CBN Stops Sale Of FOREX To BDCs - Business (2) - Nairaland
Nairaland Forum / Nairaland / General / Business / CBN Stops Sale Of FOREX To BDCs (20597 Views)
CBN Stops Use Of Foreign Currencies As Collateral For Naira Loan / CBN formalises dollar sales to BDCs as naira improves / Naira Falls After CBN Stops Forex Sales To BDCs (2) (3) (4)
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| Re: CBN Stops Sale Of FOREX To BDCs by Adenugay(m): 3:22pm On Jul 27, 2021 |
Long overdue. I hope they will never never never reverse this decision 1 Like |
| Re: CBN Stops Sale Of FOREX To BDCs by Philomath1212: 3:22pm On Jul 27, 2021 |
Vado: Seems you are not in Naija.. They had stopped the shxt countless times, it didn't hold water... Aboki will still get dollar 1 Like |
| Re: CBN Stops Sale Of FOREX To BDCs by Nobody: 3:22pm On Jul 27, 2021 |
Lol Beta cartel Na on paper dem stop this one So as to sell to only cronies 1 Like |
| Re: CBN Stops Sale Of FOREX To BDCs by Plut01: 3:22pm On Jul 27, 2021 |
. Not bad..... . |
| Re: CBN Stops Sale Of FOREX To BDCs by lessonotes(f): 3:22pm On Jul 27, 2021 |
mrvitalis:  |
| Re: CBN Stops Sale Of FOREX To BDCs by Nobody: 3:23pm On Jul 27, 2021 |
They are finally too broke to finance their first class tribe. Watch the green packs getting scarce. 1 Like |
| Re: CBN Stops Sale Of FOREX To BDCs by yesloaded: 3:23pm On Jul 27, 2021 |
Good morning CBN |
| Re: CBN Stops Sale Of FOREX To BDCs by Nobody: 3:24pm On Jul 27, 2021 |
$1 = =N= 5000  1 Like |
| Re: CBN Stops Sale Of FOREX To BDCs by Manasseh2018(m): 3:25pm On Jul 27, 2021 |
Please what's the full meaning of bdc's |
| Re: CBN Stops Sale Of FOREX To BDCs by Nobody: 3:26pm On Jul 27, 2021 |
interesting. 600/$ loading.... 3 Likes |
| Re: CBN Stops Sale Of FOREX To BDCs by Goke7: 3:26pm On Jul 27, 2021 |
Philomath1212: Soludo did the same but was later reversed when sanusi took over. How I wish it can never be undone, why must we have different rates as the official and black market, who does that? 2 Likes |
| Re: CBN Stops Sale Of FOREX To BDCs by Sirdan247(m): 3:27pm On Jul 27, 2021 |
So annoying. How can my monthly dollar limit be 100$. Like why?? This policy is crazy abhosts: |
| Re: CBN Stops Sale Of FOREX To BDCs by Nobody: 3:27pm On Jul 27, 2021 |
Manasseh2018: 1 Like
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| Re: CBN Stops Sale Of FOREX To BDCs by Goke7: 3:28pm On Jul 27, 2021 |
abhosts: I tire o, this country you can never understand some things |
| Re: CBN Stops Sale Of FOREX To BDCs by Nobody: 3:29pm On Jul 27, 2021 |
Mikael0407:.. Too Many Greedy Mugusss 1 Like |
| Re: CBN Stops Sale Of FOREX To BDCs by Goke7: 3:29pm On Jul 27, 2021 |
FarahAideed: until we fix that parallel shit, we ain't moving anywhere 3 Likes |
| Re: CBN Stops Sale Of FOREX To BDCs by Nobody: 3:33pm On Jul 27, 2021 |
Looks like a Good policy on the surface, but in Nigeria Corruption do fight dirty to the extend that Baba have stop saying he is fighting corruption.... well now we leave room for profiteering by the banks and high cost of sourcing Foreign Exchange from BDC..... the best thing is to have a water tight system that stops illegal flow of illicit funds out of the country... unfortunately the biggest culprits might end up been people in government and the Banks themselves. Overall what is important is being able to monitor the flow of funds whether legal or illegal .....We can have a system that stops direct cash exchange with BDC that way we can analyze data and know where the fund is going. on a flip side I am just using a dongle not a phone, glo had rectified it's issue but the are still third party interference on all my line 081761***07 ,081795***08, 080537***17 1 Like |
| Re: CBN Stops Sale Of FOREX To BDCs by babayinka77(m): 3:34pm On Jul 27, 2021 |
Kwanza:And you still can not buy forex from banks. Who is fooling who? 2 Likes |
| Re: CBN Stops Sale Of FOREX To BDCs by Learnaskill1: 3:35pm On Jul 27, 2021 |
it is serious very cheap as a bonanza I will do a good job for you Web design Graphics Social media marketing I can also teach you Check singnsute for WhatsApp |
| Re: CBN Stops Sale Of FOREX To BDCs by Homextras: 3:36pm On Jul 27, 2021 |
Dollar could get to N1000 before year end with this decision. And this will also affect sales of imported goods like cars, and others. SMH. 5 Likes |
| Re: CBN Stops Sale Of FOREX To BDCs by KazikageSama: 3:36pm On Jul 27, 2021 |
Vado: Naira will actually suffer for this move Sir. 1. Our banks are not capable of handling the volumes of daily FX exchanges over the counter yet. From experience, I can assure you that banks are still struggling with handling, reporting and managing Form As, Form Ms, BTA and PTA requests. 2. All countries have BDC (ALL), what most of them have just done is put the strategic managements under financial institutions. If would have been better if there is a roadmap to allow banks take over these BDCs first before this outright ban. 3. With the CBN's $100 FX limit on cards, expect people to hoard their dollars more which will put more strain on naira. 4. BDCs today are the number 1 agents of controlling (mobbing up and selling dollar into the economy), with most items off out Form M list, these guys are provide the dollars that most businesses use to import their foreign materials. Emefiele for me has been the most questionable CBN Gov., his policies are questionable and his way of reasoning quite archaic. I'm certain he has some funny reasons behind this but I'm not sure it was well thought through. I won't be surprised if we have to devaluate further to meet impending FX needs within the next couple of months. I may be wrong and I pray I am 10 Likes 2 Shares |
| Re: CBN Stops Sale Of FOREX To BDCs by abbey621(m): 3:37pm On Jul 27, 2021 |
Stopping sale to BDC when the little amount you sell to them is nowhere close to enough is like shooting yourself in the foot. Parallel market wouldn't exist if CBN just admits its failures and mark the Naira at its real value which is 500 Naira to 1 Dollar, this is the true state of the economy, why pretend? Our economy depends on foreign everything, if people cannot buy and sell what do you think will happen to the Naira? You think say na me you dey do? Werey dey disguise 4 Likes 1 Share |
| Re: CBN Stops Sale Of FOREX To BDCs by teemac01(m): 3:37pm On Jul 27, 2021 |
Any real Economist know this should have been stopped years ago...how can the rise and fall of a currency be determined by certain number or individuals...the market/economy determines that not BDCs....this should have been scrapped since...dollar goes up never comes down...so does commodities...and the trickle down effect goes to the masses how in turn do so to their fellow. |
| Re: CBN Stops Sale Of FOREX To BDCs by frowland(m): 3:38pm On Jul 27, 2021 |
lawalosky: Hello bro, what is the purchasing power of those two currencies in micro level? Okay, let me rephrase; Assuming I want to sponsor random people to barb their hair. How many people will #50,000 barb and how many people will $100 barb in USA? What can $100 buy you in US compared to what 50k can do in Nigeria? ..and so forth. These are the kind of questions that is conspicuously ignored when comparing economies. 1 Like |
| Re: CBN Stops Sale Of FOREX To BDCs by daddytime(m): 3:38pm On Jul 27, 2021 |
Hmmm E be like say this work don tire Emefiele... His bosses won't be very pleased with this news if indeed true. Great move. 1 Like |
| Re: CBN Stops Sale Of FOREX To BDCs by chloride6: 3:38pm On Jul 27, 2021 |
Lmao... Who born this one well... By next week, the guy go introduce new procedures and guidelines after subsequent re-registration. |
| Re: CBN Stops Sale Of FOREX To BDCs by blazetitov: 3:38pm On Jul 27, 2021 |
Kwanza: They will soon summon him to Kano soon. |
| Re: CBN Stops Sale Of FOREX To BDCs by Naijanascam: 3:40pm On Jul 27, 2021 |
Policy somersaults |
| Re: CBN Stops Sale Of FOREX To BDCs by FrankO95(m): 3:40pm On Jul 27, 2021 |
Cluelessness....Same thing they did in2016 and led to an increase in dollar rate .. Las las aboki go enter Ghana buy the dollars.. 2 Likes |
| Re: CBN Stops Sale Of FOREX To BDCs by JuanDeDios: 3:41pm On Jul 27, 2021 |
frankzone:He has always been. From day 1 he was appointed. 1 Like |
| Re: CBN Stops Sale Of FOREX To BDCs by iconnecta(m): 3:42pm On Jul 27, 2021 |
i suspected this to happen |
| Re: CBN Stops Sale Of FOREX To BDCs by fenibak: 3:42pm On Jul 27, 2021 |
They are waking up now after buharis brothers have looted the country dry |
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