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Nairaland Forum / Nairaland / General / Business / CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics (39352 Views)
Bureaux De Change At Risk As Naira Gains More Muscle / Banks Stop Use Of ATM Cards Abroad #Emefieleconomics / Dollar Scarcity: Banks Cut Customers’ Spending Abroad By 80% #Emefieleconomics (2) (3) (4)
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Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by victorlake(m): 6:33pm On Dec 14, 2015 |
mployer: it does, because if each of their branches are closed, it will help for easy check of their activities. |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by ksstroud: 6:34pm On Dec 14, 2015 |
xandy84: Emefiele needs to see this.... Damn too right |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by excellentmomma(f): 6:34pm On Dec 14, 2015 |
xandy84: Of course there is enough fx for genuine buyers, LCs, travellers, etc, but for that one you want to spend by the corner, no way. Have you heard of round tripping? |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by Nobody: 6:42pm On Dec 14, 2015 |
This policy will be fought by northerners who are the major operators of BDCs. These are all Pmb gimmicks to sack Emefiele |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by doncaster(m): 6:47pm On Dec 14, 2015 |
The pounds just added another 2 naira now to 358/£1. Is because of this new development? |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by menxer: 6:51pm On Dec 14, 2015 |
GeneralShepherd: We are more civilized than all those nations you mentioned, People that don't know jack about how things are done else where will come here and wail. |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by Nobody: 6:52pm On Dec 14, 2015 |
Capital control is a big pointer to a sick economy. It has never worked anywhere, instead investors are scared away. Why not close the parallel market? In my opinion, as long as there is a dichotomy between the official window and parallel markets, the naira will remain vulnerable to speculative attacks. 4 Likes 1 Share |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by tee234: 6:55pm On Dec 14, 2015 |
The rate at which prices of goods will rise will be unimaginable. Importer don't ve access to dollar either at black market or banks. It is well I just hope he reviews it. |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by Olushauneddy(m): 7:00pm On Dec 14, 2015 |
The parallel market rates is honestly worsening the economy more and more. Why would the BDCs have more power than the apex/inter-banks in the control of our national currency. I feel very sad when I tried to convert all my naira net-worth to dollar and see what is left. 1 Like |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by cao(f): 7:00pm On Dec 14, 2015 |
doncaster:Oh Christ! I'm now going to officially hide my Nigerian debit card, my bank account can't take it anymore - I no be 419 politician, my papa & mama no steal any oyal money. |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by magicminister: 7:01pm On Dec 14, 2015 |
This is beautiful. This is what they should have done a long time ago. This would actually help in stabilizing the freefall of the naira. Now they are serious, |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by Lighthouseman: 7:04pm On Dec 14, 2015 |
This is suicide economics. It will lead to a black market of imported dollar from neighboring countries. High cost of spare parts. Those benefiting will make double profit by tagging the cost of their business on black market rates leading to hyper inflation like Zimbabwe. With 20k, u won't be able buy a car tyre.. Then you will have to park ur car. Traveling abroad opening tuition will be made almost impossible with business tour allowance tagged at 4k per a quarter making Nigeria another Cuba or north Korea. Those that voted buhari ehh.... Time will come the maximum u can withdraw from your account in Nigeria is 10k per day. They are experimenting it abroad. Nigerians can only transact a maximum of 50k naira worth of business per day with their local atm. Wahala dey... Loss of jobs looming 1 Like |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by tiwiex(m): 7:18pm On Dec 14, 2015 |
Engineer123: Because all the previous ones worked? 2 Likes 1 Share |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by dammytosh: 7:19pm On Dec 14, 2015 |
mployer: Seriously we need SOLUDO Solution. 1 Like |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by sonnie10: 7:20pm On Dec 14, 2015 |
Pavore9: The can't do the "speed dial" anymore. Even the international transfer was stopped since some months ago. In fact, individuals are no longer enable to make deposit with foreign currency into dorm account. |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by klax(m): 7:25pm On Dec 14, 2015 |
I'm sure this guy called CBN whatever is really mad this guy is the worst East man to be CBN governor in the history of Nigeria a true bloody clown. A confused anuofia he-goat born in a business gifted tribe but so foolish and so stupig sorry stupid. This man must be sack out rightly his term is horrible the worst naira devaluation since the creation of Nigeria as a country. I'm so ashame of him I expected a smart brain but a dullard like his president. Today this rule tomorrow that rule naira was damn and rubbish completely in the world market but trying to cover up his failure and use bureau de change as excuse pls is bureau de change a new thing in Nigeria so why crying them Bro biko pls go back village you lack sense and you are a failure. 1 Like |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by chingydaboss(m): 7:26pm On Dec 14, 2015 |
Bro..u can no longer deposit foreign currency in the bank..only money dat was transfered to your account frm outside nigeria can be sent outside nigeria aswell.. Pavore9: |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by AmeLonRo(m): 7:27pm On Dec 14, 2015 |
Its never the fault of the BDC's. If dollar is readily available in commercial banks at 195/197 who will patronise BDC? So since banks do not have it, the people who have it will sell at their own price. The solution is to make this thing easily available in banks. Talking about rates, Western Union rates are different from Moneygram. Hope you guys are aware? This things work on demand and supply and competition for goods and services. Olushauneddy: 3 Likes |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by fastestfinger: 7:28pm On Dec 14, 2015 |
Keneking:That's your standard reply to any policy of the APC led government. Some of you have lost the ability to reason things logically, devoid of bias of any kind. Ever wonder why we tag you guys as zombies? Here's the reason. |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by proficienc(m): 7:33pm On Dec 14, 2015 |
Sometimes when I read people's comment on here, all I can say is "God save us all". It seems all of us comment just to follow a trend. This is actually a good policy and a step in the right direction cos it's only in third world countries that anyone would be carrying/exchanging huge amount of money and no one is asking questions. It's highly imperative we move to level where people ask questions, important questions like for instance, a civil servant whose salary is barely 100k buying luxurious houses, cars etc where him see money do am? Did he make photocopy of his 100k abi how na? Policies like this would make tracking money easy alongside the BVN idea. On the Economic implications of this policy, basically, we're trying to choke the demand of Dollar vis-a-vis other foreign currencies. Why should we do this? Elementary economics dictates that the less the supply of a commodity, the higher the price people are willing to pay to acquire such commodity. This means curtailing the supply of Dollar only means an appreciation in the value of Naira. But this is just on paper, in reality we need to follow this up with expansionary policies eg policies that encourages export etcetera Not many would read but the few that can relate would understand. My humble submission 6 Likes |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by chiboy11(m): 7:33pm On Dec 14, 2015 |
Oboy dey said 35 million u quote 35 billion, re u blind,pls take ur drugs MKO4ever: |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by Nobody: 7:36pm On Dec 14, 2015 |
ishiamu:shebi na buhari appoint the current CBn gov? |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by bigtt76(f): 7:39pm On Dec 14, 2015 |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by Nobody: 7:41pm On Dec 14, 2015 |
sunkoye: dollar go here wei only within Nigeria 1: Where do we earn USD$ revenue from - International Trade in Crude at least 90% 2: What are crude sales saying today . NADA.. how much have you sold to earn USD$ revenue 3: This racket is a phenomenon existing within Emefilies mind - Ask Importers what they are suffering to buy USD$ at International Rates.. you think N-$ exchange rates affects what goes on internationally? you do not even have enough dollars to strengthen the Naira to begin with. Shiioooooor! 2 Likes 1 Share |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by KingAdeOluomo1(m): 7:44pm On Dec 14, 2015 |
Can someone please brake this down for us to understand ? |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by Nobody: 7:47pm On Dec 14, 2015 |
Emefele will be gone before he has the chance to enforce this directive. Besides once someone explain to buhari in hausa language how his brothers will be render jobless, he will counter it. 2 Likes 1 Share |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by rockiedink(m): 7:48pm On Dec 14, 2015 |
And you are only making common sense!!! suyamasta: |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by MAURI: 7:49pm On Dec 14, 2015 |
Great economists of Nairaland ..I don't want to judge this directive as a novice...Please explain the Fundamental implications of this. What school of economics does this suits Is there any where in the world this has been put to test what was the outcome After these answers...We will be able to judge holistically Bro, Well I don’t think we need any detailed or extensive analysis on this. Even a primary school kid should be able to give a logical answer to this. With this measure, the CBN will only be creating more forex scarcity. Have you seen anything that became scarce and at the same time drops in value? In case you have one of these Naija banks credit cards, try and order anything and see at what exchange rate you will be charged by the banks, excluding bank charges. They are exchanging for 240+ to 1 USD and we are being told that the USD is pegged at 199 Naira. When the CBN claims to sell forex to banks at 199 Naira to 1 USD, and the Banks are selling for 240+ means some people somewhere are making serious money. Why isn’t the CBN doing anything about that? There is something almost unprecedented going on that nobody is talking about yet, we are in December, and naturally the Naira stabilizes cos of Diasporans trooping into the country with forex. This year has been an exception so far. The Naira keeps dropping in value. Check the price of crude too, that is our major forex earner, if it remains that way for the coming short- long term, where will the CBN / government get the forex to meet the demand for forex. One of the few ways that the government and CBN can dissuade Nigerians from patronising foreign goods and services and reduce demand for forex is to make these goods and services expensive by making it expensive to acquire forex. Let the Naira float. In case you want to know what the future prognosis are for the Naira, check the forward rate of the Naira against major tradable currencies. Not very promising. Until the government / policies maker do the right thing. Put in place structural and attainable policies. 4 Likes 2 Shares |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by Awoofawo(m): 7:50pm On Dec 14, 2015 |
brainbucks:How much and she na by cash and carry or bank deposit |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by Odogwu042(m): 7:52pm On Dec 14, 2015 |
adioolayi:my brother even me sef no understand the implication of this one as i be jjc for economics |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by HyDef(m): 7:52pm On Dec 14, 2015 |
Why is there such a disparity between official rates and black market rates? I know nothing about economics, can someone explain? If the banks are cheaper, why doesn't everyone just change cash there? |
Re: CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics by 1freshdude: 7:55pm On Dec 14, 2015 |
suyamasta: Suyamasta, what makes you think a floating exchange rate would be best for an import dependent country? |
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