N

CBN should focus on effective economic policies.. . .

Banning or restricting cryto or other digital currencies in the economy, is never the problem of persistent depreciation of the naira again dollar .

This is what I call, SUMMERSUGAR!

Nigerians can be so opinionated.

CBN ban sales of forex to BDCs because they've become conduit for fraud, money laundering, and also because of the arbitrage trading most of them engage in.
A BDC would get $20,000 at CBN rate of 410 naira and would sell in bulk to existing offtakers at around 490 naira, making almost N2,000,000 per week without breaking a sweat, while indirectly sending price of goods and inflation rate high.
Banning forex sales to BDC is a welcome development, CBN should only perfect this policy by increasing volume of forex available to Banks, such that forex easily accessible via banking platforms

We blame HAUSAS for everything but this is someone from thr SOUTH Doing rubbish

Simple enforcement will do...Why is CBN shying away from her responsibilities
-Withdraw licenses of one or two big BDC as a deterrent to others...
-Do massive arrests of urchins (Unregistered BDCs) at popular spots...They know this spots where they operate...

The enforcement of this market lies solely on CBN...when they are truly ready, they will enforce

007s:
Nigerians can be so opinionated.

CBN ban sales of forex to BDCs because they've become conduit for fraud, money laundering, and also because of the arbitrage trading most of them engage in.
A BDC would get $20,000 at CBN rate of 410 naira and would sell in bulk to existing offtakers at around 490 naira, making almost N2,000,000 per week without breaking a sweat, while indirectly sending price of goods and inflation rate high.
Banning forex sales to BDC is a welcome development, CBN should only perfect this policy by increasing volume of forex available to Banks, such that forex easily accessible via banking platforms

And you think the Banks wont sell to BDC....
And make clean profit without stress...
Dats blood money for the Banks....
CBN is simply makin policies to favor d Banks...
Let every other users go to HELL...
Have you forgotten the $153 million dollars Fidelity Bank Saga....

This writer is a bad economic analyst. I Won't say more than this

CrispyLiz:
http://saharareporters.com/2021/08/01/central-bank-governor%E2%80%99s-policy-somersault-foreign-exchange-bureau-de-change-dr-adeola

ceeplusltd:
Honestly the way this thing is going, I'm 100% sure dollar will hit 600 before December. The system is too corrupt.banks are hoarding dollar and the BDCs are hoarding dollar too.go to bank you can't get dollar because the staff are hoarding it for their customers who will dash them huge money after approving your BTA/PTA. Imagine since Monday I applied for PTA,until now no show because the staff handling my application know I will not give her shishi if I get the PTA. Very big shame .this country is finished

$1=N1 Buhari should give Emefiele tips on how he intends to achieve his campaign promises.

CORRUPTION IS FIGHTING BACK. THE CBN GOVERNOR IS RIGHT . BDC BUSINESS MUST BE SCRAPPED, COS THEY ARE SABOTAGING THE ECONOMY OF THE NATION. ALL FOREX TRANSACTIONS AND BUSINESS SHOULD BE DONE WITH THE BANKS. HOW CAN ONE NEED TO BUY FOREX IN THE BANK AMD THE BANKS WILL REFER YOU TO A BDC AGENT. ITS AN ANOMALY. ITS PURE EVIL. BANKS ALONE SHOULD SELL FOREX TO INDIVIDUALS OR ORGANIZATIONS, PERIOD.

I am not saying the CBN Governor is doing a great job but all I can see is an Author paid by BDCs to write in their support.

The CBN will not give funds to BDCs anymore and so be it!

Ayo2004:
We are finished

I believe Buhari and his boys are deliberately doing this in order to reduce the power of the naira compared to dollars hence less Nigerians will not have the economic power to japa while their loot in US banks increase when they want to spend it in Nigeria

In my next life,if I come as a Nigerian,I go carry knife for hospital chook myself

funny

Ehen?!

I don't agree with this writer, even before this policy dollars has been gaining against the naira. People can easily access FX at 412 for dollars. CBN ismonitoring the banks so no hoarding of dollars as claimed by the writer. It's a policy in a right direction.


Genius J

▶️⏩The more incompetent an
appointee is, the More Buhari loves
the appointee, so long as the appointee
remains loyal.. ❌☹️☹️

▶️Buhari doesn't care about performance,
just be hailing & loyal. ❗️❗️

⏩▶️That is why every sector under this man's
govt has either failed or failing❌☹️

I read this article over 2 weeks ago.

Interesting piece.

The embargo on domiciliary accounts is ridiculous. You cannot pay in more than 5k cash every month. You own money oh, the bank will reject you paying cash into your account.

Lol.

That foggy looking imbe better know what he is doing .

Personally I think Emefiele has not performed well. He should be replaced with someone else.

abhosts:
Joseph Sanusi and Charles Soludu are best ever CBN governors.

don't mention.Every ministry under buhari is d worst we ever had.name an exception

Icumsa45:
Emefiele is a super dunce, despite their daft initiatives on FX, dollar still dey rise like garri.

I swear. Today na 520.

Imbe when dey form smart. Very dull guy. I wonder how he became a bank chair.


Nothing dey are doing and fx is getting higher by the day.

Grgton:
CBN should focus on effective economic policies.. . .

Banning or restricting cryto or other digital currencies in the economy, is never the problem of persistent depreciation of the naira again dollar .

Exactly. What affects the naira to dollar is a simple element of demand and supply as many nigerins already knew there are so much pressure on the dollar they will rather invest in crypto or gold and now that they decided to outlaw crypto many people find it safe to keep their money in dollars hence adding more pressure on the already pressurized dollar.

007s:
Nigerians can be so opinionated.

CBN ban sales of forex to BDCs because they've become conduit for fraud, money laundering, and also because of the arbitrage trading most of them engage in.
A BDC would get $20,000 at CBN rate of 410 naira and would sell in bulk to existing offtakers at around 490 naira, making almost N2,000,000 per week without breaking a sweat, while indirectly sending price of goods and inflation rate high.
Banning forex sales to BDC is a welcome development, CBN should only perfect this policy by increasing volume of forex available to Banks, such that forex easily accessible via banking platforms

The simple solution is to make forex available in the banks without long story as you suggested.

Double price of a single commodity in the same area is ruinous. The aboki standing outside the bank bought at 410 and is selling at 500. Imagine. Its a very unfair system. They all know what they are doing.

CrispyLiz:
http://saharareporters.com/2021/08/01/central-bank-governor%E2%80%99s-policy-somersault-foreign-exchange-bureau-de-change-dr-adeola

Is always about their interest Fools

There is no doubt that this write up was done by someone that has sympathy for BDC. it is a well known fact that BDC has lost their relevance to our economy. BDCS are not contributing anything to our economy but are rather being used as a vehicle to launder money and equally engage in round tripping. There are several BDC owners that have turned to millionaires overnight by engaging in round tripping. I just hope CBN will stick to their policy and ensure Banks make FX available to genuine users. BDCS should source for their fx from somewhere else and not from CBN.

Willie2015:


And you think the Banks wont sell to BDC....
And make clean profit without stress...
Dats blood money for the Banks....
CBN is simply makin policies to favor d Banks...
Let every other users go to HELL...
Have you forgotten the $153 million dollars Fidelity Bank Saga....

the way u guys keep making noise about banks hoarding fx is alarming , and nothing short of knowledge gap

the banks can not hoard fx, they dont own it in the first place , u dont get how it works
scrapping BDC is the best decision CBN has made in recent times

To get your PTA/BTA, U submit your documentation which is then sent to the bank headoffice electronically , who then review and if requirements are met , sent to CBN who then disburse funds to the bank , that is how the process works for all banks, most times people complain of not getting it on time, thats because 1 too many applicants, 2 your details are not correctly filled and the guy reviewing just get tired and moved to others that dont have issues

BDC people are the ones that makes it looks like our life depends on dollars, it doesnt and shouldnt , even now if u take PTA and later cancel your flight, they know u are taking fx to sell to BDC, U will be blacklisted cos they now check flight of people taking PTA
NIGERIANS themselves are the ones sabotaging economic effort looking for personal profit rather than general well being of everyone

CrispyLiz:
http://saharareporters.com/2021/08/01/central-bank-governor%E2%80%99s-policy-somersault-foreign-exchange-bureau-de-change-dr-adeola

This article is pretty shallow. Talking a lot without saying anything.

This DBC gang must have failed to honor the gods!!!

Buhari has failed his brothers.
who is CBN governor where the board of directors of the apex bank are all political appointees and mostly northerners?
The bank is actually controlled by the senate. The governor is only a figure head. He gets directives on hourly basis from the government on what to do.

It's not the CBN governor, it's the administration of PMB.
The current governor is not smarter than thousands of other bank specialists in this country!!!

007s:
Nigerians can be so opinionated.

CBN ban sales of forex to BDCs because they've become conduit for fraud, money laundering, and also because of the arbitrage trading most of them engage in.
A BDC would get $20,000 at CBN rate of 410 naira and would sell in bulk to existing offtakers at around 490 naira, making almost N2,000,000 per week without breaking a sweat, while indirectly sending price of goods and inflation rate high.
Banning forex sales to BDC is a welcome development, CBN should only perfect this policy by increasing volume of forex available to Banks, such that forex easily accessible via banking platforms

Spot on. In addition, I think all BDCs licenses should be withdrawn and let there be a single rate. You cant be having different rates for a value what is happening to the dollar can be likened to whats happening to petrol subsidy. Things like these encourages sabotage.

Mr. Adeyemi your analysis make one want to ask you how long you have lived in Nigeria. Truly this government may go down in history as the worst ever, but the issue of BDCs and the wickedness of the northern political leaders have not helped us as a nation.

In 1986 with IBB as the head of state, the CBN introduced SFEM and the northern leaders who before then were taking advantage of the loopholes with import licenses, found a new goldmine in forex. They have held it to the jugular till this day, making life hard for everyone, including themselves. Different FX policies were adopted by different governments until the emergence of the present regime. We were told how the body language of the president affected FX and the rest of the economy in 2015 and beyond. All the fx policies of the CBN have been to make fx accessible to everyone to facilitate trade, but the banks connive with BDCs to sabotage it. In their desperation to get more than the allocated $20k operators of BDCs open multiple outlets just to retain their dominance. Before now BDCs got fx from the CBN at 390 and sold at 470. What do you call that gap. Who suffers it more? Is it not all Nigerians including themselves? Surely we expect a response from government if this country will move forward.

Emefiele may not be the best CBN governor, but the truth must be told that greedy BDCs who connive with banks and politicians must loose their grip so this nation can move forward.

Tmex:

Exactly. What affects the naira to dollar is a simple element of demand and supply as many nigerins already knew there are so much pressure on the dollar they will rather invest in crypto or gold and now that they decided to outlaw crypto many people find it safe to keep their money in dollars hence adding more pressure on the already pressurized dollar.

we have a very ineffective exchange rate policy !! Naira will keep depreciating if no action is taken . I believe CBN knows what to do!! This is not time for politics.

trash

CrispyLiz:
http://saharareporters.com/2021/08/01/central-bank-governor%E2%80%99s-policy-somersault-foreign-exchange-bureau-de-change-dr-adeola

CrispyLiz:
http://saharareporters.com/2021/08/01/central-bank-governor%E2%80%99s-policy-somersault-foreign-exchange-bureau-de-change-dr-adeola

Disastrous CBN governor ever

Grgton:
we have a very ineffective exchange rate policy !! Naira will keep depreciating if no action is taken . I believe CBN knows what to do!! This is not time for politics.

If you know your economics, you'll know that there is very little CBN can do. The problem is for the FG to solve along with Nigerians. The fact is we import way too much more than we export and that's the simple crux of the matter. If Nigeria earns $100 and the collective bill for imports for petrol, rice, clothes, electronics, cars, pencil etc is $170, where will the money come from? Only option is for the rate to go up from say $/N10 to $/N15, so that somebody on that list will stop importing - maybe the rice guy. This makes imported rice more expensive and should reduce demand. But since we have no option, we still demand it meaning the new rate has come to stay and the rice is perpetually expensive, Next year if we earn $80 from crude, same cycle repeats.

So, we either have to earn more dollar as a nation or reduce the demand for that dollar (via imports) to reduce the e-rate, none of which is happening.