CBN Orders Banks To Sell Excess Dollars In 24 Hours - Business (2)

Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,158,550 members, 7,837,105 topics. Date: Wednesday, 22 May 2024 at 04:58 PM

CBN Orders Banks To Sell Excess Dollars In 24 Hours - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Orders Banks To Sell Excess Dollars In 24 Hours (30411 Views)

Naira Rebounds As Banks Offload Excess Dollars / CBN Orders Banks To Collect Old ₦‎500, ₦‎1,000 Notes / CBN Orders Banks To Spy On 19 Persons (Full List) (2) (3) (4)

(1) (2) (3) (4) (5) (Reply) (Go Down)

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by adesegun121(m): 4:55pm On Feb 01

Yimu

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by INTEGRITYA1(m): 4:57pm On Feb 01

We pray they comply, if commercial banks have been selling dollars. Hmmmmm.

Bureau de change destroying market.

People who earn or receive dollars from abroad don't sell to banks, they will rather withdraw from banking hall and go straight to Abokis for higher exchange. Who go blame them.

Banks as well will not sell dollars to common men, they will tell you no dollars but who are they selling to at higher rate as well.

Saboteurs.

3 Likes 1 Share

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by obinna58(m): 4:58pm On Feb 01

So they’re now making banks the victims of their cluelessness

How does this help naira in the long run?

2 Likes

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by Inspirer1: 4:59pm On Feb 01

Bullfallo:
Tinubu done tire

The Solution To Nigeria FX Problem

How CBN can tackle raising inflation and bring down usd 1$ back to N200 or N500 at most.

1, For Nigerians travelers ( that needs physical cash BTA)
Asign personnel to Exchange fx directly from the Airport only with requirements like visa and traveling ticket evidence.

2, most of the Exchange fx can as well be gotten from the returning at the airport from those who might want to change their fx.

3. A) all Nigerians that needs foreign currency must open an E-naira accounts. Confiscate and mop up all physical foreign currency trading in the market and issue them the digital currency wallet via the e-naira. They can hoard limited fx if they like but it must be digital on the e-naira wallet and not on the physical notes.

B) Create a dollar, pounds, euro wallet account . (At least the major currency Nigerians are mostly using) inside the E-naira platform where people can conveniently move monies from there enaira account at the approved exchange rate converted to all currency wallets. They can as well convert it back to naira wallet any time as needed.

C) Major importers will have to registered with the CBN and ensure they are truly importers and have their limit increases base on their import capacity. No physical dollar will be giving but digital dollars on their e-naire. Also encourage foreign merchants especially the Chinese to open an enaira wallet for easier transactions. Cbn will need to promote and sell the enaire idea to Chinese merchants.

D) mini importers and others can make purchases online with the enaira dollar mastercards at a minimum limit of 5k or 10k usd a year.

E) flight tickets booking should be done via enaira master cards.

F) school fees or those sending money abroad can use the same enaira cards or crypto currency as it already been done.

Cbn even have a tradesystem portal that caters for some of the things you listed, where form A, NCX and NXP can be used, they just need to widen it to accommodate other items and enforce the other recommendations.

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by MT: 5:00pm On Feb 01

Validated:

Dreamer. The USD can never be replaced with digital currency. Not in the next 30 years. Infact with Trump likely coming back, the USD will be grand master against others.

Strong USD will affect US so badly

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by DCroc: 5:00pm On Feb 01

1 Like

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by Geovanni412(m): 5:00pm On Feb 01

Ibrahimcoomasie:
This is the immediate result of the policy. We hope they have what it takes to sustain it and stop the activities of speculators of which the banks are the major participant.

Nigerians banks is the only one in the world declaring huge profit without any impact in the real sector of the economy.... They are window dressing their financials or making gains frm dollars racketting.

We know this script

https://www.nairaland.com/7986995/naira-trades-1520-per-dollar/1#128219191

I posted that this is exactly what would happen

Put up some policy to bring it down to 1200/1300 naira then it holds there say till April

Nigerians get used to that level then we start the run up again to 2000 naira per dollar

It will happen unless we start exporting more.

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by emerged01(m): 5:01pm On Feb 01

nairalanda1:
Government don't have enough dollars, so it's leaning on the banks...

This is going to be fun

But what happens when the bank's stocks are exhausted...? Hmm?

Banks are part of the problem.

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by studyless123: 5:02pm On Feb 01

nairalanda1:
Government don't have enough dollars, so it's leaning on the banks...

This is going to be fun

But what happens when the bank's stocks are exhausted...? Hmm?

Govt is not leaning on the banks. You simply don't know what's going on?

Have you asked yourself how banks make those huge profits? The Fx policy have always favored the banks. There should be a review of these. The CBN governor is taking the right steps and hopefully can speak on some of these issues.

2 Likes 1 Share

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by nairalanda1(m): 5:03pm On Feb 01

emerged01:

Banks are part of the problem.

Maybe, but the fact that government is now leaning on them shows government doesn't have enough dollars to spare.

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by MasterTeeUSA: 5:03pm On Feb 01

This issue is not the circular or notice...how do you enforce these things? You need to tell the banks regulators will be coming next week, and fines will be issued to banks that fail to comply...sticks and carrots...and maybe some incentives to encourage them to comply.

Ibrahimcoomasie:

https://punchng.com/cbn-orders-banks-to-sell-excess-dollars-in-24-hours/

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by nairalanda1(m): 5:04pm On Feb 01

studyless123:

Govt is not leaning on the banks. You simply don't know what's going on?

Have you asked yourself how banks make those huge profits? The Fx policy have always favored the banks. There should be a review of these. The CBN governor is taking the right steps and hopefully can speak on some of these issues.

Yeah, and at the end, when the bank's stocks of dollars run out?

That's where the scary things start.

What is happening is simple. No extra dollars for government, so they are now on the banks' case.

1 Like

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by stasius: 5:06pm On Feb 01

Na physical dollar be the cause of all this. Abi?

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by newnigerdelta00: 5:08pm On Feb 01

ENDTIMEISNEAR:
Uselessss APC Government. This is what you get when you voted for is my turn Baba blu, Bubaba, dollar is moving to N2000
Those that voted for this Afonjaas Thieftinubu shey Una dey enjoy the high fuel price and food price

Owner own na to insult why some of you is worst and dangerous than the government

3 Likes 1 Share

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by Lukgaf(m): 5:08pm On Feb 01

Bullfallo:
Tinubu done tire

The Solution To Nigeria FX Problem

How CBN can tackle raising inflation and bring down usd 1$ back to N200 or N500 at most.

1, For Nigerians travelers ( that needs physical cash BTA)
Asign personnel to Exchange fx directly from the Airport only with requirements like visa and traveling ticket evidence.

2, most of the Exchange fx can as well be gotten from the returning at the airport from those who might want to change their fx.

3. A) all Nigerians that needs foreign currency must open an E-naira accounts. Confiscate and mop up all physical foreign currency trading in the market and issue them the digital currency wallet via the e-naira. They can hoard limited fx if they like but it must be digital on the e-naira wallet and not on the physical notes.

B) Create a dollar, pounds, euro wallet account . (At least the major currency Nigerians are mostly using) inside the E-naira platform where people can conveniently move monies from there enaira account at the approved exchange rate converted to all currency wallets. They can as well convert it back to naira wallet any time as needed.

C) Major importers will have to registered with the CBN and ensure they are truly importers and have their limit increases base on their import capacity. No physical dollar will be giving but digital dollars on their e-naire. Also encourage foreign merchants especially the Chinese to open an enaira wallet for easier transactions. Cbn will need to promote and sell the enaire idea to Chinese merchants.

D) mini importers and others can make purchases online with the enaira dollar mastercards at a minimum limit of 5k or 10k usd a year.

E) flight tickets booking should be done via enaira master cards.

F) school fees or those sending money abroad can use the same enaira cards or crypto currency as it already been done.

Hope criminally minded Nigerians will not game this

1 Like 1 Share

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by Okin07: 5:08pm On Feb 01

Honestly, I'm a bit puzzled about how this move is connected because this morning, the pounds were at 1915, and now it's down to 1730 – a big drop! The government policy might be slow, but it's definitely making an impact. We'll get there eventually.

1 Like 1 Share

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by Fortuneed(m): 5:09pm On Feb 01

Lolz what's this

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by Mandate2023: 5:10pm On Feb 01

ENDTIMEISNEAR:
Uselessss APC Government. This is what you get when you voted for is my turn Baba blu, Bubaba, dollar is moving to N2000
Those that voted for this Afonjaas Thieftinubu shey Una dey enjoy the high fuel price and food price

Illiterate 😂

1 Like 1 Share

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by Lukgaf(m): 5:11pm On Feb 01

The government should sanction one of the banks as a scape goat and others will follow the rules

2 Likes 1 Share

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by BigDickProblems: 5:13pm On Feb 01

Okin07:
Honestly, I'm a bit puzzled about how this move is connected because this morning, the pounds were at 1915, and now it's down to 1730 – a big drop! The government policy might be slow, but it's definitely making an impact. We'll get there eventually.

I am not sorry about this, but you sound like an idiot.

In the next 14 days, come back to this thread and see why I said so.

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by Asswipemod: 5:15pm On Feb 01

[quote author=ENDTIMEISNEAR post=128234994]Uselessss APC Government. This is what you get when you voted for is my turn Baba blu, Bubaba, dollar is moving to N2000 grin

Those that voted for this Afonjaas Thieftinubu shey Una dey enjoy the high fuel price and food price grin

[/quote.]
Keep masking your wailing with fake smiles. You will wailing tire. And Hoebee will not be president.😄😄😄😄😄

1 Like 1 Share

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by lexy2014: 5:16pm On Feb 01

APCNig:

Next formality election of 2027, we shall defeat and humiliate you again. Its going to be a formality because we have that in our pockets already. Cry, weep, wail.

how has the victory moved Nigeria forward?

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by Jemex003: 5:20pm On Feb 01

ENDTIMEISNEAR:
Uselessss APC Government. This is what you get when you voted for is my turn Baba blu, Bubaba, dollar is moving to N2000
Those that voted for this Afonjaas Thieftinubu shey Una dey enjoy the high fuel price and food price

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by lexy2014: 5:22pm On Feb 01

APCNig:

Next formality election of 2027, we shall defeat and humiliate you again. Its going to be a formality because we have that in our pockets already. Cry, weep, wail.

how has the victory improved your standard of living?

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by Charly68: 5:22pm On Feb 01

Only God knows why you waited for this long before you sfart exercising your aurhority
Our banks zre part of the national problem,they create artificial scarcity for dollars to profiteer and sabotage the Govt policy .. Their management must be hammered to serve as deterrent factor

1 Like 1 Share

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by sirray001: 5:28pm On Feb 01

ENDTIMEISNEAR:
Uselessss APC Government. This is what you get when you voted for is my turn Baba blu, Bubaba, dollar is moving to N2000
Those that voted for this Afonjaas Thieftinubu shey Una dey enjoy the high fuel price and food price

point of correction, baba Blu bubaba didn't win election. It was a game plan of APC

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by twosquare(m): 5:28pm On Feb 01

Why do they do that?

robinfemi:
Like say banks get dollar. Banks wer no get dollar go still dey reject 50-50bills.

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by Taich(m): 5:31pm On Feb 01

After the sales? What happens? The sale will strengthen the Naira but immediately bank are out of FX the reverse will happen. We need a long term plan for our currency and not this quick fix approach.

1 Like

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by qtx(m): 5:32pm On Feb 01

Ibrahimcoomasie:

https://punchng.com/cbn-orders-banks-to-sell-excess-dollars-in-24-hours/

GUESS work!

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by Kingbuhari(m): 5:33pm On Feb 01

I went to bank today to collect bta they start 🕳️ blabbing how dollar now a gold mine

Re: CBN Orders Banks To Sell Excess Dollars In 24 Hours by SPAMBOX7: 5:36pm On Feb 01

nairalanda1:
Government don't have enough dollars, so it's leaning on the banks...

This is going to be fun

But what happens when the bank's stocks are exhausted...? Hmm?

That's to tell you how short sighted the leaders are grin

(1) (2) (3) (4) (5) (Reply)

Naira Appreciates Across Forex Market / Video Of Nigerians Fighting To Use ATM To Cash New Naira Notes.. / Polaris Bank's Notice Of Cashless Policy Implementation

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 62
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.