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Arian11:
my last hope to pay my f***king fees....why are these people like this .....would start making people travel to ghana just to change currency...mtcheww

What is this one saying...

As much I might be sympathetic to Jonathans' party I will call this a good development

Confusion everywhere. Why allow them cart away our hard currency and now resort to voodoo policies.

queendalyn:
PLEASE ADD ME ON BBM:- 58C12043

Please does your name start with Eb?

Arian11:
my last hope to pay my f***king fees....why are these people like this .....would start making people travel to ghana just to change currency...mtcheww

If it is school fees in the top currencies, you have no problem. Though not easier as before, because it's only possible in one day of the week.


Your banker should be able to help.
The OP even stated it.

" 6. To avoid further depletion in the reserves, the CBN took a number of countervailing actions including the prioritization of the most critical needs for foreign exchange. In this regard, and in order of priority, we decided to provide the available but highly limited foreign exchange to meet the following needs:
· Matured Letters of Credit from Commercial Banks
· Importation of Petroleum Products
· Importation of critical Raw Materials, Plants, and Equipment, and
· Payments for School Fees, BTA, PTA, and related expenses "

Student upkeep inclusive

In particular, we have noted with grave concern that Bureau de Change (BDC) operators have abandoned the original objective of their establishment, which was to serve retail end users who need US$5,000 or less. Instead, they have become wholesale dealers in foreign exchange to the tune of millions of dollars per transaction. Thereafter, they use fake documentations like passport numbers, BVNs, boarding passes, and flight tickets to render weekly returns to the CBN.

8. Despite the fact that Nigeria is the only country in the world where the Central Bank sells dollars directly to BDCs, operators in this segment have not reciprocated the Bank’s gesture to help maintain stability in the market. Whereas the Bank has continued to sell US Dollars at about N197 per dollar to these operators, they have in turned become greedy in their sales to ordinary Nigerians, with selling rates of as high as[b] N250 per dollar[/b]. Given this rent-seeking behaviour, it is not surprising that since the CBN began to sell foreign exchange to BDCs, the number of operators have risen from a mere[b] 74 in 2005 to 2,786 BDCs today[/b].

11. In view of the above,

a) The Bank would henceforth discontinue its sales of foreign exchange to BDCs. Operators in this segment of the market would now need to source their foreign exchange from autonomous source. They must however note that the CBN would deploy more resources to monitoring these sources to ensure that no operator is in violation of our anti-money laundering laws;

b) The Bank would now permit commercial banks in the country begin accepting cash deposits of foreign exchange from their customers.


[/quote]

TOTAL WAR ON BDC OPERATORS,THEY HAVE BEEN A REAL THORN ON OUR FLESH...I SUPPORT THIS BILL AND DECISION ABSOLUTELY..GOD BLESS NIGERIA.

One after the other, everyone will feel the change.

Having meticulously and painstakingly read between the lines, I believe such austerity is so necessary in the downturn of our economy instability. We really need to conserve our external reserves as the BDC which I believe has bin compromised isn't giving any individual the benefit of doubt to bank on its operation. So its a good and imperative effort by the CBN.

Well explained

Now how we go take Hide the NATIONAL YAM we loot from the National Treasury

Good move CBN Gov. Let the BDC should source for their Dollar , Nigerians can now receive Dollar directly and will strengthen our Naira a little.

Good move. Do you know that there was a time I thought dollar don become our legal tender. Mostly during the last election.

The banks are not helping matters as a matter of fact. I am in Washington DC as I write this. I withdrew $200 from bank of America @ the rate of N277.8/$ against official rate of N199/$.

britzz:
In particular, we have noted with grave concern that Bureau de Change (BDC) operators have abandoned the original objective of their establishment, which was to serve retail end users who need US$5,000 or less. Instead, they have become wholesale dealers in foreign exchange to the tune of millions of dollars per transaction. Thereafter, they use fake documentations like passport numbers, BVNs, boarding passes, and flight tickets to render weekly returns to the CBN.

8. Despite the fact that Nigeria is the only country in the world where the Central Bank sells dollars directly to BDCs, operators in this segment have not reciprocated the Bank’s gesture to help maintain stability in the market. Whereas the Bank has continued to sell US Dollars at about N197 per dollar to these operators, they have in turned become greedy in their sales to ordinary Nigerians, with selling rates of as high as[b] N250 per dollar[/b]. Given this rent-seeking behaviour, it is not surprising that since the CBN began to sell foreign exchange to BDCs, the number of operators have risen from a mere[b] 74 in 2005 to 2,786 BDCs today[/b].

11. In view of the above,

a) The Bank would henceforth discontinue its sales of foreign exchange to BDCs. Operators in this segment of the market would now need to source their foreign exchange from autonomous source. They must however note that the CBN would deploy more resources to monitoring these sources to ensure that no operator is in violation of our anti-money laundering laws;

b) The Bank would now permit commercial banks in the country begin accepting cash deposits of foreign exchange from their customers.




TOTAL WAR ON BDC OPERATORS,THEY HAVE BEEN A REAL THORN ON OUR FLESH...I SUPPORT THIS BILL AND DECISION ABSOLUTELY..GOD BLESS NIGERIA.

......is the fact! Nigeria is the only country selling FOREX to BDCs

bigug04:
Please what's the rate at the black market?

Dollar is N282 as of today

busomma:
The banks are not helping matters as a matter of fact. I am in Washington DC as I write this. I withdrew $200 from bank of America @ the rate of N277.8/$ against official rate of N199/$.

Are cards still working on foreign ATMs

Emefiele policies will simply end up harming the Nigerian economy, more than it will help it. He should have listened to the advise of his two predecessors - Sanusi and Soludo - and allowed a moderate devaluation of the Nigerian Naira in other to absorb the shocks of the the low oil prices.

His approach of burning through the foreign reserves, and banning imports will simply harm economic growth in the medium and the longer term. Medium scale businesses that rely a lot on import will now have no choice but to simply go out of business.

Arian11:
my last hope to pay my f***king fees....why are these people like this .....would start making people travel to ghana just to change currency...mtcheww

If you read the press statement, you will observe that you can now source FX independently and deposit cash into your domicilary account where you can wire out for your fees payment or simply get a dollar MasterCard.

bigug04:
Please what's the rate at the black market?

Sell $ @277
Buy @ 280. Abokifx.com

busomma:
The banks are not helping matters as a matter of fact. I am in Washington DC as I write this. I withdrew $200 from bank of America @ the rate of N277.8/$ against official rate of N199/$.

We need to know this bank and make some noise. That's very bad

Wont this create an avenue for looted and hitherto stashed dollars to find their way back into the system whitewashed and laundered through these bdc operators since they have been licensed to source for forex themselves..

This Emefiele is the dullest of the GEJ banditry. Where did they source him from? How come this man was able to scale through the University or did he attended UniPort like GEJ his appointing boss?

This man told the Nigerian people before now that the CBN never instructed the commercial banks to stop accepting forex deposits from customers, but that they were merely supporting the banks position in taking that action. How come that Emefiele now says the CBN has decided to allow commercial bank to start accepting forex deposits from customers?

Who in their right minds will take the Nigeria economy serious with all these daily monetary roundabout policies courtesy of a dullard CBN governor?

When will EFCC remove this man from circulation and get him to answer for his crimes with Dasuki as well as the money laundering games he played as Zenith bank MD?

This won't stop BDCs from operating because they will surely find a way to get dollars. However black market will be extremely expensive to buy as I suspect that with this ban, naira to dollar exchange will be about N300+/$ soon

Banks also need their dollars to pay MasterCard and Visa when we use our Debit cards outside Nigeria... and they also need it to pay people that get MoneyGram and WesternUnion remittances... it is not all their dollars that they can sell to BDC.... and because of how difficult it is now for banks to get dollars, they would not be willing to sell it indiscriminately to these BDC guys...

doctokwus:
This cbn governor is a dunce.
Is he not aware the bdc and abokis source their dollars mainly from banks?
The banks will simply sell their deposits and up goes the rate again.
Wonder when this Emefiele will be sacked.

Unfortunately our economy programs are trial and error. Today no deposition of foreign currencies, tomorrow, you can deposit foreign currency.
What happened to think-tanks, research and proper forecast?

Nigeria will never get it right until we stop trial and error.

The best way to manage this crisis is a devaluation.That is what Guardiola like economist advise but they choose to do otherwise. The economy under this government will fare badly

bookface:

Emefiele policies will simply end up harming the Nigerian economy, more than it will help it. He should have listened to the advise of his two predecessors - Sanusi and Soludo - and allowed a moderate devaluation of the Nigerian Naira in other to absorb the shocks of the the low oil prices.

His approach of burning through the foreign reserves, and banning imports will simply harm economic growth in the medium and the longer term. Medium scale businesses that rely a lot on import will now have no choice but to simply go out of business.

That is the problem with armchair Economists. The laws of supply and demand should take its course, but no, Government wants to put their hands in everything and control the exchange rate. Now they have seen that the CBN cannot continue to prop up the Naira against other world currencies. Next stop, devaluation.
It is now not a question of whether to devalue or not, it is WHEN?
I project within 28 days. Watch out for $1= Naira 350

diva90:
This won't stop BDCs from operating because they will surely find a way to get dollars. However black market will be extremely expensive to buy as I suspect that with this ban, naira to dollar exchange will be about N300+/$ soon

The only reasonble comment I have seen here.

gaby:
Wont this create an avenue for looted and hitherto stashed dollars to find their way back into the system whitewashed and laundered through these bdc operators since they have been licensed to source for forex themselves..

I agree with you. That is exactly what is going to happen.

gaby:
Wont this create an avenue for looted and hitherto stashed dollars to find their way back into the system whitewashed and laundered through these bdc operators since they have been licensed to source for forex themselves..

My thoughts too... *fingerscrossed*

gottliebglobal:

That is the problem with armchair Economists. The laws of supply and demand should take its course, but no, Government wants to put their hands in everything and control the exchange rate. Now they have seen that the CBN cannot continue to prop up the Naira against other world currencies. Next stop, devaluation.
It is now not a question of whether to devalue or not, it is WHEN?
I project within 28 days. Watch out for $1= Naira 350

In Aki's voice: God forbid. PMB promised us $1=#1