chriskosherbal:
The question is will they adhere to the directives.

I think is better to peg per pertime than allow it to float

Black market era is gone
Whatever you sell at BDC, transactions evidence must be sent to CBN

JuanDeDios:

Easy. When you see some stability.

With Binance boys and speculators pushing rate to 2k without any economic activity?

Dialpad:
Not possible, these BDC cannot meet the demand of Nigeria based on the $20k weekly by CBN.

So if I want to travel and I need $15000, where will I get the cash ?

Will aboki sell the entire amount at government approved rate or how will it work.

The people I pity most are those that hurriedly purchased between 1400 and 1800 with the hope that it will hit 2500.

They didn't consider that the government will fight back.

I tell people den is a trap....


Buh dem no hear....


Dem think say buying dollar to keep na investment...

Obviouslyblunt:
So no more naira floating then?

Are you complaining?

emerged01:

They are registered now,and if they are given forex directly from CBN,that is a way to monitor them.

donbrowser:


You've not been following up with the government's reforms. The BDC is being monitored now and only registered BDC will be able to sell dollars unlike before

These registered BDCs, what % of their $ for sale is coming from CBN? Or after selling the 20k each day (abi week!), they will close shop and go home?

inoki247:




I tell people den is a trap....


Buh dem no hear....


Dem think say buying dollar to keep na investment...

ttoyetade:
Is this sustainable. Anything not based on freemarket cannot go on for long.

What we were having since naira was floated wasn't freemarket but pure economic sabotage. Everyone just turned into currency speculator, they kept using naira to chase after few dollars to hoard.
How many countries do you know that don't defend their currency? Free market my ass

AntiChristian:
Painful news for those who want Nigeria backwards so as to scorn others!




From N1900 last week to N1314!

You no go here anything but if it was vice versa....casala go don burst!

PO and hin boys go don sing anthem on twitter!

when it gets to the ₦650 you met it, we'll sing your praise. Ire ooo

AntiChristian:
Painful news for those who want Nigeria backwards so as to scorn others!




From N1900 last week to N1314!

You no go here anything but if it was vice versa....casala go don burst!

PO and hin boys go don sing anthem on twitter!

Where was it in 2014?

What's the essence of floating the Naira, mess up the economy only to return back to fixing the rates?

Will things improve now with this directive? I doubt because when prices goes up in Nigeria, it never comes down.

HateBigots:
Dey play... Even banks can't sell at that rate.

It's none of my business if they do or not! At least CBN is reining in things!

Shameless Zombie. What was dollar rate in 2014 before APC protested against Pres. Goodluck? Now you are celebrating N1,314.

God punish all those who celebrate the loss of Nigeria only for them to be sad when Nigeria records little gain!

The past is the past! Today is today!

And actually I am not celebrating anything. I am here to curse those who celebrates when naira declines...

donbrowser:


With Binance boys and speculators pushing rate to 2k without any economic activity?

I thought they were taking separate measures against the Binance issue?

Anyway, if you believe that true value of the naira has been determined, Godspeed.

Why can't CBN sell the dollar themselves. Why sell it to BDC first,?

AntiChristian:
Painful news for those who want Nigeria backwards so as to scorn others!




From N1900 last week to N1314!

You no go here anything but if it was vice versa....casala go don burst!

PO and hin boys go don sing anthem on twitter!

Just your username alone says a lot about where you are coming from and your attitude.

I'm just laughing at some of you who doesn't remember that this life is give and take.


Tinubu and his friends gave Obasanjo, and Jonathan wahala and people are bringing it on them and most of you are crying.

Tell me why you should be crying?

femicyrus:

Black market era is gone
Whatever you sell at BDC, transactions evidence must be sent to CBN

What now happens to people who need dollars but their needs can't be met by BDCs (whose operating capital is now 20k since they can only trade at the CBN-mandated rate)?

JuanDeDios:

Won't work. You really think the 20k CBN is selling is enough? What of the $ not sourced from the CBN? I hope the CBN isn't serious about this because it'd amount to an abandonment of floating and a return to arbitrage, which enriches a few connected people.

I understand your concern about arbitrage.
I've had first hand experience with ppl involved and how damaging it is.

However, this floating has caused wahala for nearly everybody

So if we are going to pacify a few for the masses to be okay ..
So be it

AntiChristian:
Painful news for those who want Nigeria backwards so as to scorn others!




From N1900 last week to N1314!

You no go here anything but if it was vice versa....casala go don burst!
You
PO and hin boys go don sing anthem on twitter!

you are just a shameful Person, so 1,315 per dollar is worth celebrating You are part of our problem in this Nation.

This is great news, all of you hoarding dollars, sell now or count your losess

Never seen such a very selfish country, people bet against their own currency, wishing things to continue going up.
You wont see the new trend that dollar is falling, na so so naira is falling news you go dey hear.

Good one CBN, not everyone must sell dollar, if you dont have be going home.

Mayeldah:


Where was it in 2014?

That past tense!

Are you as you were in 2014? Your village house that was priced in 2014, will the price still be the same today?

What's the essence of floating the Naira, mess up the economy only to return back to fixing the rates?

We need to do the right thing even if it will be the hardest!

Will things improve now with this directive? I doubt because when prices goes up in Nigeria, it never comes down.

Na we dey do ourselves in that regard!
Garri, Palmoil, Yam, Cassava, etc now goes up when dollar goes up!

RealLordZeus:

I understand your concern about arbitrage.
I've had first hand experience with ppl involved and how damaging it is.

However, this floating has caused wahala for nearly everybody

So if we are going to pacify a few for the masses to be okay ..
So be it

But the masses won't be ok. I know people think it's floating that has brought hardship, but it's not.

This is a great decision by the CBN because BDCs are the major reason why the currency keeps going down on a daily basis. Now the naira is floating before it was sinking.

HateBigots:
Dey play... Even banks can't sell at that rate.



Shameless Zombie. What was dollar rate in 2014 before APC protested against Pres. Goodluck? Now you are celebrating N1,314.

You don go buy dollar were***y ... Lolzzzz... If this thing holds ...aiye ta kpa***

Dialpad:
Not possible, these BDC cannot meet the demand of Nigeria based on the $20k weekly by CBN.

So if I want to travel and I need $15000, where will I get the cash ?

Will aboki sell the entire amount at government approved rate or how will it work.

The people I pity most are those that hurriedly purchased between 1400 and 1800 with the hope that it will hit 2500.

They didn't consider that the government will fight back.

You mean $20,000 by 5000 plus BDC is not enough?
Where are you going that you will need $15000 cash?
If you need $15k, they will load it into your prepaid card..shikena.

I really don’t know what is stopping banks from selling dollars to those who need it.

@HateBigots

Their standards are low.

HateBigots:
Dey play... Even banks can't sell at that rate.



Shameless Zombie. What was dollar rate in 2014 before APC protested against Pres. Goodluck? Now you are celebrating N1,314.

Newton1045:


I wonder.

People shud go to bank bank and get dollar.

Period!!

that’s where the problem starts . Nigeria is an import driven economy 80% of the time. When importers particularly petroleum dealers including dangote go to get dollars from banks and meets shortage they resort to the black market as the last hope. What it means is ….simple economics demand outweighing supplies will definitely create scarcity and higher prices

Does this mean no hope of the dollar going below #1k? Is this what it means?

If yes, then it's bad

MEGAWATCH:


Just your username alone says a lot about where you are coming from and your attitude.

Wetin do my name? You fit name your pikin if you like am!

I'm just laughing at some of you who doesn't remember that this life is give and take.

Hmm!

Tinubu and his friends gave Obasanjo, and Jonathan wahala and people are bringing it on them and most of you are crying.

Tell me why you should be crying?

Obasanjo gave Tinuba more wahala than he gave him. He seized all allocations to Lagos state then!
Abeg leave politics! It's always Obedient vs APC, LP vs APC, etc.

Caramia2020:
They won't make money again, let's wait n see.

The margin is 13 naira on a dollar..Making 180k a week is enough for them if they are genuine businessmen

[quote author=ivandragon post=128688833]Hope this works.

The rate should be brought down to at least N250 to $1 before the government can be commended.

Since the people in power today condemned N217 to $1 in 2014, they must ensure they bring it down to that level also.

Not that it will be at N1200 to $1 and some clowns would start praising them for job weldone.[/quoteif they do that make everybody that selling their products same as price of 2014... M*m*

Hezzyluv:
Shebi CBN go dey stand dey monitor thousands of BDC guys across the country to make sure they stand by the fixed price

You can do anyhow, but once you are caught, your license you used 1 billion naira to acquire may be revoked..Think about that too.You choose the one that suits you.

UDOKABESTLUV:


Source: https://tribuneonlineng.com/cbn-mandates-bdcs-to-sell-us-dollars-at-n1314-01-us/

Can someone please educate me, will interventionist supply side policies curtail the forces of free market economy, so if i approach a BDC operator and require dollar urgently and he says he's sold out his daily limit of $20 k but can connect me to 'somebody else' who has dollars, albeit at a rate of $1 to #1900, will i not buy from the 'someone else' considering the urgency of my situation, even though i am paying a higher rate ? Let's not forget BDC operators are in the business to maximize profit just like any other business.
I'm not an economist, so I may be wrong and hoping to hear the workability of this policy.

This online rate na rubbish,I bought at 1700 here Onitsha this afternoon

All my bank said they don't have and that they don't sell.