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Nairaland Forum / Nairaland / General / Business / CBN Resumes Sales Of Forex To Bdcs (10172 Views)
Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs / At What Rate Does CBN Sell Dollars To BDCs? / CBN Suspends 19 Banks From Forex Sale To BDCs (2) (3) (4)
CBN Resumes Sales Of Forex To Bdcs by straneur(m): 4:04am On Jan 19, 2017 |
The Central Bank of Nigeria on Wednesday sold $250m to 3147 registered Bureau De Change operators nationwide, according to a NAN report. The Association of Bureau De Change Operators of Nigeria, President, Alhaji Aminu Gwadabe said the sales of the foreign currency to the BDCs would boost the naira exchange rate as it would impact the market liquidity positively. He further stated that the “sale and distribution is on-going to all the CBN licensed BDCs today.” According to the President, Nigerians with legitimate needs for forex should visit any CBN registered BDC to purchase dollars with relevant documents at N399 to a dollar — CBN stipulated rate. He also called on Nigerians to report any member selling above the CBN regulated rate and advised them to report to the appropriate authorities as the details of all the BDCs are on the CBN official website. The local currency has depreciated since the CBN stopped the sales of foreign currency in December, this has deepened the dollar scarcity and further plunged the naira to N497 against the dollar at the parallel market. But traders are optimistic that the resumption of sale to the BDCs will aid the Naira exchange rate going forward, and expected the surge in oil prices to continue to support revenue generation as seen in recent time. http://investorsking.com/cbn-resumes-sales-forex-bdcs/ |
Re: CBN Resumes Sales Of Forex To Bdcs by Flexherbal(m): 4:07am On Jan 19, 2017 |
We hope this helps ! 2 Likes |
Re: CBN Resumes Sales Of Forex To Bdcs by Anijay1212(m): 4:15am On Jan 19, 2017 |
Abeg e go bring dollar down? 2 Likes |
Re: CBN Resumes Sales Of Forex To Bdcs by mykeljosef: 4:53am On Jan 19, 2017 |
the over 8 exchange rate country continues 2 Likes 1 Share |
Re: CBN Resumes Sales Of Forex To Bdcs by tundafayaBuhari: 4:59am On Jan 19, 2017 |
This useless APC government have nothing to offer. They keep changing policy everyday like a woman on period changing her pad 20 Likes 2 Shares |
Re: CBN Resumes Sales Of Forex To Bdcs by koladebrainiac(m): 5:04am On Jan 19, 2017 |
They need to up their games Thought Kemi said they gonna eradicate bdc? 4 Likes |
Re: CBN Resumes Sales Of Forex To Bdcs by uboma(m): 5:05am On Jan 19, 2017 |
tundafayaBuhari: lol. They are having unregulated Menses 16 Likes 2 Shares |
Re: CBN Resumes Sales Of Forex To Bdcs by Truth234(m): 7:52am On Jan 19, 2017 |
Anijay1212: Yes, to some extent. |
Re: CBN Resumes Sales Of Forex To Bdcs by kings09(m): 8:03am On Jan 19, 2017 |
Aftr all d DSS gra gra 2 Likes |
Re: CBN Resumes Sales Of Forex To Bdcs by LastSurvivor11: 8:03am On Jan 19, 2017 |
"According to the President, Nigerians with legitimate needs for forex should visit any CBN registered BDC to purchase dollars with relevant documents at N399 to a dollar — CBN stipulated rate." Who doesn't know that it's only friends of the government that only have legitimate need for dollars who will in turn sell it to mallams at higher prize.. How many production company has folded or left Nigeria due to forex scarcity U think ur doing me 2 Likes
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Re: CBN Resumes Sales Of Forex To Bdcs by Nobody: 8:03am On Jan 19, 2017 |
PAUSE AND RESUME.. ARE THEY SIMILAR TO MMM? |
Re: CBN Resumes Sales Of Forex To Bdcs by emmabest2000(m): 8:04am On Jan 19, 2017 |
tundafayaBuhari: You dey mind them ? Confused Government 6 Likes 2 Shares
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Re: CBN Resumes Sales Of Forex To Bdcs by AleAirHub(m): 8:04am On Jan 19, 2017 |
And I bought dollar 497 yesterday |
Re: CBN Resumes Sales Of Forex To Bdcs by librangyps(f): 8:04am On Jan 19, 2017 |
Welcome development |
Re: CBN Resumes Sales Of Forex To Bdcs by wilcox(m): 8:04am On Jan 19, 2017 |
Will it help the current situation? |
Re: CBN Resumes Sales Of Forex To Bdcs by Nobody: 8:05am On Jan 19, 2017 |
Rates will reduce considerably in 24 hours. |
Re: CBN Resumes Sales Of Forex To Bdcs by Kobicove(m): 8:05am On Jan 19, 2017 |
The CBN needs to possibly lift the veil of incorporation on these BDCs... There is a lot of round tripping going on and top officials of the CBN may be involved in it cos there is very wide gap between the official exchange rate and the black market which encourages corruption 1 Like |
Re: CBN Resumes Sales Of Forex To Bdcs by mrtegation99(m): 8:05am On Jan 19, 2017 |
Nigerians be like to Buhari 1 Like
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Re: CBN Resumes Sales Of Forex To Bdcs by MKO4ever(m): 8:05am On Jan 19, 2017 |
okay |
Re: CBN Resumes Sales Of Forex To Bdcs by MizTyna(f): 8:06am On Jan 19, 2017 |
Another thing is making sure the BDCs sell and don't hoard it 3 Likes 1 Share |
Re: CBN Resumes Sales Of Forex To Bdcs by bettercreature(m): 8:06am On Jan 19, 2017 |
koladebrainiac:This is the best solution to reduce inflation,they must flood the market with dollar to reduce the exchange rate,this step alone can get us out of recession 1 Like |
Re: CBN Resumes Sales Of Forex To Bdcs by vivaciousvivi(f): 8:09am On Jan 19, 2017 |
I thought our finance minister said recently that BDCs will soon be a thing of the past? 1 Like 1 Share |
Re: CBN Resumes Sales Of Forex To Bdcs by SweetJoystick(m): 8:10am On Jan 19, 2017 |
Good move, hope it's sustainable, but it's not everyone that has access to the internet to check CBN licensed BDC |
Re: CBN Resumes Sales Of Forex To Bdcs by Kekekenny(m): 8:11am On Jan 19, 2017 |
Welcome development |
Re: CBN Resumes Sales Of Forex To Bdcs by 989900: 8:13am On Jan 19, 2017 |
mykeljosef: Forex racketeering platform extended. Emefiele and Buhari are both clueless and complacent at the same time. 3 Likes |
Re: CBN Resumes Sales Of Forex To Bdcs by blazer234: 8:13am On Jan 19, 2017 |
Trial and error government. As reliable as a chameleon 2 Likes |
Re: CBN Resumes Sales Of Forex To Bdcs by Nobody: 8:14am On Jan 19, 2017 |
Does cbn governor and buhari have interest in BDC?They should have given the dollars directly to manufacturers who need them to purchase raw materials for their production.Buhari who has been preaching diversification of economy is spending billions on oil exploration in lake Chad and Benue state.He and his economic team didn't even introduce ideas on how to diversify. 1 Like |
Re: CBN Resumes Sales Of Forex To Bdcs by Nobody: 8:15am On Jan 19, 2017 |
wilcox:I doubt it.They benefit from this scheme individually. |
Re: CBN Resumes Sales Of Forex To Bdcs by Nobody: 8:17am On Jan 19, 2017 |
Werey |
Re: CBN Resumes Sales Of Forex To Bdcs by jomoh: 8:22am On Jan 19, 2017 |
Can someone please tell me what Nigeria gains from selling dollars to BDCs apart from throwing our hard earned forex into a bottomless pit. bettercreature: This is obviously not the best. Except there is an advantage Nigerian economy gains from BDCs that I don't know about. Selling dollars to BDC is like throwing cash to the street. People will never get tired of picking it. Even those who do not need it will pick. If you keep selling to BDC how do you regulate who they sell to. With BDC, even people that wants to spray at parties will buy. It now becomes a battle of the highest bidder between genuie importers and party sprayers. Imagine someone ☝ there saying he bought dollar at 497 yesterday. Please of what genuine use could someone who have the time for Nairaland need dollar for? 1 Like |
Re: CBN Resumes Sales Of Forex To Bdcs by jericco1(m): 8:23am On Jan 19, 2017 |
So many exchange rates. CBN. Hope you guys know what you're doing. |
Re: CBN Resumes Sales Of Forex To Bdcs by plainol(m): 8:23am On Jan 19, 2017 |
From what is going on, it seems Buhari is the one dishing out orders and when it backfires, then reversal to old way is their only option. I feel sorry for we Nigerians, the suffering is too much. Only an irresponsible government does this. |
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