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Nairaland Forum / Nairaland / General / Politics / CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 (12245 Views)
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Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by ILoveNG: 12:13am On Feb 26 |
Good |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by DeepSight(m): 3:02am On Feb 26 |
plaetton: 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. 5 Likes 1 Share |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by Yankee101: 3:10am On Feb 26 |
There’s a reason it’s called black market If you could regulate it then it’s not black market 1 Like |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by cyberguy72(m): 4:29am On Feb 26 |
Biodun556:Agbadoians u have started again |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by Coolestguy2023: 6:20am On Feb 26 |
Desperate times requires desperate measures. Good from from CBN 3 Likes |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by NaijaCover(m): 6:23am On Feb 26 |
BigIyanga: What about people who use dollar to pay for their business? |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by zedegit: 6:27am On Feb 26 |
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. |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by ivolt: 6:29am On Feb 26 |
9jatriot: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. |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by spiSeyi: 6:36am On Feb 26 |
marenkurz:Not good enough because of massive job loss, BDC is not a threat if they are well regulated 1 Like |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by mycar: 6:40am On Feb 26 |
BigIyanga: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. |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by osigiepurr(m): 6:41am On Feb 26 |
Truths9ja:Enemy of progress. Una go soon tire. 2 Likes |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by olyrayy(m): 6:41am On Feb 26 |
TheBillyonaire: God bless you. They're just wasting their time. If abokis transact cash, how will they know? |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by omoredia: 6:41am On Feb 26 |
Revoke bdc licenses for now |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by adonainana: 6:43am On Feb 26 |
BigIyanga: 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 3 Likes 2 Shares |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by Olumaeme: 6:43am On Feb 26 |
CBN go explain tire. |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by danilho(m): 6:44am On Feb 26 |
pharmagba:Better late than never, the former CBN governor has done more than enough harm to our naira. 1 Like |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by adonainana: 6:50am On Feb 26 |
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 2 Likes 2 Shares |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by mycar: 6:51am On Feb 26 |
danilho: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. |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by bemeruca: 6:53am On Feb 26 |
pandoragirigory: Criminals don't cripple criminals. They cripple you |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by rolams(m): 6:53am On Feb 26 |
Permanent solution is what we should work towards. |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by Watcharena: 6:58am On Feb 26 |
plaetton: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 3 Likes |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by optimusprime2(m): 7:01am On Feb 26 |
9jatriot: 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. |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by Truths9ja: 7:03am On Feb 26 |
osigiepurr:when it increased, you will wail more. Without lasting solutions on dollar rate increased, inflation in our economy will continue. 1 Like |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by iyke2frankeze: 7:06am On Feb 26 |
Giving room for illicit, secret exchange. |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by ClimaxHerbalixt(m): 7:10am On Feb 26 |
We are good to go |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by iLegendd(m): 7:11am On Feb 26 |
marenkurz: The crowd at the bank will go up and it will lead to congestion and before you know it, bank armed robbery will increase. |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by TenQ: 7:11am On Feb 26 |
BigIyanga: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 1 Like |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by Crvrider: 7:12am On Feb 26 |
plaetton: The banks are not making dollar readily available, so the only way it can go is up. 1 Like |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by danilho(m): 7:30am On Feb 26 |
mycar: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. 4 Likes |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by Samsonferan: 7:31am On Feb 26 |
baby124:oil full your head |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by Ebubu2: 7:40am On Feb 26 |
9jatriot: 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”. 3 Likes |
Re: CBN Plans To Limit Buying And Selling Of FOREX In Cash By BSCs To $500 by Willie2015: 7:56am On Feb 26 |
Biodun556: Right policy... No one need FX in cash.. Naija is a tough country to rule... too many saboteurs in the system... 4 Likes 1 Share |
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