CBN Endorses SSS Raid On Currency traders - Business

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CBN Endorses SSS Raid On Currency traders - Business - Nairaland

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CBN Endorses SSS Raid On Currency traders by Limitednow: 4:24pm On Nov 22, 2016

THE Central Bank of Nigeria (CBN) on Tuesday endorsed the crackdown on parallel market forex traders by the officials of the Department of State Services (SSS) across the country.

The CBN Governor, Godwin Emefiele, disclosed this while addressing journalists at the end of its Monetary Policy Committee (MPC) meeting in Abuja.

According to Mr. Emefiele, the foreign exchange regulation in the country forbids trafficking in currency.

He said that the SSS had the right to enforce the law and make sure that currency hawkers were forced out of the “illegal trade.’’

The governor, who said it was demeaning for traders to hawk currency on the streets, urged the traders to legitimise their business by applying for Bureau De Change (BDC) licence.

Officials of the SSS raided the parallel markets in Lagos, Abuja and Onitsha last week over alleged arbitrary sale of forex.

The raid, which worsened dollar scarcity at its wake, forced the naira to settle at N465 to a dollar.

Earlier, members of the MPC unanimously voted in favour of retaining the Monetary Policy Ratio (MPR) at 14 per cent, Cash Reserve Ratio (CRR) at 22.5 percent and the liquidity ratio at 30 per cent.

The governor said that the members of the committee took the decision after a critical assessment of the risks to the economy.

[NAN]

http://www.socialtimesng.com/2016/11/cbn-endorses-sss-raid-on-currency-traders/

3 Likes

Re: CBN Endorses SSS Raid On Currency traders by brunofarad(m): 5:28pm On Nov 22, 2016

Hmmmm

They should also remember that NIGERIA is not a communist STATE or Banana Republic

It is supposed to be a free market Economy

Dumb heads grin

My heart felt condolence goes to the small and medium scale enterprises all over Nigeria,

39 Likes 3 Shares

Re: CBN Endorses SSS Raid On Currency traders by iykedare(m): 5:28pm On Nov 22, 2016

Our president thinks he will achieve anything with force in this era. He will only make it worse.

What a country!!

42 Likes 3 Shares

Re: CBN Endorses SSS Raid On Currency traders by HenryThegreat1(m): 5:29pm On Nov 22, 2016

1 Like

Re: CBN Endorses SSS Raid On Currency traders by sanandreas(m): 5:29pm On Nov 22, 2016

Re: CBN Endorses SSS Raid On Currency traders by dokunbam(m): 5:29pm On Nov 22, 2016

Well

1 Like

Re: CBN Endorses SSS Raid On Currency traders by Dongreat(m): 5:30pm On Nov 22, 2016

I don't have to be an economist to know that this move will be counterproductive. It will result to a further scarcity of the foreign currencies resulting to higher exchange rate. Why can't CBN build BDC centers across the country where people can go, provide the required documents for what they want to use it for, licensed only be the CBN to give out currency at official rate. Importers, students, medical checkups and manufacturers will go to banks to apply for theirs. Stop giving to these black market guys.

20 Likes 2 Shares

Re: CBN Endorses SSS Raid On Currency traders by MrMcJay(m): 5:30pm On Nov 22, 2016

The question the CBN Governor should be asked is:

Why should licensed Nigerian Banks not have Dollars to sell to Nigerians, but street hawkers have dollars to sell?

83 Likes 5 Shares

Re: CBN Endorses SSS Raid On Currency traders by Godprotectigbos(f): 5:30pm On Nov 22, 2016

sometimes if dont kw wat to say, just laugh

4 Likes 1 Share

Re: CBN Endorses SSS Raid On Currency traders by Dymaco(m): 5:30pm On Nov 22, 2016

dis idiot thinks that this is 1983 when he locked up Igbo traders shop dictating how to sell their market. pls nobi as u take buy market u go take sell am. this govt is just foolish, they can't even think. A year and six months gone, those idiots have never bring up a policy that will put recession into check on 2017. we don dey for serious trouble

17 Likes

Re: CBN Endorses SSS Raid On Currency traders by swiperthefox: 5:32pm On Nov 22, 2016

SMH!

Re: CBN Endorses SSS Raid On Currency traders by anyiway(m): 5:32pm On Nov 22, 2016

Rubbish

Re: CBN Endorses SSS Raid On Currency traders by Franz15: 5:33pm On Nov 22, 2016

the worst is coming sooooooon.... 1d-550n

1 Like

Re: CBN Endorses SSS Raid On Currency traders by cloud9usher: 5:33pm On Nov 22, 2016

We are on the right track! Enough of allowing politicians, judges, banks and BDC's short change us and loot us dry in broad day light to feed their greed.

2 Likes

Re: CBN Endorses SSS Raid On Currency traders by Chiedu4Trump: 5:33pm On Nov 22, 2016

[img]http://2.bp..com/-U9KISL6Q7SA/Uhw4dfv6mKI/AAAAAAAAnHo/d-qv6nkQaBc/s1600/freedom+c39.gif[/img]

2 Likes

Re: CBN Endorses SSS Raid On Currency traders by Millz404(m): 5:34pm On Nov 22, 2016

Make good policies and everything will balance. Price will always adjust to the interplay of demand and supply. They just want to worsen the whole thing by driving the dollar supply further down.
They should continue, what they will finally achieve is a black market in the black market with increased price.

Re: CBN Endorses SSS Raid On Currency traders by Inception(m): 5:34pm On Nov 22, 2016

Re: CBN Endorses SSS Raid On Currency traders by Nobody: 5:34pm On Nov 22, 2016

Great and also the banks that sale to them

Re: CBN Endorses SSS Raid On Currency traders by Nobody: 5:35pm On Nov 22, 2016

In as much as economic economic saboteurs must be severely dealt with, I would like to point out that CBN is the real enemy of Nigeria, how did dollars meant for manufacturers end up in the hands of the black marketeers, CBN needs to put mechanisms in place to track how dollars disbursed are effectively utilized.

They should go the manufacturers too

3 Likes

Re: CBN Endorses SSS Raid On Currency traders by ekanDamie: 5:35pm On Nov 22, 2016

actually, it's a welcome development. this are the people through which d exchange rate keeps going up.
if they stop them n dier cabal's. dey would stop having an influence on exchange rate

1 Like

Re: CBN Endorses SSS Raid On Currency traders by Gten(m): 5:36pm On Nov 22, 2016

The CBN under Emefiele thinks force is the way to keep the floating forex under check, has it occurred to the knucklehead that a conducive environment by Mr Buhari is the solution? Most of the investors have left the country, the revenue from oil is dwindling the president is not doing any tangible thing to woo investors and to compound it all you are arresting those going about their legitimate business, ask yourself who would come and invest in Nigeria during this "demomilitary rule"?

3 Likes

Re: CBN Endorses SSS Raid On Currency traders by emmanuelbrown26: 5:37pm On Nov 22, 2016

chai dis is the real time for my businessssss

Re: CBN Endorses SSS Raid On Currency traders by Dymaco(m): 5:38pm On Nov 22, 2016

Keneking:
Great and also the banks that sale to them

smh

go and tell that ur idiot govt. that he should make more forex available

1 Like

Re: CBN Endorses SSS Raid On Currency traders by divide9ja: 5:39pm On Nov 22, 2016

brunofarad:
Hmmmm

They should also remember that NIGERIA is not a communist STATE or Banana Republic

It is supposed to be a free market Economy

Dumb heads

My heart felt condolence goes to the small and medium scale enterprises all over Nigeria,

This are the ways of Banana Republic now!

Una vote for change, enjoy una change bikonu.

2 Likes

Re: CBN Endorses SSS Raid On Currency traders by Dymaco(m): 5:39pm On Nov 22, 2016

ekanDamie:
actually, it's a welcome development. this are the people through which d exchange rate keeps going up.
if they stop them n dier cabal's. dey would stop having an influence on exchange rate

oga no bi as u take buy rice u go take sale am. are they the one that made ur govt. not to create more forex through diff. method.

Re: CBN Endorses SSS Raid On Currency traders by MrCounselor: 5:40pm On Nov 22, 2016

[size=18pt]Apply for proper license is what they say[/size]

http://smartfinanceng..com/2016/11/bitcoin-up-and-running-everything-you.html

1 Like

Re: CBN Endorses SSS Raid On Currency traders by val15: 5:41pm On Nov 22, 2016

CBN,DSS and Buhari na family business na.

2 Likes 1 Share

Re: CBN Endorses SSS Raid On Currency traders by Papertrail11(m): 5:45pm On Nov 22, 2016

brunofarad:
Hmmmm

They should also remember that NIGERIA is not a communist STATE or Banana Republic

It is supposed to be a free market Economy

Dumb heads

My heart felt condolence goes to the small and medium scale enterprises all over Nigeria,

once things starts spriling out of control pple like yu will start calln on govt to control the situation of things....im in full aupport of this move against those street urchins called bdc they are one of the people creating artificial scaricity and a case of round tripping govt sells 400 dey sell 450

1 Like

Re: CBN Endorses SSS Raid On Currency traders by Nobody: 5:48pm On Nov 22, 2016

Check my signature and come onboard let's earn money weekly

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