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Nairaland Forum / Nairaland / General / Business / Naira devaluation: BDCs get dollars at ₦393, sell for N494 (20223 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 Nicargo: 12:14am On May 30, 2021 |
All this are absolutely long story, the only thing we need is for the rate to get back to normal. 1 Like |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by CHANCEMAN: 1:28am On May 30, 2021 |
DryMouth: The issue is why should the CBN subsidize the fx sold to the BDC? 1 Like |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by DryMouth: 7:51am On May 30, 2021 |
CHANCEMAN:So that pple who needs PTA or BTA would get it at cheaper rate and easily also.. CBN gives to banks and BDCs at same rate. |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by GreaterFuture(m): 9:02am On May 30, 2021 |
DryMouth:Your number is not in WhatsApp |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by DryMouth: 9:28am On May 30, 2021 |
GreaterFuture:Its on business WhatsApp Send urs lemme msg you |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by GreaterFuture(m): 10:23am On May 30, 2021 |
DryMouth:09045327063 |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by erico2k2(m): 11:48am On May 30, 2021 |
Agbegbaorogboye:Do you have any idea howmuch people abroad remit to Nigeria and how much of forex these BDCs get from there? U 4get they carry this raw forex into Nigeria by any means necessary.if you want a large amount of forex your only hope is BDC as we speak, they upped the pounds to 693 this morning and its growing, the way I see it, it would nearly reach £1=N1000 at the end of the year,The Fg should come up with a structural plan to make forex easy to get and transfer, then ordinary people can do Business! 1 Like |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by erico2k2(m): 11:49am On May 30, 2021 |
CHANCEMAN:Exactly, they should not cos word on the street is, the so-called BDC do not get this money rather corrupt CBN staff sell them fru the back door to Politicians or people that matter! 2 Likes |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by erico2k2(m): 11:50am On May 30, 2021 |
Nicargo:What would you agree to as normal? |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by erico2k2(m): 11:51am On May 30, 2021 |
Mrquote:BDC are very important, the bank has your local economy to run, why BDC deal strictly with forex acqusations. |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by erico2k2(m): 11:54am On May 30, 2021 |
Cmanforall:This is where U get it wrong, the banks have no access to forex like the BDC does, Diaspora forex is worth more than what the CBN can get, so the BDC have the upper hand here, cos they have thousands of outlets in the western country, ie Uk, US, and Canada.where I send money in In the Uk is owned by a BDC agent from Nigeria, I wire his account here he remits naira to my 9ja account all this takes less than 5 minutes I don't have to leave my Sofa, 1 Like |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Agbegbaorogboye: 12:05pm On May 30, 2021 |
erico2k2: With BDCs, what we should have is an open market where BDCs source for the hard currencies themselves and sell at a profitable rate. But what happens is totally anomalous. BDCs get dollars at a fixed rate from CBN and sell at any rate they feel like. Do you know you until recently, an individual can't get dollars directly from banks while BDCs can? As at 2015, Buhari banned sale of dollars to a large contingent of people including students!! Yet BDCs were getting dollars at 199 and selling at whatever price they felt. This is the roundtripping that SLS was talking about which drew the ire of the govt. A lot of people connected to govt made mad money from that scheme then. It's a major reason the naira was on a free fall during the first three years of this govt. 2 Likes 1 Share |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Mrquote: 1:09pm On May 30, 2021 |
erico2k2:But whats this leverage that they are receiving aren't they monitored how can you buy that low and sell that high making 100% percent gain and why is it that is not a popular business for young Nigerian to get into |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by peacefulhome(f): 7:11pm On May 30, 2021 |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Nobody: 8:25pm On May 30, 2021 |
peacefulhome:I am very grateful ma. May you and your children never lack an helper, may doors of opportunity be open to you and your loved ones, and may unexpected favour also locate you, amen. Thank you very much ma. 2 Likes |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Nobody: 7:42am On May 31, 2021 |
peacefulhome:Good morning ma, once again, I am very grateful for yesterday, may you nor your generation never had a reason to go hungry. Amen. |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by FunnyDude(m): 8:04am On May 31, 2021 |
Simplythebest: Bro i tell ya, this is sweet business. I want to enter this line of biz too |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by peacefulhome(f): 8:14am On May 31, 2021 |
AdeOri99: Amen. Do have a wonderful week . |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Simplythebest: 8:45am On May 31, 2021 |
Oya lets rub mind together cus someone need to cash out legitimately FunnyDude: |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by GreaterFuture(m): 2:08pm On May 31, 2021 |
Coolsphinx:Something very good, for large Volumes. Good afternoon |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by erico2k2(m): 12:37am On Jun 04, 2021 |
Agbegbaorogboye:with ur statement, now explain why the Naira is N703 to point this morning |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Agbegbaorogboye: 7:26am On Jun 04, 2021 |
erico2k2:The simple reason is because CBN has created a business out of the exchange rate for BDCs. |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by erico2k2(m): 8:23pm On Jun 04, 2021 |
Agbegbaorogboye:Wrong answer, our Economy is a sorry state |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Tradernaija1: 10:52am On Jan 11, 2022 |
Contact me if you have huge FX USD inflow to inflow for sale. Only genuine deals. |
Re: Naira devaluation: BDCs get dollars at ₦393, sell for N494 by Konquest: 9:27pm On Feb 20 |
ijustdey:Bump... 2021. Sources from some commercial banks told our correspondent that the banks were asked to fund the BDCs at the rate of N393/$ as of Friday. A bank official, who spoke with our correspondent on condition of anonymity, said, “We are still giving them $10,000 per BDC twice in a week. As at today, we are giving them at the rate of N393/$. “The CBN funds the BDCs through the commercial banks. They go to their banks to collect it. The CBN has been funding them through commercial banks to make the process seamless. |
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