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Nairaland Forum / Nairaland / General / Business / CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 (20782 Views)
CBN Sells Fresh Dollars To Bdcs At N1,021/$ / CBN Sells Over $300m To Banks As Naira Gains / CBN Sells Dollars To Banks For First Time In 5 Months (2) (3) (4)
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Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by latonione: 2:42pm On Apr 08 |
The Aboki and/or BDC will be afraid to buy and keep for excessive hoarding speculative gain because you dont know the next announcement for take up will be lower. So you buy only your demand and the real value of Dollar to Naira will be know. Tinubu really dealing with so many people without major rancour, because if HE outrightly scrapped the BDC arrangements there will be outcry is some quarters. 3 Likes |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by TheKingIsHere: 2:43pm On Apr 08 |
routed: Lol....Why stop at N600 - N650 to a dollar? Why not stabilize it @ $1 = N1? Until Nigerians start using their god damn sense, the country will never move forward 1 Like |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by DeLaRue: 2:47pm On Apr 08 |
Kukutenla: Long story. Keep storing dollars. 2 Likes |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by Hoelujohn: 2:50pm On Apr 08 |
Ebubu2:No, its going to 4500 1 Like |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by Kukutenla: 2:51pm On Apr 08 |
DeLaRue: Who are those storing dollars? You clowns just come at any random person and start poking thoughtless jargons Is it an average Nigerian like me that stores dollars or the politicians you guys support? You think 1000naira to a dollar is good for the average Nigerian abi? You need a brain reset 2 Likes |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by Raylight2(m): 2:55pm On Apr 08 |
ignis:no matter what conclusion we reach. Those guys up there understands better than we do. Would you correct yourself later on when you discover it's not a short-term solution? Do you know what they have on their strategy plan? 1 Like |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by xperiencelove(m): 2:59pm On Apr 08 |
clarocuzioo: Wake up from your slumber, FG is not and can never subside $ again no matter who is the president. The lower the demand for $ in the market, the more our Naira will appreciate. Don't also forget Dangote refineries is selling his products in Naira. Once he starts selling PMS, our currency will appreciate further as the demand for $ to import PMS from overseas will vanished! 3 Likes |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by 247man: 3:04pm On Apr 08 |
Omo.. see d way subsidy was brought back in FX…. Hopefully, they can continue defending the ₦ till end of the tenure 2 Likes |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by xperiencelove(m): 3:19pm On Apr 08 |
clarocuzioo:Stop talking like a pessimist as I believe you are not one. The force of demand and supply is what is controlling Naira vs $ now. For like one or two weeks ago, demand for $ to import diesel has almost vanished since Dangote started selling his diesel and A1 Aviation fuel and in Naira. This brings down demand for $ a little. We are still awaiting PMS as this will further strengthen our Naira. Imagine we don't import anything into Nigeria from overseas again, our Naira will almost be on par with $ but we must import one thing or the other. Then, FG borrows $1.5b to subsidize $ monthly. I and my family enjoy the subsidized $ by FG so much up until the last day but we must not burn down our country for crumbs. 2 Likes |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by Ijaya123: 3:24pm On Apr 08 |
rinzaugustine: How much did they borrow and how many billions of dollar did they pumped into the forex market? 1 Like |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by tnerro1(m): 3:33pm On Apr 08 |
Hope you people know this is not market forces at work, CBN is simply subsidizing the Naira. But my problem is with all these tariffs they are increasing every day, how will prices come down? 1 Like |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by ubox: 4:01pm On Apr 08 |
Raylight2:The floodgates to be opened anytime from now |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by MrSly(m): 4:09pm On Apr 08 |
routed:Oga you can lecture me if you think you have the knowledge. How can I e rejoice when they borrow billions of dollars and also use up foreign reserve to bed end naira. It seems you are not even privy the economic issues of this country. Reason why you are quick to praise the rob Peter to pay Paul economic policy of una economic Messiah, Cardoso. |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by rotadeco27: 4:31pm On Apr 08 |
routed:Their hates have render them brainless, how can CBN borrow dollars without due process from the Senate? Such adventure can never be hiding. They are pained because they always want to see the Tinubu led govt failing , so any success recorded will always be tagged fake. Lets have our finger crossed and see how they will keep wailing when what they expect does not happen. Meanwhile their principal is a failure personified, someone that all achievements in 8 yrs is to invest state money into family business of alcohol production, 13 months uninterrupted health workers strike , increase unemployment rate ,counting! How people will be blinded by tribalistic orientation to be pushing for such failure to rule a complex nation like this, is mind poking! 2 Likes |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by Styluss: 4:37pm On Apr 08 |
This is the only answer I await. It simply translates to one thing. Thesame old process. The only positive side is Binance is out but there are still alternatives. I Ebeano49: |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by rotadeco27: 4:52pm On Apr 08 |
Some people will just sit down at the corner of their rooms and be making speculations without evidence. Someone should pls send evidence of pumping borrowed $ into the forex! When we told you Emefiele messed up the economy u said no , now you are saying cardoso has gone back to Emefiele style. Your hypocrisy stinks. People like you when given power will only worsen the situation. Cardoso and his team will keep shocking and making you wail! 2 Likes |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by routed: 4:54pm On Apr 08 |
TheKingIsHere: That true value of Naira is within that threshold. If you understand the effect of the CBN loads of policies rolled out weeks ago, you'll understand. You shouldn't have asked "why not stabilize at $1=N1" if you understand the monetary policies of the current CBN. You said the country will not move forward, stop the bitterness, it's really affecting you. Our economy success train has left the shore already. 2 Likes |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by routed: 4:56pm On Apr 08 |
rotadeco27: Infact, just now, another CBN circular is out banning the use of foreign currency deposit as collateral for Naira loan. 1 Like |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by ubox: 5:13pm On Apr 08 |
xperiencelove:That's $20.7billion pressure for petroleum imports gone 1 Like |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by sylve11: 5:27pm On Apr 08 |
Owon: Why are you sounding as if you've not had dealings with the banks while trying to secure dollars. Are they not the reasons people seeks for the dollar outside? 1 Like |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by grandstar(m): 5:42pm On Apr 08 |
Misterone: You don't need to be rude to express your point. What do you know about economics? What caused the Mexican crisis of 1994, the Thai collapse and contagion of 1996, that of Indonesia in 1997, Brazil in 1999 etc? Provide answers Central banks aren't God. If they mess things up, everyone will die of starvation. Yes, people need to buy things but not to the point of depleting the reserves. One of the purpose of a floating exchange is to create flexibility in demand for forex based on the quantity available. If demand is strong, your currency depreciates making it costlier and less affordable, eventually leading to reduced demand for forex.. A weaker currency encourages exports and a desire to earn dollars, which will help add to the reserves. The demand for forex to "buy things" using your phrase is therefore based on the value of your currency. Charles Soludo said that the $60bn reserves built during his time in office was by keeping the Naira artificially weak. In 2012, the IMF advised the then CBN governor to devalue the Naira, in order to reduce pressure on the Naira. Had he done so, the foreign reserves by 2015 would have been at least $60bn. 3 Likes |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by EnterpriseMan: 5:53pm On Apr 08 |
rinzaugustine:My point exactly. When I heard it was billions of dollars borrowed that they're pumping into the fx to back the Naira, my first thought was how do you sustain that. How does that make sense, you can't keep borrowing to sustain the naira because once you stop it will go back up and the millions borrowed would be wasted. Instead the root should be tackled. This is just a temporary fix that would backfire horribly if they don't go about it right 1 Like |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by waice6571: 6:00pm On Apr 08 |
The Naira is becoming very strong against the dollar but very very weak against the commodities in the market. 2 Likes |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by Misterone: 6:53pm On Apr 08 |
grandstar:This is not Mexico or Brazil or whatever! This is Nigeria. Savings comes when there's a suplus not when there's need. Yes a bigger FX reserve will be better but not at the detriment of the economy. |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by Justmesagi: 7:46pm On Apr 08 |
LegendHero:why would the FR deplete by 900m dollars though if he isn't defending with it? |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by Justmesagi: 7:52pm On Apr 08 |
LordAdam16:😂😂😂 |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by LegendHero(m): 7:52pm On Apr 08 |
Justmesagi: Use your brain abeg. Since 27th Feb that this started, average of the 1588 BDC have received let’s say $40k each. Thats just like $64milliom. So how does that translate to $900m from the foreign reserves? Do you know Nigeria has obligations we pay from that same reserve? I just laugh at how you guys come out to claim stuffs without any fact. 2 Likes |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by Bsideboi(m): 7:56pm On Apr 08 |
Why do we even have BDCs ? 1 Like |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by Justmesagi: 7:59pm On Apr 08 |
LegendHero:Yes we had Foreign debt we paid from the reserve. I don't want to argue blindly. I will try and tally the figures and timeframe first. And I only asked to understand. You don't have to be rude. |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by grandstar(m): 8:12pm On Apr 08 |
Misterone: So the Naira has never been devalued like the Mexican Peso or the Brazilian Real? Nigeria has never experienced an economic crisis like these two countries? How is properly managing the FX reserves a "detriment to the economy?" I bought forex at 1900, so I should even take your side. You lack experience on this issue. 3 Likes |
Re: CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 by LegendHero(m): 8:16pm On Apr 08 |
Justmesagi: Okay, I’m sorry for being rude. Yes, you can check the figures. 2 Likes |
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