₦airaland Forum

Immatex:
The guidelines simply aims to drive Northerners out of their own tuff. This regulation by CBN is laughable. Such high handedness will continue to encourage illegal BDCs. This is just using grammar to ask BDCs as we know it to stop operating. Even in developed economics, changes are introduced in stages not to lump everything together and make it cumbersome for business people. This adminstration is desperate to prove they are working but their actions are that of a paranoid and power drug authocrat.
This policy has no human face, is targeted at provoking legitimate businesses to close shop and might still achieve little or nothing

The abokis selling dollars like pure water 💧 are criminals. They should be locked up. We are the ones destroying the economy we are the shouting pains at the same time

Immatex:
The guidelines simply aims to drive Northerners out of their own tuff. This regulation by CBN is laughable. Such high handedness will continue to encourage illegal BDCs. This is just using grammar to ask BDCs as we know it to stop operating. Even in developed economics, changes are introduced in stages not to lump everything together and make it cumbersome for business people. This adminstration is desperate to prove they are working but their actions are that of a paranoid and power drug authocrat.
This policy has no human face, is targeted at provoking legitimate businesses to close shop and might still achieve little or nothing

If they do, you go complain. If dey no do, you go complain. Very funny people

Cardoso caryin out economics practical in the town hall... Ebin pawa
All this rice and spaghetti truck wen una go pass area na..

A good step in the right direction
They should take steps to ensure that all trades above a threshold are recorded with ID of seller. BDC should be made to keep records

Good or bad move, time will tell
But, why Nigerians dey criticize everything wey government do? I no understand

Simply have authenticated records for anyone buying dollars, so we kow from what income and for what purposes. The people buying and dealing in dollars are not spirits.

We are getting there. Thank God

Biodun556:
They are criminals

not necessarily
No law no crime

I nor understand anything.....

aribisala0:
not necessarily
No law no crime

Now there is law

They should go to the farm and stop manipulating $/N to make a living

No solution in sight yet as far as the dollar supply gap is still an issue. The painful thing is that even Nigerians no longer believe in their country again. The spirit of patriotism is totally dead in many of us. Those Diaporeans that remit dollars to Nigeria for capital projects have ceased to continue. People sell their properties in naira and exchange for dollar just to Japa. To add insult, the multinational companies that we expect to invest dollars in the country are closing shops and leaving.

Until we correct our political system, nobody should expect magic. Gone are the days that a politician can wield so much power and go free. The economic repercussion must humble you. The world is more complex and dynamic as of today.
There's no solution in sight for Nigeria yet!

nlfpmod:
https://punchng.com/just-in-cbn-may-increase-bdcs-share-capital-to-n2bn/

It is also important to ensure that anyone that is changing money must have an ID card, all activities must be documented No off record/ street changing of foreign currency without documentation

Biodun556:
Now there is law

They should go to the farm and stop manipulating $/N to make a living

Why should they go to the farm
Have they said they won't comply?
Don't be a hater
There is no evidence they are manipulating anything
Look at the politicians stealing Naira as well as CBN staff
They provide a useful service that needs regulation
That is not their responsibility

NAIRA MAY GO ABOVE N2500 per dollar if this plan goes through.

If the CBN stifles the operations of BDCs when the deposit money banks can’t meet the demand, the resulting scarcity will lead to further depreciation of the naira

We trust banks with naira and transact with BDC with dollars, come to think of it. This CBN gov. Needs help. Cos his policy are smh.

This one will affect our arewa brothers oh.Tinubu policies hitting people back to back.First president that doesn't really give a damn if his policies are hurting people he needs their vote.This is the right call we will surely get there.

Immatex:
The guidelines simply aims to drive Northerners out of their own tuff. This regulation by CBN is laughable. Such high handedness will continue to encourage illegal BDCs. This is just using grammar to ask BDCs as we know it to stop operating. Even in developed economics, changes are introduced in stages not to lump everything together and make it cumbersome for business people. This adminstration is desperate to prove they are working but their actions are that of a paranoid and power drug authocrat.
This policy has no human face, is targeted at provoking legitimate businesses to close shop and might still achieve little or nothing

The proposed CBN rule is the way to go. At the inception of this BDC idea they were barred from many things: no fx transfer, maximum fx transaction, quality of staff, no offshore account, no inflow into their dom accounts, lodgements can only be cash and tcs etc.

Today they have unofficially taken over the functions of banks in fx transactions.

YaksonFCA:
NAIRA MAY GO ABOVE N2500 per dollar if this plan goes through.

If the CBN stifles the operations of BDCs when the deposit money banks can’t meet the demand, the resulting scarcity will lead to further depreciation of the naira

Naira can go to 10000 that is a non issue the Naira will eventually find its real level
Of course that will be painful for those at the bottom but it will happen
What matters is stability not whether it is 2500 or 25000
Stability will come and Nigerians will move forward.
We saw worse under the military for those old enough to remember SAP under Babangida

Won’t solve anything
How many malams are authorized in the first place?
Just make NNPC operations open let the fx earned be brought into our accounts not stolen

tonicyril:
Sentiment apart, please someone should enlighten me.

Why do we need BDC?

To me this is one of the problems we have as a nation

Imagine a bank ceo collecting dollars from central bank, refused to use it judicially but sell it to the BDC operators for higher gains and later he will be building university in marina island..

In the long and distant past you could only access BDC's at the airport and shopping malls. So this is probably an attempt to consolidate them.

You comment regarding their source of USD is on the money. Most of them are money laundering operations for politicians.

Once reserves get to say $40b in unencumbered fx reserve, banks should reactivate naira Mastercard for fx purposes - POS only ( no ATM) with a monthly limit.

ThierryJay:
Commendable. But really they should also flood the system with forex to address the supply issues and reduce pressure on the naira.

And while at it, the CBN should also remember to regulate itself, the banks and engagements with politicians as they are the biggest culprits putting pressure on the naira through the same BDC racketeering.

The state governments will still change their allocations to dollars and send to the black market through their proxies

tonicyril:
Sentiment apart, please someone should enlighten me.

Why do we need BDC?

To me this is one of the problems we have as a nation

Imagine a bank ceo collecting dollars from central bank, refused to use it judicially but sell it to the BDC operators for higher gains and later he will be building university in marina island..

Exactly that's what is happening. Bank CEOs are the criminals in this game.

tonicyril:
Sentiment apart, please someone should enlighten me.

Why do we need BDC?

To me this is one of the problems we have as a nation

Imagine a bank ceo collecting dollars from central bank, refused to use it judicially but sell it to the BDC operators for higher gains and later he will be building university in marina island..

Having BDC in a capitalistic economy like ours isn’t an issue but it’s wise to regulate them like the CBN is doing.

They should function like proper exchange rate companies like we see in the west, and should have offices and standardised outlets.

This would mean that no ordinary person without licenses can trade currencies. It’s a welcome initiative.

nlfpmod:
https://punchng.com/just-in-cbn-may-increase-bdcs-share-capital-to-n2bn/

Nonsense. Revoke all BDC license. Let commercial banks be the sole beneficiary of BDC licence . So I ly banks can buy or sell BDC. Phase out these street guys

nlfpmod:
https://punchng.com/just-in-cbn-may-increase-bdcs-share-capital-to-n2bn/

Nonsense. Revoke all BDC license. Let commercial banks be the sole beneficiary of BDC licence . So only banks can buy or sell BDC. Phase out these street guys

nlfpmod:
https://punchng.com/just-in-cbn-may-increase-bdcs-share-capital-to-n2bn/

Politics aside. This is very commendable.

Bringing back the BDCs and "strictly regulating" them would help stablise the black market.

It happened in 2016 and 2021.

In addition, increasing supply of forex to the official market would also help.

Okay ooo

coputa:
The state governments will still change their allocations to dollars and send to the black market through their proxies

It's just so unfortunate. They should start the reform from within themselves, but politicians dont like to tell themselves the truth.

EbolaTinubu:
Zombie, moving to where?

Ebin pawa oh

Na that ebi go kpai you. 1p0b 0beengoes

ThierryJay:
It's just so unfortunate. They should start the reform from within themselves, but politicians dont like to tell themselves the truth.

yes

This policy is going to make the oligarchs extremely strong. Jagaban and Cardoso are facing out the smallies in the system. Only their friends will be in it now. Hmmm. It looks like Jagaban is trying to own the whole of Nigeria.

Nigerians una never see anything. Una go know say "Yoruba lo kan". The way these guys will snatch Nigeria for themselves. Unfortunately, Ganduje is an educated illiterate who happens to be an unfortunate professor. He is a tool for the SW. The agenda going on in Aso Rock is powerful.

Anyway, my assumption is based on ONLY one factor. If most Hausas and Fulanis are faced out of BDC with this law, hmmmm. It means I am right.

I think the era of going to markets to meet malams for dollars is over. A new "modulus operandi" is about to start. I may be wrong sha.

Again, I pray Tinubu creates so many enemies for himself that they start fighting each other and eliminate themselves. Then, good people can come on board..

jamafa:
If they do, you go complain. If dey no do, you go complain. Very funny people

I know better than complain. Policies that succeed are implemented in phased and incremental basis not in one full sweep like what is detailed in the new CBN guidelines for BDCs.

We are in to much of a hurry to solve decades old rots. Policies are not meant to drive genuine businesses out of business.