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CBN Sells Dollars To BDCs Below Market Rate At ₦‎1,101/$1 - Business (6) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Sells Dollars To BDCs Below Market Rate At ₦‎1,101/$1 (20766 Views)

CBN Sells Fresh Dollars To Bdcs At N1,021/$ / CBN Sells Over $300m To Banks As Naira Gains / CBN Sells Dollars To Banks For First Time In 5 Months (2) (3) (4)

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Re: CBN Sells Dollars To BDCs Below Market Rate At ₦‎1,101/$1 by Misterone: 8:32pm On Apr 08
grandstar:


So the Naira has never been devalued like the Mexican Peso or the Brazilian Real? Nigeria has never experienced an economic crisis like these two countries?

How is properly managing the FX reserves a "detriment to the economy?" I bought forex at 1900, so I should even take your side.

You lack experience on this issue.


It's like you don't understand the CBN statue. The CBN is vested with the authority to supply FX for those that need it by means they see fit. The CBN is not created for saving of FX alone, they also meet the needs of nigerians that need FX. So, I don't understand where this savings thing without spending is coming from
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦‎1,101/$1 by Benwallt(m): 9:23pm On Apr 08
You suppose don Kpai by now. Go to court.

Obi is a fraud

1 Like

Re: CBN Sells Dollars To BDCs Below Market Rate At ₦‎1,101/$1 by Bfly: 10:00pm On Apr 08
Time to buy more dollars, this approach does not sustainable . Too artificial
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦‎1,101/$1 by Lifemanage: 10:00pm On Apr 08
Owon:
Wow! So low and cheap, yet these greedy abokì people will sell it to us @1,300 and above.

Government is responsible for all these inflation and FX instability.

Give the Dollars to banks. Monitor and mandate them to sell to people who needs it.

It's ridiculous that one can't use the naira ATM cards to make any online foreign purchase as it used to be before. Government made access and demand for FX very difficult, yet they want the naira to appreciate.

The naira ATM card is extremely useless beyond Nigeria market and this is the main reason why people are desperate for dollars and will buy at any amount.
This strategy seems to have strengthen the naira more than when it was been given to banks

2 Likes

Re: CBN Sells Dollars To BDCs Below Market Rate At ₦‎1,101/$1 by Owon: 10:06pm On Apr 08
Lovenorth:

Calm down, you are not the only frustrated dude in this country
Why do you want to remain frustrated forever?
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦‎1,101/$1 by Kingrshd3: 11:00pm On Apr 08
clarocuzioo:
Dollar going down is a welcomed development. Its just unfortunate the CBN is using our foreign reserve to defend the Naira.

We are depleting our foreign reserves.

Tinubu simply returned to Emefiele's policies they criticized.
.
I think going back to the policy is not bad as long as there is improvement because initially what they did was to try and since it failed then there is nothing wrong in going back unlike killing the economy totally all in the name of they can't go back
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦‎1,101/$1 by Lovenorth: 5:54am On Apr 09
Owon:

Why do you want to remain frustrated forever?
There are a lot of frustrated IPOB terrorists out there

1 Like

Re: CBN Sells Dollars To BDCs Below Market Rate At ₦‎1,101/$1 by rinzaugustine: 11:52am On Apr 17
Lordsonn:

That's what many people do not understand. Naira is not really gaining as portrayed. Government borrowed dollars, sell to BDCs at subsidized rate and asked them to sell to end users at a particular rate. Any day this government stop borrowing and selling to BDCs, naira will crash and exchange rate will increase. Only significant export will stabilize naira
You totally understand the game and sadly the dollar speculators understand the game too and are mopping up the cheap dollars knowing fully well that when the reserves and borrowing deplete , the free fall of naira might get to 3-4K
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦‎1,101/$1 by PARADIZEPRIEST: 12:33pm On May 14
PARADIZEPRIEST:
all the accumulated problems from past misrule of over40years will be soaked and solved wink

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