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CBN formalises dollar sales to BDCs as naira improves - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN formalises dollar sales to BDCs as naira improves (34005 Views)

Naira Depreciates Further As Dollar Sales To BDCs Wobble / Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply / Naira Falls After CBN Stops Forex Sales To BDCs (2) (3) (4)

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Re: CBN formalises dollar sales to BDCs as naira improves by Originakalokalo(m): 7:20pm On Feb 27
frankyychiji:
This government na originalkalokalo grin
tongue
Re: CBN formalises dollar sales to BDCs as naira improves by ayokellany: 7:20pm On Feb 27
The same person that determined it when it went to ₦2000

Next question



lexy2014:


that is not what I asked you.

who determined the rate of N1,301/$1?

is it market forces or CBN?

1 Like 1 Share

Re: CBN formalises dollar sales to BDCs as naira improves by lexy2014: 7:24pm On Feb 27
LegendHero:


The market. They are using the closing rate of the previous day.


which market? did the market close at f N1,301/$1?

1 Like

Re: CBN formalises dollar sales to BDCs as naira improves by lexy2014: 7:24pm On Feb 27
ayokellany:
The same person that determined it when it went to ₦2000

Next question

check out the options below.

who determined the rate of N1,301/$1?

is it market forces or CBN?

1 Like

Re: CBN formalises dollar sales to BDCs as naira improves by dfrost: 7:31pm On Feb 27
oluwaseyi0:
Good decision

Obviously, Nigeria can't survive Naira floating and fuel subsidy removal at once

If the government sells to BDC at 1300 any BDC operator selling above 1350 - 1400 should be arrested and jailed for financial terrorism

you can't buy from government at 1300 and resell at 1800 on every dollar

Sanusi Lamido Sanusi can see now that Nigeria is not ready for removal of Dollar subsidy

Little by little we will get there

And if the windows closes at $1 to NGN1,700, NGN1,800 or NGN780, what happens?

1 Like

Re: CBN formalises dollar sales to BDCs as naira improves by dfrost: 7:31pm On Feb 27
lexy2014:


check out the options below.

who determined the rate of N1,301/$1?

is it market forces or CBN?

My exact question ❓ who?

1 Like

Re: CBN formalises dollar sales to BDCs as naira improves by lexy2014: 7:35pm On Feb 27
oluwaseyi0:
Good decision

Obviously, Nigeria can't survive Naira floating and fuel subsidy removal at once

If the government sells to BDC at 1300 any BDC operator selling above 1350 - 1400 should be arrested and jailed for financial terrorism

you can't buy from government at 1300 and resell at 1800 on every dollar

Sanusi Lamido Sanusi can see now that Nigeria is not ready for removal of Dollar subsidy

Little by little we will get there

why should any BDC operator be arrested for selling above 1350 - 1400?

what happened to "market forces"?

is government not controlling the price of the dollar by selling at 1300?

2 Likes

Re: CBN formalises dollar sales to BDCs as naira improves by lexy2014: 7:37pm On Feb 27
Geovanni412:


Thank you for educating some of us.

how did he educate you by misinforming you?

3 Likes

Re: CBN formalises dollar sales to BDCs as naira improves by paskal16: 7:37pm On Feb 27
AllTheWayUp:

grin grin grin
Tinubu is ruling Nigeria with Trial and error strategy
big time
Re: CBN formalises dollar sales to BDCs as naira improves by farouk2much(m): 7:37pm On Feb 27
Thunder where are you....??

This is the time to strike..

1 Like

Re: CBN formalises dollar sales to BDCs as naira improves by ogawisdom(m): 7:39pm On Feb 27
CBN giving USD woto woto

Re: CBN formalises dollar sales to BDCs as naira improves by Olurondo: 7:40pm On Feb 27
Floating of naira is over!!

1 Like

Re: CBN formalises dollar sales to BDCs as naira improves by Truths9ja: 7:41pm On Feb 27
inoki247:


Lol nobody ban any Binance nd Crypto wallets maybe you're using the wrong wallet or have been trading at the wrong platform....


If u dey use Naija SM dey reason u go dey loose that's how people started doing panic selling on doz app last week...
Binance website isn’t opening on our domain, it’s not opening except you have vpn on your phone and vpn is highly risky here
Re: CBN formalises dollar sales to BDCs as naira improves by lexy2014: 7:44pm On Feb 27
LegendHero:


The market. They are using the closing rate of the previous day.


this is what you are holding unto...."the sum of $20,000 is to be sold to each BDC at the rate of N1,301/$1 – (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, 27th February 2024),” said the CBN statement.

find below live interbank currency rate at 6:41pm today 27th February 2024.

where did CBN get its N1,301/$1?

1 Like

Re: CBN formalises dollar sales to BDCs as naira improves by RhinoChest: 7:47pm On Feb 27
This is a welcome development.

CBN governor is working!

Firstly, he formalised BDCs, which they were mostly in support of, and can also get dollars officially from CBN…

They would still make profit without having to put strain on Naira because they won’t have any issue with supply of dollars.

Give Tinubu time and he will turn Nigeria around.

2 Likes

Re: CBN formalises dollar sales to BDCs as naira improves by Emperor5(m): 7:52pm On Feb 27
The cbn governor with patch patch CV can't get it right with trial and error method

1 Like

Re: CBN formalises dollar sales to BDCs as naira improves by iLegendd(m): 7:52pm On Feb 27
judatech:
We dey wait...
Let this translate to decrease in food stuff price o!
Market women hate reducing price even if their next wholesale purchase is at a reduced rate.

3 Likes

Re: CBN formalises dollar sales to BDCs as naira improves by donblanco: 7:53pm On Feb 27
lexy2014:


this is what you are holding unto...."the sum of $20,000 is to be sold to each BDC at the rate of N1,301/$1 – (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, 27th February 2024),” said the CBN statement.

find below live interbank currency rate at 6:41pm today 27th February 2024.

where did CBN get its N1,301/$1?
it is the lowest price of the previous day (26th) not today 27th

1 Like

Re: CBN formalises dollar sales to BDCs as naira improves by judatech: 7:55pm On Feb 27
iLegendd:
Market women hate reducing price even if their next wholesale purchase is at a reduced rate.
This has been my fear
Re: CBN formalises dollar sales to BDCs as naira improves by Mccullum: 7:57pm On Feb 27
SensualMan:
Tinubu is working! The economy is fantastic!

Bola Ahmed Okechukwu Tinubu!

On your mandate we shall stand!

Jagaban till 2039

Re: CBN formalises dollar sales to BDCs as naira improves by oluwaseyi0: 7:58pm On Feb 27
lexy2014:


why should any BDC operator be arrested for selling above 1350 - 1400?

what happened to "market forces"?

is government not controlling the price of the dollar by selling at 1300?




If you read very well you will see the government is selling to them at the lower spectrum official rate of the previous day

As dollar price fall and rise in the capital market so will the price the government will sell

What government is curbing is the madness/speculation going on in the parallel market

BDC will mark up their price by max of 1 percent of their purchasing price

Read the article, it's all there

If government sell to them at 1300 no explanation for selling above 1400 as that's above the allowed 1% markup

1 Like

Re: CBN formalises dollar sales to BDCs as naira improves by bemeruca: 8:03pm On Feb 27
All the idiots who blamed GEJ make una slap una sef

1 Like

Re: CBN formalises dollar sales to BDCs as naira improves by lexy2014: 8:05pm On Feb 27
donblanco:

it is the lowest price of the previous day (26th) not today 27th

can you pls produce the N1301 as at 26th?

1 Like

Re: CBN formalises dollar sales to BDCs as naira improves by lexy2014: 8:06pm On Feb 27
oluwaseyi0:





If you read very well you will see the government is selling to them at the lower spectrum official rate of the previous day

As dollar price fall and rise in the capital market so will the price the government will sell

What government is curbing is the madness/speculation going on in the parallel market

BDC will mark up their price by max of 1 percent of their purchasing price

Read the article, it's all there

If government sell to them at 1300 no explanation for selling above 1400 as that's above the allowed 1% markup

that is not what I asked.

1. why should any BDC operator be arrested for selling above 1350 - 1400?

2. what happened to "market forces"?

3. is government not controlling the price of the dollar by selling at 1300?

2 Likes

Re: CBN formalises dollar sales to BDCs as naira improves by inoki247: 8:06pm On Feb 27
Truths9ja:
Binance website isn’t opening on our domain, it’s not opening except you have vpn on your phone and vpn is highly risky here


I don't know what domain you're talking about I'm in Nigeria I'm not outside the country for now and I still use it to trade today...


Is only the Website that's not working the app dey work..
Re: CBN formalises dollar sales to BDCs as naira improves by iLegendd(m): 8:07pm On Feb 27
judatech:

This has been my fear
It makes them feel like they're losing profit.

1 Like

Re: CBN formalises dollar sales to BDCs as naira improves by zionstaar75: 8:08pm On Feb 27
AllTheWayUp:
grin grin grin
After destroying the economy and decreasing the purchasing power of Nigerians with their trial and error policies , they have now gone back to their vomit.
Thunder fire Tinubu
Thunder fire all those who supported Tinubu for floating the Naira
how does what a nonentity like you say affect anybody
Re: CBN formalises dollar sales to BDCs as naira improves by Pauliaette(m): 8:19pm On Feb 27
I don't get it
Re: CBN formalises dollar sales to BDCs as naira improves by oluwaseyi0: 8:20pm On Feb 27
lexy2014:


that is not what I asked.

1. why should any BDC operator be arrested for selling above 1350 - 1400?

2. what happened to "market forces"?

3. is government not controlling the price of the dollar by selling at 1300?

1) if they buy from government at 1300 with an agreement not to go above 1% tell me why they should sell at 2500 per dollar, no one forced them to buy from government knowing government has terms and conditions

2) the official market which is controlled by the market force determine the government selling price, government sells at the previous day lower price spectrum of the official rate, as market price fall so also the amount the government will sell to BDC and they can't go above 1percent, same is applicable when the price rise in the official market

3) government is been controlled by the official market and not vice versa, the official market dictate what the government will sell but leaving speculators to decide parallel market rates is currently not working so what I expect a reasonable government to do is step in to the parallel market but be fully guided/controlled by the official rate

2 Likes

Re: CBN formalises dollar sales to BDCs as naira improves by Bostin(m): 8:21pm On Feb 27
AllTheWayUp:

grin grin grin
Tinubu is ruling Nigeria with Trial and error strategy
That's called troubleshooting better than wasted clueless 8years

1 Like

Re: CBN formalises dollar sales to BDCs as naira improves by Metrofox(m): 8:21pm On Feb 27
grin just remove the 1 in front and pretend we're back in 2016..stoopid apc idiots

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