All this are absolutely long story, the only thing we need is for the rate to get back to normal.

DryMouth:

You are not a banker....
Banks don't sell dollars to BDCs. CBN does through a third parties called CFS and Travelex.
CFS distributes to SW and North, while Travelex distributes from SS and SE.
When Buhari came into administration, he suspended BDCs and gave right to banks to handle forex activities but the banks failed hoefully, hence a call for the reintroduction of BDCs.

Suspending BDCs won't the problem of Naira it would only increase the unemployment index in the country(you shuld knw this as an economist).

If dollars is pumped in the forex market, that rate would go down. If u are following you shuld knw that before the COVID lockdown, CBN was funding to BDC 4 times a with at;
Mon - Tue = $20,000
Wed - NIL
Thur- $15,000
Fri- $20,000.

If u are aware when they were pumping USD like that in the market, BDCs were making jst N1/$ max and everything was going fine. Now the corrupt Emefiele used that COVID as an excuse that CBN doesn't have enough dollars to issue out again so he started making dollars scares in the country by giving BDCs jst $10,000 on tuesdays and thursdays making dollars extremely scares and expensive.

You shuld be calling for the sack of Emefiele not suspension of BDCs.

Dnt call for banning instead call for CBN intervention.
Hope you understand me.
Maybe because i started reply by calling you mugu, you thought I was the normal NL small boy.
Dnt lett me introduce myself

The issue is why should the CBN subsidize the fx sold to the BDC?

CHANCEMAN:


The issue is why should the CBN subsidize the fx sold to the BDC?

So that pple who needs PTA or BTA would get it at cheaper rate and easily also..

CBN gives to banks and BDCs at same rate.

DryMouth:

Bros, I'm here in lagos. You can come to my office at marina, or chat me up on WhatsApp at 08087527004.

We'll meet physically at Marina. Even if u want $1,000,000 I'll sell to you.
No scam!

Your number is not in WhatsApp

GreaterFuture:

Your number is not in WhatsApp

Its on business WhatsApp
Send urs lemme msg you

DryMouth:

Its on business WhatsApp
Send urs lemme msg you

09045327063

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.
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!!

Do you have any idea howmuch people abroad remit to Nigeria and how much of forex these BDCs get from there? U 4get they carry this raw forex into Nigeria by any means necessary.if you want a large amount of forex your only hope is BDC as we speak, they upped the pounds to 693 this morning and its growing, the way I see it, it would nearly reach £1=N1000 at the end of the year,The Fg should come up with a structural plan to make forex easy to get and transfer, then ordinary people can do Business!

CHANCEMAN:


The issue is why should the CBN subsidize the fx sold to the BDC?

Exactly, they should not cos word on the street is, the so-called BDC do not get this money rather corrupt CBN staff sell them fru the back door to Politicians or people that matter!

Nicargo:
All this are absolutely long story, the only thing we need is for the rate to get back to normal.

What would you agree to as normal?

Mrquote:
Why do we need BDC? When we have banks.

BDC are very important, the bank has your local economy to run, why BDC deal strictly with forex acqusations.

Cmanforall:

It is easy to clamp the tate the BDC sell dollar.
If all.banks should.make dillar available at 395 and sell to BDC at 390, the BDC will end up selling between 395 to 400.
Presently, an individual with direct link to central bank can get dollar at 393 and sell to those in the parallel market at 450 to resell at 494. You can imagine how that 'big man' will be making millions daily with no sweat. The Nigerian economy suffers

This is where U get it wrong, the banks have no access to forex like the BDC does, Diaspora forex is worth more than what the CBN can get, so the BDC have the upper hand here, cos they have thousands of outlets in the western country, ie Uk, US, and Canada.where I send money in In the Uk is owned by a BDC agent from Nigeria, I wire his account here he remits naira to my 9ja account all this takes less than 5 minutes I don't have to leave my Sofa,

erico2k2:

Do you have any idea howmuch people abroad remit to Nigeria and how much of forex these BDCs get from there? U 4get they carry this raw forex into Nigeria by any means necessary.if you want a large amount of forex your only hope is BDC as we speak, they upped the pounds to 693 this morning and its growing, the way I see it, it would nearly reach £1=N1000 at the end of the year,The Fg should come up with a structural plan to make forex easy to get and transfer, then ordinary people can do Business!

With BDCs, what we should have is an open market where BDCs source for the hard currencies themselves and sell at a profitable rate. But what happens is totally anomalous.
BDCs get dollars at a fixed rate from CBN and sell at any rate they feel like. Do you know you until recently, an individual can't get dollars directly from banks while BDCs can? As at 2015, Buhari banned sale of dollars to a large contingent of people including students!! Yet BDCs were getting dollars at 199 and selling at whatever price they felt. This is the roundtripping that SLS was talking about which drew the ire of the govt. A lot of people connected to govt made mad money from that scheme then. It's a major reason the naira was on a free fall during the first three years of this govt.

erico2k2:

BDC are very important, the bank has your local economy to run, why BDC deal strictly with forex acqusations.

But whats this leverage that they are receiving aren't they monitored how can you buy that low and sell that high making 100% percent gain and why is it that is not a popular business for young Nigerian to get into

AdeOri99:
Ok

I was the one that sent it.
With A. S. Initials name . God will perfect all ,

peacefulhome:


I was the one that sent it.
With A. S. Initials name . God will perfect all ,

I am very grateful ma.
May you and your children never lack an helper, may doors of opportunity be open to you and your loved ones, and may unexpected favour also locate you, amen.
Thank you very much ma.

peacefulhome:


I

Good morning ma, once again, I am very grateful for yesterday, may you nor your generation never had a reason to go hungry.
Amen.

Simplythebest:
Pls what will it take or cost to enter into BDC business. Cus one need to follow and cash out cus i see that BDC business is another easy way to make money without stress. Pls any information on it pls

Bro i tell ya, this is sweet business. I want to enter this line of biz too

AdeOri99:

Good morning ma, once again, I am very grateful for yesterday, may you nor your generation never had a reason to go hungry.
Amen.

Amen. Do have a wonderful week .

Oya lets rub mind together cus someone need to cash out legitimately

FunnyDude:


Bro i tell ya, this is sweet business. I want to enter this line of biz too

Coolsphinx:
What rate are you looking for?

Something very good, for large Volumes.
Good afternoon

Agbegbaorogboye:


With BDCs, what we should have is an open market where BDCs source for the hard currencies themselves and sell at a profitable rate. But what happens is totally anomalous.
BDCs get dollars at a fixed rate from CBN and sell at any rate they feel like. Do you know you until recently, an individual can't get dollars directly from banks while BDCs can? As at 2015, Buhari banned sale of dollars to a large contingent of people including students!! Yet BDCs were getting dollars at 199 and selling at whatever price they felt. This is the roundtripping that SLS was talking about which drew the ire of the govt. A lot of people connected to govt made mad money from that scheme then. It's a major reason the naira was on a free fall during the first three years of this govt.

with ur statement, now explain why the Naira is N703 to point this morning

erico2k2:

with ur statement, now explain why the Naira is N703 to point this morning

The simple reason is because CBN has created a business out of the exchange rate for BDCs.

Agbegbaorogboye:

The simple reason is because CBN has created a business out of the exchange rate for BDCs.

Wrong answer, our Economy is a sorry state

Contact me if you have huge FX USD inflow to inflow for sale.

Only genuine deals.

ijustdey:

https://punchng.com/naira-devaluation-bdcs-get-dollars-at-n393-sells-for-n494/

Bump... 2021.

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.