If the activities of BDC operators in Nigeria is doing significant damage to the economy and highly unsettling the FOREX market so much that EFCC had to engage BDC operators in Abuja in fisticuffs and armed confrontation.

Why is it difficult for CBN to withdraw all BDC operators licences and restrict all sale and purchase of forex to deposit money banks.

What are the implications, advantages and disadvantages of withdrawing the BDC licences of operators in Nigeria?

Does Olayemi Cardoso own or have vested interest that he is protecting in the BDC business, to the detriment of the country?

I said it on the other thread some days ago.
BDC operators should be baned.
It's black market which is illegal in all manner sense.

There is no need to cancel all BDC licenses if they operate from designated offices and shops where the Cbn can easily monitor them.

The big problem is on-street sale of currency - this should be proscribed.

I am not aware of any other country in the world where up to 50 or more people will loiter on streets casually selling and buying currency.

That said, it is not going to be easy politically to ban mallams selling on the Street. Some of these people have been involved in the business for decades, and that is all they know. Banning them will result in massive political outcry by the North, and the whole policy will be enmeshed in accusation of tribalism.

It's like the government banning importation of certain goods imported predominantly by people from the South East. Accusation of tribalism will fill the air.

Nigeria is very complicated.

What is happening in Nigeria today has nothing to do with BDC operators. That was how Emefiele accused AbokiFX of everything wrong with Nigeria's FX speculation, suspended their account, and compelled the platform to stop posting exchange rates. What did that change after the nonsensical move?

Thank God I didn't expect anything from Tinubu that's why I never voted for him. In fact, in a serious government, they should talking about unbundling the NNPC to bring in experts so we can rocket our crude oil production and export. If this government was serious, they ought to be inviting local and foreign gas companies to harness our gas reserves. These are core areas we can get massive FX from.

But then, you cannot give what you don't have because Tinubu just recruited his tribesmen to hold sensitive positions in the name of Emilokan and everyone is paying the heavy price now.

BDC is not problem…. What the OP is proposing is foolish as banning BDC will make it worse…. it will be the final nail to Naira free fall… it will exacerbate the situation as surge in dollar scarcity make Naira trade for N5000 to $1…. OP think before you post….

Bebigiby1:
BDC is not problem…. What the OP is proposing is foolish as banning BDC will make it worse…. it will be the final nail to Naira free fall… it will exacerbate the situation as surge in dollar scarcity make Naira trade for N5000 to $1…. OP think before you post….

You are wrong. The bank should be the only place to buy and sell dollar

Banks can’t meet up with Nigeria’s forex demands this is the same hasty action that plummeted the exchange rate to where it is now…. BDC is not the problem these action of arresting will make it worse you will be the same person that will come to criticize the government for failing…

Beautifulday:


You are wrong. The bank should be the only place to buy and sell dollar

That man called Cardoso is totally and FULLY confused.....


What a pity

Where do they get those currencies they are selling if I may ask.

Bebigiby1:
Banks can’t meet up with Nigeria’s forex demands this is the same hasty action that plummeted the exchange rate to where it is now…. BDC is not the problem these action of arresting will make it worse you will be the same person that will come to criticize the government for failing…

Where do bdc get the dollar them dey sell?

Yorubas and Hausa/Fulanis everywhere controlling all the sector of Nigerian economy yet the country is not progressing we keep failing as a Nation

Beautifulday:


You are wrong. The bank should be the only place to buy and sell dollar

Are you even in Nigeria?


Which bank gives dollars?

If banks are giving why should we patronising BDC?


Even the western union trick I have been using since they have stopped giving dollars

BrodaBenad:


Are you even in Nigeria?


Which bank gives dollars?

If banks are giving why should we patronising BDC?


Even the western union trick I have been using since they have stopped giving dollars

That is what we are saying. They should be taken out of business. Banks should be banned from selling dollars to bdc.

DeLaRue:
There is no need to cancel all BDC licenses if they operate from designated offices and shops where the Cbn can easily monitor them.

The big problem is on-street sale of currency - this should be proscribed.

I am not aware of any other country in the world where up to 50 or more people will loiter on streets casually selling and buying currency.

That said, it is not going to be easy politically to ban mallams selling on the Street. Some of these people have been involved in the business for decades, and that is all they know. Banning them will result in massive political outcry by the North, and the whole policy will be enmeshed in accusation of tribalism.

It's like the government banning importation of certain goods imported predominantly by people from the South East. Accusation of tribalism will fill the air.

Nigeria is very complicated.

Cardoso will not be the first CBN governor to withdraw the licences of BDC operators.

It doesn't matter the people behind it, it has become a problem that can threaten the whole budget of Nigeria for 2024.

It requires urgent and drastic measures

SoNature:
What is happening in Nigeria today has nothing to do with BDC operators. That was how Emefiele accused AbokiFX of everything wrong with Nigeria's FX speculation, suspended their account, and compelled the platform to stop posting exchange rates. What did that change after the nonsensical move?

Thank God I didn't expect anything from Tinubu that's why I never voted for him. In fact, in a serious government, they should talking about unbundling the NNPC to bring in experts so we can rocket our crude oil production and export. If this government was serious, they ought to be inviting local and foreign gas companies to harness our gas reserves. These are core areas we can get massive FX from.

But then, you cannot give what you don't have because Tinubu just recruited his tribesmen to hold sensitive positions in the name of Emilokan and everyone is paying the heavy price now.

Unbundling NNPC is another dimension. If Nigerian wants to increase forex from crude oil exports they can exit OPEC who regulates the quota for each member country.

Angola did same recently

Bebigiby1:
Banks can’t meet up with Nigeria’s forex demands this is the same hasty action that plummeted the exchange rate to where it is now…. BDC is not the problem these action of arresting will make it worse you will be the same person that will come to criticize the government for failing…

Why do you think Deposit Money Banks can't meet the legitimate forex demand in the market?

The government just need to implement some of the laws that can reduce the dollarization of the Nigerian economy.

There are several property rent/lease, property purchase and sale, ticket sale and other local transactions done in forex within Nigeria. These are illegal and often put pressure on demand for forex.

Bebigiby1:
BDC is not problem…. What the OP is proposing is foolish as banning BDC will make it worse…. it will be the final nail to Naira free fall… it will exacerbate the situation as surge in dollar scarcity make Naira trade for N5000 to $1…. OP think before you post….

I disagree with you.

You speculation will only happen if the Deposit Money Banks can't meet the legitimate demands of forex in the market.

Current CBN governor will not be the first and only governor to withdraw the licences of BDC operators.

Duru009:
That man called Cardoso is totally and FULLY confused.....


What a pity

He know more than you and a lot too.

BrodaBenad:


Are you even in Nigeria?


Which bank gives dollars?

If banks are giving why should we patronising BDC?


Even the western union trick I have been using since they have stopped giving dollars

The commercial banks have been in this dirty business with BDCs for years that is why most of them will not sell to you or legitimate buyers then. They would rather sell to BDCs where the banks and some of their owners and management have interests.

Today, commercial banks can meet your forex demands without the input of BDCs. They will do more when the BDCs are eliminated from the market because they will have no choice.

Beautifulday:


That is what we are saying. They should be taken out of business. Banks should be banned from selling dollars to bdc.

You're right

Nwanne it has been hard

I don't even keep my money in cash or bank anymore o save my money in goods just like my oga I served years ago advised all of us that is his boys
.if you're into business too I'll advise you to keep your money in goods not cash

Wallade:


He know more than you and a lot too.

Continue fooling yourself because dollar will soon hit #5,000 in your face.....

Wallade:


Unbundling NNPC is another dimension. If Nigerian wants to increase forex from crude oil exports they can exit OPEC who regulates the quota for each member country.

Angola did same recently

The funny thing is that Nigeria doesn't even meet her OPEC quota. This country is annoying.

Today in GRA Port Harcourt, I saw large patrol team of the Nigerian police arresting all the BDC operators in that axis, they even came with 14 seaters bus to park them.

Bebigiby1:
BDC is not problem…. What the OP is proposing is foolish as banning BDC will make it worse…. it will be the final nail to Naira free fall… it will exacerbate the situation as surge in dollar scarcity make Naira trade for N5000 to $1…. OP think before you post….

You have just said only nothing because you failed to explain why banning BDC operators will worsen dollars scarcity.