Ngasky:

Yes the solution to my own belief is the current solution taken by the CBN.
Talking of monopoly, all banks in Nigeria where you have account you can get your dollar at the official rate. And remember you have to justify why you need dollars officially and the issue of using multiple accounts in same or different banks does not arise as all your accounts are tied to your bvn and the CBN will be monotoring all the dollar transactions.
Also the banks will not allow any sharp practice
as they know they will be penalised by the cbn. When cbn penalise a bank it always means they will seize billions of naira from that bank. And definitely any bank that face this. Heads must roll among the staffs of that bank. So whoever is involved no matter how small his actions are must be sacked by the bank.
Historically the policy may fall. but taking into cognisant the steps taking by the CBN it will definitely succeed just like how BVN and bank capitalisation succeed.
Yes, the BDCs will attempt all they can do to kill the policy. but i dont think the banks will help them because it means more profit for the banks and the punishment by cbn they will never try it.
If banks are selling dollars they can't charge above the official rate as all transactions are electronically and cbn has already directed all brancges to open a separate teller point for change only. so you cant just enter bank and hand over naira and receive dollar. you have to complete all documentation.
So far this is the best policy by the cbn since bvn implementation

Ngasky:
The BDC's are criminals. But on another note this guy did nothing in the video.
If you are analysing something you must proffer solution after stating the problem. But unfortunately he didn't proffer any other feasible solution. Imagine BDC operator gaining profit of more than 100 naira for every single dollar. How can you regulate them to stop?
Money is the root of evil. And these people have enough to buy off any agency inspecting them.
I believe the solution is exactly what CBN did. Whoever needs dollar should go to his bank and use his account to buy at the official rate. It will be easier for CBN and financial regulators to know who buys what currency and what he aims to do with it.
Nobody will come every week claiming he needs dollars. So it can be controlled.
The problem is the criminals and corrupt government employees (civil/public) that will contunue to look for dollar to keep as security.
For now the BDCs' are claiming it is business as usual. But with time they will run out of foreign currency and that market will collapse. someone will think scarcity will make dollar to appreciate but look at this now anybody can access the dollar at the official rate from his personal bank. so who will leave official rate and go and pay 100+ more naira per single dollar from black market?
Now people will think someone with physical dollar will not go to bank to sell his $ because it is more at the black market. but the same black market will crash because if they cant sell because everyone is buying from bank. so if they cant sell definitely they will not buy. or at least they will only buy below the official bank rate. so this will force the customer to go to the bank.
Imagine 5000 BDC in 37 states. that is more than 135 BDC company in each state in Nigeria�. something is definitely wrong

NotGej:
I call on the CBN governor, Mr. Emefiele to honorably resign for deliberately mismanaging our reserves and foreign exchange. He is well aware of criminal actions perpetrated by actors in that industry but he chose to do nothing to this point.

I call on all well meaning Nigerians to lend their voice in demanding his resignation immediately.

An incompetent person should never be placed in such position of authority.

Ltherman:

Exactly my thoughts on how to fix this.
But how will they be able handle the liquidity needs of most importers and manufacturers who apply for Millions of dollars at a go?

Ngasky:
The BDC's are criminals. But on another note this guy did nothing in the video.
If you are analysing something you must proffer solution after stating the problem. But unfortunately he didn't proffer any other feasible solution. Imagine BDC operator gaining profit of more than 100 naira for every single dollar. How can you regulate them to stop?
Money is the root of evil. And these people have enough to buy off any agency
inspecting them.
I believe the solution is exactly what CBN did. Whoever needs dollar should go to his bank and use his account to buy at the official rate. It will be easier for CBN and financial regulators to know who buys what currency and what he aims to do with it.
Nobody will come every week claiming he needs dollars. So it can be controlled.
The problem is the criminals and corrupt government employees (civil/public) that will contunue to look for dollar to keep as security.
For now the BDCs' are claiming it is business as usual. But with time they will run out of foreign currency and that market will collapse. someone will think scarcity will make dollar to appreciate but look at this now anybody can access the dollar at the official rate from his personal bank. so who will leave official rate and go and pay 100+ more naira per single dollar from black market?
Now people will think someone with physical dollar will not go to bank to sell his $ because it is more at the black market. but the same black market will crash because if they cant sell because everyone is buying from bank. so if they cant sell definitely they will not buy. or at least they will only buy below the official bank rate. so this will force the customer to go to the bank.
Imagine 5000 BDC in 37 states. that is more than 135 BDC company in each state in Nigeria�. something is definitely wrong

owagbeba:

Why can’t the banks sell FX just like the BDCs? I mean the banks can setup a teller point for direct sale just like the BDC and sell FX directly. CBN sells to them at the parallel rate for direct sale and they sell to the traders. It could be E-dollar, not giving to the buyers but immediately processed just like moneygram. This way we could gradually make the business not too lucrative for these guys on the street since the bank fulfills that function.
As per those buyers with clear documentation for Form Q, Form A, they can get it at the CBN rate.
The trick here is to gradually take the role of the street BDC and get a control over the speculation; and also watch the banks because they tend to get greedy and run another side show for themselves.