CBN To Resume Weekly FX Interventions Through BDCs - Business (2)

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CBN To Resume Weekly FX Interventions Through BDCs - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN To Resume Weekly FX Interventions Through BDCs (14695 Views)

CBN Lifts Ban On BDCs, Introduces New Operational Mechanism / Naira Falls After CBN Stops Forex Sales To BDCs / Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs (2) (3) (4)

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Re: CBN To Resume Weekly FX Interventions Through BDCs by ITbomb(m): 2:29pm On Feb 26

But wetin Nigerians dey use dollars do inside Nigeria?

3 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by Adlac(m): 2:33pm On Feb 26

huptin:
Won't this encourage further round tripping? I still don't understand this administration's strategy for Fx management at all.

I sense a Unified rate to be maintain.

Re: CBN To Resume Weekly FX Interventions Through BDCs by Ulogwe1: 2:35pm On Feb 26

Anything that will savage the economy is welcome. No more sitting down. Stand up and work.

Re: CBN To Resume Weekly FX Interventions Through BDCs by Mrbenny001: 2:36pm On Feb 26

Shadomaan7:

It is still floating. They already closed the parallel/normal rate gap and this FX intervention will be sold at the same market rate.

They are selling at that current #1500/#1600 rate for now until the rate goes down back. No subsidy on dollar again.

I am sure enemies of Nigeria will now be very sad.

The BDC are more croke than d Banks the government is running from..

1 Like

Re: CBN To Resume Weekly FX Interventions Through BDCs by jUeLiZ: 2:37pm On Feb 26

Shadomaan7:

It is still floating. They already closed the parallel/normal rate gap and this FX intervention will be sold at the same market rate.

They are selling at that current #1500/#1600 rate for now until the rate goes down back. No subsidy on dollar again.

I am sure enemies of Nigeria will now be very sad.

I don't understand a thing from what you just wrote... though I really want to understand what what is ....but please will it see Naira appreciate to atleast #800 or 1k....and will prices of some products come down...?... please put me through, I'm not inclined to this area... thank you

2 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by FOLYKAZE(m): 2:37pm On Feb 26

Re: CBN To Resume Weekly FX Interventions Through BDCs by Bluearrow: 2:40pm On Feb 26

jUeLiZ:
I don't understand a thing from what you just wrote... though I really want to understand what what is ....but please will it see Naira appreciate to atleast #800 or 1k....and will prices of some products come down...?... please put me through, I'm not inclined to this area... thank you

Since u were born in this country, have u seen anything that has ever gone up & come down??

4 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by treatise: 2:41pm On Feb 26

Ogiame:
This Yemi Cardoso that looks like Smeagol in Lord of the Rings movie, is just confused like who appointed him.

Just few months to his appointment, he has proven to be worse than Emefiele.

See him going round circles with BDC operators. 😂

They may soon invite former President Jonathan or Ngozi Iweala to head an Economic Team; this is a mild definition of anomie.

Re: CBN To Resume Weekly FX Interventions Through BDCs by Hoelujohn: 2:42pm On Feb 26

aariwa:
Why the sudden U turn ? ….why is tinubu hell bent on following the same failed buhari policies or are these people permanently cursed or were born olodo only smart at criminality and not good things? Buhari everybody knows is the worst president in Africa is today even better than tinubu…smh. This is where emilokan/ awalokan (sectionalism) and broad day
electoral robbery by Mahmoud have landed Nigeria into. A new Nigeria is possible with Peter Obi

I be confirm obedient but anything that will peg dollar to naira at 1k below, I support.
Is it that you people are happy withthe situation of things

3 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by Ogiame: 2:42pm On Feb 26

treatise:

They may soon invite former President Jonathan of Ngozi Iweala to head an Economic Team; this is a mild definition of anomie.

Re: CBN To Resume Weekly FX Interventions Through BDCs by 9jatriot(m): 2:42pm On Feb 26

Having paid some of the backlog of USD owed, I guess, they are now paying attention to the domestic sector.

For those saying CBN made a U-turn, they are those who have not been following the sequence of CBN interventions. If you look at each intervention in isolation, one may be tempted to think they do not know what they are doing, but if you think about it, they are doing a series of activities, each meant to compliment the other.

3 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by emerged01(m): 2:43pm On Feb 26

andy244:
Does it mean Naira is no longer floated and floating ? Trial and error first class economy

Has dollar been fixed ?

Re: CBN To Resume Weekly FX Interventions Through BDCs by Hoelujohn: 2:43pm On Feb 26

omoredia:
Cabal has won

Naira stability has won

6 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by jUeLiZ: 2:43pm On Feb 26

Bluearrow:

Since u were born in this country, have u seen anything that has ever gone up & come down??

naira went up to 1900 and is down.... simple question that I asked, you are talking another.... it's okay, if you don't want to answer....bye.

1 Like

Re: CBN To Resume Weekly FX Interventions Through BDCs by andy244: 2:45pm On Feb 26

Shadomaan7:

It is still floating. They already closed the parallel/normal rate gap and this FX intervention will be sold at the same market rate.

They are selling at that current #1500/#1600 rate for now until the rate goes down back. No subsidy on dollar again.

I am sure enemies of Nigeria will now be very sad.

Forget this trash you wrote. No one is enemy of Nigeria, If Nigeria is fair. Meanwhile, there still exist official rate and black market. Tinubu is a monumental failure

2 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by Realdeals(m): 2:45pm On Feb 26

Many seem not to understand what is playing out, CBN will be selling to BDC at the prevailing market rate through bidding, not discount for any trader.
If any BDC attempted to hoard it and the rates falls, that's his own headache.

5 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by danowena: 2:45pm On Feb 26

9jatriot:
Having paid some of the backlog of USD owed, I guess, they are now paying attention to the domestic sector.

For those saying CBN made a U-turn, they are those who have not been following the sequence of CBN interventions. If you look at each intervention in isolation, one may be tempted to think they do not know what they are doing, but if you think about it, they are doing a series of activities, each meant to compliment the other.

Finally, a naira lander with sense.

4 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by BadMaster: 2:47pm On Feb 26

We have never had a government more useless than this one. To even imagine I was one of those who supported it initially, it gets me very annoyed whenever I remember.

4 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by Bluearrow: 2:50pm On Feb 26

jUeLiZ:
naira went up to 1900 and is down.... simple question that I asked, you are talking another.... it's okay, if you don't want to answer....bye.

I laugh at u..
Naira went to 1200 before & fell down to 900 naira just few months back, what is the current price now? You are using a temporary fluctuation to measure the rise & fall of something? I will quote u with prices by December

Re: CBN To Resume Weekly FX Interventions Through BDCs by CapitalBank: 2:54pm On Feb 26

How did BDC become this power in our economy so much that banks have been relegated to back of handling dollar?

Re: CBN To Resume Weekly FX Interventions Through BDCs by Bfly: 3:01pm On Feb 26

Timing is coming back to his senses

Re: CBN To Resume Weekly FX Interventions Through BDCs by t2luv1: 3:03pm On Feb 26

nlfpmod:

https://www.thisdaylive.com/index.php/2024/02/26/in-renewed-bid-to-strengthen-naira-cbn-to-resume-weekly-fx-interventions-through-bdcs

This is exactly what I have been advocating for. Emefiele is a banker and he did away with BDC being able to source FX from the I/E windows to help his baking partners. Those banks were greedy, they were making ridiculous profit by the notes at N459 and then turning around and selling for N956. The next thing to change will be to make diaspora remittances payable in dollars. This will open another mode of sourcing dollars to the BDC. Most people buy their business FX needs from the BDC office. Forget the bank. People, we might finally be getting a CBN that seems to understand how things work in that Country. We will take care of the stupid custom clearing pegging rates later.

Re: CBN To Resume Weekly FX Interventions Through BDCs by t2luv1: 3:03pm On Feb 26

CapitalBank:
How did BDC become this power in our economy so much that banks have been relegated to back of handling dollar?

Because the banks are crap. Those that answer your question?

2 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by YourMrBoo: 3:05pm On Feb 26

StOla:

They can do without them

This contradicts this post

Re: CBN To Resume Weekly FX Interventions Through BDCs by t2luv1: 3:06pm On Feb 26

Realdeals:
Many seem not to understand what is playing out, CBN will be selling to BDC at the prevailing market rate through bidding, not discount for any trader.
If any BDC attempted to hoard it and the rates falls, that's his own headache.

Partner you got it. Eliminate the freaking middle men which were the motherf*cker banks

1 Like

Re: CBN To Resume Weekly FX Interventions Through BDCs by Haaland21: 3:06pm On Feb 26

SensualMan:
Tinubu Na idi anyi mma mbo mbo!
Tinubu Na idi anyi mma mbo mbo!
Onye chi mere eze Na mmadu apughi ina ya mbo mbo!
Onye chi mere eze Na mmadu apughi ina ya Oyo yo!

On your mandate we shall stand!
On your mandate we shall stand,
On your mandate,
Bola on your mandate
On your mandate we shall stand!

Tinubu till 2035

Is this you?
You look like the cannibal who kidnapped a corpse in enugu two weeks ago.

Go and work if you are hungry. Is Tinubu holding your brain too?

2 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by Badgers14: 3:07pm On Feb 26

omoredia:
Cabal has won

Re: CBN To Resume Weekly FX Interventions Through BDCs by Jogs1900: 3:09pm On Feb 26

crestedmazi:
He fell into their hand again, the north wins again .

Whenever they make such win at the center, the country is pulled 5years back into retrogression

You no nothing..The government has issues with unregistered mallams by the road side.(touts)These registered ones have operational guideline given to them by CBN.If they do anyhow, CBN revoked their licence.
Mind you, I know many Yorubas and igbos that operate registered BDC..

2 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by Badgers14: 3:12pm On Feb 26

ITbomb:
But wetin Nigerians dey use dollars do inside Nigeria?

FG and CBN know the right thing to do but they won't do it.

Why can't people just go to their banks and effect a wire transfer to their kids school abroad or pay their supplier in China??

Rather the system wants to fleece the populace by telling them to go and buy dollar from bdc and come and pay to the bank.. it's not like the bank will carry the dollar and deposit to bank of India or bank of england.. the transaction is still done electronically..

So why not the bank conduct the transaction electronically from the get go??

No one needs 8 PHD degrees from Harvard to fix this issue..

The solution is there but because of corruption and greediness, they don't want to implement it.

2 Likes

Re: CBN To Resume Weekly FX Interventions Through BDCs by OKORONKWOBRIGHT(m): 3:13pm On Feb 26

Hahaha hahaha

Re: CBN To Resume Weekly FX Interventions Through BDCs by VeeVeeMyLuv(m): 3:18pm On Feb 26

LegendHero:
Those who bought the increase thinking they will make a fortune are about to get burnt.

The fundamentals are still very terrible

Re: CBN To Resume Weekly FX Interventions Through BDCs by Tap0lane: 3:24pm On Feb 26

Get sense abeg

airsaylongcome:
Fight Aboki at your own peril. They OWN that market (and Nigeria)

2 Likes

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