People from Northern Nigeria are popular for two things—selling "Suya" and operating bureau de change (BDC) businesses —how come most BDC operators in Nigeria are from the north?

The time BDCs were introduced coincided with the period Abdukadir Ahmed, the longest-serving Governor of the CBN, was still in charge of the apex bank. Ahmed, a northerner, was the CBN governor between 1982 and 1993. His reign was also during the democratic government of Shehu Shagari and the military regimes of Generals Muhammadu Buhari and Ibrahim Babangida— all northerners. Nigeria operates a very strong political patronage system, where incumbents are politically incentivised to directly benefit their kinsmen.

There is an unspoken allegation that the licensing process for BDCs were thus skewed to favour applicants from the northern part of the country.

We were selling any volume to the BDCs at ₦22/$ while they were selling it outside at ₦80/$. I was at the former Chartered Bank then and used to wonder why that was allowed," said Mr Obasan. This arbitrage opportunity created a major wave of currency trader millionaires in the country. It was a government of the cronies, by the cronies and for the cronies.

https://www.stearsng.com/article/why-mallams-dominate-nigerias-bureau-de-change-market

Meanwhile foolish Yoruba think Igbo is their enemy.

Following with keen interest.

Aconomist:
Meanwhile foolish Yoruba think Igbo is their enemy.

Just look the level of hate oozing out your nostrils on Christmas day.

No kill yourself o. I wonder when some of you find the time to simply be happy, smile with family members, have fun, make love, etc. Just like normal human beings do.

Everyday, HATE, ANGER, HATE, and more ANGER.

Don't you just feel exhausted?

omenka:
Just look the level of hate oozing out your nostrils on Christmas day.

No kill yourself o. I wonder when some of you find the time to simply be happy, smile with family members, have fun, make love, etc. Just like normal human beings do.

Everyday, HATE, ANGER, HATE, and more ANGER.

Don't you just feel exhausted?

Maybe when the naira falls to $1 to 1000, you will wake up. Meanwhile, continue suffering and smiling. Merry Christmas!

That has been the dearth of Nigeria. It beat my imagination why banks can't sell currency directly to customers.

Naira can never appreciate if these leeches still exist in our financial market.

Aconomist:
Meanwhile foolish Yoruba think Igbo is their enemy.

You need to see your doctor as soon as possible. Mad man

cpu2006:


You need to see your doctor as soon as possible. Mad man

Leave the comment and face the topic. I'm also Yoruba I'm not moved by insults

North is the reason Nigeria will never develop.

omenka:
Just look the level of hate oozing out your nostrils on Christmas day.

No kill yourself o. I wonder when some of you find the time to simply be happy, smile with family members, have fun, make love, etc. Just like normal human beings do.

Everyday, HATE, ANGER, HATE, and more ANGER.

Don't you just feel exhausted?

why does anything igbo always throw u into fits?


U should take your own advice.. hating is not an occupation

I really wonder why banks and other financial houses wont trade these currencies. Banks will never have currencies to trade..they are always short of it..

Nigeria is one big flawed entity and it seems ok by all

mightyhazel:
I really wonder why banks and other financial houses wont trade these currencies. Banks will never have currencies to trade..they are always short of it..

Nigeria is one big flawed entity and it seems ok by all

Most of Nigeria's problems come from this corrupt multiple exchange rate policy. The country will never develop until that system is abolished.

Aconomist:
Meanwhile foolish Yoruba think Igbo is their enemy.

Calling someone stupid, when you are worse, charcoal pot, calling kettle black? when Paul Ogwuma an Igbo man became Central Bank Governor in 1993, why did he not change the trend? Stupid Zombie.

mightyhazel:
I really wonder why banks and other financial houses wont trade these currencies. Banks will never have currencies to trade..they are always short of it..

Nigeria is one big flawed entity and it seems ok by all

What have you ever done legally to make foreign exchange? Or you believe it is other people’s duties to go and look for forex for the central bank & not yours? Lazy Oaf.

How do you honestly think a country can grow

(1). The North is 60% the population and contributes nothing to the nation (neither economy or oil).

(2). The only thing from north is cows, ram and farm products which are private consumption paid by citizens (north doesn't pay tax on cow).

(3). A region that breeds children and marry multiple wives without plan (putting the crime risk of their act on government).

(3). A region that is against education but wants to occupy all positions of decision that is detrimental to a nation (with half or less educated persons).

(4). A region that is sympathetic to Islamic jihad, and doesn't mind draining the resources of the nation to "fight" wars of deceit.

(5). A region that wants freebies, one that is intellectually lazy, unopen to modern practices yet want to be catered for at others expense

(6). A region that wants statos quo to remain simply because it sees everything from a perspective of conquest and religion

favor914:
What have you ever done legally to make foreign exchange? Or you believe it is other people’s duties to go and look for forex for the central bank & not yours? Lazy Oaf.

Which purdah is this vvf patient typing from..? I think you need urgent medical and psychiatric evaluation.

Mikehot:
How do you honestly think a country can grow

(1). The North is 60% the population and contributes nothing to the nation (neither economy or oil).

(2). The only thing from north is cows, ram and farm products which are private consumption paid by citizens (north doesn't pay tax on cow).

(3). A region that breeds children and marry multiple wives without plan (putting the crime risk of their act on government).

(3). A region that is against education but wants to occupy all positions of decision that is detrimental to a nation (with half or less educated persons).

(4). A region that is sympathetic to Islamic jihad, and doesn't mind draining the resources of the nation to "fight" wars of deceit.

(5). A region that wants freebies, one that is intellectually lazy, unopen to modern practices yet want to be catered for at others expense

(6). A region that wants statos quo to remain simply because it sees everything from a perspective of conquest and religion

God bless you. U really got the point

omenka:
Just look the level of hate oozing out your nostrils on Christmas day.

No kill yourself o. I wonder when some of you find the time to simply be happy, smile with family members, have fun, make love, etc. Just like normal human beings do.

Everyday, HATE, ANGER, HATE, and more ANGER.

Don't you just feel exhausted?

BMC Zombie long time. merry Christmas oo.

That's serious

I don't know what people derive from spreading fake/hate news. So just because Northerners have understanding of BDC business it's perceived as a favour to them?
All other businesses in Nigeria taken over by any particular region should be seen as a favour or something like that?
So, Northerners should not succeed in any business because they're not worth it.
Many people are ignorant of BDC business operations but they started jumping to conclusions in ignorance. Those ppl buy dollar from CBN and sell it at a price that will fetch them profit. Banks sell dollars but ppl find it difficult to access it just like the way ppl nowadays find it difficult to get money from bank and then POS is introduced.
The way smart ppl embrace POS business today is the same way that make Northerners embraced BDC business for decades.

omenka:
Just look the level of hate oozing out your nostrils on Christmas day.

No kill yourself o. I wonder when some of you find the time to simply be happy, smile with family members, have fun, make love, etc. Just like normal human beings do.

Everyday, HATE, ANGER, HATE, and more ANGER.

Don't you just feel exhausted?

look at this bittered soul talking of another person been bittered.

Aconomist:
Meanwhile foolish Yoruba think Igbo is their enemy.

You're a mentally-ill mongrel

tollyboy5:

Leave the comment and face the topic. I'm also Yoruba I'm not moved by insults

Ode so he cannot pass his message without Insult about

kenic:
North is the reason Nigeria will never develop.

What have your ancestors & you done for Nigeria, mention 1 thing you have done to add value to your life in Nigeria?

happenin since they started BDC usin parallel rate and Cbn rate of naira to dollar to damage the economy.

PARADIZEPRIEST:
happenin since they started BDC parallel rate and Cbn rate of naira to dollar.

Always whining? Heaven helps those who help themselves, are you not a Nigerian? Yeye Almijiri.

PARADIZEPRIEST:
happenin since they started BDC usin parallel rate and Cbn rate of naira to dollar to damage the economy.

Go to the farm, find a product for export, &!start making foreign exchange.

Coronabirus:
I don't know what people derive from spreading fake/hate news. So just because Northerners have understanding of BDC business it's perceived as a favour to them?
All other businesses in Nigeria taken over by any particular region should be seen as a favour or something like that?
So, Northerners should not succeed in any business because they're not worth it.
Many people are ignorant of BDC business operations but they started jumping to conclusions in ignorance. Those ppl buy dollar from CBN and sell it at a price that will fetch them profit. Banks sell dollars but ppl find it difficult to access it just like the way ppl nowadays find it difficult to get money from bank and then POS is introduced.
The way smart ppl embrace POS business today is the same way that make Northerners embraced BDC business for decades.

Quote: We were are selling any volume to the BDCs at ₦22/$ while they were selling it outside at ₦80/$.

Why wouldn't the Naira collapse when northerners are allowed to loot the country like this?

Coronabirus:
I don't know what people derive from spreading fake/hate news. So just because Northerners have understanding of BDC business it's perceived as a favour to them?
All other businesses in Nigeria taken over by any particular region should be seen as a favour or something like that?
So, Northerners should not succeed in any business because they're not worth it.
Many people are ignorant of BDC business operations but they started jumping to conclusions in ignorance. Those ppl buy dollar from CBN and sell it at a price that will fetch them profit. Banks sell dollars but ppl find it difficult to access it just like the way ppl nowadays find it difficult to get money from bank and then POS is introduced.
The way smart ppl embrace POS business today is the same way that make Northerners embraced BDC business for decades.

Who told you it's only Northerners that understands Forex? If you had read the article very well you would've seen that Northerners re favoured for application approval.

This is because they were in power when this BDC started, and also same CBN Governor from 1982 to 1993 a Northerner. And did you see the margin of the the exchange rate?

Nobody says Northerners shouldn't do their business, we don't put eyes in their cow rearing, but Government should not favour them in their businesses more than the southerners.

Other businesses taken up by other regions don't require to write CBN for approval. Now, CBN sells $1 at #22 to them while they sell same at #88 to fellow Nigerians that are into other businesses like importation. Why won't CBN sell same price to the importers? Oh! The Governor then wants to enrich the people of his region.

Even though this might have changed a lot now, but we're discussing based on the OP.

Do you understand where the writer is coming from now?

chyzoo4u:


Who told you it's only Northerners that understands Forex? If you had read the article very well you would've seen that Northerners re favoured for application approval.

This is because they were in power when this BDC started, and also same CBN Governor from 1982 to 1993 a Northerner. And did you see the margin of the the exchange rate?

Nobody says Northerners shouldn't do their business, we don't put eyes in their cow rearing, but Government should not favour them in their businesses more than the southerners.

Other businesses taken up by other regions don't require to write CBN for approval. Now, CBN sells $1 at #22 to them while they sell same at #88 to fellow Nigerians that are into other businesses like importation. Why won't CBN sell same price to the importers? Oh! The Governor then wants to enrich the people of his region.

Even though this might have changed a lot now, but we're discussing based on the OP.

Do you understand where the writer is coming from now?

They know the truth, they are just conquered entity who are too dumb to face the problem.

They are the same people that would give excuses on behalf of buhari and the North on why Boko Haram and bandits can not end.

They have made up their mind to keep padding the problem since 1960