FavoredGuy:
My own concern is when it will reflect on the prices of imported goods.


Let it no be like the recovered loots which does not benefit an common man.

KKKWHITE:
Appreciating the naira will only bring about more suffering to the country as a developing country .

femcruz:
Who did they tell when they where making huge profits from the Hike

enairaprof:
For those who don't understand what the BDC Operators are saying, let me break it down. Let's not jump into conclusion without understanding an issue properly.

First, BDC Operators are not against the Naira gaining strength. This is the situation:

CBN sells dollar to BDC Operators at the rate of N381 and they expected them to sell to people at the rate of N399 so they gain N18 per dollar.

Meanwhile, CBN also sells same dollar to Banks, and banks sell to customers at the rate of N375. This means that CBN must have sold to banks at a cheaper rate.

The effect is that people rather go to banks to buy dollars than go to BDC.

How can you buy from CBN at N381 and your competitors sell at N375?

All they are asking for is a level playing field NOT that Naira should not gain strength. Are they not spending naira too?

989900:


I swear we are very good at creating hydra headed blood sucking monsters in this country. Imagine 4,000*N18 in one week and he wants us to pity him.

Reduce the price and sell more or check out out of business. Oshisko.

Akwasi:
Its been a sweet turnaround.

Good citizens 1: Greedy bastards 0

justjify:

Baba, you be BDC owner/operator?
Is it bad if we all go to the bank to get our foreign currencies? Will it not curb issuance of fake currencies?
In developed climes, do we hear of BDCs? If yes, how do they operate? Before the advent of BDCs, how were we coping?

enairaprof:

It is not bad if we all go to banks. But have you consider the stress of queuing up in the bank when they are yet to answer people that withdraw and deposit. Do you also know how many people would be jobless?

Assuming all BDC Operators in Nigeria are 5000 multiply that by minimum of 4 staff each....that's 20000. Can you imagine 20000 out of work with the facilities degenerating? Bread winner starts thinking of suicide.

BDC is official. You can check google. I repeat all BDC Operators want is a level playing field. Sell to them at the same rate you sell to Banks. Chikena!

enairaprof:

Not so. He bought at N381
So his profit is 4000 x (N385 - N381) = N16000
For a week and he has staff to pay salary.

Avoid commenting on what you don't know much about. It will help you in life.

enairaprof:

It is not bad if we all go to banks. But have you consider the stress of queuing up in the bank when they are yet to answer people that withdraw and deposit. Do you also know how many people would be jobless?

Assuming all BDC Operators in Nigeria are 5000 multiply that by minimum of 4 staff each....that's 20000. Can you imagine 20000 out of work with the facilities degenerating? Bread winner starts thinking of suicide.

BDC is official. You can check google. I repeat all BDC Operators want is a level playing field. Sell to them at the same rate you sell to Banks. Chikena!

enairaprof:
For those who don't understand what the BDC Operators are saying, let me break it down. Let's not jump into conclusion without understanding an issue properly.

First, BDC Operators are not against the Naira gaining strength. This is the situation:

CBN sells dollar to BDC Operators at the rate of N381 and they expected them to sell to people at the rate of N399 so they gain N18 per dollar.

Meanwhile, CBN also sells same dollar to Banks, and banks sell to customers at the rate of N375. This means that CBN must have sold to banks at a cheaper rate.

The effect is that people rather go to banks to buy dollars than go to BDC.

How can you buy from CBN at N381 and your competitors sell at N375?

All they are asking for is a level playing field NOT that Naira should not gain strength. Are they not spending naira too?

Love Machine:
Prices of goods will never come down.

omenkaLives:
Someone call that scum gobbling prehistoric Senegalese monument called Reno O'mockery to come read this and tell Nigerians whom to blame.

Deepfreezer:
Shut yo damn mouth Mr greed. Yall should close shops mehnnn we dont care. I cant wait for the naira to drop reach 190.

omenkaLives:
Someone call that scum gobbling prehistoric Senegalese monument called Reno O'mockery to come read this and tell Nigerians whom to blame.

Akwasi:
Its been a sweet turnaround.

Good citizens 1: Greedy bastards 0

SmartchoicesNG:
Now I can take mimzyy on that overdue carribean trip

enairaprof:
For those who don't understand what the BDC Operators are saying, let me break it down. Let's not jump into conclusion without understanding an issue properly.

First, BDC Operators are not against the Naira gaining strength. This is the situation:

CBN sells dollar to BDC Operators at the rate of N381 and they expected them to sell to people at the rate of N399 so they gain N18 per dollar.

Meanwhile, CBN also sells same dollar to Banks, and banks sell to customers at the rate of N375. This means that CBN must have sold to banks at a cheaper rate.

The effect is that people rather go to banks to buy dollars than go to BDC.

How can you buy from CBN at N381 and your competitors sell at N375?

All they are asking for is a level playing field NOT that Naira should not gain strength. Are they not spending naira too?

989900:


Ode, weren't they selling at 399 from before (not to mention the ones they were racketeering at street price of N500+ through proxies), making 18 Naira and above profit on each dollar doing large volumes? Did they call you then?
Who told you they sold all at N385?

BTW, anything above 2-3 Naira on a dollar as profit is immoral already.

The earlier they (all saboteurs and cabals) are ran out of the scene and serenity returned to our money market, the better.

#creativedestruction

I'm still looking for the fxck to give about them and you.

chiboyo:
Where is onatisi?

For the first time, his prophecy is coming to nought!

c733d:
No need to be jubilant. It's just a temporary costly victory which could lead to an even more costly calamity. Money market interventions will not drive this economy in the long term. With OPEC and oil production majors almost in a deadlock to agree to a six-months extension of cut in production and WTI and Brent indices shedding,Nigeria's foreign reserve will be under immense pressure once again. Energy industry forecasts and analysis of Forbes,NASDAQ and Bloomberg have suggested that oil prices could crash to an all time low in the first quarter of 2018. I rather have deep concerns this could set in as early as November 2017.

LordAdam16:


You rarely insult people. And you're more intelligent that this hogwash you are writing.

The BDC operators have been team CBN for over 3 months.

Answer this question. Who set the BDC buying price at N381 and the selling price at N399?

-Lord