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Naira devaluation: BDCs get dollars at ₦393, sell for N494 - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira devaluation: BDCs get dollars at ₦393, sell for N494 (19626 Views)

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Naira devaluation: BDCs get dollars at ₦393, sell for N494 by ijustdey: 12:55pm On May 29, 2021
Bureau De Change operators got the United States dollar from the Central Bank of Nigeria at N393 but sold it for N494 on Friday, an investigation by our correspondent has revealed.

Sources from some commercial banks told our correspondent that the banks were asked to fund the BDCs at the rate of N393/$ as of Friday.

A bank official, who spoke with our correspondent on condition of anonymity, said, “We are still giving them $10,000 per BDC twice in a week. As at today, we are giving them at the rate of N393/$.

“The CBN funds the BDCs through the commercial banks. They go to their banks to collect it. The CBN has been funding them through commercial banks to make the process seamless.

“We were asked to fund them at N393/$ in a circular to the banks as at today.”

Meanwhile, the naira slumped further on Friday to 494.7/$ at the parallel market from 490/$ as of Thursday evening.

Data obtained from the website of the CBN’s official rates for the BDCs, naijabdcs.com, showed that the naira was bought and sold at 493 and 494.7 per dollar on Friday at the BDCs.

The CBN recently adopted the NAFEX exchange rate of N410.25/$1 as its official exchange rate.

It confirmed this new official rate on its website on Monday night, days after it had removed the N379/$ rate.

A former Director-General, Chartered Insurance Institute of Nigeria, Richard Borokini, said what the CBN was trying to do was to close the gap between the black market and official rates.

He said, “Maybe because of the activities of some of the people in the financial sector, the bankers themselves and the owners of the BDCs, you cannot get naira at that N410/$ in the black market or in the secondary market; it will be more than that.

“It will not work because of the activities of those that are hoarding the dollars. The way it will work is if they scrap all those BDCs, and if anybody has needs for dollars, let him apply to the banks and the banks will give them at that price.

“As long as the BDCs are still operating, those rates cannot become real. The only way is just let everybody go to the banks and apply if they need dollar.”

The Director-General, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf, said the official rate was not a functional rate.


“Those who are doing business, none of them is getting it at that rate. The NAFEX rate that they have adopted now is about N410.25. Even that is still far from the open market rate or the parallel market rate which is almost N500/$,” he said.

CBN had yielded to the clamour to move towards convergence of the exchange rates which was a welcome development, he said.

In April 2017, the CBN established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations.

The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.
https://punchng.com/naira-devaluation-bdcs-get-dollars-at-n393-sells-for-n494/

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Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by PlayMaker14: 12:56pm On May 29, 2021
I remember how Buhari Media Cow's (BMC) in this forum went all out to call former president Goodluck Jonathan unprintable names when the Naira fell to 180 per dollar at the official market in 2014.

Now, the lifeless Baba they enthroned, thinking he was the next best thing after Nelson Mandela promised to make the Naira equal to the Dollar....

We can now see how "Equal" the two currencies are in the market..

120 Likes 7 Shares

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Nukilia: 1:00pm On May 29, 2021
Remove buhari and his APC crooks in order to restore sanity in every sector of this country!

46 Likes 5 Shares

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Agbegbaorogboye: 1:42pm On May 29, 2021
This is the main reason our naira has been tanking while they blame it on oil price. The BDC and other highly placed people in the admin have been getting free dollars from the CBN and selling at whatever rate they like. This leads to much pressure on the Naira as BDCs make mad profits.
Plus, the fact BDCs are not into any productive activity in the economy. Sometimes I wonder what we need them for anyway.
I'm sure if BDC was mainly run by southerners, Buhari would have banned them just as they did with rice and other imports and closed the borders. He know southerners are the majority in those areas, even fuel importation.
Fact is, nepotism is the worst form of corruption!!

203 Likes 9 Shares

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by CaptainAyub: 1:46pm On May 29, 2021
Agbegbaorogboye:
This is the main reason our naira has been tanking while they blame it on oil price. The BDC and other highly placed people in the admin have been getting free dollars from the CBN and selling at whatever rate they like. This leads to much pressure on the Naira as BDCs make mad profits.
Plus, the fact BDCs are not into any productive activity in the economy. Sometimes I wonder what we need them for anyway.
And we know who runs BDCs

25 Likes 1 Share

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Agbegbaorogboye: 1:53pm On May 29, 2021
CaptainAyub:

And we know who runs BDCs
And what's most unfortunate is when the borders were closed and price of rice and other commodities rose in response, majority of those who were writing articles upon articles to defend that policy were majorly southerners. They failed to see the big picture of starving the southern businessmen to enrich the northern middlemen.
Not until the closure began to affect dangote and bua did Buhari make a volte face on the matter.
Southerners are their own worst enemies!!

85 Likes 10 Shares

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by InaNla(f): 2:31pm On May 29, 2021
ONLY under buhari.


Operation enrich the North.

10 Likes

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by BetExpert: 2:31pm On May 29, 2021
The corruption under Buhari Fulani terrorists gunment is mind-blowing. There has never been a government in Nigeria as totally corrupt as this. Even Goodluck na saint where Buhari dey. Fulani BDC are making N4 million per $10K on orders of Fulani-controlled CBN, but go to bank that you want dollar they will tell you dollar no dey. God punish Buhari. Buhari will burn in Hell forever.

67 Likes 6 Shares

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by GIANTPLUSHUB: 2:31pm On May 29, 2021
Hmmmmm
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by WiszyFraud: 2:31pm On May 29, 2021
Did you know??

In the next 30 seconds, you will, on average, produce 72 million red blood cells, shed 174,000 skin cells, and have 25 thoughts.


cool

10 Likes

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Adedotguy: 2:31pm On May 29, 2021
No brain
CBN Can easily ban cryp.to but can't ban bdcs.

3 Likes

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Nobody: 2:31pm On May 29, 2021
Such is life
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by SLAP44: 2:31pm On May 29, 2021
grin grin

This article is sponsored by the zombie administration to turn you guys against the BDC while they divert the forex into foreign accounts.

Believe this government at your own peril.

2 Likes 1 Share

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by jimi4us: 2:32pm On May 29, 2021
This is how Northerners are treating Southerners


.

29 Likes

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Strongbest(m): 2:32pm On May 29, 2021
Hmmm. These guys will be making over 100k daily without sweat.

Some animals are more equal than the others.

Some people will be super poor while some people will be super rich by the time it's all over.

8 Likes

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by almarthins(m): 2:32pm On May 29, 2021
PlayMaker14:
I remember how Buhari Media Cow's (BMC) in this forum went all out to call former president Goodluck Jonathan unprintable names when the Naira fell to 180 per dollar at the official market in 2014.

Now, the lifeless Baba they enthroned, thinking he was the next best thing after Nelson Mandela promised to make the Naira equal to the Dollar....

We can now see how "Equal" the two currencies are in the market..

Now buhari is burying a country

5 Likes

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by amstardi: 2:32pm On May 29, 2021
The southern Nigeria have been held under a massive spell for way too long ..


You guys are indeed daft

23 Likes 1 Share

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by mzBEAM(f): 2:32pm On May 29, 2021
If we talk now our nairaland abokî mod go delete the post.



Nigeria will end very soon.

8 Likes

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by obembet(f): 2:32pm On May 29, 2021
2023 still far o

6 Likes

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by infogenius(m): 2:32pm On May 29, 2021
This is a massive cashout a selected part of the country.

5 Likes

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by amstardi: 2:32pm On May 29, 2021
Financial TERRORIsm.

98% of BDCs are owned by money merchants of northern extraction .

Just imagine the cashout . They makeover a 100k naira gain on $1000 dollars.


This alone should cause a riot

29 Likes 2 Shares

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Patrioticman007(m): 2:32pm On May 29, 2021
Agbegbaorogboye:

And what's most unfortunate is when the borders were closed and price of rice and other commodities rose in response, majority of those who were writing articles upon articles to defend that policy were majorly southerners. They failed to see the big picture of starving the southern businessmen to enrich the northern middlemen.
Not until the closure began to affect dangote and bua did Buhari make a volte face on the matter.
Southerners are their own worst enemies!!

Mr man our challenges are class struggle not tribal bigotry.

3 Likes

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by InaNla(f): 2:33pm On May 29, 2021
PlayMaker14:
I remember how Buhari Media Cow's (BMC) in this forum went all out to call former president Goodluck Jonathan unprintable names when the Naira fell to 180 per dollar at the official market in 2014.

Now, the lifeless Baba they enthroned, thinking he was the next best thing after Nelson Mandela promised to make the Naira equal to the Dollar....

We can now see how "Equal" the two currencies are in the market..

The media cows are now in severe pains. The 30k stipends for defending stupidity now like 30 kobo.

24 Likes 2 Shares

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by design106: 2:33pm On May 29, 2021
cool

That was to be expected.
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by finnacle2020: 2:33pm On May 29, 2021
This is not true
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by GreaterFuture(m): 2:33pm On May 29, 2021
It has always been this way, that's how things are.

and I am searching for some really good, reliable FX Seller too oh. Inflow or Cash, many buyers dey ground. But we don't want MOU, Blockfunds, PND, instruments etc. Just meet confirm each others Funds, and Swap.
Most of the sellers out there are either Scams or not Sure at all
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by nedekid: 2:34pm On May 29, 2021
PlayMaker14:
I remember how Buhari Media Cow's (BMC) in this forum went all out to call former president Goodluck Jonathan unprintable names when the Naira fell to 180 per dollar at the official market in 2014.

Now, the lifeless Baba they enthroned, thinking he was the next best thing after Nelson Mandela promised to make the Naira equal to the Dollar....

We can now see how "Equal" the two currencies are in the market..
Even the fall to 180 was because of elections. After elections it would have returned to 140 after politicians offload them in the Black market.

8 Likes

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by ecomalchemist(m): 2:34pm On May 29, 2021
Nepotism at its peak, just imagine !

4 Likes

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by visijo(m): 2:34pm On May 29, 2021
We are surrounded by friends who can spot fake designer bags and sneakers but can't notice a depressed friend.

10 Likes

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Nobody: 2:34pm On May 29, 2021
Ok
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by affable4(m): 2:35pm On May 29, 2021
Not true. The 393 is it I &E rate or NAFEX?

1 Like

Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by dynicks(m): 2:35pm On May 29, 2021
WiszyFraud:
Did you know??

In the next 30 seconds, you will, on average, produce 72 million red blood cells, shed 174,000 skin cells, and have 25 thoughts.


cool
keep this up bro..!!

7 Likes

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