Opintiwa:
This is what I call rise and fall trial and error

Front and back.

But under the jihadist Buhari and the cocaine sniffer regime.

What is have been seeing is rise and fall , fall and rise .

Rise Fall , fall again

Fall yakata.

Rise and show media

Fall finish

So whats your permanent solution?

TenQ:

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

That should be the end point by the CBN...
That means ...enabling NairaCard for international transactions...
I source my dollars from Nigerians abroad...
I visit site that take Naira and convert it to dollars for trading...

BITE!.. don't bark!👌
Just deliver or STFU 💯

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.

because the banks collude with bdc to racketeer the dollar. Banks are the problem and not bdc

This new regulation from CBN could really help stabilize the value of the naira and curb illicit flow of foreign currencies in Nigeria.This new regulation from CBN could really help stabilize the value of the naira and curb illicit flow of foreign currencies in Nigeria....

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

One of the essences of BDC is to make physical FX transactions available after banking hours. But our problem in Nigeria has been exploitation.

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.

People wey get money pass you papa.
Worst as it comes they will relocate out of the country leaving folks like you to suffer in this zoo called Nigeria

Truths9ja:
All this gragra is temporary solution

Banks go still help politicians get the money in bulk pass the limit

Did they not try sth similar during naira scarcity ?

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

These is a pointer they are reading and listening to everything We are saying ... most of the direcives are things we have proposed here on NL and other media outlets

If the govt is clueless no wahala as long as they have listening ear, two heads are beta than one

Chinkoalhaji34:


How is that your business if the $$ jump or fall?

Are you not enemy of Nigeria again?

You're the first enemy of Nigeria the moment you, your god Tinubu, and your tribesmen protested when dollar was 180.

Where is our $1 to N1?

Clown

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

Can you list the things manufactured in Nigeria and among them the ones manufactured by indigenous companies ?
There lies why USD is the secondary currency in Nigeria. And remember that politicians save and transport their loots in USD not in Naira.

As long as you can't go the banks and buy dollar with your naira as an individual but had to go to BDC in the streets to buy it at exorbitant price and return to the bank to deposit it in order to may foreign payments, you guys aren't serious yet.

This policy is good

oyatz:


You are mixing issues up.
This policy is to regulate the BDC ,not to restrict FOREX.

You don need to touch dollars in cash for you to do Import business.

Nigeria is NOT the only country in West Africa with high importation yet we don't see their economy highly dollarized like this.

In other countries, to get above $100, they will request for your international passport and you won't see private citizens in Benin Republic, Togo, Ghana or Mali holding $1000 cash.


What is presently happening in Nigeria is that some elites have somehow created a parallel currency within Nigeria called the DOLLAR with a competing and opposing values to the Naira within the economy

And what you ignorant folks don't know about this import business is that the limit an importer can get from CBN is $10,000 and there is a very long queue and bribery going on before it will get to your turn to access the $10,000. The $10,000 is not even enough so import the needed products so importers buy more USD from the black market, pay into their dorm acct and send it to their clients abroad.
And as long as importers can't walk into a bank and buy USD, black market business will continue to flourish

kikelomo68469:
This new regulation from CBN could really help stabilize the value of the naira and curb illicit flow of foreign currencies in Nigeria.This new regulation from CBN could really help stabilize the value of the naira and curb illicit flow of foreign currencies in Nigeria....

It won't solve anything, bulk transactions will still be carried out undetected, this is Nigeria where policies are made to play to the gallery but never implemented.
Remember CBN has people in BDC while sells dollars for them too.

Willie2015:


That should be the end point by the CBN...
That means ...enabling NairaCard for international transactions...
I source my dollars from Nigerians abroad...
I visit site that take Naira and convert it to dollars for trading...

The problem we are having is because Buhari sold Nigerias oil into the future (till about August 2024) and they have already spent the money. Right now, there is no Dollars with the FG to give anyone.

The CBN cannot enable NairaCard to purchase Dollars because they don't even have the dollars in the first place

post=128648195:


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

Which business are you using dollar to pay for that you can't pay using your dollar card or even the normal debit cards activated for foreign transaction only that caps might be put on the monthly spend amount.

Do you need to hold physical dollar in order to pay for subscription/web host/domain/premium software etc.

All you need is a card that can make cross border payment that's all.

The unnecessary dollarization of the Nigerian economy is what has led us to where we are.

We seriously need to retrace our steps urgently.

Even there is no need for the $500 because we don't spend dollars in Nigeria. Everything should be done digitally.

This is the problem with Nigeria. Right people don't get the job.
Technology is the answer. Remove all physical need for cash in the economy. CBN should move all transactions cashless and contactless. In Europe, I pay with my bank app. In China, with WeChat.
Cardoso can do better.

AfDapone:


One of the essences of BDC is to make physical FX transactions available after banking hours. But our problem in Nigeria has been exploitation.

danilho:
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.

Contradicting yourself as usual, shebi emefiele don commot , How then can't you use your naira card for dollar transaction? why not blame who is in charge now? shame on you, nonentity.

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.

What you don't know simply ask, Restricting the availability of dollar is a calculate attempt to dissuade the insane all time high demand of FX,
The whole idea is to made FX process Transparent and easy to monitor, ... these will wade off speculators and unwanted guest on the long run.
The essence is to go from High demand to Genuine demands, any reduction in demand for FX is a boost to the Naira.
Reinforcing Naira sovereignty within the economy will reinstate confidence in the Naira and that will trigger a boost in value.

America is the largest net importer, infact Benine republic import more than Nigeria, that we import is not enough justification for the present state of our economic or free fall naira

Yankee101:
There’s a reason it’s called black market
If you could regulate it then it’s not black market

Black market that has no semblance of shade or darkness .... e don cast

i just pray they go on to implement and enforce the policies

theamazonguru:


Which business are you using dollar to pay for that you can't pay using your dollar card or even the normal debit cards activated for foreign transaction only that caps might be put on the monthly spend amount.

Do you need to hold physical dollar in order to pay for subscription/web host/domain/premium software etc.

All you need is a card that can make cross border payment that's all.

The unnecessary dollarization of the Nigerian economy is what has led us to where we are.

We seriously need to retrace our steps urgently.

Blogger's Need Physical Dollar, To Make Different Payments Online, My Dear Brother

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

datz y I hate some of u ppl,the police have not yield any results and you are praising him already

adonainana:


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 does not have enough FX supply BUT Black Market have the FX to meet all demands ... does that make any sense

We all know how CBN get FX to supply, how black Market they get FX to meet demands

Before patient get to hospital the priority of the paramedics is to Stabilize the patient, that where our economic presently find itself, with good temporary measures in place we can always build on it, for now survival 1st beko

Oga Pat Utomi,the beer parlor economist please explain to me in a simple language that I will easily understand,how Benin republic even Niger are maintaining the value of CFA against the green back over the years despite not having any exports commodity that earns them dollars

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.

Geovanni412:


Banks go still help politicians get the money in bulk pass the limit

Did they not try sth similar during naira scarcity ?

they will surely do it. You are very right here

Opintiwa:
This is what I call rise and fall trial and error

Front and back.

But under the jihadist Buhari and the cocaine sniffer regime.

What is have been seeing is rise and fall , fall and rise .

Rise Fall , fall again

Fall yakata.

Rise and show media

Fall finish

SO BE YOUR LIFE AND YOURS ! NOT NIGERIA. NIGERIA RISE FOREVER.

Epstein:

https://nairametrics.com/2024/02/24/cbn-plans-to-limit-buying-and-selling-of-forex-in-cash-by-bdcs-to-500/

The Central Bank of Nigeria (CBN) is considering limiting the cash payment for buying and selling foreign currencies by Bureau De Change (BDC) operators to a maximum of $500 and ensure payments above the stipulated figure is done digitally.

The apex bank disclosed this in its proposed revised regulatory guidelines for BDC operators in Nigeria published by the bank where it proposed that electronic transfer/purchase of foreign currencies are to be made to BDCs naira account.

It stated,

“Payments to customers for cash purchases of foreign currency, the equivalent of above USD500, shall be by transfer to the customer’s Naira bank account. If the customer is non- resident (whether Nigerian or not), a BDC shall issue the customer a prepaid NGN card.


Where such a card is issued, relevant maximum credit and cumulative limits, in line with relevant Know Your Customer requirements, shall apply.”

“Payments to customers for cash purchases of foreign currency of the equivalent of USD500 and below may be made in cash.”
Permissible and non-permissible activities if BDCs

According to the bank, permissible activities by BDCs include; acquisition of forex from approved sources, sales of FX in line with its guidelines, serve as cashout points for IMTOs etc.

On the other hand, the apex bank prevented BDC from engaging in street trading, account maintenance, accepting deposits and granting of loans, facilitating international outward transfers, dealing in precious stones and metals, establishing subsidiaries and others.

chidiokay:



What you don't know simply ask, Restricting the availability of dollar is a calculate attempt to dissuade the insane all time high demand of FX,
The whole idea is to made FX process Transparent and easy to monitor, ... these will wade off speculators and unwanted guest on the long run.
The essence is to go from High demand to Genuine demands, any reduction in demand for FX is a boost to the Naira.
Reinforcing Naira sovereignty within the economy will reinstate confidence in the Naira and that will trigger a boost in value.

America is the largest net importer, infact Benine republic import more than Nigeria, that we import is not enough justification for the present state of our economic or free fall naira

With all due respect, so much bullshit.
I don't know how old you are, but don't you get a very laugh when the government or its agencies use the word ' Transparency ' ?
' Transparency in forex transactions in Nigeria ' ?
Which Nigeria are you referring to ?
If there has never been Transparency in forex transactions over the last 40yrs, how is that going to happen now? Are you importing aliens to run our banking system now ?

Secondly, you talk about sovereignty of the Naira.
Another fanciful but meaningless phrase.
No such thing as sovereignty of the Naira. Buhari completely sold put the Naira's sovereignty when he embarked on an 8yr borrowing spree with nothing, zero increase in productivity,employment, tax base and standard of living.
Pls tell us how a heavily indebted country, with debt servicing ratio of 80% to 100% , with an import dependent economy that runs on generators powered by imported fuel can have sovereignty of its national currency?
All these ad-hoc policies once again demonstrate that the government is confused, just like all of us, and playing the blame game.

And to reality again, Nigeria runs the most expensive, the most inefficient and the most corrupt political system in the world. That, my friend , is the root of all our problems.

The Nigerian economy and the Naira are both in the pits. No Hail Mary policies are going help at this moment.

ADSP116:
Oga Pat Utomi,the beer parlor economist please explain to me in a simple language that I will easily understand,how Benin republic even Niger are maintaining the value of CFA against the green back over the years despite not having any exports commodity that earns them dollars

Very simple my friend.
First of all the CFA is not a sovereign currency . It is tied to the French Treasury and therefore indirectly pegged to the Euro. You can thank me later for that piece of education.

Secondly , Nigeria runs the most expensive , the most inefficient and the most corrupt political system in the world. You and I know this fact.

plaetton:

With all due respect, so much bullshit.
I don't know how old you are, but don't you get a very laugh when the government or its agencies use the word ' Transparency ' ?
' Transparency in forex transactions in Nigeria ' ?
Which Nigeria are you referring to ?
If there has never been Transparency in forex transactions over the last 40yrs, how is that going to happen now? Are you importing aliens to run our banking system now ?

Secondly, you talk about sovereignty of the Naira.
Another fanciful but meaningless phrase.
No such thing as sovereignty of the Naira. Buhari completely sold put the Naira's sovereignty when he embarked on an 8yr borrowing spree with nothing, zero increase in productivity,employment, tax base and standard of living.
Pls tell us how a heavily indebted country, with debt servicing ratio of 80% to 100% , with an import dependent economy that runs on generators powered by imported fuel can have sovereignty of its national currency?
All these ad-hoc policies once again demonstrate that the government is confused, just like all of us, and playing the blame game.

And to reality again, Nigeria runs the most expensive, the most inefficient and the most corrupt political system in the world. That, my friend , is the root of all our problems.

The Nigerian economy and the Naira are both in the pits. No Hail Mary policies are going help at this moment.

There is a disparity between public service framework and Money merchant framework ... the revolution carried out in banking sector is enough guarantee that "transparency can be where ever we want it to be"
When okonjo iweala was financed minister she published almost everything down to local disbursement that we thought was impossible ... its just a matter of commitment & deliberate efforts
Digitalizing the FX market is a enough guarantee to facilitate "Transparency" ... even if some try to bypass it, a forensic audit can expose it


America is highly indebted, the things you point out are problems we have being facing since time immemorial, but the present free fall of Naira is artificial and naija made

take it or leave it