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Nairaland Forum / Nairaland / General / Business / CBN Resumes Dollar Sales To BDCs (23244 Views)
CBN Resumes Sales Of Forex To Bdcs / CBN Suspends 19 Banks From Forex Sale To BDCs / CBN To Banks: Sell Forex To BDCs - Nairametrics (2) (3) (4)
Re: CBN Resumes Dollar Sales To BDCs by baba11(m): 10:43am On Aug 07, 2016 |
...what i am just after is for the dollar-naira exchange rate to be between #250 or less to a dollar 2 Likes |
Re: CBN Resumes Dollar Sales To BDCs by nefertitiram: 10:56am On Aug 07, 2016 |
seunlayi: I swear, this is the truth and nothing but the truth |
Re: CBN Resumes Dollar Sales To BDCs by Ihavespoken: 11:00am On Aug 07, 2016 |
They should just sell this country and divide all the money and assets held by everybody equally among 180 million people so that we all can start from the beginning 1 Like |
Re: CBN Resumes Dollar Sales To BDCs by onatisi(m): 11:29am On Aug 07, 2016 |
seunlayi:
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Re: CBN Resumes Dollar Sales To BDCs by 989900E: 11:31am On Aug 07, 2016 |
naijafresh: Sorry I am not allowed to post links, but I copied the below from a few sources: The Central Bank of Nigeria has said its foreign exchange sales to the authorised dealers, including banks and others, amounted to US$1.13 billion in May 2016, representing 2.6 per cent decline compared to the level in April 2016. Aggregate out flow (CBN): $1.7b Aggregate inflow ( the Economy): almost $4b Data from the CBN show that gross official reserves declined by US$150m in July on a 30-day moving average basis to US$26.2bn. The monthly average movement has been an outflow of US$410m over the past 12 months. Good to have the reserves, but at what cost to vibrancy of the economy, the people, and especially manufacturers and industrialist who need Forex at sane rates to import raw materials to stay afloat, keep jobs, and help stabilize the same economy. If the CBN needs to support the Naira (help stabilize the Naira @ N250 or less to a dollar) at $150m-$400m net loss per month to the reserves, it will take over 4 years to get us depleted to 3 months only worth of imports (red line). Assuming, all efforts made so far in both the oil and non-oil sectors amount to zero, assuming oil prices remain as they are (no increase, no decrease), oil production remains same averagely, no refineries, no agric, no progress, no foreign investors -- nada! Kemi Adeosun, minister of finance, was also said to have reported to the council that the balance in the excess crude account (ECA) stood at $2,259,688,878.06 as at April 30, 2016. It was also disclosed that the minister of finance reported to the Council that the balance in the excess crude account (ECA) by July 20, 2016, stood at $3.93 billion. Almost $2b saved in excess crude account in less than 3 month with low oil prices, low production, and the avengers and family going crazy! Is that not telling, that with better management and compromise, coupled with other developments (especially in the non-oil sector), facts and info, the exchange rate can actually be better than it is now. It is good to save. It is also good to do the right thing at the right time. I recognize this admin's prudence and all, but we need to be more proactive and daring to get out of this lock-jam. 1 Like |
Re: CBN Resumes Dollar Sales To BDCs by 989900E: 11:37am On Aug 07, 2016 |
baba11: My drift too . . . that was what Emefiele told the President, which is easily doable, if the CBN can grow balls and go hard against saboteurs, hoarders, profiteers, racketeers in general. |
Re: CBN Resumes Dollar Sales To BDCs by baba11(m): 11:46am On Aug 07, 2016 |
989900E:Do you think selling dollars to EDCs will solve our problems |
Re: CBN Resumes Dollar Sales To BDCs by Nobody: 11:49am On Aug 07, 2016 |
LordAdam:can anyone tell me why enefiele is still cbn governor ? |
Re: CBN Resumes Dollar Sales To BDCs by 989900E: 12:02pm On Aug 07, 2016 |
baba11: It will alleviate it; 'solving' our Forex problems goes beyond that. It is dependent on the CBN's ability to adequately police situations . . . actually pre-empt situtations. The CBN is more of reactive, than pro-active -- and that is a problem. If BDCs are going to be getting the remittances from abroad, that is enough to fund their market, if it is not sabotaged, but we are all 'proud saboteurs' in this country, only to turn around and complain about situations we created. The BDCs actually don't have the dollars for customers, hence the crazy prices they throw at customers, ask any average BDC except at maybe a few locations for $30,000, that you are ready to buy at N420 per dollar even, they don't have, you will see them scampering around, at times it will take hours to get it. That is driving prices higher (non-availability)! The '41 items' IMO, should be allowed in the 'interbank' window, with very heavy import duties placed upon them to discourage imports of them, I think that is less painful to the larger economy. 2 Likes |
Re: CBN Resumes Dollar Sales To BDCs by CallMeNJay: 12:13pm On Aug 07, 2016 |
stephany007: UBA I even asked UBA customer care of the current rate, they didn't give a positive response.
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Re: CBN Resumes Dollar Sales To BDCs by naijafresh: 12:20pm On Aug 07, 2016 |
This is a good analysis of the presented economic information, so bottomline, we are not exactly out of dollars completely or begging for dollars. However I do wonder how much of this inflow actually penetrates the economy. No country will take the bold step of depleting the reserves as our financial ratings will plummet when the world bank etc see what's happening and our creditors will pull the plug. However we do have the excess crude account and it should be used to bolster the economy as that's what it was set up for. We should be able to see exactly what's happening to our income by having transparency all the way. Our government is very good at siphoning money out and stashing in foreign banks rather than putting the money where it should be in the economy and driving economic growth. We need a robust leadership and economic policies to take us forward |
Re: CBN Resumes Dollar Sales To BDCs by IamThrive(m): 12:30pm On Aug 07, 2016 |
Let the truth be told. Last January you guys are giving as excuse was as a result of delay in getting saints as ministers which foreign investors couldn't wait for as you don't need a prophet to tell you that the outcome of such delay is what we are seeing today as they have baptized it-Dollar scarcity and abuse of guidelines. On this note, I still pray that God will open the mouth of our leaders to say exactly the truth and treat matters of urgency urgently in Jesus name,Amen!!! |
Re: CBN Resumes Dollar Sales To BDCs by icedbreez(m): 12:33pm On Aug 07, 2016 |
SLIDEwaxie: I suspect even you don't believe your gibberish. Nigerians re not gullible like in 2014. I no u wont believe but not to worry. U ll find out in 2019. |
Re: CBN Resumes Dollar Sales To BDCs by icedbreez(m): 12:38pm On Aug 07, 2016 |
A govt of U turns, flip flop. Policy reversal and policy somersaults. I'm APC but this is Common Sense. |
Re: CBN Resumes Dollar Sales To BDCs by Amitex(m): 12:41pm On Aug 07, 2016 |
989900E: You are pointless my friend. The economy went south with baba's 1983 policies. Emefiele cannot do anything to change a hardened Buhari with his autocratic beliefs. How do you assemble a team of lawyers and amateur Accountant to manage Nigerian economy, especially after it has gone south due to 7 months of inaction? Common budget they could not prepare and you expect fiscal miracles in a recession. All the while people urged Buhari to accept deregulation he insisted on his archaic policy of pegging the Naira to dollar, which his puppet minister was here defending and you want Emefiele to do miracle when the damage has been done. You were all over the Internet defending their China. UAE, Qatar and other fruitless trips. Now you want to blame an astute banker that managed one of Nigrria's biggest bank to success. Go and tell your sponsorship that Nigeria economy is different than Ogun State. A state commissioner job is to collect from federal allocation and disburse. Any Accountant or even financial Analyst can do that, not managing a complex economy like ours. Buhari should sack Adeosun and reconstitute the economic team. This is August 2016, APC is still arguing about budget padding and you are blinded to that but you see Emefiele because he is not from the South West or the North! |
Re: CBN Resumes Dollar Sales To BDCs by 989900E: 1:03pm On Aug 07, 2016 |
naijafresh: IMO, I don't think we would have to heavily support the Naira in the FMDQ market for more than 6 months ($1.8b-$2.4b net loss to reserves) to achieve stability, liquidity and vibrancy of the market, better and stable value of the Naira (N250 or less range to a dollar), and the economy at large. Considering the enormous increase we achieved in non-oil Forex inflow, and 'real' reduction in outflow of Forex in some sectors such as PMS, rice, and e.t.c. It is about sacrifices for a greater good . . . just like people sell their properties to send their kids to school for a reason. If those industries and sectors could be supported in all possible ways with access to Forex, cheaper loans, and e.t.c. it will go a long way in earning us more Forex, reducing our Forex outflow, creating jobs, and a vibrant economy. Throw in Ajaokuta steel, Dangote refineries, NNPC refineries, the other refinery coming up in the east, Mambilla power plant, and some other power projects, and some other efforts . . . we will be building a stronger economy in 'double-time'. Especially, if the government will quickly facilitate the relinquishing of some certain key sectors of the economy such as airports, rail, and some mineral resources to foreign/private investors, that should draw in Forex in bounds, while making Emefiele and Adeosun's road shows and 'preaching' trips easier . . . the investors will be able to perceive action in lieu of theories. Buhari is an old man, and a very conservative old one. It is up to his ministers to convince him of the viability of their theories with progresses, no matter how little. And if he does/cannot listen, let them resign so we can know it is the president who is the clog, so we can do the needful in 2019. 2 Likes |
Re: CBN Resumes Dollar Sales To BDCs by 989900E: 1:05pm On Aug 07, 2016 |
Amitex: |
Re: CBN Resumes Dollar Sales To BDCs by ehijoe(m): 10:33pm On Aug 07, 2016 |
when u allowed dulled persons in position, this wot u get. there is one thing the CBN governor failed to realised before changing polices already accepted for a long period of years. those policies were carefully selected and implemented to support the growth and development of the country. The President himself is d worse that has ever happen to Nigeria. He relied on the info and suggestions of the CBN governor not knowing e was better than the man despite his years of experience. Upon all the devaluations, depriving owners of Domiciliary accounts of effective use. we're are we? back to Zero point. Thousands of persons working in BDC's loosed their jobs becos of CBN policies on the dollar. so many have loosed their operative license also. Where are they going to start from. Both the President and the CBN Governor needs to be ashamed of them selves. Dull Brains. |
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