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Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs - Business - Nairaland

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CBN Lifts Forex Ban On Toothpicks And 47 Other Items / CBN Resumes Dollar Sales To BDCs / CBN Considers Ending Dollar Cash Sales To BDCs (2) (3) (4)

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Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by modath(f): 7:51pm On Jan 11, 2016
Mynd44, Lalasticlala, I'm sure this news will delight a lot of people..




https://www.thecable.ng/just-in-cbn-will-no-longer-sell-forex-to-bdc-agents

1 Like

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Nobody: 7:53pm On Jan 11, 2016
End to criminality
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Freiden(m): 7:55pm On Jan 11, 2016
#ope oooooo

6 Likes

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by KELVINXY: 7:55pm On Jan 11, 2016
roller coaster government undecided

good news thou

6 Likes

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by EzePromoe: 7:56pm On Jan 11, 2016
Good for everybody. What were they thinking initially?

9 Likes

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Metrofox(m): 7:57pm On Jan 11, 2016
Interesting..now the wailers can rest
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by fulanimafia: 7:58pm On Jan 11, 2016
Without BDC's, where would Nigerians easily get the forex to deposit in the first place?

There is however no doubt that this move would ease pressure on forex demand which would ultimately help the recovery of the Naira....which is the ultimate aim.

Carry go.

7 Likes

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by modath(f): 7:58pm On Jan 11, 2016
Omenka, NgeneUkwenu, seunmsg midolian, thevoice , passingshot, abduljabbar4, fulanimafia, sonoflucifer , Tonyebarcanista, beremx, oya make una go dey #dasukigate or una dorm.. cheesy

1 Like 1 Share

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by fulanimafia: 7:58pm On Jan 11, 2016
modath:

oya make una go dey #dasukigate or una dorm.. cheesy


Dasukigate is a gift that just keeps giving grin.

1 Like

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by princemillla(m): 7:59pm On Jan 11, 2016
Just passing ***
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by yimikaa: 8:00pm On Jan 11, 2016
This is great news. Those BDCS ehn.
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by dejialam(m): 8:02pm On Jan 11, 2016
Can someone explain this please

1 Like

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by seunmsg(m): 8:05pm On Jan 11, 2016
Good decision to lift the restriction on forex deposit, it's long overdue. The decision to stop providing forex to BDC's will only profit the deposit money banks. It's not in the overall interest of the country. Getting and exchanging forex will become more difficult and in the long run, dollars will become more expensive.

The resultant job loss as a result of this decision cannot be imagined. The BDC's decision should be reviewed and reversed. It's not a good decision.

3 Likes 1 Share

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by omenka(m): 8:24pm On Jan 11, 2016
Aunty Mo, allow Omie drink his Hero in peace oo. Shooo.

They said Baba is braindead- well, if what we've been seeing have been decisions taken by someone who's braindead, then I wonder what state the brain of Jo was (maybe like Billy"s in Grime Adventures of Billy and Mandy grin).

4 Likes 1 Share

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by modath(f): 8:26pm On Jan 11, 2016
yimikaa:
This is great news. Those BDCS ehn.


If these BDC folks were to be our bros from UTOPIA we would have been inundated with wailing about how he plans to annihilate their biz & wipe them off the face of the earth.. cool

45 Likes 3 Shares

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by JAZES(m): 8:48pm On Jan 11, 2016
Hmmnnn.....d effect on d naira in d long run will be better for it.
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Ymodulus: 9:00pm On Jan 11, 2016
This one na Round Tripping things now go dei happen for Naija wella

2 Likes 1 Share

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Bevista: 9:10pm On Jan 11, 2016
The CBN has made the right call in the prevailing circumstances. I had consistently maintained that the strict controls will have unintended consequences.
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This move will give the CBN some breathing space and dampen calls for devaluation. This will lead to some inflation, but it's a price that has to be paid to prevent a full blown economic crisis.
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The CBN monitoring & compliance team should watch the banks like Hawks to prevent illicit outflows.

2 Likes

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Nobody: 9:15pm On Jan 11, 2016
GTB confirmed

3 Likes

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by AmeLonRo(m): 9:28pm On Jan 11, 2016
BDC continues. They will source their dollar or foreign currencies from autonomous sources. The dollar price will be up still. As demand will be more than supply. And note that the commercial banks will make it available to the BDC via the back door. Now they accept cash deposits of dollar again! Na wa o.

14 Likes 1 Share

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Pavore9: 9:35pm On Jan 11, 2016
Banks will still collude with BDCs!

3 Likes

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Bevista: 9:44pm On Jan 11, 2016
seunmsg:
Good decision to lift the restriction on forex deposit, it's long overdue. The decision to stop providing forex to BDC's will only profit the deposit money banks. It's not in the overall interest of the country. Getting and exchanging forex will become more difficult and in the long run, dollars will become more expensive.

The resultant job loss as a result of this decision cannot be imagined. The BDC's decision should be reviewed and reversed. It's not a good decision.
I think the CBN position is appropriate in the prevailing circumstances. They have sacrificed the BDCs for the greater economic good of the whole country. This move will give the Bank some breathing space, as calls for devaluation will now be dampened
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However, if you read the full text of the CBN press statement (link below), you will see the CBN stating that Nigeria is the only country in the world where the Central Bank sells dollars to dealers. The Bank also accused the BDCs for exploiting price arbitrage to round-trip the sold dollars. The CBN also notes that the number of BDCs has risen exponentially as operators try to access "cheap" dollars resulting to over $6bn demand annually.
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As for the job losses in BDCs, the CBN is trying to save many more job losses that would occur from other sectors if they continue the current policy.
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http://www.cbn.gov.ng/Out/2016/CCD/Press%20Release%20-%20CBN%20to%20stop%20Dollar%20Sales%20to%20%20BDCs%20January%202016.pdf

7 Likes 1 Share

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by AmeLonRo(m): 9:46pm On Jan 11, 2016
http://www.cbn.gov.ng/
Its the first item on the CBN website now. 9 Page document.
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by modath(f): 9:53pm On Jan 11, 2016
dominique:


Try and post the link to the Twitter page and/or any reputable site that carried the story

Done..Thanks for the gesture.
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by AmeLonRo(m): 9:54pm On Jan 11, 2016
AUTONOMOUS= self-governing, self-ruling, self-determining, independent, sovereign, free, unmonitored. YOU KNOW WHAT THAT MEANS?

1 Like

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by kennyman2000(m): 10:21pm On Jan 11, 2016
Hmmmmmm....

1 Like

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by yomalex(m): 10:26pm On Jan 11, 2016
Good
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by BIGTinfotech: 10:26pm On Jan 11, 2016
A welcome development. Now business can continue.
*sighs*

Little wonder what Largarde came to do.

2 Likes 2 Shares

Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Kenshinmunac(m): 10:26pm On Jan 11, 2016
Viewing this topic: oli** son**, doyinis***, willyw**(m), "dominique(f)" and 3 guest(s)

Wow, the power of dominque, I think m in love. cheesy
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Smartsyn(m): 10:26pm On Jan 11, 2016
Finally.

So I can access dollar in the bank? Ok, that's what I want to hear.

Does it also cover the restriction on the use of ATM to make foreign transactions?
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by ikbnice(m): 10:27pm On Jan 11, 2016
thank God...This is great news



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