Rich4god:


Please, where is regulated FX markets.

Trading in fx generally is regulated and BDCs were not stopped from buying and selling from the public.

A key innovation to make this worth it is missing.

Is very easy to beat did rubbish CBN thinks they are smart ha ha ha mtschw i will collect very few dollars from CBN , then use some funds else where buy from friends and still speculate at d end of d week i will only give account of what i got from CBN
Rubbish

harmargedon:
Good development. CBN abeg no use their financial report take bill them o 😂😂😂😂😂

How is it a good development?

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

The I/E window is now as high as the bdc operator artificial rate. Exchange rate has been harmonize so the difference now are invented by speculators.

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.

No be your same government gave you the same mess😃

Idiat

wirinet:

The banks are the main problem. Let me give you one info you will not get elsewhere - the banks make most of their profits from round tripping. I knew someone that was an aid to Tony Elumelu when he was was at Standard Trust Bank. He revealed to me Tony himself and Standard Trust Bank were raking in billions from buying from CBN and selling through BDCs to ordinary citizens. The situation remained the same or even worse under Emefiele.

What have you said about round tripping that has never ever been heard about round tripping before?

Why is it that you guys are never witnesses to these things but always know "someone" who was a "witness"?

This round tripping, has it stopped?

Globad:


Both you and the person you quoted got the interpretation of the report wrong

Since you got it right, interpret it to us?

How can I register as a BDC with the CBN

Emiefele

lexy2014:


What have said about round tripping that has never ever been heard about round tripping before?

Why is it that you guys are never witnesses to these things but always know "someone" who was a "witness"?

This round tripping, has it stopped?

You want him to implicate himself... is he that daft? I am sure if you were in his shoes, you won't be that daft to say you have a direct link to illegality.

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.

Who are the "we" and "us" you are referring to?

What is the huge mess that was met on ground and who is responsible for the mess?

APC met dollar below 200 in 2015 but APC said that dollar was too high. APC wasn't patient Jonathan when dollar was less than 200 naira. How will nigerians now be patient after APC has taken dollars to more than 700naira?

Why was APC not patient with Jonathan when dollar was less than 200naira?

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

From my perspective, this policy is only aimed at steering competition to reduce the level of arbitrage due to price differential.

Ban on BDCs created more room for trade in the black market which the Banks (whether you agree or not actively participates) even though FG and CBN has consistently tried to conceal the fact that the Black Market exist and the operations affect the naira in previous times.

Finally yes, more needs to be done encourage FX inflow through increased production and reduced consumption.

Procashtips:


Since you got it right, interpret it to us?

Go over my previous posts

4words:


You want him to implicate himself... is he that daft? I am sure if you were in his shoes, you won't be that daft to say you have a direct link to illegality.

What exactly is he implicating himself in?

If you feel he isn't that daft and that he didn't want to "implicate" himself, what did he say about round tripping that has never been heard about round tripping before?

Hamxas:
Is very easy to beat did rubbish CBN thinks they are smart ha ha ha mtschw i will collect very few dollars from CBN , then use some funds else where buy from friends and still speculate at d end of d week i will only give account of what i got from CBN
Rubbish

Says a smart person who can't even string together simple words into a sentence

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

Ko ju iyen lo (en o pass that). But government and its supporters would be beating around the bush with useless ill thought out policies that tend to exasperate the problem.

lexy2014:


What exactly is he implicating himself in?

If you feel he isn't that daft and that he didn't want to "implicate" himself, what did he say about round tripping that has never been heard about round tripping before?

The fact that he is saying some big shots in the banks are equally involved. As high up to owners of the bank. Now I can look at the individual he mentioned as one of those behind our dollar problems

I know Peter Obi won the election and was rigged out he would have been our President by now if only Mahmoud Yakubu did not play dirty on the country but Sometimes I feel happy that Obi did not step in yet let APC and Tinubu first face their mess and the worst part is now Tinubu and APC can not complain or blame opposition party or past Governments cos apparently they have killed opposition and have used lies and propaganda to have their ways in everything not the effects of their actions and silly policies are felt across the country without any opposition firing a shot the masses feel it themselves… The same back and forth policies that made Buhari admin a redundant, stagnated and backward one is same method Tinubu followed… Always solving the effects of a problem than solving the problem itself. This is APC the only blueprint they know and have is how to violently and fraudulently hijack political power whatever is next does not concern them.

4words:



The fact that he is saying some big shots in the banks are equally involved. As high up to owners of the bank. Now I can look at the individual he mentioned as one of those behind our dollar problems

If you feel he isn't that daft and that he didn't want to "implicate" himself, what did he say about round tripping that has never been heard about round tripping before?

How do you know that the individual he mentioned is "one of those behind our dollar problems"?

Aren't you trying to "implicate" yourself?

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.

you and who?? You were never seeing food chop

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.

you and who?? You were never see food chop

nlfpmod:


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

As I stated in one of my earlier post, the new CBN management have been very proactive in their administration.

Big Kudos to them!

jumper524:
I love how the CBN are taking in constructive measures against those negative speculators who are hell bent on bringing the naira way below its value.
These fellas were already gunning for 1k to a dollar, evil people.

Now we have a truly working CBN

Globad:


Go over my previous posts

Seriously?

Post it here.

Globad:


Trading in fx generally is regulated and BDCs were not stopped from buying and selling from the public.

U still didn't answer my question.

There is no place that BDCs buy FX. They only get it from individuals who receive payments in USD either via exportation or personal business, or the BDCs use dubious means to obtain FX from CBN or govt.

CBN was giving them dollars before through bidding. And they do that 2-3 times a week before they stopped it abt 3 years ago.

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.

By the time Dangote start refining crude from that facility, Nigerians would have deviate from fuel driven cars to Electric vehicles.

Procashtips:


Seriously?

Post it here.

Oh

Didn't you refer me to the post that you quoted when I asked for your suggestions?

Have you forgotten so soon?

Indeed, talk is cheap

See how you said "post it here" as if I posted it somewhere else

Hahahaha

This is really funny. How do you regulate an industry you have no control over?

I had expected an outright ban of these operators to stabilize our currency and observe the effect, then grant brand new licenses to operators with evidence of operational capital with an introduction of guidelines and alternative online platform for trading.

No BDC Operator should exist without being an Online Dealer Operation with his company ID stamped on transaction for auditing and tax purposes.

Is it that our leaders have no native intelligence to invent, design and integrate systems. Why are they not naturally gifted on problem solving?

I kept quiet because I am tired to suggesting things, I wanted to see what will happen, but this?

This can be corrected. BDC operators do not listen because it is a nepotistic driven sector. The sector needs liberalization and upgrading. So take BDC online as an FX platform, issue Operating Company IDs and track their trades and tax them appropriately. This can be done by making sure that all physical dollar transactions are done at banks and online handles digital trades funded from Dorm accounts.

Break the nepotism and liberalize the sector and let tech boys chop and grow the economy.

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

Simple things that they should know, they won't. I wonder if their brains immediately leaves them once they assume power.

It is not lifting the ban. It is facing the reality that you are the smaller dog in th fight.

Banking is all about trust. It is the difference between existence and extinction. And until the CBN can gain the kind of trust Nigeria has on the alternate market it will remain a minority player.

Few will bank their dollar earnings there. So it can continue to do its round tripping, and other unethical practices that stunt it's credibility.