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CBN Suspends 19 Banks From Forex Sale To Bdcs - Business - Nairaland

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CBN Suspends 19 Banks From Forex Sale To Bdcs by 989900: 9:47pm On Oct 12, 2016
By Babajide Komolafe

The Central Bank of Nigeria (CBN) has suspended all the banks, with exception of First Bank, from selling dollars proceeds of international money transfer services (IMTS) to Bureaux De Change (BDCs).

Two months ago, the CBN had directed banks to sell proceeds of their international money transfer services to BDCs. This was in a bid to address the steady and sharp depreciation of the naira in the parallel market.

Vanguard investigation however revealed that most of the banks were not complying with this directive, preferring to do brisk business with the proceeds.


http://www.financialwatchngr.com/2016/10/12/cbn-suspends-19-banks-forex-sale-bdcs/
Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by kabrud: 9:50pm On Oct 12, 2016
We sabotage the system with our own hands but very quick in blaming the govt officials who are practically on their toes, smh. Okay, now these banks have been cutting corners all these while and funny enough, most of their staff who benefit from these deals are among the numerous Nigerians blaming the govt officials. Once corruption is fought to a standstill in this country, about 98% of our problems are over.

26 Likes 3 Shares

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by seyiojomu(m): 9:54pm On Oct 12, 2016
They should all goan sit down abeg

1 Like

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by modath(f): 10:09pm On Oct 12, 2016
989900:
By Babajide Komolafe

The Central Bank of Nigeria (CBN) has suspended all the banks, with exception of First Bank, from selling dollars proceeds of international money transfer services (IMTS) to Bureaux De Change (BDCs).

Two months ago, the CBN had directed banks to sell proceeds of their international money transfer services to BDCs. This was in a bid to address the steady and sharp depreciation of the naira in the parallel market.

Vanguard investigation however revealed that most of the banks were not complying with this directive, preferring to do brisk business with the proceeds.


Shey a nor tell you we shouldn't rejoice too fast when news of Travelex shipping in truckload of forex? Naija will always naija any move to alleviate masses suffer suffer...

Expect further spike within the next 48hrs.

2 Likes

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by 989900: 10:18pm On Oct 12, 2016
modath:


Shey a nor tell you we shouldn't rejoice too fast when news of Travelex shipping in truckload of forex? Naija will always naija any move to alleviate masses suffer suffer...

Expect further spike within the next 48hrs.

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.

1 Like

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by modath(f): 10:45pm On Oct 12, 2016
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.

I get you quite well but this is naija!!, we will revisit this in 3 days time ....

One more thing, Travelex is for travelers, what of the lace, wine, diaper, screwdriver, roofing sheet importers?

*sidebar*; Stanbic gave a friend 1/2 of her PTA quota @ 399 while travelex gave her the balance 2k @ 370... Most banks are mad, only standchart and Diamond are a bit fair.

4 Likes

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by 989900: 10:56pm On Oct 12, 2016
modath:


I get you quite well but this is naija!!, we will revisit this in 3 days time ....

One more thing, Travelex is for travelers, what of the lace, wine, diaper, screwdriver, roofing sheet importers?

*sidebar*; Stanbic gave a friend 1/2 of her PTA quota @ 399 while travelex gave her the balance 2k @ 370... Most banks are mad, only standchart and Diamond are a bit fair.

Travelex now funds BDCs.
About your friend that got PTA, she try o, I asked all of them banks last month when I was leaving, none of them even acted like they've ever heard such request before.

9ja, enytin can happin
.
Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by CACAWA(m): 6:49am On Oct 13, 2016
Hmmm

Contact me if you want to buy pounds.
Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by ufumes(m): 6:49am On Oct 13, 2016
trial and error economic policies

2 Likes

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by martineverest(m): 6:49am On Oct 13, 2016
i just pity all diz banks;by d time we are done with recession,they will be axed by bubu.

1 Like

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by orlarbissy(f): 6:50am On Oct 13, 2016
undecided undecided
Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by gudnex22(m): 6:51am On Oct 13, 2016
correct me if am wrong but this topic is already on front page.

1 Share

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by brightballer(m): 6:51am On Oct 13, 2016
The MOD wey dey diz side, I hail yu oo.
Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by Hemanwel(m): 6:51am On Oct 13, 2016
"...Two months ago,the CBN had directed banks to sell proceeds of their international money transfer services to BDCs..."

What kind of a confused CBN is this under Emefiele??
What kind of a confused government is being run by this Buhari-led APC administration??
Why won't the country go into recession with these level of confusions everywhere??
We have a stark illiterate northerner as President and we expect to get an Obama type of result?..Ko le werk nah!!!

3 Likes

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by Vaxt(m): 6:53am On Oct 13, 2016
Cool
Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by ohenhen1: 6:57am On Oct 13, 2016
Is suspension the best course of action?

why not fine them and give them a final warning?

1 Like

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by Femiwilli: 7:03am On Oct 13, 2016
No wonder Nigeria is in trouble oh!

We have a dullard for president and and ediot as finance minister

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by naijaboy756: 7:03am On Oct 13, 2016
Wait for reversal by friday. Trial and error specialists using the destiny of our country for practicals

1 Like

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by Mopolchi: 7:03am On Oct 13, 2016
gudnex22:
correct me if am wrong but this topic is already on front page.
Bros you are not wrong. I think lalasticlala is high on something. It is either Igbo or Shepe? I can't lay my hands on any. Anyway I like in the other ones that made fp will say, I am still waiting for the news of CBN suspending the suspension. That one is the real news.

1 Like

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by atirolu(m): 7:04am On Oct 13, 2016
How many time are we going to read this news
Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by SEOManiac: 7:05am On Oct 13, 2016
19 is quite a large number, but if they were all guilty, then it's the best call.

I do not trust banks or bankers.

http://www.mp3-download.xyz/
Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by axzon: 7:06am On Oct 13, 2016
The change has to stay, $1 = 500 loading.....
Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by yahmohy27: 7:06am On Oct 13, 2016
God's interventions that's what we need in this country coz no matter how govt is struggling to get out of this mess .some are at a corner thinking on how to penetrate it

1 Like

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by loadedvibes: 7:09am On Oct 13, 2016
CBN and suspending be like 5 and 6
Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by YerYer: 7:11am On Oct 13, 2016
You can sit there and hope the Naira will appreciate to N200/$ or you can buy gold or bitcoin to hedge against the depreciation of the Naira. I sell bitcoins in bulk quantities at the rate of N515 per dollar. See whatsapp contact in signature. If you are new to bitcoin I will guide you as well.
Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by ryanmartini: 7:12am On Oct 13, 2016
Not an hype or something

only few can figure out iceprince is talking to the CBN in this lyrics. it also took me time to figure it out

(No spam)

http://toonaij.com/featured/confirmed-lyrics-music-phenom-dont-Bleep-everyone-ft-ice-prince-x-reminisce/

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by LordaGuru: 7:16am On Oct 13, 2016
Winners are no quitters and quitters are no Winners.
Have you said it today?!





















GOD Bless Nigeria!!!

2 Likes

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by point5: 7:16am On Oct 13, 2016
This country sef

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by EternalBeing: 7:16am On Oct 13, 2016
I'm ready to pay, who can teach me how to trade Forex?

1 Like

Re: CBN Suspends 19 Banks From Forex Sale To Bdcs by Seun4FastLoans(f): 7:21am On Oct 13, 2016
It is well with us

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