The Central Bank of Nigeria’s foreign exchange intervention in the economy fell by $930 million in the third quarter of 2021, to $4.03 billion from $4.96 billion in the previous quarter.
This was disclosed by the CBN in its report on forex supply for the third quarter of 2021.

Its intervention in the Investors & Exporters, SMEs, and invisible markets increased from $2.97 billion in Q2 to $3.3 billion in Q3, while interbank intervention increased from $540 million to $730 million.

According to the report, the CBN intervened in the Bureau de Change market for $1.43 billion in Q2, but there was no intervention in Q3.

The apex bank had stopped selling foreign exchange to BDC operators in July of last year.

Godwin Emefiele, Governor of the Central Bank of Nigeria, stated at one of the Monetary Policy Committee meetings that the MPC noted with disappointment and great concern that the BDCs had defeated their purpose of existence, which was to provide forex to retail users.

He claimed they had turned into wholesale and illegal dealers.

He stated that commercial banks would be monitored to provide forex for the legitimate use of Nigerians when announcing its decision to discontinue the sale of forex to them in July.

ABCON President, Alhaji Aminu Gwadabe, stated in a recent statement that the BDC subsector has been in a coma since the July 2021 MPC meeting, when the CBN suspended weekly dollar interventions to the BDCs.

He advised the CBN to de-risk BDC operations in order to provide operators with access to foreign exchange from autonomous sources in 2022 and beyond.

While BDCs are licensed to offer retail forex sales and over-the-counter forex transactions, he believes they also contribute to Nigeria’s economic development.

He stated that the BDCs, among other things, ensured order and confidence in the forex market by providing data for monetary policy and channels for CBN intervention in the retail forex market, as well as creating over 15,000 jobs.

Gwadabe stated that the BDCs subsector’s annual transaction volume of over N1 trillion was under threat, while massive capital investment was becoming redundant, gradually eroding, and winding down.

He advised that, just as the apex bank de-risked the agricultural sector by making it easier for farmers to access cheaper loans at single digit interest rates from banks, the BDCs’ operations could be de-risked to allow them to receive diaspora remittances through International Money Supply Operators and deepen foreign capital flows to the economy.

“ABCON understands the apex bank’s challenges due to dwindling foreign reserves, declining oil output and oil theft, COVID-19-induced economic pains, fiscal policy challenges, debt burden, and election spending, which make it difficult for the CBN to sustain weekly dollar interventions to BDCs,” he said.

SOURCE:https://brandspurng.com/2022/01/08/cbns-quarterly-forex-intervention-has-been-reduced-by-930-million/

The president Swiss Bank account

Ok

Yinmu!

Lies from both emefi-ole and the BDC chairman, I still know of people that collects forex direct from cbn every month to sell at their own chosen price!

Corruption can NEVER be stamped out of Nigeria until Nigeria cease to exist

Tetrahedron:
Yinmu!

Lies from both emefi-ole and the BDC chairman, I still know of people that collects forex direct from cbn every month to sell at their own chosen price!

Corruption can NEVER be stamped out of Nigeria until Nigeria cease to exist

How is that the fault of the CBN

Since they cut off the intervention to the bank, then dey should have channel the money to the bank to ease the dollar pressure instead they will share and embezzle it.

This country is just turnioniown

Why is it that when an Igbo man honors his ancestor (Amadioha), Nigerians call the Igbo man evil?. But when the Igbo man honors Jesus, Peter, John etc. (Palestinian/Jewish ancestors), the Igbo man is considered good by Nigerian christians?

Also, why is it that when a Yoruba or Bini man honors his ancestors (Ogun, Sango, Ayelaya etc), Nigerians call the Yoruba (Bini) man evil?. But when the Yoruba (Bini) man honors Jesus, Mohammed, Peter, John etc. (Palestinian/Jewish/Arab ancestors), the Yoruba (Bini) man is considered good by Nigerian christians and muslims?

I thought about this for more than a week and I came to the conclusion that the African is the most foolish human being on the planet. This is the only conclusion that makes sense. Tell me what you think.

[img]https://media1./images/4d38b799c539f44f4b07b064b2e1d542/tenor.gif?itemid=23104130[/img]

We no dey go slow again.
It is reverse.

This government has the worst economic policies in the history of mankind,maybe next to Robert Mugabe's.

I don't understand
Whoever understands should explain

More pressure/demand for Usd, and more inflation for Ngn

98% of Nairalanders reading this post have no idea how it concerns them.

This I have seen.

It means the na ok naira will continue its free fall

Oya nah, everyday everything keep dwindling. What an mpkurimiri ravaged government is this ?

tolakush92:
I don't understand
Whoever understands should explain

It means that this mkpurumiri government has scored another own goal

Wanity:


How is that the fault of the CBN

Read what he said again. Comprehend then ask a more intelligent question

Fragility6:

Read what he said again. Comprehend then ask a more intelligent question

Am talking base on what you said

Wanity:


Did I mention you

.

Cbn should continue to give enough funds to SMEs as usual cos they are the foot soldiers of the economy

No cause for alarm

When dAngote refinery start working every forex problem will be solved

1 naira will buy 10$

tolakush92:
I don't understand
Whoever understands should explain

julioralph:
LESS pressure/demand for Usd, and LESS inflation for Ngn

Corrected

Psalm 14:1 = a fool says in his heart there is no God. You are probably the fool here according to the word of God. Give your life to Christ before it is too late.

GodIsBiafran:
Why is it that when an Igbo man honors his ancestor (Amadioha), Nigerians call the Igbo man evil?. But when the Igbo man honors Jesus, Peter, John etc. (Palestinian/Jewish ancestors), the Igbo man is considered good by Nigerian christians?

Also, why is it that when a Yoruba or Bini man honors his ancestors (Ogun, Sango, Ayelaya etc), Nigerians call the Yoruba (Bini) man evil?. But when the Yoruba (Bini) man honors Jesus, Mohammed, Peter, John etc. (Palestinian/Jewish/Arab ancestors), the Yoruba (Bini) man is considered good by Nigerian christians and muslims?

I thought about this for more than a week and I came to the conclusion that the African is the most foolish human being on the planet. This is the only conclusion that makes sense. Tell me what you think.

GetMeRight:




Corrected

Bros,

Those in charge at the Cbn are basically shilling out "nice theories" their paymasters want
I'm talking about the "Practical" aspect.

That was almost $1B being given to malams every quarter for one Nigeria, while the oil producing community lay in ruins.

They have been receiving this money for more than 30 years, plus money for hajj in Macca. Just do the maths and you will see the rape being done to the southern part of this country.

Since CBN stopped given them this free money, the Naira is not worse off, it is still where it was before the policy change.

Otiv:
[s]Psalm 14:1 = a fool says in his heart there is no God. You are probably the fool here according to the word of God. Give your life to Christ before it is too late. [/s]

I am a true African. The bible holds zero water to a true African. Carry your Palestinian/Jewish propaganda out of my mentions. Your iq is too low to recognize reality.

okay

what's the importance of BDC's in the first place?

Central bank sells dollar for probably 460 then BDC's buy from them and sell for 560.

Why are the banks not allowed to do the job of BDC's?