In 2015, The IMF wrote to the Nigerian Government and the CBN that the Naira is overvalued and need to be devalued. At first, President Buhari didn't agree but after, had to bow to pressure, in 2016, the CBN banned Bureau de exchange from accessing forex, the CBN governor claimed they were greedy that is why he banned BDC, what happened next? BDC and banks started hoarding their dollar and the naira devalued to 390 from 290 naira at the parallel market, After the devaluation, the CBN meet with the The Association of Bureau de Change Operators in Nigeria and forex sales was restored to them. After that, the IMF gave Nigeria about 3 billion dollars in credit facilities.

The same tactics is playing again in 2021.

In feb 2021, the IMF again wrote the Nigeria Government that the Naira is overvalued and does not reflect the oil crash, the President and the CBN Govenor rejected the claim but after, bowed to IMF pressure.

In July 2021, the CBN Governor Banned Bureau de exchange claiming they are greedy and used for money laundering operations, what happened to the dollars again, operators started hoarding the dollars and scarcity happened, the naira depreciated and was devalued from 500 to 525 in the parallel market just in a single day, yesterday, the Association of Bureau de Change Operators in Nigeria are planning to meet with the CBN governor within a week, that means in the coming weeks the Bureau de change will be back to the market after the CBN is sure that the naira have been devalued to the value the IMF wants it to be.

In 2021

Are u crying or complaining?

God of mercy

The largest economy in the world and giant of Africa doing well as usual.......

Sai baba

God no go shame us for this government

We are not there yet,we going 4 digits before end of 2023...we shifting grounds and breaking records,we APC!!!

While i understand that the govt of Emefiele must have messed up in the past, govt selling USD and other foreign currencies to the banks is the right way to go. As much as i don't 100% like Buhari the disaster towards the tail end of Goodluck election campaign and the fear that was in the atmosphere caused all this crisis. The Apex bank hurriedly devalued the Naira without communicating economic policies with people.


We are loosing so much forex to these BDC, so many folks like my self in previous discourse on Nairaland and other social media platforms have called for the outright ban of the sale of foreign currencies to BDC and such sales should be funneled to banks.

The Apex bank should also work with the media to douse the polity so we can have a bit of stability we enjoyed 2017-2018 in the Nigerian economy.

This is it, it's finished. Consequences of voting in a cow rearer without WAEC certificate as president of Nigeria.

When we ve bad Government that's the results

In 2015, The IMF wrote to the Nigerian Government and the CBN that the Naira is overvalued and need to be devalued. At first, President Buhari didn't agree but after, had to bow to pressure, in 2016, the CBN banned Bureau de exchange from accessing forex, the CBN governor claimed they were greedy that is why he banned BDC, what happened next? BDC and banks started hoarding their dollar and the naira devalued to 390 from 290 naira at the parallel market, After the devaluation, the CBN meet with the The Association of Bureau de Change Operators in Nigeria and forex sales was restored to them. After that, the IMF gave Nigeria about 3 billion dollars in credit facilities.

From your write up, the BDCs are solely responsible for the fall of Naira against the Dollar, yet CBN called them, had a meeting with them and them restored their license for Forex Trade even though they were criminally airing on the Dollar.

Even IMF released $3billion to CBN in credit facilities, yet Naira continues to fall.

So how’s the fall of Naira IMF’s cause?

Why were BDCs allowed to continue to trade after criminally hoarding it and directly causing inflation?

Are BDCs supposed to be the main source for foreign exchange?

Even after crippling the economy?

They should just predominate the naira and save us from the stress

Sincinnati:
From your write up, the BDCs are solely responsible for the fall of Naira against the Dollar, yet CBN called them, had a meeting with them and them restored their license for Forex Trade even though they were criminally airing on the Dollar.

Even IMF released $3billion to CBN in credit facilities, yet Naira continues to fall.

So how’s the fall of Naira IMF’s cause?

Why were BDCs allowed to continue to trade after criminally hoarding it and directly causing inflation?

Are BDCs supposed to be the main source for foreign exchange?

Even after crippling the economy?

The crash of oil, IMF, CBN, BDCs are the cause of the fall in Naira.

The bdc are indeed greedy, they buy naira at 378 and sell for big margin in the open market, the IMF wants a devalued naira so that foreign investors can buy our assets very cheap, if we don't want foreigners to take over our country, then it is important that CBN fight against devaluation but then they can't because they need credit facilities to help during this global economic crisis caused by covid.

The imf also wants a unified exchange range which in reality can not happen because of the cartel created by the union of exchangers also, As long as Nigerian continue to borrow from world bank and imf, tax rate will increase so that government can have more revenue to pay back debt.

Another reality is that if Nigeria does not diversify the economy, we will still get further naira devaluation even if another party comes to power.