ojay2053:
What sort of rubbish is this, stupid policy, why not cut it to $1,000, rubbish.

Lobbish

The earlier the CBN stops dollar sales to BDCs the better. They are run by selfish and rent seeking individuals who do not care about the economy. The CBN should also look at measures of banning street traders then we will know they are serious about the fight to curb money laundering.

All forex demand genuine or otherwise should be handled by the CBN or commercial banks by easing access to individuals and importers.

For those coming into the country, what is the maximum amount of dollars allowed to come along with ?

The CBN should devalue the God damned naira; the earlier it is done, the better for us all.

This is CRAZY

Stoooooooopid Booooooharinomics

Stoooooooopid Booooooharinomics

Funny thing is they will still devalue this thing whether they like it or not.

This will eventually lead to hike in the price of Naira to USD

Not sure how much of elementary economics the monetary experts in C BN understand. They all seem to be supply side economists
By restricting the sale, you are lowering supply and with increased demand, the price of the dollar will go up. There is need to manage the demand side too. The elesticity of demand for the dollar is highly in elastic almost perfectly in elastic. As long as the price of oil keeps falling and Nigerians keep going abroad for vacation, buying imported foods, etc, the Naira will keep being under pressure

mysteriousman:
I think they wouldn't continue in this line of action if they don't feel it's best for the country.

You could say this for EVERY past action by past governments then.

That's not how works..

this what u get when the ruling party is made up of politicians like lie lie mohamed and not academians.......keep bein confused

ShowYourCertificate:
Buharinomics. How do you expect someone who didn't pass economics in his non-existent WASC Certificate to fare with our economy?

Buhari's dullardity knows no bound.

Point of correction, he never ATTEMPTED Economics and Government, had Mathematics and COMMON Woodwork F9's.

ShowYourCertificate:
Buharinomics. How do you expect someone who didn't pass economics in his non-existent WASC Certificate to fare with our economy?

Buhari's dullardity knows no bound.

lol and he is beginin 2infect his cabinet with it,thy cn no longer tink straight

Demmocrats:


Which one is official market, which bank sells at 199?

The general market sales on "dollar" with "Naira" is still at N260+ per $1 depending on it's parity...

While the CBN pegged the dollar within Nigeria to be sold/exchanged at N199 per dollar, irrespective of it's parity.. But with a bank charge of 0.50kobo.

Point is... Foreign exchange market is the general market whilst within Nigeria is the official market..

This lose/negligence is accommodated by the CBN as well as the FG and has been budgeted alongside 2016 budgets... And it'll be extracted by TAX Levy.

Naijainvestor:
Not sure how much of elementary economics the monetary experts in C BN understand. They all seem to be supply side economists
By restricting the sale, you are lowering supply and with increased demand, the price of the dollar will go up. There is need to manage the demand side too. The elesticity of demand for the dollar is highly in elastic almost perfectly in elastic. As long as the price of oil keeps falling and Nigerians keep going abroad for vacation, buying imported foods, etc, the Naira will keep being under pressure

You're just talking a load of jargon. How possible is it to supply what you dont have in your possession? CBN has simply killed the bdcs without banning bdc activities outrightly, because they dont have the dollar to sell to them anymore. Nobody in his right mind will tie down n70m because of measly $10k per week dollar supply from cbn.

yanabasee:


The general market sells on dollar exchange with Nigerian currency is still at N260+ per $1 depending on it's parity...

While the CBN pegged the dollar within Nigeria to be sold or exchanged at N199 per dollar, irrespective of it's parity.. But with a bank charge of 0.50kobo.

Point is... Foreign exchange market is the general market whilst withing Nigeria is the official market..

This lose/negligence is accommodated by the CBN as well as the FG and has been budgeted alongside 2016 budgets... And it'll be extracted by TAX.

I like smart guys, bro nice analysis but you still didn't answer the question. I asked can you name the bank that charges 199.

Demmocrats:


I like smart guys, bro nice analysis but you still didn't answer the question. I asked can you name the bank that charges 199.

UBA, buys N199 from CBN and sale at N199.50

yanabasee:


UBA, buys N199 from CBN and sale at N199.50

wow are you sure wow!!! thanks for that information let we verify.

Demmocrats:


wow are you sure wow!!! thanks for that information let we verify.

Very sure... You can get a quick response using their twitter handler.

The epic economic ineptitude of this govt is worrisome. They reject sound economic advise to devalue yet the rate fell to 280! it has also refused to deregulate petrol price deceiving itself it has removed oil subsidy! I give this govt another 18months tops

Demmocrats:


I like smart guys, bro nice analysis but you still didn't answer the question. I asked can you name the bank that charges 199.

A friend just bought from Keystone a few days ago but the conditions are stringent...

1. Current acct holder not less than 6mths & with a MIN BAL of 1m maintained in the last 3mths... Got 199.5 for BTA for her & her mama with travel docs....

Even travelex is still within 205-208 band, accessing it is the headache though.

mccoy47:
Emiefele economics

I guess Buhari is in the clear?

ShowYourCertificate:
Buharinomics. How do you expect someone who didn't pass economics in his non-existent WASC Certificate to fare with our economy?


Buhari's dullardity knows no bound.

b]
SINCE it did not require an economics degree to destroy Nigerian econmoy at first instance, then we dont need one to put things in order
Are you that dumb to assume Buhari is the one deciding on this? Or have you no idea on the committess as well as the fact that A very intelligent capable hand by Name of Osinbanjo, chairs some of the committees?

Nonsense! any child will just get on public forum and disgrace himself as well as show us the wasted investment his/her parents did[/b]

ziddy:


You're just talking a load of jargon. How possible is it to supply what you dont have in your possession? CBN has simply killed the bdcs without banning bdc activities outrightly, because they dont have the dollar to sell to them anymore. Nobody in his right mind will tie down n70m because of measly $10k per week dollar supply from cbn.

Much as i agree with you but CBn didnt kill the BDc it simply cut their wings totally abi na remove their wings........

Me: Hey Mallam I have $12k to sell
Mallam: Mr man where did you get the dollar from?
Me: See JAMB question!
Mallam: Buhari said we must know the source if the money is above $10k
Me: Thunder fire

Me (Waka enter another serious Mallam shop)

modath:



A friend just bought from Keystone a few days ago but the conditions are stringent...

1. Current acct holder not less than 6mths & with a MIN BAL of 1m maintained in the last 3mths... Got 199.5 for BTA for her & her mama with travel docs....

Even travelex is still within 205-208 band, accessing it is the headache though.

Bro which one travelex pls explain more wow

Scrap? 90% of BDCs are owned by Northerners so they can never be scrapped. I am yet to see any BDC that you can enter and buy USD at 199 Naira yet they go to CBN weekly to collect it and noone questions them.

akhis:
sincerely I dont even see a need for keeping BDC. The earlier the govt takes a bold step to scrap them completely the better for the nation.

naheem8307:
For those coming into the country, what is the maximum amount of dollars allowed to come along with ?

$10,000

Useless policies, as long as our past and present senators and ministers have access to change foreign currencies at will the naira wil keep dropping even if they make the dollar illegal for Nigeria citizens, rubbish

Useless Buhari and his dull economic team and policies are so clueless to basic economics. It seems there is a repeat of his dismal economic performance of 1985 when he first governed.Stupid and senile leader that is unaware of the widespread implications of his policy.

ShowYourCertificate:
Buharinomics. How do you expect someone who didn't pass economics in his non-existent WASC Certificate to fare with our economy?

Buhari's dullardity knows no bound.

How are you faring with your phd in economics