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Nairaland Forum / Nairaland / General / Business / CBN Forex Reforms Cripple BDC Operations (12626 Views)
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CBN Forex Reforms Cripple BDC Operations by dre11(m): 6:57am On Oct 17, 2017 |
…operators halt funding dollar accounts at CBN Most Bureau De Change (BDC) operators across the country have stopped funding their dollar ac-counts with the Central Bank of Nigeria (CBN) as the apex bank’s forex reforms exert maximum pressure on BDCs operations, investigation by New Telegraph has revealed. https://newtelegraphonline.com/2017/10/cbn-forex-reforms-cripple-bdc-operations/ lalasticlala |
Re: CBN Forex Reforms Cripple BDC Operations by Fxmanager(m): 7:22am On Oct 17, 2017 |
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Re: CBN Forex Reforms Cripple BDC Operations by scofieldsimba(m): 7:28am On Oct 17, 2017 |
Those guys made enough cash during the naira fall.. Let then live with what they have made.. 29 Likes 3 Shares |
Re: CBN Forex Reforms Cripple BDC Operations by madridguy(m): 7:28am On Oct 17, 2017 |
Re: CBN Forex Reforms Cripple BDC Operations by Dutchey(m): 7:28am On Oct 17, 2017 |
CBN and reforms be like IPOB and their whala... 1 Like |
Re: CBN Forex Reforms Cripple BDC Operations by redon12(m): 7:31am On Oct 17, 2017 |
Re: CBN Forex Reforms Cripple BDC Operations by Nobody: 7:31am On Oct 17, 2017 |
It is better that CBN restricts....so that it won't be $1=5000 naira by now. The real problem however is Nigeria's reliance on revenue from selling raw materials. Things like oil, palm oil, cocoa, groundnuts, cotton, etc...because once the price of any of those things goes down, we would end up having to restrict dollars since the revenues are falling. And the prices of all those goodies fall well well. Better we become a MANUFACTURING economy, rather than wait for oil to rise again, like this APC govt is doing....which means decades of hard work, but the payoff would be very very good. Because we would be in a position where we have a strong currency, and where devaluation makes sense. 5 Likes |
Re: CBN Forex Reforms Cripple BDC Operations by cepha4: 7:31am On Oct 17, 2017 |
K |
Re: CBN Forex Reforms Cripple BDC Operations by adisabarber(m): 7:31am On Oct 17, 2017 |
Ori gbogbo yin buru. When they were buying cheap and selling high we no hear. If dem wan die, make dem die troway. Nigerians don get sense, we trade directly now. You need, I have, we deal. No need for one middleman to shortchange both of us. 16 Likes 2 Shares |
Re: CBN Forex Reforms Cripple BDC Operations by kimond101: 7:32am On Oct 17, 2017 |
BDC operators made lots of money in the past years. It's one of the best Business you can venture into once you have your lisence.(free money) But of recent due to the strict measures put in place by CBN, its hard to make gains 1 Like 1 Share |
Re: CBN Forex Reforms Cripple BDC Operations by futurism: 7:32am On Oct 17, 2017 |
Lol. When they were milking us, it augur well fa? 3 Likes |
Re: CBN Forex Reforms Cripple BDC Operations by Nbote(m): 7:32am On Oct 17, 2017 |
It is d same CBN and govt dat enriched dem earlier dis year. But all dis pumping CBN has been pumping to whom have dey been pumping ? I guess it's tym to enrich d banks too. But how can CBN b selling to banks 305 and banks keep selling at 360? Which kind thievery b dat 3 Likes 1 Share |
Re: CBN Forex Reforms Cripple BDC Operations by Samusu(m): 7:32am On Oct 17, 2017 |
Is it 'one corner' or tight corner I am seeing up there? |
Re: CBN Forex Reforms Cripple BDC Operations by adisabarber(m): 7:33am On Oct 17, 2017 |
Re: CBN Forex Reforms Cripple BDC Operations by trendytrendz: 7:33am On Oct 17, 2017 |
Just look at how much it has cost to defend the naira in 6months, $7b! Then some people will be asking why our forex reserve dropped at the height of oil sale, dollar was selling 160 - 200 naira, imagine how much would have been spent to defend it. 5 Likes |
Re: CBN Forex Reforms Cripple BDC Operations by hlemon: 7:34am On Oct 17, 2017 |
Re: CBN Forex Reforms Cripple BDC Operations by yomalex(m): 7:34am On Oct 17, 2017 |
hmm |
Re: CBN Forex Reforms Cripple BDC Operations by timilehing(m): 7:35am On Oct 17, 2017 |
Why do we need BDC when we have banks? 3 Likes |
Re: CBN Forex Reforms Cripple BDC Operations by psalmson001: 7:35am On Oct 17, 2017 |
dre11: So who is saying the truth now? |
Re: CBN Forex Reforms Cripple BDC Operations by Nobody: 7:35am On Oct 17, 2017 |
trendytrendz: Exactly. Saudi Arabia spent $150 billion just to defend their currency in 2015 alone. Dividend of oil price falls. 3 Likes |
Re: CBN Forex Reforms Cripple BDC Operations by Deeldorado: 7:38am On Oct 17, 2017 |
The distortions in the foreign exchange market will continue as far as the CBN continues to promote different exchange rates in the market. Emefiele should go learn what Soludo did to achieve convergence in the exchange rate across the official and parallel markets in his time. |
Re: CBN Forex Reforms Cripple BDC Operations by MrAJQ(m): 7:39am On Oct 17, 2017 |
Wailers that do not understand this news will quickly rush to accuse PMB of closing people businesses. And those that understand will not comment or will type "OK" 3 Likes |
Re: CBN Forex Reforms Cripple BDC Operations by libertyhope2017: 7:41am On Oct 17, 2017 |
If I'm made CBN governor, the first thing I will do even before eating, is to abrogate Bureau De Change....these are 98% Northerners making a living in the system and moving stolen dollars. Their relevance to the economy is ZERO. Like other countries they sell dollar to banks only. If a Currency Exchange business wants dollar, they should buy from banks and individuals at their own risk and expense. Like most countries, exchanging currency at a Currency Exchange business will cost you a little more than going to the bank. People still patronize them because they are faster and efficient yet costly. Banks take time and a lot of paper work to submit, some people don't have that time so they go to Currency Exchange businesses. My point is BDE will thrive whether they get dollar from CBN or not if they focus on efficient services. For example, Why should I waste hrs or even days at the bank to buy dollar for 100 bucks when BDE will sell for a little bit more for 120 but will only take few minutes, and they can bring it to me. 7 Likes 2 Shares |
Re: CBN Forex Reforms Cripple BDC Operations by Venerable612(m): 7:41am On Oct 17, 2017 |
What was Buhari thinking when he promised to make 1# equal to 1$. In short, why should we take him and his cabinet serious on anything? But some Nigerians will still vote for him if he decides to run for 2019. I hope for heaven sake APC presents a technocrat and not an old soldier |
Re: CBN Forex Reforms Cripple BDC Operations by Foodforthought: 7:42am On Oct 17, 2017 |
I've no Idea what to comment...lemme just come and be going. |
Re: CBN Forex Reforms Cripple BDC Operations by EvilMetahuman: 7:44am On Oct 17, 2017 |
Stupid cbn sells at 305 to banks and banks sell at 370 to 400 to customers. Isn't that corruption? Why is no one talking about this? 1 Like |
Re: CBN Forex Reforms Cripple BDC Operations by buchai: 7:44am On Oct 17, 2017 |
[quote author=scofieldsimba post=61495515]Those guys made enough cash during the naira fall.. Let then live with what they have made.. or perhaps vomit it. |
Re: CBN Forex Reforms Cripple BDC Operations by OboOlora(f): 7:46am On Oct 17, 2017 |
Incoherent article! One paragraph says the CBN sells to commercial banks at $1=305, another says $1=358. Which do we believe? Well, it doesn't change the fact that Emirs get $ at 199.50 and islamic pilgrimages get theirs at 238naira. 1 Like |
Re: CBN Forex Reforms Cripple BDC Operations by Pavore9: 7:47am On Oct 17, 2017 |
Sighs. |
Re: CBN Forex Reforms Cripple BDC Operations by Realdeals(m): 7:48am On Oct 17, 2017 |
Trust Nigerians to still complain. |
Re: CBN Forex Reforms Cripple BDC Operations by tommysparks: 7:48am On Oct 17, 2017 |
trendytrendz:your head dey there. That sums it up |
Re: CBN Forex Reforms Cripple BDC Operations by EvilMetahuman: 7:48am On Oct 17, 2017 |
Deeldorado:exactly Now the banks are the ones feeding fat. He took power from one monster and gave it to bigger monster. Talk about the dumbest cbn governor ever. 5 Likes |
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