Other than sells of crude oil Nigeria has few other sources for fx. The other one is diasporas remittances and fx from export. This policy mainly targets those areas.
Now bank would serve as natural gatekeepers. When a BDC operator receives fx from individuals through dom account, and pays equivalent in Naira through the bank, these transactions would not exceed 2.5% difference.
Except, if they do cash. But considering the multiple daily individuals/BDC transactions cash won’t be realistic.

femicyrus:

Trial and error is better than "I don't care" approach of buhari.
At least efforts are being made to find solution.
Almost all scientific inventions are products of trial and error

Get out

Generalyemi:


Get out

You can go to court if you are not satisfied

femicyrus:

You can go to court if you are not satisfied

You people are really foolish.
Comparing buhari buhari and tinubu.
Comparing two failed govt from the same APC.

Suffering will barb your head.
Keep enjoying your Nigeria

IconicR:
It's a gradual process, we will surely get there
Nigerians should be patient with us, remember we didn't promise an overnight change, only the deceitful messiah did that.
We met a huge mess on ground and only drastic decisions can make an effective change.

Which deceitful Messiah did what?

You mean the mess created by APC Messiah called Buhari.

Take.

IconicR:
How? Am I not consoling Nigerians and telling them to be patient?
Nothing I do ever pleases you people on this forum all because of Asiwaju.
I'll be fine

Hahaha abeg no dey trouble i beg u.

Greystone:
It’s a good move by CBN.
The +2.5% allows for a decent profit margin and the daily, weekly, monthly and yearly reports force transparency from the BDCs. This will increase forex flow and help protect the Naira from the speculative and destructive forex trading we’ve witnessed.
The excess liquidity in the parallel market has been our biggest problem.

Excess liquidity in the parallel market or you mean shortage of forex in the parallel market?

telleyway:


Creating artificial problem and claiming to come up with a solution is always the most stupid APC strategy. When the Chicago accountant and that Yoruba acting CBN governor in a bid to please their masters announced floating naira and removal of BDC, you all hailed it to high heavens.
Now that the policy failed and they're trying to hide their shame instead of apologizing to Nigerians, you are here doing your paid job.

Are you in tune with reality at all? Is it the present government that banned BDC from forex market?

Rich4god:


This is the best thing. There is no need having two different exchange rate. No matter what CBN does, as long as the average man can go to BDC and purchase dollar, there will always be disparity between official rate and black market.

What CBN need to do is to ensure that dollar is not in the hands of the citizens. Any one that needs dollar for importation, school or health should go and bank and bank will make the payment for them. All the local schools and organisations that transact in dollars should be discouraged. Some wealthy individuals will just use naira to buy dollars only to pile it up in their dorm accts. All these are part of what is making price of dollar skyrocket at the black market.

If CBN wants to achieve a little stability, they should starve the BDCs of dollar so that the average citizens cannot easily access it.

You have a point but it's difficult to implement. Everyone cannot go to bank to get dollars. Do banks even have sufficient forex to meet the demand of the people? Even in advanced countries, BDC exist but our import dependent economy is our major problem.

Generalyemi:


You people are really foolish.
Comparing buhari buhari and tinubu.
Comparing two failed govt from the same APC.

Suffering will barb your head.
Keep enjoying your Nigeria

The foolishness you are referring to is far better than that of the obidients

Buhari is better than Obi while tinubu is better that buhari.
You can go and verify but if you still don't agree, you can go to court

wirinet:

The banks are the main problem. Let me give you one info you will not get elsewhere - the banks make most of their profits from round tripping. I knew someone that was an aid to Tony Elumelu when he was was at Standard Trust Bank. He revealed to me Tony himself and Standard Trust Bank were raking in billions from buying from CBN and selling through BDCs to ordinary citizens. The situation remained the same or even worse under Emefiele.

Your assertion may be true. Banks may be colluding with BDC to frustrate the system.

Globad:


Oh

Didn't you refer me to the post that you quoted when I asked for your suggestions?

Have you forgotten so soon?

Indeed, talk is cheap

See how you said "post it here" as if I posted it somewhere else

See comparison.

My comment you quoted first quoted someone's comment your so called question answered but you ignored the answer only to come back to play a clever by half game.

The joke is on you.

femicyrus:

The foolishness you are referring to is far better than that of the obidients

Buhari is better than Obi while tinubu is better that buhari.
You can go and verify but if you still don't agree, you can go to court

Get out ..

Procashtips:


See comparison.

My comment you quoted first quoted someone's comment your so called question answered but you ignored the answer only to come back to play a clever by half game.

The joke is on you.

Wrong

You're asking me to show you what I've already put in the thread.

What's making it so hard for you to read it if I could go back to read yours?

This is where enforcement should come in, secret shoppers and a special task force arresting people without licenses and revoking licenses of those who don't go by the regulations. Also the sensitization of the general public will go a long way.

Rich4god:
Lol....

I just dey laff this CBN, they don't know how these BDCs guys operate. No amount of regulation can keep them in check as there are too many of them who are unregistered and they will be the ones that will make this policy not to work.

Reintro of BDC means CBN will be giving them dollar to sell to the public and there is no way CBN will be able to regulate them.

Globad:


Says a smart person who can't even string together simple words into a sentence

Fool who talk to u
Stupid idiot since English na ur papa language u go explain tire

Hamxas:



Fool who talk to u
Stupid idiot since English na ur papa language u go explain tire

Mountebank!

Globad:


Mountebank!

STFU son of d corn

Hamxas:


STFU son of d corn

Get lost!

Get the fucking lost!

Get totally lost!

Get lost totally!

Ejebleje:


I have saved this post. I will quote you later.

@Toonoisy
My guy, how far na? See the way naira is fighting the dollar

How? Am I not consoling Nigerians and telling them to be patient?
Nothing I do ever pleases you people on this forum all because of Asiwaju.
I'll be fine

but i hate Asiwaju

Ejebleje:


I have saved this post. I will quote you later.

Senior brah! How far na?