In Nigeria,
Organisation don't come out clean with their records.

CBN should have made them digitalize their operations and let watch their records themselves

every time they come out with a new policy , naira falls even faster

TooNoisy:
Great move. Emefiele stopped the sale to BDCs and even went after the owner of abokifx. The dollar went from 150 to 750 vs $ under his reign.

Speculators who are profiting at the moment should get ready. Naira will end up around 700 to a dollar. By 2025 when the Dangite refinery becomes operational, the naira will even appreciate further.

So we got to wait till 2025 for dangote refinery to start working. Don't you think that government can as well build another refinery before then?

nlfpmod:


https://nairametrics.com/2023/08/18/cbn-brings-back-bdc/

Try and quess policy. Na dis kan engilishi dey supol de mata. Wetin una wan do fur beta engilish Ebola?

Now this is a step in the right direction. The previous ban on their operations was counter productive. Banning BDC would have been only advisable if the bank could meet up with FX demand. Rather you regulate their operations

Was the ban being enforced before? Who do you think is responsible for all this dollar madness? I went to FCMB,the airport road branch in effurun,delta state yesterday to collect dollars from the bank because I bank there and I was called to come and collect that there is dollars,on reaching there,this people where offering me 80 dollars instead of the 2500 that I said I wanted,right there sef some other person gladly collected 20 dollars,so u can imagine the madness going on in this country,the banks are hoarding the dollars because of the recent crash of the dollars against the NAIRA,they and the BDC's are in partnership in this nonsense, government needs to do more and clam down on this nonsense.

JaskanFactor:
every time they come out with a new policy , naira falls even faster

is it falling again?

IconicR:
It's a gradual process, we will surely get there
Nigerians should be patient with us, remember we didn't promise an overnight change, only the deceitful messiah did that.
We met a huge mess on ground and only drastic decisions can make an effective change.

They call it "trial and error' but I'll tell them that it's the right thing to do when things aren't working.

They would have retraced, studied the system before coming out with 'solutions'.

The Nigerian economy had been messed up for years and it's not going to take 2 nights to change things.

IconicR:
Not our fault, Jonathan and Buhari are responsible for where we are today but be rest assured that everything will be fine in no distant time

Are you people not ashamed? Still mentioning Jonathan’s name that left government with dollar less than NGN200 more than 8years ago. He saw fuel subsidy isn’t sustainable and tried to stop it. But your Oga’s back then staged a protest and the rest is history today. The worst of Jonathan’s government is better than this present government.

oz4real83:
Dumb policy coming out again, the BDC operators don't determine the value of our currency, the level of productivity of our country determines the value the naira will have, too much foreign exchange is leaving the country through import, foreign education, healthcare and others, with just little coming in, an economy dies when such a situation happens . Fix the economy, power, repair our refineries, provide quality healthcare and education, stop dollarising party primaries, effectively fight corruption in all sectors and watch the naira will come back to life

calm your balls down. It is not every govt policy you rush to condemn. The policy is only meant for forex stability to reduce speculations. We can't continue to allow speculators to determine the value of naira.

oz4real83:
Dumb policy coming out again, the BDC operators don't determine the value of our currency, the level of productivity of our country determines the value the naira will have, too much foreign exchange is leaving the country through import, foreign education, healthcare and others, with just little coming in, an economy dies when such a situation happens . Fix the economy, power, repair our refineries, provide quality healthcare and education, stop dollarising party primaries, effectively fight corruption in all sectors and watch the naira will come back to life

See them fighting symptoms instead of the disease.

Are we sure people use their brains in Nigeria when it comes to anything government?

Insanity nor dey tire you?

IconicR:
It's a gradual process, we will surely get there
Nigerians should be patient with us, remember we didn't promise an overnight change, only the deceitful messiah did that.
We met a huge mess on ground and only drastic decisions can make an effective change.

flokii:
Good initiatives from the present CBN boss.. watch how dollar will sell for #700 or less at black market.

you don't seem to know this is another avenue for bdc operators to also enjoy free money. YOU REALLY DON'T KNOW. I laff in IJEBU.

pharmagba:
In Nigeria,
Organisation don't come out clean with their records.

CBN should have made them digitalize their operations and let watch their records themselves

I think this is where Bosun Tijani should come in.

For the sake of transparency, all transactions should be digitalized for easy traceability.

Madups:
Insanity nor dey tire you?

Omo radarada
Kilon sele this early morning

The present dollar to naira fall isn’t sustainable. The dollar to naira will rise in a couple of weeks when the government exhaust the $3bilion borrowed to sustain it.

Generalyemi:
Trail and error government

Trial and error is better than "I don't care" approach of buhari.
At least efforts are being made to find solution.
Almost all scientific inventions are products of trial and error

IconicR:
It's a gradual process, we will surely get there
Nigerians should be patient with us, remember we didn't promise an overnight change, only the deceitful messiah did that.
We met a huge mess on ground and only drastic decisions can make an effective change.

But this was a mess you people supported and approved. Everyone remembers how your principal was one of the foremost supporters and a close ally of the people who left this so called mess.

Now, since birds of a feather flock together, and you all are cut from the same cloth (your party) why should we expect anything different from you and yours?

This isn't shade or anything. I'm genuinely curious, as to why you expect us to have hope in you

Rich4god:
Lol....

I just dey laff this CBN, they don't know how these BDCs guys operate. No amount of regulation can keep them in check as there are too many of them who are unregistered and they will be the ones that will make this policy not to work.

Reintro of BDC means CBN will be giving them dollar to sell to the public and there is no way CBN will be able to regulate them.

Where did you read this in the report?

Procashtips:


See them fighting symptoms instead of the disease.

Are we sure people use their brains in Nigeria when it comes to anything government?

What's your suggestion?

Rich4god:


Nothing like good initiative here. What this means is like a mini intervention. Which is actually what is consuming a huge chunk of our revenue.

How did you arrive at this interpretation? From the headline?

Proudlyomonna:



It is only someone that is mentally unstable would expect tinubu and His APC disaster to do well.

I thought bubu was the worst thing that can happen to any Country,Tinubu is a maximum disaster.

It's only someone that's mentally unstable that would state that others who think different from him is mentally unstable

Same party doing and undoing them self, no sense of direction.

They hailed themselves when the ban was effected and hailed themselves again when the ban was lifted.... Una dey mad wella

At least they can't blame pdp for their ineptitude

oz4real83:
Dumb policy coming out again, the BDC operators don't determine the value of our currency, the level of productivity of our country determines the value the naira will have, too much foreign exchange is leaving the country through import, foreign education, healthcare and others, with just little coming in, an economy dies when such a situation happens . Fix the economy, power, repair our refineries, provide quality healthcare and education, stop dollarising party primaries, effectively fight corruption in all sectors and watch the naira will come back to life

You don't know the level of damage BDCs is causing the naira.
Irrespective of all you mentioned as way forward, Allow BDCs to dominate the forex market and see naira fall to N5000 to $1.
It is called "market forces" for no reason.
These are forces of darkness

oz4real83:
Dumb policy coming out again, the BDC operators don't determine the value of our currency, the level of productivity of our country determines the value the naira will have, too much foreign exchange is leaving the country through import, foreign education, healthcare and others, with just little coming in, an economy dies when such a situation happens . Fix the economy, power, repair our refineries, provide quality healthcare and education, stop dollarising party primaries, effectively fight corruption in all sectors and watch the naira will come back to life

And all these should be done within what time frame?

KEVIND:

Moving in circles .
APC & Tinubu,let the poor breath ooo

How does this amount to moving in circles? Did you read the report?

oz4real83:
Dumb policy coming out again, the BDC operators don't determine the value of our currency, the level of productivity of our country determines the value the naira will have, too much foreign exchange is leaving the country through import, foreign education, healthcare and others, with just little coming in, an economy dies when such a situation happens . Fix the economy, power, repair our refineries, provide quality healthcare and education, stop dollarising party primaries, effectively fight corruption in all sectors and watch the naira will come back to life

I challenge you to explain how exactly this is a dumb policy.

Yugoslavia247:
Another policy somersault.

BDC na im go do daily and weekly account.

BDC are business men.

Now they will lobby for dollars.

Try to alter the market to favour them.

Then bring in the confusion again.

Is like tinubu employs people without checks.

Why no kukuma bring in fuel smugglers as fuel marketer.

Where did you see policy somersault in the report?

shortgun:
Another trial and error.
No planning
No policy direction
No roadmap
No vision

Tinubu is clearly confused and wasting scarce resources experimenting with policies without understanding their potential outcomes.
Policies should be implemented with careful planning and research backed by empirical data.

It's a shame Tinubu who claims to be an accountant but makes mockery of data and statistics,what we are witnessing today is what happens to people like Tinubu who doesn't believe data is important

It's so easy to criticise. Everybody knows what the problem is

So, what did you read in the report (not the headline) that's making you criticise, lambast and mock others like this?

Rich4god:
Lol....

I just dey laff this CBN, they don't know how these BDCs guys operate. No amount of regulation can keep them in check as there are too many of them who are unregistered and they will be the ones that will make this policy not to work.

Reintro of BDC means CBN will be giving them dollar to sell to the public and there is no way CBN will be able to regulate them.

A simple question, why can’t bank take Naira and process fx remittance for their customers at spread rate introduced by CBN?

The chase for physical, paper Dollar is causing this market distortion.

BDCs have perfected RMB/YUAN remittances, you pay them naira, and they credit Chinese bank account in RMB.

ORIENTATION101:
calm your balls down. It is not every govt policy you rush to condemn. The policy is only meant for forex stability to reduce speculations. We can't continue to allow speculators to determine the value of naira.

when the politicians were mopping up all the dollars in circulation to conduct party primary election, they forgot the pressure they were putting on the naira. It is in that period the exchange rate skyrocketed.

Globad:


Where did you see policy somersault in the report?

In past CBN gave BDCs $10,000 weekly… Emefiele cancelled that. Now we are back at it. Who knows how much they get weekly from CBN