CBN Sells FOREX To BDCs At ₦‎1,450/$ - Business (2)

CBN Sells FOREX To BDCs At ₦‎1,450/$ - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › CBN Sells FOREX To BDCs At ₦‎1,450/$ (8631 Views)

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Chetas81(m): 6:11pm On Jul 18, 2024

MAAAAAAAAD NATION CREATED BY MAAAAAAAAD PEOPLE, TRUMP HAVE RIGHTS TO CALL NIGERIA SHITHOLE, PEOPLE UNDER B D CHANGE SHOULD LOOK FOR JOBS

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by DryMouth: 6:20pm On Jul 18, 2024

forgiveness:
It was 1,533 naira at the Bureau de change in Lagos 2 weeks ago but 1,565 naira in Abuja after 3 days I Lagos but suprisingly, it went to 1,595 naira the next day.

Bureau the change are the major problem of the currency in Nigeria.

You never know your problem

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Nobody: 6:26pm On Jul 18, 2024

Me, I don't care Woh...it dips, I buy, e no dip, I go still buy.... After all, with agbadonomics the end result would always be a substantial dip grin

1 Like

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Nobody: 6:30pm On Jul 18, 2024

forgiveness:
It was 1,533 naira at the Bureau de change in Lagos 2 weeks ago but 1,565 naira in Abuja after 3 days I Lagos but suprisingly, it went to 1,595 naira the next day.

Bureau the change are the major problem of the currency in Nigeria.

lmao 😂😂😂, so it's no longer BINANCE & CRYPTO

shift bros, naija Forex problem na simply supply, all these shenanigans is shyt...if govt get enough supply, BDC or anybody can do crap to Naira

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Trumpdonald5: 6:50pm On Jul 18, 2024

Realdeals:
CBN is not defending, but only intervening by selling at the prevailing market price. They are meant to be intervening in the market because they are the custodian of the FX earned by the government.

So what's the difference with what was been done before? Don't confuse yourself with defend and intervene pls.

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Standing5(m): 7:01pm On Jul 18, 2024

The defence this time looks fairer compared to old style.

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by senatordave1(m): 7:12pm On Jul 18, 2024

salbis:
Babachir don talk am say na patch patch CV Cardoso get.

Is babachir not a grass cutter? What does he know about economics

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by being(m): 7:15pm On Jul 18, 2024

Realdeals:
CBN is not defending, but only intervening by selling at the prevailing market price. They are meant to be intervening in the market because they are the custodian of the FX earned by the government.

U get d gist... 90% if our fx earnings is from oil jointly earned by oil coys and FG(NNPC).. the oil coys exchange only a little part of that to naira for local salaries & local naira expenses... The FG is still d biggest earner of fx.. That the FG doesn't now have fx to supply the market shows u there is a very big problem

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by PARADIZEPRIEST: 8:59pm On Jul 18, 2024

Why not to banks? huh

Cardoso what is this? tongue

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by MT: 8:59pm On Jul 18, 2024

Calitoscassius:
Today i exchanged £1 to 2070 naira, nice! I knew it would come to this and kept my £££, soon it will hit £1 to 2500 naira.

Tifnubu till 2035! Emilokan is really working.

...So what happens to the items you are using your pounds to buy in Nigeria? On increase or decrease in price?

There is no winner. It is a lose-lose situation.

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by PARADIZEPRIEST: 9:00pm On Jul 18, 2024

KILL ALL BDCS LET DEAL WITH BANKs ONLY CBN,DONT SATISFY MALLAM TO KILL ECONOMY.

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by PARADIZEPRIEST: 9:02pm On Jul 18, 2024

PARADIZEPRIEST:
KILL ALL BDCS LET DEAL WITH BANKs ONLY CBN,DONT SATISFY MALLAM TO KILL ECONOMY.

This is a systemic problem,diaspora people dey use bdc remit funds pass bank,this is diaspora fraud and must stop. angry

KILL switch,kill ALL BDCS NOW let all dollar transaction go thru our international banks to strengthen our naira. angry

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Oyerinde16(m): 9:37pm On Jul 18, 2024

Paraman:
https://punchng.com/cbn-sells-forex-to-bdcs-at-n1450/?utm_source=telegram&utm_medium=social

Only me, I need 33200 pounds to pay for fees... Meaning I alone will need the forex gobent to two bdcs

Cbn never serious...

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by trafficpools: 10:32pm On Jul 18, 2024

forgiveness:
It was 1,533 naira at the Bureau de change in Lagos 2 weeks ago but 1,565 naira in Abuja after 3 days I Lagos but suprisingly, it went to 1,595 naira the next day.

Bureau the change are the major problem of the currency in Nigeria.

are you sure it's not binance? grin

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Xkonzult: 10:52pm On Jul 18, 2024

gabmanuel:
Let's hope for the best...
I pray things get better in Naija, we don too suffer

Dey pray dey go ...eh no wake up ...to reality
And speak up ....u never suffer after another 6 month price derica of garri first....bros u go no say na luxury u dey now

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by clems88(m): 11:41pm On Jul 18, 2024

They have started again.

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by MrNovo: 12:48am On Jul 19, 2024

being:
U get d gist... 90% if our fx earnings is from oil jointly earned by oil coys and FG(NNPC).. the oil coys exchange only a little part of that to naira for local salaries & local naira expenses... The FG is still d biggest earner of fx.. That the FG doesn't now have fx to supply the market shows u there is a very big problem

Problem is in the inflow versus the outflow.
Nigerian economy is consumption driven as we only produce oil and import every other stuff. Funny enough Dangote refinery is even now talking of importing crude oil.
So the import dependence places excessive demand for dollar far exceeding inflow from your crude oil sale.
That's the point Peter Obi has been hammering but their ears are blocked with tribalism but hunger no dey look face.

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by colonelwealth(m): 1:00am On Jul 19, 2024

SmartPolician:
CBN has started something they cannot finish. They are back to defending the naira whereas Tinubu claims that it's the free market determining the exchange rate.

Pls allow them to defend it now....abi should they leave it to continue to get bas in the name of theory of free market??

The bad xchange rate affects the economy and everything under it in Nigeria with fa reaching conséquences on the people of Nigeria.

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by IkeAnumudu: 1:08am On Jul 19, 2024

SmartPolician:
CBN has started something they cannot finish. They are back to defending the naira whereas Tinubu claims that it's the free market determining the exchange rate.

A lot of you make reckless comments on subjects you have little or no understanding on.

How is the CBN defending the Naira by selling at the prevailing rate in the market?

Doesn’t that make CBN just a market participant? How does that equate to defending the Naira? Mtchewww!!!

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by ChybuzzDD(m): 6:25am On Jul 19, 2024

xavuv:
Keep your dollars close

Close to what? Is this the first they're using this yeye, trial & error method??

Or are you one of those ass-licking, praise singers of the old clueless drugbag?

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by RealTrump: 7:00am On Jul 19, 2024

forgiveness:
It was 1,533 naira at the Bureau de change in Lagos 2 weeks ago but 1,565 naira in Abuja after 3 days I changed in Lagos but suprisingly, it went to 1,595 naira the next day.

Bureau the change are the major problem of the currency in Nigeria.

So Binance is no longer the problem?

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by kunle4toyeyaho: 7:07am On Jul 19, 2024

Lawalemi:
Rubbish. After they ruin the economy

How did they ruin economy? We cannot continue using all our reserve to be defending Naira. When our local refineries start working,there would be less pressure on dollar and FX liquidity would be enhanced. Mr. President is doing all things possible to ensure we refine our crude locally . God bless Nigeria forever

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Calitoscassius(m): 7:53am On Jul 19, 2024

MT:
...So what happens to the items you are using your pounds to buy in Nigeria? On increase or decrease in price?

There is no winner. It is a lose-lose situation.

Unfortunately that is the case.

You are correct and this is the point i was trying to make sarcastically, the naira has no values.

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by PARADIZEPRIEST: 9:27am On Jul 19, 2024

PARADIZEPRIEST:
This is a systemic problem,diaspora people dey use bdc remit funds pass bank,this is diaspora fraud and must stop. KILL switch,kill ALL BDCS NOW let all dollar transaction go thru our international banks to strengthen our naira.

1 2 Reply

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