Abbeyme:
What now happens to the inflow dollars with these 19 banks??

GogetterMD:
Is that why GTB all of a sudden exchanges 1 dollar to 450 naira?

Abbeyme:
What now happens to the inflow dollars with these 19 banks??

wristbangle:
It's the right measure because banks are not complying to CBN forex standards. Imagine hoarding dollars and selling at ridiculous price to BDC and manufacturers. These crooks are lazy bastards who wants to become dangote over night.

The only demerit now is since dollars will not be available for BDC, hope naira will not devalue to 1000 naira per dollars

Einl:
FirstBank is Nigeria's most concrete and stable bank...

Truth234:
There is more to this CBN directive. They can't just restricts 19 banks from selling to BDCs.

Horlufemi:


What . It was 410.8 some days ago.

989900:

It depends; the banks were the ones actually sabotaging the CBN's effort by not selling to BDCs as directed by the CBN ($50K/week) from diaspora inflow. The banks were racketeering the inflow -- they even collected deposits from the BDCs without making up on their end of the deal.
Meanwhile, the CBN is barely supporting the FMDQ at the moment, while them oil companies basically just supply oil importers.
I 'think' what the CBN would/should do next is to funnel those funds through Travelex (that way they can probably move from $15K/BDC/week to higher) and First bank too.

hardbody:


First bank is a parallel CBN. Should the bank sneeze, CBN win definitely catch cold. They inter borrow

onatisi:

But if banks sell their bdc to the bdc,what will they have left to fulfill their own FX obligations to their customers'

bosschinalu:


TRAVELEX WILL SELL TO THE 3000 REGISTERD BDC

ammyluv2002:
God na your Hand i dey o

deflover:
hmmmm things about to get nasty......yesterday I got some good deal on exchange
I need to make more from Fx trading
blood money na real money as Fx done turn my juju

hahn:
Is this going to create a scarcity of FX?

hahn:
Is this going to create a scarcity of FX?

awelekiti:
No! Travelex is already on board to sell forex to the bdcs at 356 while the bdcs will sell at 358/360 max. Travelex is up to the task. It's branches are all over the world. Our banks are our worst enemies. They obviously cornered the proceeds to themselves to favour their associates. Those directors need to be sacked just like the cbn did to skye bank. Sanctioning those banks isn't enough. This will make them sit tight .

Einl:
FirstBank is Nigeria's most concrete and stable bank...