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CBN To Supply FOREX To Banks Only - Business (3) - Nairaland

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CBN To Release Old Naira Notes To Banks Over NLC Protest / CBN Orders DMBs To Sell FOREX To Customers / CBN Stops Sale Of FOREX To BDCs (2) (3) (4)

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Re: CBN To Supply FOREX To Banks Only by Nobody: 5:08pm On Jul 27, 2021
FARA4GA:

https://www.youtube.com/watch?v=6wlJpLG22K4

Correct..... My only fear is that banks have been known to be conniving with the BDC operators..... I've seen bankers tell customers there is no dollars in the branch.... Only for a BDC operator to mater come and collect tens of thousands of naira.... All because they will end up tipping the banker.

Nigeria problem isn't all about changing policy.... We need to change our mindset....

Look at the above video, it happened last week Saturday. .... Later the fools in the video will blame the government for bad governance.... When it's them that sold their future and ours into the hands of the criminal politician...

I Don tire for this country... I no go lie

You are cordially welcome to nigeria reality. Thank you....
Re: CBN To Supply FOREX To Banks Only by Fortez: 5:11pm On Jul 27, 2021
Why
Re: CBN To Supply FOREX To Banks Only by seborrhic: 5:18pm On Jul 27, 2021
Disgraceful f ool.
This will just further devalue the ₦ to btw ₦600-₦700/$.
The same banks you are selling to will hoard the dollars and sell to the same bureau D change or sell to insiders at CBN rates who would in turn sell to the mallams at inflated rates,who then pass it unto the end user.
Even bank MD's may become billionaires simply by this foo lish policy.
The good thing is that I never rated emefiele highly ever since his corrupt deeds and bribes to Buhari government officials were exposed.
Fu cking corrupt,aboki worshipping Iboman.
Re: CBN To Supply FOREX To Banks Only by BJanta: 5:20pm On Jul 27, 2021
aminulive:
POLITICSNIGERIA.COM


https://politicsnigeria.com/just-in-cbn-to-sell-forex-to-banks-only/

Why you no go try POS make we see how he work out?
Re: CBN To Supply FOREX To Banks Only by seunt4ut(m): 5:24pm On Jul 27, 2021
This is going to cause more hardship because independent importers were not getting dollar from banks or CBN ;hence they patronise BDC with this banning it means BDC would have to source for dollar from the street and sell at whatever rate they like. Some of the Basic items not qualified for CBN FX are :

Tokunbo Spare Parts

Tokunbo Cars

Okirika Clothes

Makeup � items

Tokunbo Electronics etc.

4 Likes

Re: CBN To Supply FOREX To Banks Only by seborrhic: 5:25pm On Jul 27, 2021
Teewhy2:
Banks are even worse, they will tell you no dollar but you will see one aboki sitting in the banking hall corner selling dollars.
This no heresay,some years ago when Buhari came in and started his ancient economics,I saw in the bank where someone was told there was no dollar to be sold to him,but a roadside dollar dealer came in and got same dollar.
The ironic thing is that it was even done in the open.
This was GTB then,but i am sure it is common with all banks.

2 Likes 1 Share

Re: CBN To Supply FOREX To Banks Only by 151487made(m): 5:26pm On Jul 27, 2021
That is how it should be
Re: CBN To Supply FOREX To Banks Only by Nobody: 5:26pm On Jul 27, 2021
Is that not what you are supposed to be doing all this while ?

I wonder how you would sell dollar at N411 to private individuals and they resell at N500 ?

Anybody who needs dollar should have a dorm account and apply to his bank.

Enriching few at the expense of many.

1 Like

Re: CBN To Supply FOREX To Banks Only by jahsharon: 5:27pm On Jul 27, 2021
paddyDIGITAL:

This is a clear case of throwing the baby out with the bathwater.

In the case of BDC, both the baby and the bathwater are poisonous. If the terrorist living inside the Rock had been thrown away with the bathwater, we won't have a dangerous breathing mannequin pretending to be President.

2 Likes

Re: CBN To Supply FOREX To Banks Only by EdoFirstBorn(m): 5:28pm On Jul 27, 2021
slawormiir:
Damnnn niggarrrr
Isoright .......

This just reminds me....

I be dey reason say I go soon open dormicillary account o

Weed and bombing nor dey allow me remember ..

All my own na to just dey smoke weed, bang pussy, bomb and drink alcohol

You talk too much

1 Like

Re: CBN To Supply FOREX To Banks Only by bigtt76(f): 5:31pm On Jul 27, 2021
We said this long time ago before now. Government don't have business funding the BDCs ...like where does that happen. Sell dollars to the banks to fund imports and other requirements while the BDCs source from tourists or others exchanging for Naira.

Never heard the British government or any other government funding Thomas Cook (a BDC) but here in Nigeria, the government keeps funding Mallam ABC bureau de change what do you expect angry

aminulive:
POLITICSNIGERIA.COM


https://politicsnigeria.com/just-in-cbn-to-sell-forex-to-banks-only/

1 Like

Re: CBN To Supply FOREX To Banks Only by Pnutbota: 5:32pm On Jul 27, 2021
.....

1 Like

Re: CBN To Supply FOREX To Banks Only by bigtt76(f): 5:32pm On Jul 27, 2021
Very true. In some cases sef, na the banks go help you call mallam to come fund your dollar request inside bank ooo cheesy

FARA4GA:

https://www.youtube.com/watch?v=6wlJpLG22K4

Correct..... My only fear is that banks have been known to be conniving with the BDC operators..... I've seen bankers tell customers there is no dollars in the branch.... Only for a BDC operator to mater come and collect tens of thousands of naira.... All because they will end up tipping the banker.

Nigeria problem isn't all about changing policy.... We need to change our mindset....

Look at the above video, it happened last week Saturday. .... Later the fools in the video will blame the government for bad governance.... When it's them that sold their future and ours into the hands of the criminal politician...

I Don tire for this country... I no go lie

1 Like

Re: CBN To Supply FOREX To Banks Only by Casalee(m): 5:33pm On Jul 27, 2021
Attempting to revive a dead economy

Re: CBN To Supply FOREX To Banks Only by Druss(m): 5:33pm On Jul 27, 2021
I haven't read or researched deeply but looking at the headline - I don't agree with this move.

Black market rate is about to go up. That is the outcome. People will clear even more.

Bank will sell or provide to BDC. BDC will add markup because of artificial scarcity and to give middleman (bank) profit.

2 Likes

Re: CBN To Supply FOREX To Banks Only by lionshare: 5:33pm On Jul 27, 2021
Its difficult for the banks to run rackets with this because they have to publish individual/corporate buyers of forex. Also, any bank found doing any racket CBN will likely sanction them and No bank's board wants to be in CBN bad book right now.

2 Likes

Re: CBN To Supply FOREX To Banks Only by bigfather(m): 5:34pm On Jul 27, 2021
wellmax:
Good move.

The black market for forex is already turning into the only market.

It is not good for the economy.

Everybody should go and buy from the banks

Banks dey limit d amount wey person go fit buy
Re: CBN To Supply FOREX To Banks Only by Maski87: 5:49pm On Jul 27, 2021
Your removal is about to come ,do you know,what tribe control this money change business
Re: CBN To Supply FOREX To Banks Only by wellmax(m): 5:50pm On Jul 27, 2021
bigfather:


Banks dey limit d amount wey person go fit buy

Yes with this new arrangement, I expect that to changege. Buy let's see.
Re: CBN To Supply FOREX To Banks Only by hahn(m): 5:51pm On Jul 27, 2021
slawormiir:
Damnnn niggarrrr
Isoright .......

This just reminds me....

I be dey reason say I go soon open dormicillary account o

Weed and bombing nor dey allow me remember ..

All my own na to just dey smoke weed, bang pussy, bomb and drink alcohol

Scam limits your intelligence smiley

1 Like

Re: CBN To Supply FOREX To Banks Only by yemi1504: 5:57pm On Jul 27, 2021
aminulive:
POLITICSNIGERIA.COM


https://politicsnigeria.com/just-in-cbn-to-sell-forex-to-banks-only/

This is a case of cutting one's head when one has a headache! Expect imported items to be more expensive as BDCs are lifeblood of that sector of the economy! Buhari and his minions making life hard for Nigerians at every turn SMH.
Re: CBN To Supply FOREX To Banks Only by sonofthunder: 5:58pm On Jul 27, 2021
Sholaco:
Dollar is now 500 to 1 naira


505.... What I paid to "zenith bank" bdc

1 Like

Re: CBN To Supply FOREX To Banks Only by yemi1504: 5:59pm On Jul 27, 2021
shadeyinka:
Watch the price of everything go up.

To buy a car, you can't get forex from the CBN (it is not covered in their policies)
To purchase Electronics, Phones etc , you can't get forex from the CBN (it is not covered in their policies)
and
For small-time business people like us, first the CBN had reduced monthly spending limit to $100 (insignificant)
Until a citizen can walk into a bank and buy dollars even if it is a limited quantity to fund small business


I predict $1 will be sold at N780



What will exactly happen! APC and their anti-people policies!

1 Like

Re: CBN To Supply FOREX To Banks Only by id911(m): 6:01pm On Jul 27, 2021
lionshare:
Its difficult for the banks to run rackets with this because they have to publish individual/corporate buyers of forex. Also, any bank found doing any racket CBN will likely sanction them and No bank's board wants to be in CBN bad book right now.

Yes I agree. Banks who sell to BDC Operators would be in serious trouble with CBN. There's a process in place now for banks to show who and who they sell their Forex to. Things have changed. But this announcement won't last because Emefiele is going to be in serious pressure from powerful cabals and before long, he will reverse it.

2 Likes

Re: CBN To Supply FOREX To Banks Only by Nobody: 6:06pm On Jul 27, 2021
Who supplies the bdc? Yeah banks.
Re: CBN To Supply FOREX To Banks Only by F117nighthawk: 6:08pm On Jul 27, 2021
Confused CBN, an organization without direction, u want to support banks only and same bank will use the money for round-tripping
as usual, the black market rate will continue to rise, abi no be this corrupt infested country called Nigeria again?
Re: CBN To Supply FOREX To Banks Only by Ojemedad: 6:09pm On Jul 27, 2021
lionshare:
Its difficult for the banks to run rackets with this because they have to publish individual/corporate buyers of forex. Also, any bank found doing any racket CBN will likely sanction them and No bank's board wants to be in CBN bad book right now.

Lol, this guy is not in Nigeria, maybe in Finland, the less corrupt country

1 Like 1 Share

Re: CBN To Supply FOREX To Banks Only by ecomalchemist(m): 6:11pm On Jul 27, 2021
Na wa
Re: CBN To Supply FOREX To Banks Only by letskeeptalking: 6:24pm On Jul 27, 2021
This should be a good thing right?

Then maybe banks will have more funds available, and people will be able to get FOREX through the banks.
Re: CBN To Supply FOREX To Banks Only by just2endowed: 6:26pm On Jul 27, 2021
If you can. Hold dollar now you are the king
Re: CBN To Supply FOREX To Banks Only by donbenie(m): 6:30pm On Jul 27, 2021
Mycoin:
We move
To where?

1 Like

Re: CBN To Supply FOREX To Banks Only by phadriz(m): 6:47pm On Jul 27, 2021
This same policy was implemented in Jan 2016 and was reversed in Sept 2016 because dollar rate in the parallel market skyrocketed, also the pressure from the BDC owners overwhelmed the man because major owners of BDCs are who is who in the country and ex CBN directors.

The BDCs operators are necessary evil because they Finance the independent importers which are not covered for Forex purchase which is also an infraction to Bureau de change guideline. The operators run the sector with impunity such as selling above approved threshold to fund unapproved transactions with fake documents for returns and CBN are aware of this but I think their hands are tight as well.

Our Forex problem is too complex which can never be solved with a single policy.

2 Likes 1 Share

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