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Nairaland Forum / Nairaland / General / Business / Naira devaluation: BDCs get dollars at ₦393, sell for N494 (20210 Views)
Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote / CBN Mandates BDCs To Sell US Dollars At N1,314.01/US$ / Naira Devaluation: Nigerian Banks Heading For ‘recapitalisation’ (2) (3) (4)
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Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Yoighaman(m): 3:18pm On May 29, 2021 |
Jimoh7555: Well said. |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by loswhite(m): 3:32pm On May 29, 2021 |
affable4:shut up your mouth. This has been happening for a long time. Ask yourself why would a country deliberately have multiple exchange for one currency? |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by freshvine(f): 3:34pm On May 29, 2021 |
DryMouth: Aturu!!! Because the middlemen exist banks take advantage of that to do shady deals. Disband BDC acting as fronts for Banks and everything return to status quo. I usually don't reply stupid people bereft of modicum of intelligence but let me condescend for the interest of educating the ignoramus. |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Mrquote: 3:35pm On May 29, 2021 |
Why do we need BDC? When we have banks. |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Simplythebest: 3:44pm On May 29, 2021 |
Pls what will it take or cost to enter into BDC business. Cus one need to follow and cash out cus i see that BDC business is another easy way to make money without stress. Pls any information on it pls 1 Like |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by DryMouth: 3:47pm On May 29, 2021 |
freshvine:Mugu! You lack basic financial economic knowledge hence you are dull. Why do other sane countries uses BDCs. mumu! You can't even think beyond banning BDCs. You want banks to have monopoly of power. Why don't bank sell dollar inflows at normal price too? Abi is BDC the cause inflow hike too? Nigerians lack financial intelligence. You are a cow with no brain |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Cmanforall: 3:52pm On May 29, 2021 |
Agbegbaorogboye:It is easy to clamp the tate the BDC sell dollar. If all.banks should.make dillar available at 395 and sell to BDC at 390, the BDC will end up selling between 395 to 400. Presently, an individual with direct link to central bank can get dollar at 393 and sell to those in the parallel market at 450 to resell at 494. You can imagine how that 'big man' will be making millions daily with no sweat. The Nigerian economy suffers |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by DONFASZY(m): 4:01pm On May 29, 2021 |
PlayMaker14:i wish d fool can twit nw Mohammed cow |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by obembet(f): 4:01pm On May 29, 2021 |
shegzhkn: Hi |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by tnerro1(m): 4:01pm On May 29, 2021 |
Na dem dem, even the cbn Governor dey get him own cut..... |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by shegzhkn: 4:27pm On May 29, 2021 |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by grandstar(m): 4:32pm On May 29, 2021 |
There won't be convergence until the president, who is really the CBN governor accepts that the Naira needs to be devalued. If the official rate is devalued to between 465 and 475,im sure there will be a convergence. 1 Like |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by nauto: 4:39pm On May 29, 2021 |
All i have to say is ...... |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by obembet(f): 4:40pm On May 29, 2021 |
shegzhkn: Lol anything for me |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Geeman2006: 4:57pm On May 29, 2021 |
One of my BDC dealer friends has been selling dollar to me at the rate of $425. Between January and now, I have transacted 3 times with him at this same amount. I don't ask questions, I just say thank you and move.. 1 Like |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by freshvine(f): 5:00pm On May 29, 2021 |
DryMouth: Your fraudulent government approves BDC even though they're inconsequential. I am an economist and a banker. CBN has authorized list of items they give dollars to and those are processed through the bank at the legitimate market rate leaving other Nigerians who need this dollars at the mercy of the "fraudulent " parallel market. That's disequilibrium and inequality in the market force of demand and supply. The banks simply obeys the CBN directives to pamper BDCs and says since the BDC can pay a little above normal average they hoard and sell to the BDCs too. Now let me explain...CBN approves and mandates bank to sell to BDCs for says 395 naira and then set the exchange rate for 480 for ordinary Nigerians. The banks see the profit margins, hoards it and prefer to give the BDCs at the price of say 450 to maximize profit. Someone in need of dollar goes to the bank and the bank rather than release to him at the banking rate with little or no profit will simply tell him there's no dollar just to leave him at the mercy of the BDCs. If CBN can give a uniform exchange rate to all forex exchange markets all the BDCs will go home. |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Coolsphinx: 5:01pm On May 29, 2021 |
What rate are you looking for? GreaterFuture: |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Ekitibiased(m): 5:08pm On May 29, 2021 |
GreaterFuture: Send me pm |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by DryMouth: 5:39pm On May 29, 2021 |
freshvine:You are not a banker.... Banks don't sell dollars to BDCs. CBN does through a third parties called CFS and Travelex. CFS distributes to SW and North, while Travelex distributes from SS and SE. When Buhari came into administration, he suspended BDCs and gave right to banks to handle forex activities but the banks failed hoefully, hence a call for the reintroduction of BDCs. Suspending BDCs won't the problem of Naira it would only increase the unemployment index in the country(you shuld knw this as an economist). If dollars is pumped in the forex market, that rate would go down. If u are following you shuld knw that before the COVID lockdown, CBN was funding to BDC 4 times a with at; Mon - Tue = $20,000 Wed - NIL Thur- $15,000 Fri- $20,000. If u are aware when they were pumping USD like that in the market, BDCs were making jst N1/$ max and everything was going fine. Now the corrupt Emefiele used that COVID as an excuse that CBN doesn't have enough dollars to issue out again so he started making dollars scares in the country by giving BDCs jst $10,000 on tuesdays and thursdays making dollars extremely scares and expensive. You shuld be calling for the sack of Emefiele not suspension of BDCs. Dnt call for banning instead call for CBN intervention. Hope you understand me. Maybe because i started reply by calling you mugu, you thought I was the normal NL small boy. Dnt lett me introduce myself 2 Likes |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by FarahAideed: 5:45pm On May 29, 2021 |
This is how Hausa Fulanis dollar traders have been deliberately enriched for decades now by their brothers in govt |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by DryMouth: 5:46pm On May 29, 2021 |
GreaterFuture:Bros, I'm here in lagos. You can come to my office at marina, or chat me up on WhatsApp at 08087527004. We'll meet physically at Marina. Even if u want $1,000,000 I'll sell to you. No scam! |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Blackdisciple(m): 5:49pm On May 29, 2021 |
InaNla: They are also feelin the heat too |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by InaNla(f): 5:54pm On May 29, 2021 |
Blackdisciple: Absolutely |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by freshvine(f): 6:15pm On May 29, 2021 |
DryMouth: Emefiele is a lackey and being controlled by the present government. Give him free hand like Sanusi had or Soludo had he'll steer the economy proficiently. In the absence of Buhari, Emefiele under Osinbajo was making that artificial intervention. Like I said if you create disparity in the function of forex values, all other variables free falls. Don't take this government excuse for anything, they don't have any economic blueprint to cushion the effect of disequilibrium arising from balance of trade and comparative advantage in oil. He used this old archaic method of forex economics in the 80s it failed and he still reintroduced it in this age and guess what inflation! Don't blame Emefiele, blame Buhari. If the government could close productive borders why can't they do away with BCDs? 1 Like |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by DryMouth: 6:32pm On May 29, 2021 |
freshvine:BDCs are productive sis. If u are a banker as claimed answer the the question on why BDCs was reinstated when Bank failed. BDCs were suspended for 8 months and we saw hell in getting dollars from banks. Inflation rented the country. Then they had no other option to reintroduce BDCs. Suspending BDCs won't solve anything as that option has been explored before but it was a massive failure and you are here still saying ban BDC. You are not a good economist. Write down the list of possible solution and analyse the positive and negative effects in the economy, then choose the best options. Stop shouting ban bdc up and down. I wish i had time to explain better to you but i have to go a pub and watch champions league final. |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by otokx(m): 7:01pm On May 29, 2021 |
The write up would have been 101% but there was no reference to churches or mosques. |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by freshvine(f): 7:50pm On May 29, 2021 |
DryMouth: http://businessnews.com.ng/2012/10/15/forex-sales-to-bureau-de-change-to-stop-sanusi/ |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by DryMouth: 8:06pm On May 29, 2021 |
freshvine:This is a clueless answer? Lol |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by affable4(m): 8:52pm On May 29, 2021 |
loswhite: If you are stupid enough to resort to insult just to buttress a point, never you in your miserable life quote me again. |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Gfskw: 9:38pm On May 29, 2021 |
Aboki at work |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by GreaterFuture(m): 10:15pm On May 29, 2021 |
Ekitibiased:My Contact is in my Signature. ( 09045327063 ) This email I don't know where it is |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by GreaterFuture(m): 10:16pm On May 29, 2021 |
Coolsphinx:What rate do you have |
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