I don't why these banks can't just play by the rules?
Even my bank,there is no time u go there that they'll have forex. And I see mallams entering and coming out of offices

hardbody:


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

I rather think first bank is a mega BDC

justi4jesu:


Yet to see that.

What do you want to see?? How do you want to be convinced?

Cbn should sell directly to everybody.Bleep the banks

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 .

Thanks for the enlightenment

mfm04622:


No. Because other banks apart from First Bank were not selling to BDC in the first place

Thanks.

Those banks dey mad sha

Morning Guys,

I have just seen this thread and thought I would give you an opportunity to see what we do at FCI.

We are an FX broker in the south-east of the UK, and we have recently partnered up with Standard Charter Bank to sell Naira into USD within 2-3 days.

With a rate of N425/USD1, much better than the black market, any businesses that need to send USD would benefit from enquiring.

Contact me on ryan.williams@fci-ltd.co.uk for more information.

Regards,
Ryan

slawali:
I think there is a need to review the procedures,banks are selling dollars to their families instead selling to bdc directly,their families will add one naira before selling to bdcs.may God safe our co3 from corrupt practices everywhre.

Gbam! You said it

onatisi:

Bros it seems that you are forgetting the fact that FX demand isn't just about travelers only. What about importers and manufacturers that need to purchase raw materials ?travelex can't satisfy the demand or fill in the banks gap. Dont be surprised In the next few weeks when travelex starts giving complains,this travelex thing I believe is the wrong approach.

Yes but there's a limit to what travelex can sell in forex to bdcs but also remember that we have bdcs in large number. You can always rake up the amount of forex needed by patronising as many bdcs as possible. One thing I know of travelex is reliability. I used to patronise them abroad. I'm an importer. Let's hope their service here in Nigeria won't be anything less.

When will this stop? I've never felt so helpless. We thought things could not get worse. We were wrong. I wish we had economists in charge.

Seun:
When will this stop? I've never felt so helpless as a captive participant in this economy. We thought things could not get worse. We were wrong.

you can say that again my broda. Let's just hope the new arrangement would work as laid down

ryanfci:
Morning Guys,

I have just seen this thread and thought I would give you an opportunity to see what we do at FCI.

We are an FX broker in the south-east of the UK, and we have recently partnered up with Standard Charter Bank to sell Naira into USD within 2-3 days.

With a rate of N425/USD1, much better than the black market, any businesses that need to send USD would benefit from enquiring.

Contact me on ryan.williams@fci-ltd.co.uk for more information.

Regards,
Ryan

I'm in the UK soon. Please where are you in the UK? Sending you an email might not suffice. I want to visit while in the UK.

awelekiti:
you can say that again my broda. Let's just hope the new arrangement would work as laid down

Hope? If a policy doesn't make sense, how can it work?

awelekiti:
Yes but there's a limit to what travelex can sell in forex to bdcs but also remember that we have bdcs in large number. You can always rake up the amount of forex needed by patronising as many bdcs as possible. One thing I know of travelex is reliability. I used to patronise them abroad. I'm an importer. Let's hope their service here in Nigeria won't be anything less.

All these policies amounts to beating about the bush. The forex rate isn't the problem but the production level of Nigeria. Left to me i would have preferred the rate as it was because gradually it had started discouraging import and it was starting to make export profitable. In the long run the demand for dollars would come down due to the fact that it will be priced out of reach,but trying to shore up the naira value without raising productivity level is counter productive.

This is the most brazen iteration of the forex round-tripping scam so far in the history of this country. And with official sanction too.

Banks are taking dollar from Nigerians in diaspora at official rate, they sell to BDCs (at an undisclosed premium) who turn around and put it on the streets at so-called parallel market rate. What exactly is the premium paid to banks by the BDCs? I think citizens deserve to know.

And what do banks do with the dollars wired into their offshore accounts by the money transfer agencies, since it's obvious that any physical cash they sell to BDCs is sourced from the CBN? This opaque system looks like it was set up by the mallamocracy around Buhari, in order to feed their fellow mallams running the BDCs. The North continues to take the rest of us all for a ride. . .

ziddy:
This is the most brazen iteration of the forex round-tripping scam so far in the history of this country. And with official sanction too.

Banks are taking dollar from Nigerians in diaspora at official rate, they sell to BDCs (at an undisclosed premium) who turn around and put it on the streets at so-called parallel market rate. What exactly is the premium paid to banks by the BDCs? I think citizens deserve to know.

And what do banks do with the dollars wired into their offshore accounts by the money transfer agencies, since it's obvious that any physical cash they sell to BDCs is sourced from the CBN? This opaque system looks like it was set up by the mallamocracy around Buhari, in order to feed their fellow mallams running the BDCs. The North continues to take the rest of us all for a ride. . .

Didnt know Emefiele was also a Mallam...the way we excuse incompetence is beyond belief

DisGuy:


Didnt know Emefiele was also a Mallam...the way we excuse incompetence is beyond belief

Emefiele is a man of straw. Keep your head firmly buried in the sand though. . . It's classic 'mallam' strategy

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

As an immediate effect, yes it will.

ziddy:


Emefiele is a man of straw. Keep your head firmly buried in the sand though. . . It's classic 'mallam' strategy

We have a full team stabbing about in the dark. but hey let's blame the mallams for it's easier that way. bozo

The government really needs to stop this habit of elevating for bank CEOs to CBN. they'll be dipping in and out of the cookie jar. answering to some unknown saboteurs behind the scenes

ayindejimmy:
I don't why these banks can't just play by the rules?
Even my bank,there is no time u go there that they'll have forex. And I see mallams entering and coming out of offices

Banks do not sell to ''mallams''. I stand to be corrected though...

Seun:
Hope? If a policy doesn't make sene, how can it work?

It's yet to take off Seun. That's why we need to hope it's gonna be beneficial to all.

onatisi:

Bros it seems that you are forgetting the fact that FX demand isn't just about travelers only. What about importers and manufacturers that need to purchase raw materials ?travelex can't satisfy the demand or fill in the banks gap. Dont be surprised In the next few weeks when travelex starts giving complains,this travelex thing I believe is the wrong approach.

There's already a favourable FX platform for manufacturers and big-time importers, called Letter of Credit. It won't make sense for them to patronise travelex if they're importing in high volume.

just2endowed:

Mr bro need this blood money too. Ready to learn

08066482808

justi4jesu:


Yet to see that.

1894

DisGuy:


We have a full team stabbing about in the dark. but hey let's blame the mallams for it's easier that way. bozo

Abuse me as much as you wish, but rest assured that the rest of the country will soon be on to all you crooked mallams. . . .

ziddy:


Abuse me as much as you wish, but rest assured that the rest of the country will soon be on to all you crooked mallams. . . .

look you started abuse. i mentioned the person in charge of monetary policies being largely to blame..I mean a cbn whose policies are driven by black marketers ..whats the point of all the phds and executive training when you are bowing to these so called cattle herders..