JuanDeDios:

@ bolded. Sebi floating (stop subsidizing $ for rich people) was meant to solve this problem, but you people have been fighting it?

Agreed!

My own concern is not just about removing the subsidy, but creating an enabling environment for Nigerians who claim they are poor and suffering, to still be shipping out money from our economy for the benefit of academic institutions and infrastructures abroad, while ours are dilapidated with N40k annual tuition fees.

Trust me 5k BDC cannot meet the demand with 20k weekly.

That means one BDC can only meet the demand of just 4-6 customers, what about the rest millions that need the funds

I don't need the $15k in cash, my question is how will I get the 15k since there is a limit, obviously the approved 4k BTA cannot sustain me for the period of the travel.

Jogs1900:


You mean $20,000 by 5000 plus BDC is not enough?
Where are you going that you will need $15000 cash?
If you need $15k, they will load it into your prepaid card..shikena.

aariwa:
that’s where the problem starts . Nigeria is an import driven economy 80% of the time. When importers particularly petroleum dealers including dangote go to get dollars from banks and meets shortage they resort to the black market as the last hope. What it means is ….simple economics demand outweighing supplies will definitely create scarcity and higher prices

...so can the CBN possibly peg the rate at 1350 ?

AntiChristian:
Painful news for those who want Nigeria backwards so as to scorn others!




From N1900 last week to N1314!

You no go here anything but if it was vice versa....casala go don burst!

PO and hin boys go don sing anthem on twitter!

The government you are supporting woke up and arrogantly said it will float the naira against. This caused a free fall of the naira as never before seen in Nigerias history.

Now the same govt is now trying to force BDCs to sell at it's desired price which is a return to the original regime which it met and which it said was bad.

After destroying livelihoods, what was the essence on embarking on an adventure that was not feasible?

So they are back to controlling

Me I will buy oh. Welcome to arbitrage.

JuanDeDios:




These registered BDCs, what % of their $ for sale is coming from CBN? Or after selling the 20k each day (abi week!), they will close shop and go home?

As a matter of BDCs are not to be in existence when banks are selling forex at the same rate. The reasons they are existing is because of corruption in the banking system. Nobody cares if they pack up.

donbrowser:


The floating was necessary to get the real value of Naira since previous governments have been defending the naira. Now that they know the value, the next step is to force it down without spending ridiculous amount of money.

Just like total removal of subsidy

donbrowser:


You've not been following up with the government's reforms. The BDC is being monitored now and only registered BDC will be able to sell dollars unlike before

thousands of illegal BDC are scattered all over the country. So hows that possible to monitor all of it

Please send it back to # 450

Dialpad:


The people I pity most are those that hurriedly purchased between 1400 and 1800 with the hope that it will hit 2500.

They didn't consider that the government will fight back.

Well one thing we should know is that these measures are merely temporal and if lasting measures are not taken $ might hit even 4000 before the end of the year.
PMB used similar temporal measures to curb the rise of the $ and it back fired hence we saw an all time high.
May God help us

JuanDeDios:

What now happens to people who need dollars but their needs can't be met by BDCs (whose operating capital is now 20k since they can only trade at the CBN-mandated rate)?

Even though if i have $20k as a BDC operator i will sell at a rate that is determined by market forces.

donbrowser:


You've not been following up with the government's reforms. The BDC is being monitored now and only registered BDCs will be able to sell dollars unlike before

By the time they increase their capital base to 1 billion naira, many of the BDCs will close shop and it will become easier for the CBN to monitor their activities.

uvie66:
...so can the CBN possibly peg the rate at 1350 ?

not possible. CBN can sell to them at 1250 and warn them to sell at 1350 and they will say yesah but if the demand gets much they will start selling 1850 . CBN will not sit down in all the bdc shops in Nigeria to see what they are selling, already happened under buhari and failed

Why not #450 or #300

lexy2014:


The government you are supporting woke up and arrogantly said it will float the naira against. This caused a free fall of the naira as never before seen in Nigerias history.

Now the same govt is now trying to force BDCs to sell at it's desired price which is a return to the original regime which it met and which it said was bad.

After destroying livelihoods, what was the essence on embarking on an adventure that was not feasible?

Its d same format used in petrol. Remove subsidy, let it get to d desired amount and put back subsidy. Now they floated d fx, got to a desired level and (partially)remove d floating indirectly .

InvertedHammer:
/
Good move.

But it is a mere verbal intervention.

Market forces will determine the exchange rate. Right now, things are reacting to emotions and not logic. Let's not forget that $1 == N1300. Does it call for celebration? It is so bad that people are celebrating that bad news is no longer bad enough.

I am still looking more towards US policies, Fed and US inflation data to gauge the direction of US$. While some rely on hope, some are using any appreciation in naira to buy up more dollars via DCA.

Transfer rate at this moment is still N1500/$. Go figure!

/

I bought at 1700 this afternoon.

If they really want to tackle this issue,they should let banks to sell dollar too those BDC guys are thieves.

AntiChristian:
Wetin do my name? You fit name your pikin if you like am!

Hmm!


Obasanjo gave Tinuba more wahala than he gave him. He seized all allocations to Lagos state then!
Abeg leave politics! It's always Obedient vs APC, LP vs APC, etc.

When you are challenging the federal government up and down by creating local government area council what do you expect the president to do?

How many State government ha challenged Tinubu and Buhari upon all their fvck ups?

femicyrus:

Black market era is gone
Whatever you sell at BDC, transactions evidence must be sent to CBN

if that's the case then it's a step in the right direction.

JuanDeDios:

If it was knowing the real value of the naira, why intervene before the situation has finished playing out?

Exactly, so the true value of naira is not known yet. All these rules doesn't tell us the real value of naira.

Dialpad:
Trust me 5k BDC cannot meet the demand with 20k weekly.

That means one BDC can only meet the demand of just 4-6 customers, what about the rest millions that need the funds

I don't need the $15k in cash, my question is how will I get the 15k since there is a limit, obviously the approved 4k BTA cannot sustain me for the period of the travel.

If you have 4k for PTA or 5k for BTA (in this case not all will be handed over to you in cash), The BDC will load the balance in a prepaid card for you.
Do you care to know how many people apply for PTA when traveling ?Most people travel with less than $4k.

Nigeria bdcs are hardened criminals,if na Singapore all the exgovnrs,and bank executives and nass members that own bdcs will be jailed and their properties confiscated for economic sabotage and massive fraud.
This has been the problem in naija,they don't want the system to work,so they keep riping where they didn't sow.God punish you sabotuers of naija economy IFSHA.

Newton1045:


I wonder.

People shud go to bank bank and get dollar.

Period!!

I bought dollar note at 1700 from BDC guys this afternoon,all the banks I'm banking with said they don't have it. $1 note is even costlier than all the dollar note some wanted to sell a dollar note at 2k.

Jogs1900:

By the time they increase their capital base to 1 billion naira, many of the BDCs will close shop and it will become easier for the CBN to monitor their activities.

You get...

RealLordZeus:
Oh was wondering why usd suddenly drop this morning...

Pls keep it up

This floating policy has caused more harm than intended so let's go back to the fixed regime pls

It's not fixed...they used the closing rate at official window of previous day to sell today rate.

Still a floated market...just regulated in the sense that, BDC cannot sell higher than certain percentage of what they sold to them.

Bringing sanity back to that market gradually

[quote author=Fearurcreeator post=128689371][/quote]

Lol.

This lover of corruption. You are here again?

I can see you are the one your corruption loving crew assigned to me.

They should have sent someone with sense.

lexy2014:


The government you are supporting woke up and arrogantly said it will float the naira against. This caused a free fall of the naira as never before seen in Nigerias history.

Now the same govt is now trying to force BDCs to sell at it's desired price which is a return to the original regime which it met and which it said was bad.

After destroying livelihoods, what was the essence on embarking on an adventure that was not feasible?

Nobody is forcing BDC’s they don’t have a choice abd that was the spot rate at previous closing. FX is coming down and speculators are in trouble. They will lose money period. You better offload that dollar you are crying about if your losses are piling up.

Jogs1900:

By the time they increase their capital base to 1 billion naira, many of the BDCs will close shop and it will become easier for the CBN to monitor their activities.

....we all know the incompetence that is pervasive in the CBN, weren't the banks selling dollars through the back door, where they sanctioned by the CBN?
Isn't it the same CBN that couldn't carry out its own audit for over nine years. One thing we have to understand is that the CBN is just a name it is the people that occupy the building that matters, it is an open secret that most of the staff were not recruited on merit but based on connections, so what type of quality of work do we expect. It is like the computer parlance that we all know, garbage in garbage out.

wunmi590:


I don't see this being visible at all, I still see people them hoarding dollar, and then sell at a higher rate to people who are in desperate needs of more dollar...

I'm not sure this is realistic, most Nigerians are wicked from birth

The banks where the ones hoarding dollars and selling to the BDC, if CBN is consistent, hoarding will not be an issue, because if you decide to hoard and all your competitors are selling, you will lose money, Demand and Supply at play here

OKORONKWOBRIGHT:
Why not #450 or #300

Don't mind them! now the officials bank rate is 1350, how is that good?

uvie66:
....we all know the incompetence that is pervasive in the CBN, weren't the banks selling dollars through the back door, where they sanctioned by the CBN?
Isn't it the same CBN that couldn't carry out its own audit for over nine years. One thing we have to understand is that the CBN is just a name it is the people that occupy the building that matters, it is an open secret that most of the staff were not recruited on merit but based on connections, so what type of quality of work do we expect. It is like the computer parlance that we all know, garbage in garbage out.

I clearly understand you...Lets see what Mr Cardoso will do.He has put the BDCs on the spotlight now.

aariwa:
not possible. CBN can sell to them at 1250 and warn them to sell at 1350 and they will say yesah but if the demand gets much they will start selling 1850 . CBN will not sit down in all the bdc shops in Nigeria to see what they are selling, already happened under buhari and failed

....but they can also create an artificial demand by hoarding.... the name of the game is profit maximization. The BDC operators are not a welfare organization.