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CBN To Resume Weekly FX Interventions Through BDCs - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN To Resume Weekly FX Interventions Through BDCs (14649 Views)

CBN Lifts Ban On BDCs, Introduces New Operational Mechanism / Naira Falls After CBN Stops Forex Sales To BDCs / Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs (2) (3) (4)

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Re: CBN To Resume Weekly FX Interventions Through BDCs by kcprince: 3:25pm On Feb 26
This is a good development.i have always said it that the government should not pretend that the BDC and black market rate does not affect the economy especially when they started paying people in Naira claiming they want to starve BDC . I immediately knew the dollar will touch 2k

if they succeed with this development I tell you this will stabilise the currency at its current rate and it may drop the exchange rate if the pump sufficient volume into the BDC.

So many SME do not have the documentation to access official rate . As a result they compete over the little that trickles into the black market and the higher black market goes, the higher official market goes

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Re: CBN To Resume Weekly FX Interventions Through BDCs by CapitalBank: 3:26pm On Feb 26
t2luv1:


Because the banks are crap. Those that answer your question?
those BDC guys were completely useless during PDP days.

I used to withdraw Western Union without leaving my house.

I never touched a physical dollar during that time too.

Hope this clearly tells you what you need to know.

Thank you.

2 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by Brushstrokes20: 3:27pm On Feb 26
👌👍Correct!.. # anything to restore normalcy IS A GOAL! 💯💯..
The status quo ain't funny for majority
Re: CBN To Resume Weekly FX Interventions Through BDCs by ivandrag0n: 3:29pm On Feb 26
Ogiame:
This Yemi Cardoso that looks like Smeagol in Lord of the Rings movie, is just confused like who appointed him.

Just few months to his appointment, he has proven to be worse than Emefiele. grin

See him going round circles with BDC operators. 😂


CHILD OF HATE, rest!

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Re: CBN To Resume Weekly FX Interventions Through BDCs by Typing: 3:30pm On Feb 26
airsaylongcome:
Fight Aboki at your own peril. They OWN that market (and Nigeria)

True talk
Re: CBN To Resume Weekly FX Interventions Through BDCs by NGArmyTerrorist: 3:30pm On Feb 26
Ogiame:
This Yemi Cardoso that looks like [b] Smeagol [/b]in Lord of the Rings movie, is just confused like who appointed him.

Just few months to his appointment, he has proven to be worse than Emefiele. grin

See him going round circles with BDC operators. 😂
Here he is
https://images.app./L2GaCcfTSiNEE4627

1 Like 1 Share

Re: CBN To Resume Weekly FX Interventions Through BDCs by youngrichnigga: 3:46pm On Feb 26
About Turn, turnaround, policy summersaults government undecided undecided undecided undecided
Re: CBN To Resume Weekly FX Interventions Through BDCs by anidan(m): 4:02pm On Feb 26
Same advice obi gave to them
Re: CBN To Resume Weekly FX Interventions Through BDCs by OkoEmm: 4:08pm On Feb 26
emerged01:

Has dollar been fixed ?

Technical yes. The recent CBN directives on bringing back BDCs and selling dollar to them mirrors what emefiele/buhari did. The CBN directive of 5% cap on movement of dollar rate on the Nafex window is also another form of "dollar fixing"

1 Like

Re: CBN To Resume Weekly FX Interventions Through BDCs by patrickcollins: 4:12pm On Feb 26
LegendHero:
Those who bought the increase thinking they will make a fortune are about to get burnt.

That's what you guys always say
Re: CBN To Resume Weekly FX Interventions Through BDCs by didymario7(m): 4:46pm On Feb 26
huptin:
Won't this encourage further round tripping? I still don't understand this administration's strategy for Fx management at all.

They will learn the hard way.
Re: CBN To Resume Weekly FX Interventions Through BDCs by HNICEARTH: 4:47pm On Feb 26
LegendHero:
Those who bought the increase thinking they will make a fortune are about to get burnt.


Tell me you dont trade FX without telling me you dont trade FX.

Who bought which increase? Nobody buys any increase. Folks bought it when it was around 1k-1.2k.
Sold when it got 1.9k. Some still held thinking it will get to 2k. So even if they sell now at 1.5k, they still making a kill.

You such a clown

Re: CBN To Resume Weekly FX Interventions Through BDCs by adaugo59216: 5:22pm On Feb 26
OkOk...
Re: CBN To Resume Weekly FX Interventions Through BDCs by HeroicMeastro: 6:19pm On Feb 26
SKYHIGHfx:
Let the dollar remain stable
Not only stable, let the naira contn. to appreciate.

1 Like

Re: CBN To Resume Weekly FX Interventions Through BDCs by Deziwealth: 6:20pm On Feb 26
SensualMan:
Tinubu Na idi anyi mma mbo mbo!
Tinubu Na idi anyi mma mbo mbo!
Onye chi mere eze Na mmadu apughi ina ya mbo mbo!
Onye chi mere eze Na mmadu apughi ina ya Oyo yo!

On your mandate we shall stand!
On your mandate we shall stand,
On your mandate,
Bola on your mandate
On your mandate we shall stand!

Tinubu till 2035

2 Likes 1 Share

Re: CBN To Resume Weekly FX Interventions Through BDCs by emerged01(m): 6:57pm On Feb 26
OkoEmm:


Technical yes. The recent CBN directives on bringing back BDCs and selling dollar to them mirrors what emefiele/buhari did. The CBN directive of 5% cap on movement of dollar rate on the Nafex window is also another form of "dollar fixing"
Do you think BDCs can withstand conditions to operate? Well,let us just see how it goes.

1 Like

Re: CBN To Resume Weekly FX Interventions Through BDCs by Voiceofthestree: 8:24pm On Feb 26
Shadomaan7:


It is still floating. They already closed the parallel/normal rate gap and this FX intervention will be sold at the same market rate.

They are selling at that current #1500/#1600 rate for now until the rate goes down back. No subsidy on dollar again.

I am sure enemies of Nigeria will now be very sad.

1400 now

1 Like 1 Share

Re: CBN To Resume Weekly FX Interventions Through BDCs by Hpesoj: 10:39pm On Feb 26
Shadomaan7:


It is still floating. They already closed the parallel/normal rate gap and this FX intervention will be sold at the same market rate.

They are selling at that current #1500/#1600 rate for now until the rate goes down back. No subsidy on dollar again.

I am sure enemies of Nigeria will now be very sad.

You sure you know what floating exchange rate regime means?
Re: CBN To Resume Weekly FX Interventions Through BDCs by AlphaSoul: 12:32pm On Feb 27
nlfpmod:


https://www.thisdaylive.com/index.php/2024/02/26/in-renewed-bid-to-strengthen-naira-cbn-to-resume-weekly-fx-interventions-through-bdcs
Re: CBN To Resume Weekly FX Interventions Through BDCs by usmanktg2(m): 1:52pm On Feb 27
Badgers14:


FG and CBN know the right thing to do but they won't do it.

Why can't people just go to their banks and effect a wire transfer to their kids school abroad or pay their supplier in China??

Rather the system wants to fleece the populace by telling them to go and buy dollar from bdc and come and pay to the bank.. it's not like the bank will carry the dollar and deposit to bank of India or bank of england.. the transaction is still done electronically..

So why not the bank conduct the transaction electronically from the get go??

No one needs 8 PHD degrees from Harvard to fix this issue..

The solution is there but because of corruption and greediness, they don't want to implement it.

You think Banks will just hand over the USD to you?

It reached a point in Nigeria where you can't access PTA without a 50-50 with the bankers.
Re: CBN To Resume Weekly FX Interventions Through BDCs by Badgers14: 2:55pm On Feb 27
usmanktg2:


You think Banks will just hand over the USD to you?

It reached a point in Nigeria where you can't access PTA without a 50-50 with the bankers.

Why would customer need usd cash to pay their supplier in China or pay thier kids school fees abroad??

That's my argument, those transactions are done electronically so why can't bank just do it electronically from the start instead of having a customer go source usd at bdc then bring the dollar to bank then bank will resell the usd to bdc and effect the customers transfer electronically.
Re: CBN To Resume Weekly FX Interventions Through BDCs by na2016: 6:16pm On Mar 26
andy244:
Does it mean Naira is no longer floated and floating ? Trial and error first class economy

It is no longer floating. That's what they are indirectly telling the public

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