Good

plaetton:

Another nonsensical ad hoc policy dead on arrival.
I still fail to understand how restricting the availability of forex would help the Naira.
Nigeria is heavily dependent on imported goods, from toothpick to the very fuel we use to run our generator-economy. Therefore, forex would always be in great demand. If the supply is disrupted by ill-conceived ad hoc policies, the value of the available forex would always go up and up.

But we have been import dependent forever and the naira didn't zoom this low. That tells you it's not just the import dependence causing what's currently happening. It's bad, horribly bad policy making.

There’s a reason it’s called black market
If you could regulate it then it’s not black market

Biodun556:



With bureau de change reforms Tinubu is challenging the north and stepping on their toes. I will not be surprised if they are calling for coup


Obasanjo, Jonathan, Buhari knows this forex malpractice but lacks the courage to correct it

Agbadoians u have started again

Desperate times requires desperate measures. Good from from CBN

BigIyanga:
Why does Naija need BDCs? Why not go to your bank with ur BVN,NIN, FORM-A, FORM M.. Banks vet your docs and request for FX. then CBN will pay the oversea recipients on FOrm M or A… and you have 90days to submit bill of lading to your banks for onward transfers to sNaija customs.

CBN should build a portal like Jamb/WAEC wheb FX disbursement with Form M/A can be submitted and tracked in real time.

What about people who use dollar to pay for their business?

Very funny. Apc just dey do anyhow. Wetin dem wan use $500 do, abi make dem no transact again.

Las las dem go enter darksite to transact abi black market and e go cost pass before.

See wetin tribalism dey cause. Una go support grandpa wey suppose dey rest for village make him be president.

9jatriot:
Very good.... CBN dishing it out hot... Any thing above that should be by transfer.

That means intra bank transfer of forex should now be available.

However, it is interesting how USD has become a secondary currency in Nigeria

Nothing in the report suggests intra bank transfer of fx will be allowed.
The restriction was recently placed and it won't be changed that fast before
determining whether it works or not.

marenkurz:
Isn't it easier to cancel BDC? Let banks be responsible for foreign exchange.
Then, CBN will know the root of the problem.

Not good enough because of massive job loss, BDC is not a threat if they are well regulated

BigIyanga:
Why does Naija need BDCs? Why not go to your bank with ur BVN,NIN, FORM-A, FORM M.. Banks vet your docs and request for FX. then CBN will pay the oversea recipients on FOrm M or A… and you have 90days to submit bill of lading to your banks for onward transfers to sNaija customs.

CBN should build a portal like Jamb/WAEC wheb FX disbursement with Form M/A can be submitted and tracked in real time.

The system in Nigeria is soo slow that you will miss payment deadly, business opportunities by submitting those documents for vetting as it takes days to be processed. Even the Mastercard and it's like can even be used in making foreign transaction.
This policy will even worsen the situation as it will make it difficult for people to access dollar, hence further increasing the price. what needs to be done is to stop floating the naira, that's where the price is been manipulated. Brokers are the once manipulating the naira just as they are doing to cryptocurrency. the naira devaluation is artificial and that is too dangerous for the economy.

Truths9ja:
All this gragra is temporary solution

Enemy of progress. Una go soon tire.

TheBillyonaire:
How will they know

God bless you. They're just wasting their time.

If abokis transact cash, how will they know?

Revoke bdc licenses for now

BigIyanga:
Why does Naija need BDCs? Why not go to your bank with ur BVN,NIN, FORM-A, FORM M.. Banks vet your docs and request for FX. then CBN will pay the oversea recipients on FOrm M or A… and you have 90days to submit bill of lading to your banks for onward transfers to sNaija customs.

CBN should build a portal like Jamb/WAEC wheb FX disbursement with Form M/A can be submitted and tracked in real time.

Laughs in availability

There are importers who have almost 10 million dollars worth of machinery to be paid for and are looking for forex

Now imagine cbn telling everyone go to your bank the bank must answer you

It only means the cbn has unlimited forex to satisfy them

Unfortunately it doesn’t.

Unless Nigeria diversify its economy to a point where it earns extra forex on the international market excluding crude oil, there is no hope for Nigeria as it will always suffer from a balance of trade deficit .

All of these measures are temporarily and will never work because the foundation it was built on is faulty

1 dollar can be 1 naira ( yes theoretically it’s possible ) and it can only happen when Nigeria earns ( exports ) way much more than it imports ( a balance of trade surplus )

There is agriculture there are rare metals etc

Well until then it is well

CBN go explain tire.

pharmagba:
This is long overdue.
CBN wasted too much time.
It's the first thing Cardoso should have done as soon as $1 hits N900.

Let see the fight back of our dear Naira

Better late than never, the former CBN governor has done more than enough harm to our naira.

BDC are black marketers for a reason. They are there because the official market is not reliable and does not have enough dollars to go around

You cannnot regulate a black market that you don’t have official control over as the reason why black marketers became this big in Nigeria was because of the lack of forex in the official market

You can license them all you want, you can refuse to sell dollars to them all you want, but one thing you cannot do is regulate a market which is underground already.

There are importers waiting for 20 million dollars in forex with extreme urgency, if there was not black market , which bank can you work into with naira in this Nigeria and you will leave with 200 dollars more less 20m dollars

So pls to those in power stop chasing shadows diversify the economy to earn more forex

The more forex Nigeria earns as exports the more favourable the naira to dollar rate is.

20m dollars is nothing if a country has it

10b dollars import bill is nothing if a country has it. The only way you can make forex on the international is if you produce something to sell to the world

Agriculture is there
Sunshine is free
Rainfall is free

Nigeria pls leave crude oil alone its not the only you can sell to other countries

Panama has no oil reserves has more gdp per capital than Nigeria

Pls Nigeria leave BDC alone and leave oil alone too

danilho:
Better late than never, the former CBN governor has done more than enough harm to our naira.

una no dey tire to blame people? during Jonathan time, nobody blamed Sanusi because he was a Muslim, the blame was on Jonathan, after that Buhari and nobody is blaming him but rather CBN governor. Disgusting set of people.

pandoragirigory:
Anything that will cripple criminals is acceptable

Criminals don't cripple criminals. They cripple you

Permanent solution is what we should work towards.

plaetton:

Another nonsensical ad hoc policy dead on arrival.
I still fail to understand how restricting the availability of forex would help the Naira.
Nigeria is heavily dependent on imported goods, from toothpick to the very fuel we use to run our generator-economy. Therefore, forex would always be in great demand. If the supply is disrupted by ill-conceived ad hoc policies, the value of the available forex would always go up and up.

you don't need dollar to buy anything in Nigeria, it's meant for international transaction, so what d policy is doing is to prevent Dollar cash circulating on our economy, they're meant to even stop accepting Dollar cash deposit and withdrawal in general

9jatriot:
Very good.... CBN dishing it out hot... Any thing above that should be by transfer.

That means intra bank transfer of forex should now be available.

However, it is interesting how USD has become a secondary currency in Nigeria

Actually CBN seem very dùmb to me, first of all they have saturated the economy by printing out more Naira than stated which is directly fueling inflation.

Secondly, It has already been established that Nigeria does not have the infrastructure in place to run a fully operational cashless system, so any cashless move will promote uncontrollable hoarding and in this case with FX, which will have a more profound economic impact.

Thirdly they are trying to block FX supply by strangulating a market that already has a significant National FX supply split, because the banking sector alone can not even meet up with National FX supply.


All this with a floated currency value?
All this with import chaos?


People should be prepared for horror days ahead, because this naira will crash further.


FYI the USD is the global currency for trade, so until the global trade currency changes, then it's normal for it to be available in Nigeria... what is not normal though is CBN and the FG policies regarding the flow of FX in the Economy... but it's not surprising because political looting would not flow freely if there were more regulated FX policies in Nigeria.

osigiepurr:
Enemy of progress. Una go soon tire.

when it increased, you will wail more. Without lasting solutions on dollar rate increased, inflation in our economy will continue.

Giving room for illicit, secret exchange.

We are good to go

marenkurz:
Isn't it easier to cancel BDC? Let banks be responsible for foreign exchange.
Then, CBN will know the root of the problem.

The crowd at the bank will go up and it will lead to congestion and before you know it, bank armed robbery will increase.

BigIyanga:
Why does Naija need BDCs? Why not go to your bank with ur BVN,NIN, FORM-A, FORM M.. Banks vet your docs and request for FX. then CBN will pay the oversea recipients on FOrm M or A… and you have 90days to submit bill of lading to your banks for onward transfers to sNaija customs.

CBN should build a portal like Jamb/WAEC wheb FX disbursement with Form M/A can be submitted and tracked in real time.

A small business owner who buys from Ali express or Allibaba or any online platform cannot buy dollars from the bank.
Just go to any bank and say you want to buy N50,000 worth of dollars. It is impossible.

This is why everyone goes to the BDC for it

plaetton:

Another nonsensical ad hoc policy dead on arrival.
I still fail to understand how restricting the availability of forex would help the Naira.
Nigeria is heavily dependent on imported goods, from toothpick to the very fuel we use to run our generator-economy. Therefore, forex would always be in great demand. If the supply is disrupted by ill-conceived ad hoc policies, the value of the available forex would always go up and up.

The banks are not making dollar readily available, so the only way it can go is up.

mycar:

una no dey tire to blame people? during Jonathan time, nobody blamed Sanusi because he was a Muslim, the blame was on Jonathan, after that Buhari and nobody is blaming him but rather CBN governor. Disgusting set of people.

Idiots like you just come to online to type trash as usual. You carry religion for head like gala. Around February 2020. I did about 20 dollars transactions on four occasions amounting to about 80 dollars with my GTBank naira MasterCard, the equivalent in naira was deducted from my account but by September 2020 I was required to get a prepaid dollar card and source for dollar in cash to be deposited in my prepaid dollar account to do the same transaction. Dollars in cash is now needed for transactions we used to do from our naira account, and since then I have noticed a sharp decline in naira and it keeps dropping. You are here talking about Sanusi been a Muslim for a stupid policy initiated by Emefiele.

baby124:
Good. I see the useless and lazy organized crime syndicate called BDC are always online chatting trash. After this they need to go and find farm laborer work or open factory.

oil full your head

9jatriot:
The North are not stupid, they understand politics more than the South and know when someone is doing the right thing versus when someone is doing politics.

Tinubu is also perceived by them to be a strong personality, PO for example would know not have known what to do, and even if he did would not have had the courage non the acceptance to do the right thing.

Only a Tinubu and a El-rufai and Buhari can go after these Northern oligarchs controlling our fx sector and go away with it.

An Atiku and worse Obi would be challenged and dared.

Those oligarchs consider the first 3 as strong men. Why Buhari chose not to go after them is simply “nepotism”.

Biodun556:



With bureau de change reforms Tinubu is challenging the north and stepping on their toes. I will not be surprised if they are calling for coup


Obasanjo, Jonathan, Buhari knows this forex malpractice but lacks the courage to correct it

Right policy...
No one need FX in cash..
Naija is a tough country to rule...
too many saboteurs in the system...