989900:


I get your angle (correct), I just felt they should know their profit margin will always be worked out, and they should know the party is ending already . . . high margin profits will be winding down from now.

LordAdam16:


No you don't get my angle.

Last week Monday, it was Gwadabe that started the propaganda that dollars will sell for 415 in the parallel market by the end of the week. At the time it was 450. By Friday, it sold for 380-400.

Why do you think he made that statement, if he is not pro-CBN.

The reward for his efforts is the loss of 130m by his members.

CBN was the one that agreed with the BDC association to peg BDC rate at 381 buying, 399 selling. Many association members did not agree, and became street traders at parallel market rate. Gwadabe leading the compliant members of the BDC association stood by the CBN and maintained the official CBN set BDC rate.

He stayed with the CBN rate even when the parallel market rate fell to 520, which is 120 above the pegged BDC rate. What is the reward for his loyalty?

CBN announced this morning to reduce Bank rate to 360. And did nothing to reduce BDC rate (at least yet).

Gwadabe and his compliant BDC members have been used and dumped (at least for the time being until the CBN reduces the rate they sell to them). And you who should know better is championing this preposterous stabbing in the back.

I could accept it from all these no-good economic illiterates loitering the forum who do not even understand exchange not to talk of rate. But from you, you should know better.

-Lord

989900:


They will be taken care of, it's just Monday morning . . ..

LordAdam16:


After they've lost 130m and expect to lose around 30-45m today.

And after they've been lampooned by Nigerians as enemies of progress.

U guys sure know how to give those fighting your battles a treat.

Little wonder Gwadabe mouth is silent about further drop in the value of dollar.

And let's not get started about the CBN reducing the spread of banks selling invisibles from 19% to 1% and expect them to be compliant.

I knew this policy was unsustainable, but now I'm just disappointed that the CBN is trying harder to lose than to win.

Anyway, I'm done pointing it out to you. And it's good that you've retraced your steps.

If you know anyone who needs invisibles now or before the end of next week, tell the person to rush to the bank and get dollars now that it's still cheap and the process is relatively not strenuous.

That's all I have to say.

-Lord

989900:


When they were gaining in multiples no one heard.
I like how you paint them like saints.
I won't go into their shenanigans now.
It is a busy day for me, have a nice one.

longerthroat:
I changed #350 to $1 last Friday here in Lagos, and the BDC operator was crying cos he bought those dollars at #400. seems we are getting there gradually.

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?

jazinogold:
Good job...I pray oil price soar up so they can sustain this injection! The BDC where the cause of the dollar scarcity!

CBN rite now b like.... talk to the ass

Teacher1776:
So BDC is now crying? The cabals are now showing their true faces! Who did it report to when it was making bogus profits when it wickedly jumped from 450 to 500 per dollar?
Aminu or whatever you call yourself, if you can't cope, please close your shop. The entire country cannot continue to suffer just to satisfy your greed.

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

sekem:


At 190, it's not dropping.

Rather, it's climbing.

olujastro:
So many ignorant posts here.
BDCs are different from aboki in the black market. The CBN supplies the BDCs fx legitimately at 381 and asked them to sell at a maximum of 399 when the black market was Crazily high at 500.
Now that the black has crashed below the BDC rates, they're asking the CBN to adjust their rates so they can stay in business ahead of the black market.

123papas:
Good point but to deviate a bit, the BDCs were not selling at 399. The BDCs are also the Black Market.