Nigeria focuses on revenue generation over the well-being of its citizens. SMH...

Biodun556:


The abokis selling dollars like pure water 💧 are criminals. They should be locked up. We are the ones destroying the economy we are the shouting pains at the same time

Locked up for what crime exactly?
When I opened my dorm account at Union Bank Ekulobia, they refused to sell me the dollars needed, BDC came to the rescue.

When I need to travel, all my banks refused to sell me dollars but were willing to buy from me at the worst possible rates, BDC at Presidential Hotel Ph came to the rescue.

I am in support of this CBN effort to standardise the operation of BDCs but not with a high-handed approach.
This is simply a fire-brecade policy. There's no need for the rush, it should be done in phases and should have a human face. That way, it will succeed and no one will feel targeted.

RhinoChest:


Having BDC in a capitalistic economy like ours isn’t an issue but it’s wise to regulate them like the CBN is doing.

They should function like proper exchange rate companies like we see in the west, and should have offices and standardised outlets.

This would mean that no ordinary person without licenses can trade currencies. It’s a welcome initiative.

A BDC is not necessarily a feature of capitalism
Rather it is a feature of inefficient payment systems
If you were traveling between the G7 nations.
Your entire trip could be and often is cashless. So while BDCs are useful to us they do not represent capitalism . If anything quite the opposite. If you go around the world where would you find anything like what we have? Hardly beacons of capitalism

tonicyril:
Sentiment apart, please someone should enlighten me.

Why do we need BDC?

Why do we need chemists and phamarcies when hospitals can dispense drugs?

Immatex:


Locked up for what crime exactly?
When I opened my dorm account at Union Bank Ekulobia, they refused to sell me the dollars needed, BDC came to the rescue.

When I need to travel, all my banks refused to sell me dollars but were willing to buy from me at the worst possible rates, BDC at Presidential Hotel Ph came to the rescue.

I am in support of this CBN effort to standardise the operation of BDCs but not with a high-handed approach.
This is simply a fire-brecade policy. There's no need for the rush, it should be done in phases and should have a human face. That way, it will succeed and no one will feel targeted.

What exactly do you mean by high handed

EbolaTinubu:

Zombie, moving to where?

Ebin pawa oh

you see those bad thing you wishing on this country will definitely befall you and your family idiot.

Biodun556:
CBN is working hard

Selling dollars on the streets like pure 💦 water should be criminalized it doesn't happen anywhere in the world except Nigeria

I think you're right. But the question we need to ask those in government is, are they truly sincere about leadership?

Most of them are the cause of the woes in the country today and not those selling dollars on the street and I'd tell you why.

I'm an importer and I serve both health and oil and gas sectors ok? Each time I opened a form M, either for L/C, or form Q transaction which allows genuine SMEs to access 20,000USD quarterly and the form M has been submitted and approved with form M charges taken, we'd now be waiting perpetually for the CBN's weekly fx allocation. The CBN would tell the public that an xyz amount had been allocated to various commercial banks. But by the time you investigate, the money had been shared among directors who would keep fx for these same politicians at special rates and leave crumbs for genuine fx applicants to share, which will never get anywhere, of course.

Virtually all these politicians own at least, one company. They need fx too for one thing or the other overseas. We have a governor in the s/w who owns a popular petroleum marketing Co. These guys always approach the bank directors to hoard fx for them.

After genuine fx applicants had waited endlessly and customers keep pressurising them, they'd be left with no option than hit the streets and rake as much as they can, though at a high commission, after banks have failed them. You can imagine the street sellers never existed, ebi maa pa awon eeyan gaaan!!.

In America, SMEs are the driving forces of their economy, not all the big shots. You can imagine fx given to the likes of dangote and otedola in the hands of SMEs, our economy would have received a huge boost, more people would have been employed and those in agricultural sector would have raised a bar and food would have been in aboundance. FG would have earned hugely too, in revenues via taxes.

Let me tell you the effect of these unwarranted arrests...

1- food scarcity would increase cos SMEs are the biggest players in our agriculture

2-cost of commodities would soar and we'd continue to witness both cost-push and demand-pull inflation

3-anarchy would now set in.

In conclusion, our leaders know whom to arrest but as you know, won ni ti a ba nfa gburu, gburu maa fa igbo. Its a wise adage. They'd be affected as well.

Solution to the problem is licencing bdcs and regulating their activities, not arresting or increasing their share capital. You'd be surprised this would be hijacked by same politicians who would only register a bdc and hoard the fx allocated for their registered companies, if they succeed in increasing share capital to 2bn naira and genuine applicants won't still access fx.

I remember when they appointed travelex to give fx to travellers at the airport. We'd approach them and they'd say they've not resumed. By the time they finally resume, they'd only attend to a special list and tell you dollar has finished. This had happened to me twice. I almost missed my flight to France on one occasion. I queued for hours before they said, dollar had finished but we should still wait. They only attended to 2 people on the queue. Travelex had mopped up everything and given it to the highest bidder through the back door cos the cbn always assured of enough allocation to travelex.

Until there's sincerity of intentions, they'd keep fooling us while we'd be clapping for them.

How is bank not getting enough dollar and BDC is getting enough to keep the transaction going ? Is the Dollar not passing through the bank from CBN ? Is like saying commercial banks do not have enough money to distribute to their customers but POS operators do. How does the money get to POS operators when they can not go to CBN to collect money themselves

This nothing compared to the huge and arbitrary profit they realized from devaluation of Naira.

tonicyril:
Sentiment apart, please someone should enlighten me.

Why do we need BDC?

To me this is one of the problems we have as a nation

Imagine a bank ceo collecting dollars from central bank, refused to use it judicially but sell it to the BDC operators for higher gains and later he will be building university in marina island..

We don't need BDC in real sense, BuH sustaining the BDC is the only way not to unplug the North

oluwaseyi0:
Do they want to bring them to the level of banks?

main question is how are the BDC getting dollars?

#2bn is same as banks level? Lol

VeeVeeMyLuv:
What's the difference between BDCs and Binance P2P

there is no difference at all. All of them Na the same thing

One is analog and the latter is digital, while the Binance (digital) is highly regulated and can be monitored the parallel market (BDC) is directly opposite

Didijiji:
LAGOS BUILDER

Define hard work and it's result

Person dey work hard dollar dey sky rocket

Painfully the so-called hard workers used innocent dollar @216 to protest and deceive the largest black population in the world

SCAM COMES IN DIFFERENT FORMS LAS LAS

Now they are there nothing stops you from revenging, you guyz don't just have the balls like they did ...

stop taking us back to GEJ era if you guyz can't do anything or protest

Didijiji:


My question is this... Why cant we have just the banks serve $ customers?

Naira customers are like 85% of the total numbers of customers accessing banking service in Nigeria
Dollar customers are 15% of this number

If the banks can serve 85%, why do we need a parallel market for 15% with their very small population?

Same bank branches should attend to the needs of all classes of customers

Good question. If Tinubu can solve this, I will highly commend him

tefishy:
BDC don finally buy market.

Abi na govt buy market!!!

aribisala0:

What exactly do you mean by high handed

If I have to explain what high-handedness means or how this policy is high-handed in nature, I am afraid you don't understand anything in the import of the guidelines to the operational setup of BDCs.

It's no use explaining it to you.

I guess we are going to settle for #1600 above as official rate . Because I don’t see it coming below 1600

Biodun556:


Selling dollars on the streets like pure 💦 water should be criminalized it doesn't happen anywhere in the world except Nigeria

No sir it does, please FX black markets exist in many countries apart from Nigeria and this list is not even exhaustive.

1. In Egypt
2. Ethiopia
3. Iran
4. Argentina
5. Zimbabwe
6. Venezuela
7. Cuba

Black markets generally exist when an open market is not allowed to exist. During the military rule in Nigeria, the Black markets were born and they have played a vital role in Nigeria's Economy.

After the start of democracy they were fully legalised and integrated into the FX ecosystem by the CBN.

So please what is going on now with currency valuation has very little to do with them but rather the government.

tonicyril:
Sentiment apart, please someone should enlighten me.

Why do we need BDC?

To me this is one of the problems we have as a nation

Imagine a bank ceo collecting dollars from central bank, refused to use it judicially but sell it to the BDC operators for higher gains and later he will be building university in marina island..

Now Yorubas have turned to blaming a dead man. My only problem with Yoruba people is that they don't take responsibility.

Always blaming others, except themselves.

ThierryJay:


It's just so unfortunate. They should start the reform from within themselves, but politicians dont like to tell themselves the truth.

With the regulation, for every naira a politician exchanges to USD, there's going to be record for it.

Eriokanmi:
I think you're right. But the question we need to ask those in government is, are they truly sincere about leadership?

Most of them are the cause of the woes in the country today and not those selling dollars on the street and I'd tell you why.

I'm an importer and I serve both health and oil and gas sectors ok? Each time I opened a form M, either for L/C, or form Q transaction which allows genuine SMEs to access 20,000USD quarterly and the form M has been submitted and approved with for m charges taken, we'd now be waiting perpetually for the CBN's weekly fx allocation. The CBN would tell the public that an xyz amount had been allocated to various commercial banks. But by the time you investigate, the money had been shared among directors who would keep fx for these same politicians at special rates and leave crumbs for genuine fx applicants to share, which will never get anywhere, of course.

Virtually all these politicians own at least, one company. They need fx too for one thing or the other overseas. We have a governor in the s/w who owns a popular petroleum marketing Co. These guys always approach the bank directors to hoard fx for them.

After genuine fx applicants had waited endlessly and customers keep pressurising them, they'd be left with no option than hit the streets and rake as much as they can, though at a high commission, after banks have failed them. You can imagine the street sellers never existed, ebi maa pa awon eeyan gaaan!!.

In America, SMEs are the driving forces of their economy, not all the big shots. You can imagine fx given to the likes of dangote and otedola in the hands of SMEs, our economy would have received a huge boost, more people would have been employed and those in agricultural sector would have raised a bar and food would have been in aboundance. FG would have earned hugely too, in revenues via taxes.

Let me tell you the effect of these unwarranted arrests...

1- food scarcity would increase cos SMEs are the biggest players in our agriculture

2-cost of commodities would soar and we'd continue to witness both cost-push and demand-pull inflation

3-anarchy would now set in.

In conclusion, our leaders know whom to arrest but as you know, won ni ti a ba nfa gburu, gburu maa fa igbo. Its a wise adage. They'd be affected as well.

Solution to the problem is licencing bdcs and regulating their activities, not arresting or increasing their share capital. You'd be surprised this would be hijacked by same politicians who would only register a bdc and hoard the fx allocated for their registered companies, if they succeed in increasing share capital to 2bn naira and genuine applicants won't still access fx.

I remember when they appointed travelex to give fx to travellers at the airport. We'd approach them and they'd say they've not resumed. By the time they finally resume, they'd only attend to a special list and tell you dollar has finished. This had happened to me twice. I almost missed my flight to France on one occasion. I queued for hours before they said, dollar had finished but we should still wait. They only attended to 2 people on the queue. Travelex had mopped up everything and given it to the highest bidder through the back door cos the cbn always assured of enough allocation to travelex.

Until there's sincerity of intentions, they'd keep fooling us while we'd be clapping for them.

This is eye opener

May God save Nigeria

IamAtikulate:


Now Yorubas have turned to blaming a dead man. My only problem with Yoruba people is that they don't take responsibility.

Always blaming others, except themselves.

If u re sensible enough, u should know that not only ibos are ceo..we have many yoruba ceo as well and na same attitude dem get

Immatex:
The guidelines simply aims to drive Northerners out of their own tuff. This regulation by CBN is laughable. Such high handedness will continue to encourage illegal BDCs. This is just using grammar to ask BDCs as we know it to stop operating. [b]Even in developed economics, changes are introduced in stages not to lump everything together and make it cumbersome for business people. [/b]This adminstration is desperate to prove they are working but their actions are that of a paranoid and power drug authocrat.
This policy has no human face, is targeted at provoking legitimate businesses to close shop and might still achieve little or nothing

what is cucumbersome about the directives, do BDC and business people work under same regulations & policies

what is Cbn about to do to BDC that is different from what was enforced on Banks ...the 25m capital base on banks was its gradual, did it kill our banking sector or made it stronger

OF what economic importance or impact is BDC operators that you expect the govt to be considerate at the detriment of the economy/naira value. whu bdc help

Lets face the truth, BDCs are expendables but that is like cutting off the North, that they are allowed to exist is enough for "human face"

EbolaTinubu:

Zombie, moving to where?

Ebin pawa oh

The thing is that you lack the mental capacity to understand what the move by the CBN means.

Yagier:
you see those bad thing you wishing on this country will definitely befall you and your family idiot.

The bad things that you and your like are wishing Nigerians is going to wipe you and your entire lineage full

oluwaseyi0:
Do they want to bring them to the level of banks?

main question is how are the BDC getting dollars?

From banks.

EleventhWeirdo:


Na that ebi go kpai you. 1p0b 0beengoes

E pain am
No be your coward tribe they shout ebin pawa every time they faint for road? Mumu
Na hunger and poverty go finally quench you and your entire family zombie without functioning brain

Biodun556:
CBN is working hard

Selling dollars on the streets like pure 💦 water should be criminalized it doesn't happen anywhere in the world except Nigeria

That is a Fulani Business empire. Person wey never belle full no dey challenge big man for road

Biodun556:
CBN is working hard

Selling dollars on the streets like pure 💦 water should be criminalized it doesn't happen anywhere in the world except Nigeria

They were still selling dollars on the street when the exchange was below 100

Biodun556:
CBN is working hard

Selling dollars on the streets like pure 💦 water should be criminalized it doesn't happen anywhere in the world except Nigeria

Shut it. It happens all over the world.

I have bought USD and changed severally in other countries whenver I travel. From Egypt to Khartoum to Muscat, to Athens... Just stop lying to sound woke

tonicyril:
Sentiment apart, please someone should enlighten me.

Why do we need BDC?

To me this is one of the problems we have as a nation

Imagine a bank ceo collecting dollars from central bank, refused to use it judicially but sell it to the BDC operators for higher gains and later he will be building university in marina island..

gbam!they should be scrapped sef