywhere.

Buhari needs to get rid of the CBN governor ASAP.

it's been one failed policy or another. One reversal or another. He should weild his executive powers and get the dude removed. WTF!! After all, the dude was appointed by uncle Jona.

I'm just sick and tired of all these his "trial and error" economic policies.

Weekly review of policy... this does not a stable economy make.

This will only have positive effects for a week or two. Our hunger for dollar cannot be bridled so easily and quickly like what the CBN is telling us.

The BDCs have an extra $20,000 weekly, Dubai-summer-holiday travellers will be jumping for joy. There will be round tripping and sharp practices and consequently, more woes for the economy.

In my own opinion, the CBN should deal directly with companies, industries, manufacturers that are in dire need of dollars. This way, their huge demand for dollars is taken off the BDCs and the BDCs can service other consumers of dollars.

Increasing the supply of dollars to BdCs given the poor control, supervision the CBN has over them will only spell more doom for Nigeria.


Are you an energy enthusiast? PM me. And let's talk. #ENERGYVILLA

plaetton:


How many policy failures will we see from this confused government and the CBN.

I fail to see how all this makes any sense.

First of all, last 2 months or so, same CBN came to tell the world that they were phasing out the dual currency system, and came out guidelines for banks to sell $ to their customers.
One didn't need to be a prophet to have predicted the failure of that fantasy.

Now, a 2 months or so later, the CBN is admitting it's 100th policy failure by now asking banks to sell to the BDCs. Isn't that a recognition of the BDCs as the bona fide market for foreign exchange?

Then why do we still have an official rate? For whom is it for and who benefits from it ?

Why doesn't the CBN mandate banks to sell directly to the public rather than the BDCs, who would enjoy an easy 20% profit for No effort, at the expense of the public and the economy ?

By selling millions of $ to private BDCs every week, isn't the CBN directly subsidizing private companies with very scarce foreign exchange that benefit the economy in my other ways ?

I am confused.

Why is it impossible for a person to go into a bank and buy foreign exchange at whatever the market rate is ?

For a country that sells oil and receives more than $20b in remittances per annum, why ?

How many policy failures will we see from this confused government and the CBN.

I fail to see how all this makes any sense.

First of all, last 2 months or so, same CBN came to tell the world that they were phasing out the dual currency system, and came out guidelines for banks to sell $ to their customers.
One didn't need to be a prophet to have predicted the failure of that fantasy.

Now, a 2 months or so later, the CBN is admitting it's 100th policy failure by now asking banks to sell to the BDCs. Isn't that a recognition of the BDCs as the bona fide market for foreign exchange?

The policy flip-flops is evident of the reactionary policies of the CBN, in-lieu of proactive policies . . . least we mention their questionable forthrightness.

That said, BDCs or money changers exist in almost every country (at least in the over 20 I have either lived in or visited) . . . Ideally they shouldn't be funded by the CBN, but we have a peculiar/unique situation here: over dependence on imports, we even import palm oil, eggs, tomatoes, tooth picks, refined petroleum products, while our Forex in flow is not commensurate with our 170m population's demand, and the CBN takes charge of relatively almost all inflows.

Then why do we still have an official rate? For whom is it for and who benefits from it ?

There is no longer a fixed official rate, rather, the play (supply/availability vs demand) at the FMDQ determines the rate, from which banks add a little percentage around 2-3% to sell at the inter-bank, from whence tuition, medical and other fees can be paid through the bank at the prevalent rate. Importers who are not in the 41 banned list can also access the inter-bank.

Why doesn't the CBN mandate banks to sell directly to the public rather than the BDCs, who would enjoy an easy 20% profit for No effort, at the expense of the public and the economy ?

They do, it can actually be made easier than it is right now, though. The BDCs are being instructed not to sell at more than at 2-3.5% profit, so if they get it at say 300, they should not sell above 311. How the CBN enforces this, is going to be the make or break.

By selling millions of $ to private BDCs every week, isn't the CBN directly subsidizing private companies with very scarce foreign exchange that benefit the economy in my other ways ?

Especially with the exclusion of the 41 items, there is little option than to fund the BDCs, though IMO, I would have preferred the 41 items are not restricted from getting access to Forex at the banks, rather, double or triple the duties and taxes on them, while halving the duties on agric, manufacturing equipment, and other stuffs that can help exports.

That should turn the tables in favour of exports and the Naira.

Selling the overseas remittance dollars to BDCs should not hurt the economy, rather it should help spur the economy if iron clad checks and balances are put in place and enforced, else, like I will always say, you'd have anarchy.

y can't this govt tell it's citizens the real fact about this situation. u promised to give BDC 10k USD in a week. u could not achieve it. again it was reviewed to 30k still the BcD. still unable to bid as instructed bcoz of the scarcity of the product. now u ar telling the world that the said amount has been Increased to 50k. ar u folling d people or ur self. this govt is build upon lies. am not surprised Lia Mohammed is there., the duller is also there. Dear APC, lies does not help. neither will it sustain the growth of Nair. rubbish.