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Nairaland Forum / Nairaland / General / Business / Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs (24823 Views)
CBN Lifts Forex Ban On Toothpicks And 47 Other Items / CBN Resumes Dollar Sales To BDCs / CBN Considers Ending Dollar Cash Sales To BDCs (2) (3) (4)
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Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by APCsupporter: 11:34pm On Jan 11, 2016 |
modath: Abdujabbar don chop ban oo. He told me yesterday |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Bevista: 11:36pm On Jan 11, 2016 |
grandstar:In my opinion, the policy options available to the Apex Bank are: (1) Continue supporting BDCs until we run out Reserves. (2) Devalue the official rate of the Naira to cool demand. (3) Maintain the current official exchange rate to support importation of essential items while pushing all other demand to the parallel market. --- The bank has chosen option 3 since option 2 will lead to instant inflation and option 1 is not even debatable. Mind you, it's not the CBN fault that our FX revenue has declined significantly. They are simply responding to prevent a full blown economic crisis. |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Atlantian: 11:42pm On Jan 11, 2016 |
Can I wire money out of Nigeria now without the useless Form A that takes 2 weeks to process ? |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Truth234(m): 11:46pm On Jan 11, 2016 |
Atlantian: Yes if you are wiring your deposited foreign currency. |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Atlantian: 11:48pm On Jan 11, 2016 |
Truth234:Which one I wan wire before ? From the broke Nigerian Reserves ? Will be nice to easily pay my siblings fees abroad without going through the shylocks. |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by seunmsg(m): 11:49pm On Jan 11, 2016 |
Bevista: I agree with you completely. The finance ministry and CBN needs to work together to solve the problem. Monetary policy alone is not enough to save the situation. The ministry of finance needs to come up with fiscal policy that will compliment the effort of the CBN. 1 Like |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Truth234(m): 11:53pm On Jan 11, 2016 |
Atlantian: Lol.. Previously you can't deposit foreign currency but that restriction has been lifted in today's circular. You might still have to go through them if you are paying school fees so you can access forex at bank rate. |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by fulanimafia: 11:57pm On Jan 11, 2016 |
You seem to be quite familiar with fools going by your frequent reference to them. The fact remains that this move will reduce forex activity in the parallel market, and minimize the frequent round tripping where BDC's get forex from the CBN at official rates only to dispose of them at exorbitant rates. You failed to factor the fact that the current official exchange rate is fixed and not floating. KoldKash: |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by grandstar(m): 11:58pm On Jan 11, 2016 |
Bevista: The best economists in the world advise devaluation. The refudal to officially devalue is what is causing all this mayhem and round tripping. 1 Like |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by grandstar(m): 12:03am On Jan 12, 2016 |
Guk:They should have gone further and allowed people to receive in euros and pounds. |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by porka: 12:06am On Jan 12, 2016 |
Have they found all the politicians who hid dollars in the wardrobe now? These guys have succeeded in bankrupting SMEs with their useless policies and with the shameful defense they have been giving to the useless policy. Of what benefit are these useless tweaking of a useless policy if at the end of the day the naira is still devalued? The foreign reserve would still have been wiped out and many businesses would still have collapsed with many people pauperized. 2 Likes |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by SangoCrusader: 12:29am On Jan 12, 2016 |
Can't believe how ignorant people are... how is this a good policy?!?!? How many of you imbeciles have ever received dollars at the official rate? Virtually all of us purchase forex first/second hand via these BDCs. Restricting sales to the BDCs WILL INCREASE PRESSURE ON THE NAIRA. Are you all blind to see what Emefieleconomics is doing to this country? Devaluation is the only option in this instance and the rest of the world is amazed at the silly and ineffective policies CBN seem to conjure. Don't let anyone fool you, WE HAVE TO DEVALUE THE F***KING NAIRA. Russia, Venezuela, Angola, and most other oil producing nations have done the same, we have a reasonable precedent, what are we waiting for?!?!?!?! This is at least the 20th policy Emefiele is introducing and none of the predecessors have halted the falling value of the naira. I am moving my money out en masse, any one else with two brain cells between his/her ears will do the same! |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by onechance(m): 12:31am On Jan 12, 2016 |
This is the worst CBN governor of all time . I ask is he a politician or a technocratic, this is by chance the worst policy in GMB administration yet, no matter the economy is you can't do away the BDC. The CBN has indirectly killed the naira against the dollar. |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by datigbogirl: 12:40am On Jan 12, 2016 |
After dollar don reach high-heavens... Trial and error economics...."eyi je eyi o je" |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by onechance(m): 12:41am On Jan 12, 2016 |
How is this a good policy ? Food for thought...... What good policy has EMIFELE introduced since he took over the reins at CBN ?....NONE . So those who don't know about forex,monetary policy,import and export,demand and supply. Should have a rethink. |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Truth234(m): 1:14am On Jan 12, 2016 |
SangoCrusader: And is their economy better than ours at the moment, see Nigeria have one of the best economy currently. All the countries you mentioned are struggling without options, that was why they devalued. South Africa currency, Rand declined 9% today even though its not fixed like Naira, the economy is the most affected among emerging economies. IMF should go and do something about those first, at least their currency is not fixed, how come they are suffering the most?. Russia didn't devalue, after Angola devalued, Kwanza has slide 40%. Since China yield to pressure August last year and devalued Yuan, it has devalue 5 times after, causing global equity to lose around $4 trillion. The same people that pressured China are the one complaining China policy is responsible for global economic rout. You know what they are doing now? Withdrawing and leaving China to her fate. Chinese government have stopped trading twice this new year to stop people from withdrawing because of the damage it is causing to the entire economy. It is simply wrong to measure the strength of an economy against the most appreciated currency in the world for the past 12 months. Naira is not the best but trust me we are far from the worst. 7 Likes |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by ngmgeek(m): 2:00am On Jan 12, 2016 |
I blame those who are still giving him that ogogoro that's making feel like Superman or Incredible Hulk |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Nobody: 2:43am On Jan 12, 2016 |
A reliable source told me that you can Transfer your FX Out.. FX THAT YOU DEPOSITED or RECEIVED VIA TRANSFER. |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by BekeeBuAgbara: 3:00am On Jan 12, 2016 |
coolsix:The big question is at what rate? |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Nobody: 3:16am On Jan 12, 2016 |
BekeeBuAgbara: When you deposit your FX, transfering the FX has nothing to do with rate. Its the same amount and in the same Dollar or Euro currency. You only talk rate when you are buying the FX Cash. There are so many ways to get cash |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Nuahall2k14(m): 3:33am On Jan 12, 2016 |
if i open a foreign account and dey wire money to me wil it b more expensive for dem wen wiring d money? coolsix: |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by onatisi(m): 3:42am On Jan 12, 2016 |
tolulakin: I don't think many ppl fully understand the negative implications of what cbnjust did. There is already a massive reduction and restriction on the amount of people transaction one can do with the atm cards,the question now is how do ppl get dollar for deposit. This move will reduce the pressure on the naira in the short term but skyrocket the cost if dollars in the parallel market 1 Like |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by persius555(m): 3:45am On Jan 12, 2016 |
Bankers and BDCs will be the order of the day. CBN better improve on their monitoring mechanism. 1 Like |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by JayJustus(m): 4:34am On Jan 12, 2016 |
tdikeh: once your domiciliary account is funded you can always transfer outside with your bank phone app or walk into the bank (if you like to stand) |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by onyxo76(m): 5:32am On Jan 12, 2016 |
does this mean that i can't change my dollars to naira upon my arrival in Nigeria when i'm back from my trip? i believe those ones in the airport should still be operating. |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by totorimi: 5:51am On Jan 12, 2016 |
When govt do not think through issues before making pronouncements to the public which they later change anyway, after realizing their folly. This is typical of a tyrannic system no deep thinking. Now who will compensate the hardworking and law abiding citizens who were caught up in this unwarranted policy somersault. This guys should realise that in their bid to settle scores end up creating bigger problems for the economy e.g what on earth did the ban on forex deposit achieve within this period, nothing whatsoever other than problem. Just as it is obvious even if he TSA will also be reversed in due course. I can only suggest the govt get their focus steady on matching on than all this distraction s that is leading no where. one year of the administration is almost here soon they will become desperate to make a mark and then that could lead to colossal and longterm challenges. |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by bigtt76(f): 6:18am On Jan 12, 2016 |
Hmmm..... How do you access the dollars now? Banks won't sell to you, BDCs no longer get supplies so we are now left with sourcing from Abok1s meaning fake dollars would flourish. CBN governor needs to be SACKED! Do they think this would entice all those who shared PDP/Dasuki funds would start rushing back to deposit their dollars? So the banks can report them? BTW the banks would be required to ask the source of funds |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by bigtt76(f): 6:26am On Jan 12, 2016 |
Best option in my opinion is for CBN to redenominate the Naira to make it more portable. That has been the major reason why dollars is being sort and used locally for transactions. Doing this will curb demand. |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by onatisi(m): 6:30am On Jan 12, 2016 |
bigtt76:Like 1naira to 1 us dollars ,abi? |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by lielbree: 6:45am On Jan 12, 2016 |
I think emefeli is on crack 1 Like |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by modath(f): 6:48am On Jan 12, 2016 |
APCsupporter: Wish he could have the mind to ignore trolls.. Wish you could see my mentions but trust me, I don't entertain foolishness! |
Re: Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs by Bevista: 7:13am On Jan 12, 2016 |
SangoCrusader:While I do agree with you that devaluation would have been the most appropriate course of action, I do not think it is necessary for you to use such derogatory terms on others who either do not agree with your views or lack similar insight as yours. --- It is important to not that, even if the CBN had devalued the Naira, most of us would still not be buying at the official rate. We will still patronize the parallel market which will still be a few pips above the official rate. --- The CBN has an inflation target band of 6-9%. Currently, inflation is above 9%. The CBN is probably worried that if they devalue, a major essential item like PMS might go up above N100. This will cause inflation to shoot up above 11%. The other option would be for the government to use its meagre resources to continue subsidy (to keep the product at N87). |
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