ojesymsym:
If you are not in desperate need of money to solve urgent issues, you could wait it out. Septermber is just about 2 weeks from now.

ahiboilandgas:
For local investors holding dollars while the black markets rates is tempting. 475 which is more of a speculative rate ....the cbn has stopped funding bdc and bta and pta once international air travel open up with thousand of Nigerians coming back for Christmas and other cbn will start funding those segement too according to them .....this will make price crash tp circa 400 ....a wopping lost of 75 naira .......dont invest and sleep....your eye ,ears,and nose should be on 3 time . . Crude prices,covid vaccine(international travels) and cbn/bdc policey........we in Abcon anticipate a loss of 20 bn in between ...........non greedy local investor that had dollars at 360 has sold off at 470 and waitng for 400 naira one to be available by nov/dec to stock up........... while greedy investors are hoping to reach 520 first ......surely they will get burnt it a circle ....

TransAtlanticEx:
ABCON has been talking a lot of nonsense these days so no one takes them serious.
This is not 2016,the CBN is overwhelmed right now.
Covid vaccine is out according to Russia,do you know how long it will take to mass produce it?
All Nigeria foreign debt too,dont you think it has to be paid?
What of fx backlogs and repatriation?
We all know that oil isn't going anywhere till vaccines are out so?
Nothing is going to happen come december as CBN wont be funding nada.
Aminu Gwafabe should go and look for currency smugglers to patronise,that is If he wants to stay in business because all his scare tactics and CBN this or that antics don cast

ahiboilandgas:
CBN: BDCs to Get Dollars on Resumption of International Flights
editorAugust 17, 2020 5:10 Am
Obinna Chima

Central Bank of Nigeria (CBN) has said it would restart the auctioning of foreign exchange to bureau de change (BDC) operators once international flights resume.


CBN Director, Corporate Communications, Mr. Isaac Okorafor, told THISDAY yesterday that this was because BDCs’ customers are mainly international travellers.

Minister of Aviation, Senator Hadi Sirika, in a tweet on his official Twitter handle on July 21, 2020, had said international flights might resume before October.

CBN’s position followed calls on the apex bank to provide dollars to BDCs in order to halt the slide of the naira against the greenback on the parallel market.


“The customers of BDCs are largely travellers and when the federal government suspended international flights in order to contain the spread of the COVID-19, the BDCs requested that we grant them holidays as well.

“So, once the federal government or the Presidential Task Force (PTF) announces the resumption of international flights, we would resume forex sales to BDC,” Okorafor said.

A former CBN governor and former Emir of Kano, Alhaji Muhammad Sanusi, had said the gap between the Nigerian Autonomous Foreign Exchange (NAFEX) and BDC rates could be traced to inadequate foreign exchange caused by funding.

TransAtlanticEx:
ABCON has been talking a lot of nonsense these days so no one takes them serious.
This is not 2016,the CBN is overwhelmed right now.
Covid vaccine is out according to Russia,do you know how long it will take to mass produce it?
All Nigeria foreign debt too,dont you think it has to be paid?
What of fx backlogs and repatriation?
We all know that oil isn't going anywhere till vaccines are out so?
Nothing is going to happen come december as CBN wont be funding nada.
Aminu Gwafabe should go and look for currency smugglers to patronise,that is If he wants to stay in business because all his scare tactics and CBN this or that antics don cast

TransAtlanticEx:
They are just buying Time and hoping oil does better by then...
Since when did CBN start to give pre-announcement to when they'll start retailing fx?
You just wake up one morning and see the reflections in the markets.

TransAtlanticEx:
They are just buying Time and hoping oil does better by then...
Since when did CBN start to give pre-announcement to when they'll start retailing fx?
You just wake up one morning and see the reflections in the markets.

TransAtlanticEx:
They are just buying Time and hoping oil does better by then...
Since when did CBN start to give pre-announcement to when they'll start retailing fx?
You just wake up one morning and see the reflections in the markets.

ahiboilandgas:
foreign debt are not paid once is over 20 years spread,repatriation and inflow are on going ,bdc are import part of the markets as it stability is important to halt speculative tendency
..

ahiboilandgas:
are they suppose to give forex (bta,pta ) when airports are closed to international travels.....my post are just advisory....notting more ....

ahiboilandgas:
buying time is also a strategic business strategy........

TransAtlanticEx:
Repatriation is ongoing?Where did you get this?
Because debt is spread over 20years doesn't mean It is free,especially in a mono economy like here and obvious dwindling revenues and unbright future for its source(oil collapse)
The only inflow they are getting right now is oil revenues which is really low because of its price and low production numbers;1.3mbpd...
Time shall tell

TransAtlanticEx:
Repatriation is ongoing?Where did you get this?
Because debt is spread over 20years doesn't mean It is free,especially in a mono economy like here and obvious dwindling revenues and unbright future for its source(oil collapse)
The only inflow they are getting right now is oil revenues which is really low because of its price and low production numbers;1.3mbpd...
Time shall tell

ahiboilandgas:
what do u mean by mono econmomy.....do u have the data of all exports from Nigeria of other items outside oil ....remittence contrinuted about 30 bn dollars....add other farm produces like cashew,cocoa, zobo,hide and skin....

ahiboilandgas:
i/e Windows...unless u are trying to repartrate illegel income from smuggling contraband into Nigeria.......foriegn airline have moved 50 percents of their holdings ...

TransAtlanticEx:
So if we take out oil,zobo,hide and skin,cashew and sesame will meet our forex needs?
What remittance are you talking about at this point?
Who will give CBN his or her money to remit to Nigeria at this time when the parallel market price is off the roof?
They aren't getting any remittance right now and are pretty low and uncertain on fx issues so they can't do nothing.
Well october no far,let's wait and see.

ahiboilandgas:
but on a personal note ....benzboys/conglomerate/healthserve and now transatlantic .....why do like having several user name ? ....u writting patterns are same ..... u do have good points .....i know u want a weak naira to spur up local production and local substitution....let have a win win ...........

Tobex4realTobex234:
Hey guys, I'm sure this is not the most palatable of conversions to have.

But in the unfortunate case of an investors demise, what sort of options exist for the family left behind to access or recoup such investments? I've heard that it's very difficult with banks and easier with physical assets.

But for portfolio investments like bonds, stocks e.t.c, how exactly will they access it? I would be glad to get answers with real life examples not just assumptions

ahiboilandgas:
but on a personal note ....benzboys/conglomerate/healthserve and now transatlantic .....why do like having several user name ? ....u writting patterns are same ..... u do have good points .....i know u want a weak naira to spur up local production and local substitution....let have a win win ...........

TransAtlanticEx:
When they ban my account,I change the moniker.
I have never been healthserve.
I am theconglomerate,benzboys,logobenz and transatlanticexchange but never healthservr.
We cannot win if we keep making naira too cheap.
This 400 range is good if you ask me.

ojesymsym:
No sir, this transatlantic sounds different

ahiboilandgas:
i understand u point ...i use to visit a cluster of recycing firm that produces buckets ,plates etc and leather i was suprise at how small this factory are they they huge production ....my friend had a machine bought for 15m that produces 300 dozen of plates daily for dealer ...and i seen several small clusters of rice mill .....my problem with devaluation is that it cost a spiral effect on cost of items not directly affected by exchange rate.....example with increase in local rice and ban on foriegn prices have refuse to go down ...now local rice is 24000k while foreign is 28000.....they keep following each other....

Tobex4realTobex234:


Nobody wan answer my question. Issokay.

Banks don they work with insiders now to steal funds from the deceased. What I want to know is all these next of kin and stuffs do they work in reality ?

And for investments that do not have next of kin, what happens when the investors dies?

ahiboilandgas:
but on a personal note ....benzboys/conglomerate/healthserve and now transatlanticEx .....why do like having several user name ? ....u writting patterns are same ..... u do have good points .....i know u want a weak naira to spur up local production and local substitution....let have a win win ...........

Tobex4realTobex234:


Nobody wan answer my question. Issokay.

Banks don they work with insiders now to steal funds from the deceased. What I want to know is all these next of kin and stuffs do they work in reality ?

And for investments that do not have next of kin, what happens when the investors dies?

TransAtlanticEx:
The only reason why local rice had the audacity to go up is because of ban on foreign rice.
Ban is the worst thing you can do to win a fight in the markets.
A bag of rice cost now around 23,000xfa which in naira is 17,500
Transport per bag is 3k because it is being smuggled oo,would have been cheaper if it was open.
Now they settle anything that wears uniform;Police,army,navy,custom,immigration and sometimes even boy scout and normal security guard.
These are the things that push price for rice up,not necessarily fx.
If not,no be person go tell local manufacturers to give themselves brain and stop their stupid greed.
I will devalue and still let the import markets open and let the people chose between price and quality,which we all know they will go for price.

ahiboilandgas:
na my man i know is patterns and his stands against import and cheap dollars...

ahiboilandgas:
how do u intend to tackle state sponsored export like thailand govt subsiding the rice and export and dump in Nigeria to knock out our local famer and miller and turn them.the thailand rice dealers

TransAtlanticEx:
If I weaken my currency appropriately,before their rice even get to lagos inside container or silo ship it will already be at around 20k per bag.
Coupled with custom duty they won't be able to sell because I have given my local farmers a lot of numbers to play with and be profitable.
And that doesn't mean I will stop local acts and farmer support too.
These things go hand in hand.
A lot of these companies here are doing the same thing too.
They import a lot of raw materials that could be produced or bought here.
Since this fx scarcity start,they are beginning to look inwards to get materials.
Not that someone will be importing raw corn and sorghum here,simply because e see cheap dollar to take buy am and hence claiming our locally grown ones aren't good 3nough,quality bal bia bla...all lies!!!
It's simply cheaper for them to import,finish.which is one thing proper naira pricing will stop almost immediately.

ojesymsym:
So we can use the high dollar rate to experiment this your idea then, maybe that is what CBN is doing then.