₦airaland Forum

Mynd44, Lalasticlala, I'm sure this news will delight a lot of people..




https://www.thecable.ng/just-in-cbn-will-no-longer-sell-forex-to-bdc-agents

End to criminality

#ope oooooo

roller coaster government

good news thou

[color=#DC143C]Good for everybody. What were they thinking initially?[/color]

Interesting..now the wailers can rest

Without BDC's, where would Nigerians easily get the forex to deposit in the first place?

There is however no doubt that this move would ease pressure on forex demand which would ultimately help the recovery of the Naira....which is the ultimate aim.

Carry go.

Omenka, NgeneUkwenu, seunmsg midolian, thevoice , passingshot, abduljabbar4, fulanimafia, sonoflucifer , Tonyebarcanista, beremx, oya make una go dey #dasukigate or una dorm..

modath:
oya make una go dey #dasukigate or una dorm..

Dasukigate is a gift that just keeps giving .

Just passing ***

This is great news. Those BDCS ehn.

Can someone explain this please

Good decision to lift the restriction on forex deposit, it's long overdue. The decision to stop providing forex to BDC's will only profit the deposit money banks. It's not in the overall interest of the country. Getting and exchanging forex will become more difficult and in the long run, dollars will become more expensive.

The resultant job loss as a result of this decision cannot be imagined. The BDC's decision should be reviewed and reversed. It's not a good decision.

Aunty Mo, allow Omie drink his Hero in peace oo. Shooo.

They said Baba is braindead- well, if what we've been seeing have been decisions taken by someone who's braindead, then I wonder what state the brain of Jo was (maybe like Billy"s in Grime Adventures of Billy and Mandy ).

Hmmnnn.....d effect on d naira in d long run will be better for it.

This one na Round Tripping things now go dei happen for Naija wella

The CBN has made the right call in the prevailing circumstances. I had consistently maintained that the strict controls will have unintended consequences.
---
This move will give the CBN some breathing space and dampen calls for devaluation. This will lead to some inflation, but it's a price that has to be paid to prevent a full blown economic crisis.
---
The CBN monitoring & compliance team should watch the banks like Hawks to prevent illicit outflows.

GTB confirmed

BDC continues. They will source their dollar or foreign currencies from autonomous sources. The dollar price will be up still. As demand will be more than supply. And note that the commercial banks will make it available to the BDC via the back door. Now they accept cash deposits of dollar again! Na wa o.

Banks will still collude with BDCs!

seunmsg:
Good decision to lift the restriction on forex deposit, it's long overdue. The decision to stop providing forex to BDC's will only profit the deposit money banks. It's not in the overall interest of the country. Getting and exchanging forex will become more difficult and in the long run, dollars will become more expensive.

The resultant job loss as a result of this decision cannot be imagined. The BDC's decision should be reviewed and reversed. It's not a good decision.

I think the CBN position is appropriate in the prevailing circumstances. They have sacrificed the BDCs for the greater economic good of the whole country. This move will give the Bank some breathing space, as calls for devaluation will now be dampened
---
However, if you read the full text of the CBN press statement (link below), you will see the CBN stating that Nigeria is the only country in the world where the Central Bank sells dollars to dealers. The Bank also accused the BDCs for exploiting price arbitrage to round-trip the sold dollars. The CBN also notes that the number of BDCs has risen exponentially as operators try to access "cheap" dollars resulting to over $6bn demand annually.
---
As for the job losses in BDCs, the CBN is trying to save many more job losses that would occur from other sectors if they continue the current policy.
---
http://www.cbn.gov.ng/Out/2016/CCD/Press%20Release%20-%20CBN%20to%20stop%20Dollar%20Sales%20to%20%20BDCs%20January%202016.pdf

http://www.cbn.gov.ng/
Its the first item on the CBN website now. 9 Page document.

dominique:
Try and post the link to the Twitter page and/or any reputable site that carried the story

Done..Thanks for the gesture.

AUTONOMOUS= self-governing, self-ruling, self-determining, independent, sovereign, free, unmonitored. YOU KNOW WHAT THAT MEANS?

Hmmmmmm....

Good

A welcome development. Now business can continue.
*sighs*

Little wonder what Largarde came to do.

Viewing this topic: oli** son**, doyinis***, willyw**(m), "dominique(f)" and 3 guest(s)

Wow, the power of dominque, I think m in love.

Finally.

So I can access dollar in the bank? Ok, that's what I want to hear.

Does it also cover the restriction on the use of ATM to make foreign transactions?

thank God...This is great news



You can also checkout...www.nairaland.com/2855030/6-laws-broken-jesus-christ#41833203