wpadmin:
what's the importance of BDC's in the first place?

Central bank sells dollar for probably 460 then BDC's buy from them and sell for 560.

Why are the banks not allowed to do the job of BDC's?

The whole thing is mystifying to me

Emefiele is a damn illiterate has zero knowledge about Economic policy.

Long story I did not read.
Bottomline, when will all this Grammer send naira back to 180 per dollar how it was before this administration came in?

GodIsBiafran:
Why is it that when an Igbo man honors his ancestor (Amadioha), Nigerians call the Igbo man evil?. But when the Igbo man honors Jesus, Peter, John etc. (Palestinian/Jewish ancestors), the Igbo man is considered good by Nigerian christians?

Also, why is it that when a Yoruba or Bini man honors his ancestors (Ogun, Sango, Ayelaya etc), Nigerians call the Yoruba (Bini) man evil?. But when the Yoruba (Bini) man honors Jesus, Mohammed, Peter, John etc. (Palestinian/Jewish/Arab ancestors), the Yoruba (Bini) man is considered good by Nigerian christians and muslims?

I thought about this for more than a week and I came to the conclusion that the African is the most foolish human being on the planet. This is the only conclusion that makes sense. Tell me what you think.

Mental slavery, Africans are slave mentally

wpadmin:
what's the importance of BDC's in the first place?

Central bank sells dollar for probably 460 then BDC's buy from them and sell for 560.

Why are the banks not allowed to do the job of BDC's?

Good question

BDCs are meant to service travellers and foreign visitors. They are meant to buy foreign currencies from foreigners visiting Nigeria and sell naira to them, whilst selling the same foreign currencies to travellers leaving Nigeria, and this goes for any country.

They are meant to be self-sustaining, with little or no interference intervention from CBN.

They should not even be selling FX to importers at all. Their activities worsened the black market rates

N.B. Black market (in currencies context) may not be considered illegal, especially when CBN will not give importers FX for some categories of item considered "not valid for FX". Meaning that they have to look elsewhere for FX to import these items.


This raises another question as to why CBN sells FX to them in the first place.

You have to go back to the early 2000s when Nigeria has only about 50 BDC operators. By the end of 2020, there were over 5,000 licenced operators with hundreds of new applications awaiting CBN approval.

Why such geometric increase in the number of BDC operators?

Answer: Irresponsible economic and market policies

Is our tourism sector very lucrative?

Inquisitive minds may want to look at the average number of foreign nationals visiting Nigeria for tourism and hospitality purposes and what's the contribution of this sector to the GDP of the country that made CBN pump $200m weekly to the BDC operators.

Do Yankari games reserve, Tinapa, Osun Osogbo festival and other attractive spots in nigeria really attract millions of visitors?

Perhaps, we can justify their existence and activities by looking at the millions of Nigerians traveling out (relocation, education, medical tourism etc). But the form A (invincibles) and PTA, BTA schemes take care of these.

So what is the strategic importance of BDCs to a struggling nation like nigeria?

I applaud the CBN governor for stopping the sales of scarce FX to the BDCs.

Above all, Nigeria needs to increase her capacity to earn more FX.

Ensure adequate security of lives and properties, create a thriving business environment so that our tourism sector can fflourish then the BDC operators can actually perform as they are meant to.

What is the implication of the fall in forex intervention by the CBN on the exchange rate. Will it make it stable? Will Naira appreciate against dollars?

bellyjean:


Good question

BDCs are meant to service travellers and foreign visitors. They are meant to buy foreign currencies from foreigners visiting Nigeria and sell naira to them, whilst selling the same foreign currencies to travellers leaving Nigeria, and this goes for any country.

They are meant to be self-sustaining, with little or no interference intervention from CBN.

They should not even be selling FX to importers at all. Their activities worsened the black market rates

N.B. Black market (in currencies context) may not be considered illegal, especially when CBN will not give importers FX for some categories of item considered "not valid for FX". Meaning that they have to look elsewhere for FX to import these items.


This raises another question as to why CBN sells FX to them in the first place.

You have to go back to the early 2000s when Nigeria has only about 50 BDC operators. By the end of 2020, there were over 5,000 licenced operators with hundreds of new applications awaiting CBN approval.

Why such geometric increase in the number of BDC operators?

Answer: Irresponsible economic and market policies

Is our tourism sector very lucrative?

Inquisitive minds may want to look at the average number of foreign nationals visiting Nigeria for tourism and hospitality purposes and what's the contribution of this sector to the GDP of the country that made CBN pump $200m weekly to the BDC operators.

Do Yankari games reserve, Tinapa, Osun Osogbo festival and other attractive spots in nigeria really attract millions of visitors?

Perhaps, we can justify their existence and activities by looking at the millions of Nigerians traveling out (relocation, education, medical tourism etc). But the form A (invincibles) and PTA, BTA schemes take care of these.

So what is the strategic importance of BDCs to a struggling nation like nigeria?

I applaud the CBN governor for stopping the sales of scarce FX to the BDCs.

Above all, Nigeria needs to increase her capacity to earn more FX.

Ensure adequate security of lives and properties, create a thriving business environment so that our tourism sector can fflourish then the BDC operators can actually perform as they are meant to.

Tetrahedron:
Yinmu!

Lies from both emefi-ole and the BDC chairman, I still know of people that collects forex direct from cbn every month to sell at their own chosen price!

Corruption can NEVER be stamped out of Nigeria until Nigeria cease to exist

doesnt change the fact that one can get forex at a better price from banks. so you fit still dry go abokif place if e sweet you. na your pocket go tell

wpadmin:
what's the importance of BDC's in the first place?

Central bank sells dollar for probably 460 then BDC's buy from them and sell for 560.

Why are the banks not allowed to do the job of BDC's?

they offer dollar off the counter. their sole aim was to ease the job of commercial banks which they've defeated the purpose and successfully brought the economy to its toes. but now the cbn has given the job to commercial banks. abokif can only get dollars through blackmarket and sell to illegal buyers. if you have legitimate course to use the dollar, visit commercial banks.

julioralph:

Bros,

Those in charge at the Cbn are basically shilling out "nice theories" their paymasters want
I'm talking about the "Practical" aspect.

I'm not concerned about what you think, believe or know. I simply corrected you that you misinterpreted the CBN information.

GetMeRight:


I'm not concerned about what you think, believe or know. I simply corrected you that you misinterpreted the CBN information.

You're right

Neither am I concerned about what you think, believe or know as well.

I'll interpret the CBN info/press release as I deem fit, especially the CBN under this evil APC regime

Remember... there's a huge variance between sweet economic theories & real life (economic) events.

Cheers