post=104206060:

From very reliable sources, this is here to stay for good.
They have been going all around this since the beginning of the year.
Happy it is here to stay.


What a very good news to all and sundry.


Government having a full control and regulation is what really matter at this point in time.
The Bureau de change won't have the kinda monopoly they usually have in the past and that is a good one for the masses.


Way to go.

What does the difference between the official and parallel market place indicate? That there is not enough dollars to supply at the official rate. The Naira needs to be devalued further at the official rate.

Sanusi said any spread of more than 3% between the official and parallel market leads to sharp malpractices like those occurring at BDC's and the bank that he whined about.

Soludo and Sanusi accepted market realities and did their best to keep within that 3% band.

Buhari on the other hand ended the flexible exchange policy he met and fixed the exchange rate at 197. When buyers could not get enough forex at that rate, they turned to the black market in droves which led to the wipe gap between them.

This policy is the foundation of Buhari's economic policy and thats the primary reason the economy is doing so badly.

Soludo, Sanusi and Utomi have all condemned Buhari's forex policies.

Read the article between.

https://www.nairaland.com/5069142/cbn-must-adopt-new-measures

https://www.nairaland.com/4861949/lamido-sanusi-laments-buharis-economic

Nonsense copy and paste. What is CBN orders DUMBS ? it's DMB not DUMBS cos no be dustbin.

Nigerians should continue to thank Godwin Emefiele for his continued efforts to destroy what is left of the naira. What is more surprising is the free reign Buhari, who promised Nigerians that he will make one naira to equal one dollar, and the dumbest National Assembly, who forgot that it is their responsibility to question Emefiele for his actions aimed at totally destroy the naira.

jesmond3945:
it doesn't make it affordable. Cbn would sell to aboki at 411 and tell aboki to sell at 420 but aboki would sell at 500. Because they can't control aboki, it continues like that. But now cbn would tell banks what price to sell. If they hoard or sell more than that price, cbn would sanction them and also stop selling to them.

then aboki buys from bank at 420 and sells back at 500$?

Pravedk:
Lol Rubbish!

I have work in various types of jobs and working in BDC was my second job.

So let tell you an insider story.

Half of Nigeria's budget is stolen and half of that stolen money is converted to dollars and kept and homes and other places.

Now, how can a corrupt government official change his money? Through BDCs.

Now as soon as BDCs are not in possession of dollars-both real and artificial demand goes up.

So that is where the problems come.

Dollar will hit #600 by next week. This is the time to hoard ur dollars my people

My brother ... I'm giving CBN 2 weeks.. they will reverse this ban....

EngrEgghead:
Good development. This is one good news l have received today, which has made my heart to be glad. I hope it's quickly implemented.
Imagine paying a tuition fee at a high exchange rate and almost took a month for it to get to the said school. That's really frustrating.

Is is the BDC that caused that problem or the banks?

So true!
Dom accounts have done a lot of damage to the Naira.

It needs to be scrapped. It is a wicked policy

History555:
This is a good policy. Next step is to ban domicillary accounts totally.

TheOldGods:
then aboki buys from bank at 420 and sells back at 500$?

if your bank always sell to aboki then report to cbn. The sale must be for legitimate purposes with verifiable documents.

yetunsbay:
Sanctioned ! Lol easier said than done

this is last ditch effort to save the economy.

GD

Fear Nigerian banks and Nigerian banking executives.
They are the bane of our economic development.
Making a former banker the CBN governor should be discouraged by the Senate.
Bankers no nothing about economics and economy. They are pure profit takers.

Sirdan247:
People are commending CBN but no one is talking about corruption in the banking sector. This guys will now be acting as demigods

The banks are not the problem , they never were, nigeria in general are very very very very very very very greedy and corrupt .

someone is going to the US , all he has and need is $1000 as PTA he or someone will connect him to an aboki who will add money to the money and ask the person to request for the maximum$4000 for PTA after the transaction, this person collect his share and went on his way leaving behind a short country.

the aboki get the dollars at the cbn rate, plus the little bribe he gave the guy, then sell at exorbitant parallel market rate ...this is what nigerians are doing to themselves to hurt themselves

If the bank has $4k and I need just $500 and I request for just that, I have given room for other nigerians who need $$ to take from the $3500 balance , but u will see just one person out of share greediness request for the whole 4k and remit 3.5k to aboki, all the other nigerians who also needs will now have to go to BDC to have their needs meet as the bank can no longer meet that request
Naira is our currency , the banks can not have sufficient dollars the way they have naira, why should they ? Naira is our currency not dollars
The little one they have is to serve little request from here and there but one greedy guy will short the rest

This is our problem not the policy but the greediness and corrupt nature of all Nigerians in general

nice nice nice nice.... this is exactly what i want to hear... that banks should not hoard dollars. cos that is what they'll definitely do.

Not sure if this will help all that much! A lot of Nigerians have requests for dollars that are legitimate transactions, but not backed up by CBN or acceptable documentation. Eg, If I want to buy a house in US for investment purposes or buy US stocks, such transactions cannot be done with official forex sources, so I have to go to black market.

Unfortunately, whatever CBN does to black-market, that demand will always be there for such, mainly from those who have stolen money and will not mind changing to dollar at whatever rate.

Besides does CBN even have enough forex for everybody even for the acceptable transactions?

jlinkd78:
If only it will not be reversed in d next few days then Enefiele will go down memory lane as a courageous CBN Governor

A very bold and smart move by Emefiele. I'm shocked he could announce based on how Nigeria has been Northernized. However, anytime I see that picture of him answering to that dead former head of cabal while he was seated like the capon he was, makes me cringe.

Anyways, Nigeria is like a drowning man clutching at straws. All these are desperate measures to stay afloat and delay the doomsday.

Las Las 1 dollar will exchange for 1k naira in no distant time.

COMPAQ:
Not sure if this will help all that much! A lot of Nigerians have requests for dollars that are legitimate transactions, but not backed up by CBN or acceptable documentation. Eg, If I want to buy a house in US for investment purposes or buy US stocks, such transactions cannot be done with official forex sources, so I have to go to black market.

Unfortunately, whatever CBN does to black-market, that demand will always be there for such, mainly from those who have stolen money and will not mind changing to dollar at whatever rate.

Besides does CBN even have enough forex for everybody even for the acceptable transactions?

Don't confuse yourself. CBN didn't ban BDC's rather it stopped selling directly to them in an obvious bid to improve transperancy in the system and avoid round tripping and all those rent seeking ways they manipulate the system.

The BDC's can still buy from individuals including Yahoo boys and also sell as the market dictates but government is no longer responsible for supplying to them.

Thank you!

jlinkd78:
If only it will not be reversed in d next few days then Enefiele will go down memory lane as a courageous CBN Governor

I doubt.. if this wonderful policy will work in a country where almost everybody is a dumb criminal and the system, so dirty.

The banks will systematically turn it to cash out... by making a long list of requirements, which will in turn cause uneccmessary delays and turn most people who need it expressly to seek quick forex from BDC.

But funny, if you make it so easy to obtain, greedy Nigerians or BDC will buy it off from the banks and hoard it thereby causing artifical scarcity.

The problem of nigeria are Nigerians who have made the system so dirty that no matter how hard you try going thru the system godly, you must get stained by the dirts..

I went to the bank yesterday to claim my money through western union and the bank was telling me they don't have dollar. There is no time you go there that they will ever agree that they have dollars. Your money was sent in dollars but they hardly want to pay you in dollar. They prefer changing it at a lower rate to naira.

The corruption begins from the banks. They are even worst than the BDC operators.

rottennaija:


So what is the way forward?

We better face reality and stop unsubstantiated allegations. CBN should give bank enough FOREX under strict monitoring team and ensured that they don't hoard the dollars because despite BDC getting dollars already banks also have dollars for those who need them. The same way banks sold us to POS vendors they'll soon sell us to BDCs again!

What a good move! But the problem of this country is unpatriotic saboteurs

CBN should just put all necessary checks and balances in place to checkmate corrupt practices by the banks. Once the process is well stabilized, transacting at the BDC will grow less attractive with time.

jesmond3945:
then report them to cbn

CBN that can't effectively oversight.

jesmond3945:
if your bank always sell to aboki then report to cbn. The sale must be for legitimate purposes with verifiable documents.

how will you know your bank will sell to aboki? Or aboki are not part of Nigerian that can also buy dollars. It won't work

OChimex:


I doubt.. if this wonderful policy will work in a country where almost everybody is a dumb criminal and the system, so dirty.

The banks will systematically turn it to cash out... by making a long list of requirements, which will in turn cause uneccmessary delays and turn most people who need it expressly to seek quick forex from BDC.

But funny, if you make it so easy to obtain, greedy Nigerians or BDC will buy it off from the banks and hoard it thereby causing artifical scarcity.

The problem of nigeria are Nigerians who have made the system so dirty that no matter how hard you try going thru the system godly, you must get stained by the dirts..

you dont get it........the requirement is not regulated by the banks but by CBN and its uniform for all , and its not much .....

Bank is useless than bdc

femarse:


you dont get it........the requirement is not regulated by the banks but by CBN and its uniform for all , and its not much .....

�... okay... one month time, I will remind you this....

TheOldGods:
how will you know your bank will sell to aboki? Or aboki are not part of Nigerian that can also buy dollars. It won't work

let's test run the system first.

post=104206060:

From very reliable sources, this is here to stay for good.
They have been going all around this since the beginning of the year.
Happy it is here to stay.


What a very good news to all and sundry.


Government having a full control and regulation is what really matter at this point in time.
The Bureau de change won't have the kinda monopoly they usually have in the past and that is a good one for the masses.


Way to go.

I wouldn't celebrate too soon if i were you.

Everything the govt took control of since 2015 till now has increased and hyper-inflated over and over.

The lack of the black market gives them monopoly and forces you to buy at whatever price they want, making them richer behind closed doors.

Becos unknown to many, you still need the signature of 6 northern men in the central bank to own a BDC. These same people are the pencil pushers for the govt. They decide when the dollar has to go up and when it has to go down and they limit its supply.

..