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Nairaland Forum / Nairaland / General / Business / CBN Approves $10k Per Week FX Sale To Bdc’s (14939 Views)
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Re: CBN Approves $10k Per Week FX Sale To Bdc’s by Nobody: 1:43pm On Mar 31, 2017 |
let me bookmark this one jare. I hope it will last |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by DOnlooker(m): 1:46pm On Mar 31, 2017 |
eminikansoso:Market forces eh kwa ? When the hoarders a.k.a. Market forces start again to hoard dollars and cause artificial scarcity which in turn will send the Naira tumbling again we will begin to blame CBN for allowing the few real market forces to suffer the masses! 2 Likes 1 Share |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by Nobody: 1:48pm On Mar 31, 2017 |
we dont need BDCs... banks should handle all forex transactionw. BDCs should be phased out of Nigeria. Even black market forex sales should be made illegal. |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by dfrost: 1:48pm On Mar 31, 2017 |
Billyonaire: 1. Nigeria 2. I support your argument totally. At least until we get it right. Sometimes I wonder who issues degrees to some cone heads in this country |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by Nobody: 1:49pm On Mar 31, 2017 |
Billyonaire:You are correct! why do we need BDCs when banks are there? 2 Likes |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by eminikansoso(m): 1:50pm On Mar 31, 2017 |
AntiWailer:I mean when the supply exceed the demand of the dollar |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by AntiWailer: 1:53pm On Mar 31, 2017 |
eminikansoso: This is where the greed comes in. When the supply is much, they will hoard it until the demand grows very high and the price is high. |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by dfrost: 1:53pm On Mar 31, 2017 |
DOnlooker: If you go through CBN's policies, something is not just right. If you want to travel, provide evidence and you'll be given PTA. If your ward is schooling abroad, provide evidence and forex will be provided for your educational purposes. Business needs? Forex will be provided all through the banks, so why another channel? BDC for who, why and what? 3 Likes |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by repogirl(f): 2:00pm On Mar 31, 2017 |
Chai! Dem Buhari people don start again o! I don't think this is a good move. 1 Like |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by juman(m): 2:06pm On Mar 31, 2017 |
The forex system of this government is corruption galore system. |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by eminikansoso(m): 2:28pm On Mar 31, 2017 |
DOnlooker:Market forces simply means demand and supply factors |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by Konnektions146(m): 2:29pm On Mar 31, 2017 |
Billyonaire: just discussing with a colleague during lunch earlier today, The major issue we have is the BDCs , imagines a new policy to sell to BDCs and USD appreciated by over 10NGN, what is BDC doing that banks cannot do? CBN also has some ulterior motives cos the last i checked banks will not give any bribe to CBN guys but BDC guys can bribe to get USD, use their stoopeed "market forces" to inflate the real value of NGN and sell with crazily big profit margin and we suffer high cost of goods and services. our backyard economists just siddon dey mumu themselves alot of us here just dont have a clue as to how a nations financial system should work but they sit behind their PCs to spew rubbish i just hope they rescind this decision and allow NGN appreciate and stabilize as it should without "market forces" influencing it into nose diving 1 Like |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by Horus(m): 2:51pm On Mar 31, 2017 |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by Nobody: 3:00pm On Mar 31, 2017 |
Oyinemi Nicholas Endeley wrote: ON THIS DAY; TWO YEARS AGO - The man who saw tomorrow; Elder Godsday Orubebe aka we won't take it A God sent Izon man called Godsday Orubebe took it upon his shoulders to liberate Nigerians. He shouted "We won't take it, Jega you are bias, you are triabalistic, we won't continue, you have been compromised, we won't take it" as he sat on the floor on national TV watching with despair how Nigeria was rigged, thinking about how messed up this country would be in the hands of the senile vindictive ailing obnoxious barawo............... Nigerians mocked him, and some insulted his tribe (Izon no know how to behave)..... But today, I'm sure even the likes of El-Rufai, Tinibu, Dino Malaye, Saraki, Oby EzekweSILLY, Obasanjo (Navigator), Wole Soyinka (aka passport burner), Pat Utomi, Dele Momodu, kwankwaso, the naira, the economy, bag of rice, and even you; would have joined him in sitting on the floor and saying "NO WE WON'T TAKE IT" JUST TWO YEARS AND GODSDAY ORUBEBE CAN BE CALLED THE MAN WHO SAW TOMORROW!!!! WHAT ELDERS SEE SITTING DOWN, MIDGETS LIKE EL-RUFAI CAN'T SEE STANDING ON THE TREE. Today all of us dey the wrecked ship together...... UNA CURSE MY IZON BROTHER, NOW HOW FAR # Still on Jesus is Lord |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by MadCow1: 3:46pm On Mar 31, 2017 |
Billyonaire: I use to think the Banks were the best way to distribute dollars until I realised that the banks were worse than the BDC's. |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by femmy2010(m): 3:47pm On Mar 31, 2017 |
eminikansoso: The CBN Is sending speculators out of biz first before allowing forces of demand and supply to determine the rate. |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by onatisi(m): 3:57pm On Mar 31, 2017 |
Nigeria is the funniest country in this world. Let the show continue. Everything that has a beginning certainly must have an end |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by onatisi(m): 3:58pm On Mar 31, 2017 |
femmy2010:And you think that sounds sensible and feasible Ok make we just dey watch |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by tweetsme(m): 4:04pm On Mar 31, 2017 |
This confirms CBN is clueless on how to stabilize the Naira. CBN keeps digging the Naira depreciation level. When the big players buy huge junk of the dollars where will the ordinary Nigerian source Dollar for private use to travelling or paying for schools Going by the rate you allow for BDC's. CBN is Clueless. Multiple measures in a period of two weeks. Those guys are dull. |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by tweetsme(m): 4:06pm On Mar 31, 2017 |
This confirms CBN is clueless on how to stabilize the Naira. CBN keeps digging the Naira depreciation level. When the big players buy huge junk of the dollars where will the ordinary Nigerian source Dollar for private use like travelling or paying for school fee Going by the rate you allow for BDC's. CBN is Clueless. Multiple measures in a period of two weeks. Those guys are dull. |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by Nobody: 4:37pm On Mar 31, 2017 |
MadCow1:In essence we have distributed the avenues of corruption. Those who cant afford to own banks, own BDCs where documentations can be cooked. 1 Like 1 Share |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by femmy2010(m): 4:49pm On Mar 31, 2017 |
onatisi: so leaving it at N620 was great ? Man ,our country obey a different economic law . |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by erico2k2(m): 5:40pm On Mar 31, 2017 |
Billyonaire:Well to.answer you question. Case study one USA Case study two UK We have loads of BDC in the uk established by an act . I'm at work so I cnt give u exact citation but promise when I get home . In the UK we have Marks amd Spencer All commercial Banks Royal Mail All travel Agents etc Full list in London https://www.allinlondon.co.uk/directory/1062.php Thier rates changes within seconds and it's decision for changes is tied to forex trade from the stock exchange . Every one in the UK who owns a bank account in the UK and has a mortgage by default is economicall litrate cos rates affects you directly one way or the other . In Nigeria when forex is mentioned everyone turn to BDC . The government should have no biz with BDC they should be allowed to fund themselves . The CBN should concentrate on the general public and support the Banks instead . This is what we do in the UK . PS I ha e to send money to Nigeria every now and then so I ha e to shop for the highest remitter |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by erico2k2(m): 5:42pm On Mar 31, 2017 |
MadCow1:This was the point I tried raising . My own money $5K . 5 hey refuse to give me physical $the offered me Naira equivalent and at 5 he so called official rate . I told them to hold on.The claim they do not ha e $left.it's come today come 2morrow go this branch go that branch for my few holidays I gt left . |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by erico2k2(m): 5:48pm On Mar 31, 2017 |
Billyonaire:Do U know these BDC s ha e branches in Europe all over ? In London alone they have more than 100 agents working for them.Thier rates are way higher than western union or money gram amd the banks here . Theye will generate more than $100k in a week so that $10k the CBN proposing is child's play . |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by piagetskinner(m): 5:51pm On Mar 31, 2017 |
one if the solutions is to scrap bdcs....they are the major problems to bringing about stability in the fx rate |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by erico2k2(m): 6:09pm On Mar 31, 2017 |
piagetskinner:Ok if you scrap BDC what happens if the banks and CBN can't provide for All of our forex needs ? Do you think the only source of forex for the BDC o's the CBN ? ? |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by piagetskinner(m): 6:16pm On Mar 31, 2017 |
erico2k2: the last I checked it is the CBN that sells dollars to the bdcs....and don't u know that these bdcs are owned by politicians whose aim is to repeatedly rip nigerians off...I'd say the bdcs are an unnecessary clog to the fx inflow |
Re: CBN Approves $10k Per Week FX Sale To Bdc’s by erico2k2(m): 6:25pm On Mar 31, 2017 |
piagetskinner:Ok I take it you don't know the BDC owns more than 100 outlets in the uk ? The law here states that of you do not turn o er more than £64k a year you do t need to register as a mo Eu Biz. So.imagine how much they generate from UK alone |
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