adioolayi:
Has Naira gained against USD since then?

What's the impact of the policy on the price of food items and common commodities

Policy that has no positive effect on the economy and well being of average Nigerian , to me is just a paper policy.

Make una continue to put out statistics that we don't feel the impacts in the real sense of it..

Price of cooking gas is now out of reach of average individuals.

Nonsense!

maybe its time to start eating raw food. buy carrots and coconut for lunch

Yes, make the rich more richer and the poor more poorer and then boast about it like it’s an achievement.

Zombies will hail you

HEAVEN4444:
maybe its time to start eating raw food. buy carrots and coconut for lunch

You go buy fruit for this economy You mean I should buy carrot How many I go chop to bellefu

you no know how e dey go...Carrot ke....You see Garri and possibly groundnut, you no advise .. CARROTS !!! You worry o

FarahAideed:
Did it boost value to consumers ? Hell no

Yes. Who else patronize their fx if not Arbitrageurs? Everybody's making money.

But it led to the Naira dropping from 480 to 575 at the parallel market.

Nothing to cheer about

Nigerialabalaba:
Up Nigeria! Useless BDC wey be collaborators with dat criminal unpatriotic Olumide Oniwinde of Abokiforex wey dey arbitrarily manipulate rates. CBN should give us update on dia effort to bring all of dem to book. Shiorr.

The BDC's did nothing wrong. The fault came 1from the CBN that was and is still running a bad policy. 1

FarahAideed:
Did it boost value to consumers ? Hell no

Yes it will.

frowland:

Yes it will.

The price of of forex hasn't gone down

Bdc's had the golden opportunity to make the forex market decentralise and decent, but greed wouldn't allow them.

FarahAideed:


The price of of forex hasn't gone down

That’s not the only way bank customers benefit from balance sheet growth.
Regarding forex, yes but it hasn’t been going up like it was before.
Any sane person must support the stop in sale of USD to Aboki. I just don’t see the sense in that.

Khabane “Khaby” Lame :The Internet Star Who Made Millions Without Saying A Word


https://www.youtube.com/watch?v=NkWQryjfwPo

adonainana:


Una don come with your faux narrative again

10 people died but if not for so so 100 people would have died

Why did people start dying of hunger or insert anything that is happening in Nigeria atm

Exchange rate was 200 naira to 1 dollar just less than 6 years ago

But if not for the intervention of refusing to sell to BDC it would have gone to 600, something that was already 500 before they stopped selling to BDC

Sometimes you people are too funny in this Nigeria

What was the demand rate for dollar back then, what was the dollar inflow, abi you think say we dey produce dollar

frowland:


That’s not the only way bank customers benefit from balance sheet growth.
Regarding forex, yes but it hasn’t been going up like it was before.
Any sane person must support the stop in sale of USD to Aboki. I just don’t see the sense in that.

Have you seen any Aboki seller lacking forex right now ? Bank managers are still selling to them

From henceforth please don't devalue any further.

The more you devalue, the more u increase the craze and the rush, thus demand for dollar.

If the rate was like N10 to the dollar, no one would have really cared.
Secondly, please completely eliminate black market

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Emiefiele is just waking up. His tenure would have been the worst in recent years. If he can solve this FX issue and ban BDC permanently, infact, his name will be in the golden record of Nigeria.

Mogajunior:

I hope it impacts the common man.

that's the point not all these grammars

FarahAideed:


Have you seen any Aboki seller lacking forex right now ? Bank managers are still selling to them

Bank managers are not government or CBN, neither did they fall from heaven. They are Nigerians like you and me; Someone’s uncle and brothers and Aunties in the banks are selling forex to Aboki.
The policy is good, the citizens are the problem.

You don't run an economy by picking and choosing winners.

adioolayi:
Has Naira gained against USD since then?

What's the impact of the policy on the price of food items and common commodities

Policy that has no positive effect on the economy and well being of average Nigerian , to me is just a paper policy.

Make una continue to put out statistics that we don't feel the impacts in the real sense of it..

Price of cooking gas is now out of reach of average individuals.

Nonsense!

When you are in a hole and sinking, the first thing to do is to stop digging. Next is to work your way back up. There is logic to these things

Other than PTA allowance, should bank direct there customers who want to fund their domiciliary or foreign currency account to go and source for dollars in black market?

postbox:


https://brandspurng.com/2021/11/08/cbns-suspension-of-fx-supply-to-bdcs-boosts-banks-income-as-6-dmbs-rake-in-n145-6bn/

.

And you caused serious inflation in the process. Now $1==N570
Is this good news?

TenQ:
.

And you caused serious inflation in the process. Now $1==N570
Is this good news?

Yes because the so-called BDC & even the banks, including just anyone who has dollars kept on selling 100-200 naira higher than the official rate right from inception of time.

Make black the market rate equal to official rate. Let the BDC people go and sell groundnut and chin-chin in a kiosk

Sit back and watch the crazy demand for dollar dry up.

JavaScript90:
this is commendable. this dollar increase has been affecting me negatively as a Nigerian based web developer. when you tell clients that the price of hosting space and domain name has increased due to dollar rise they will simply tell you to forget about the project since it has exceeded their budget.
if banks trading fx directly will stabilize the naira, then that is a welcome development for entrepreneurs like me
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Am sure you aren't getting any client these days and that's why you didn't realise that since BDCs were suspended, dollars has reached all time high against naira.

What are you now telling your clients?

VeeVeeMyLuv:

Yes because the so-called BDC & even the banks, including just anyone who has dollars kept on selling 100-200 naira higher than the official rate right from inception of time.

Make black the market rate equal to official rate. Let the BDC people go and sell groundnut and chin-chin in a kiosk

Sit back and watch the crazy demand for dollar dry up.

What are you even talking?

VeeVeeMyLuv:

Yes because the so-called BDC & even the banks, including just anyone who has dollars kept on selling 100-200 naira higher than the official rate right from inception of time.

Make black the market rate equal to official rate. Let the BDC people go and sell groundnut and chin-chin in a kiosk

Sit back and watch the crazy demand for dollar dry up.

It seems like our economy champions you don't understand that the problem of the Naira is the fact that we import virtually all we consume from papers, to pencils, to buttons, to fabrics etc. This is what is putting pressure on the Naira for Dollars. It is so much that the CBN cannot even cope: that is why you can't just walk into any bank to purchase dollars without stringent requirements.

Until we begin to produce what we use, the Naira will continue to slide down in value. It's not a curse!

chinchonglee:

What are you even talking?

what I am talking is the hardest thing but the only way. I know It is sounding ridiculous.

The people whose demand for dollar is for profit, hoarding or to guard against inflation, devaluation in the near future far outweigh those whose demands for dollar e.g PTA, travel, import business are genuine.

Infact left for me the value should be increased i.e go back to 200-300 naira to make it unattractive. Or even apply the redomination policy that Ghana did.

TenQ:

It seems like our economy champions you don't understand that the problem of the Naira is the fact that we [b]import virtually all we consume from papers, to pencils, to buttons, to fabrics [/b]etc. This is what is putting pressure on the Naira for Dollars. It is so much that the CBN cannot even cope: that is why you can't just walk into any bank to purchase dollars without stringent requirements.

Until we begin to produce what we use, the Naira will continue to slide down in value. It's not a curse!

These are just excuses and more excuses used by black market individuals and including banks unfortunately to add N50, N100, N200 on official rate, just to sell and make easy, sweatless profits.

what I am talking is the hardest thing but the only way. I know It is sounding ridiculous.

The people whose demand for dollar is for profit, hoarding or to guard against inflation, devaluation in the near future far outweigh those whose demands for dollar e.g PTA, travel, import business are genuine.

Infact left for me the value should be increased i.e go back to 200-300 naira to make it unattractive. Or even apply the redomination policy that Ghana did.

Proudlyngwa:


What was the demand rate for dollar back then, what was the dollar inflow, abi you think say we dey produce dollar

So within 8 months interval before during and when the bdc ban came into effect

Dollar demand has dried up and supply has increased or what exactly are you confused people trying to say

Deep down I’m sure you know in 6 months time 1 dollar won’t be 570 that it is today so what excuse are you people giving this clueless govt

Exchange rate that it met at 200 almost just 5 years ago

VeeVeeMyLuv:
what I am talking is the hardest thing but the only way. I know It is sounding ridiculous.

The people whose demand for dollar is for profit, hoarding or to guard against inflation, devaluation in the near future far outweigh those whose demands for dollar e.g PTA, travel, import business are genuine.

Infact left for me the value should be increased i.e go back to 200-300 naira to make it unattractive. Or even apply the redomination policy that Ghana did

Read the bolded part and calmly explain what you trying to say cos you aren't making any sense right now.

adonainana:

So within 8 months interval before during and when the bdc ban came into effect

Dollar demand has dried up and supply has increased or what exactly are you confused people trying to say

Deep down I’m sure you know in 6 months time 1 dollar won’t be 570 that it is today so what excuse are you people giving this clueless govt

Exchange rate that it met at 200 almost just 5 years ago

I don't understand what you are saying, very incoherent.

Dollar price will change based on demand and availability, if price of exported commodities change so will dollar price.

Stop being biased towards your govt.

VeeVeeMyLuv:


These are just excuses and more excuses used by black market individuals and including banks unfortunately to add N50, N100, N200 on official rate, just to sell and make easy, sweatless profits.

what I am talking is the hardest thing but the only way. I know It is sounding ridiculous.

The people whose demand for dollar is for profit, hoarding or to guard against inflation, devaluation in the near future far outweigh those whose demands for dollar e.g PTA, travel, import business are genuine.

Infact left for me the value should be increased i.e go back to 200-300 naira to make it unattractive. Or even apply the redomination policy that Ghana did.

The problem of Nigeria is more than any monetary policy. Almost all we use is imported AND until we change that by producing what we use, we have no solution to our problems.

Don't forget that the same CBN said BDC was our problem, we found out it's not true.
Later they said it was AbokiFx that was determining the exchange rate. This one has been found to be untrue too.
Now, they say Banks are making money, but what we see is Naira being devalued.

Too much lies by the CBN and FG!
Re-denomination is a wasteful excercise for Nigeria as the basis of our economy is completely wrong