₦airaland Forum

I pray this policy solves the current bottleneck in accessing fx by genuine business people.
Too bad for our Hausa friends.

I though travelex is a foreign company why empower them ....what is wrong with giving license to one of the institution ? I hope travellex will change their policy , if you don't have a boarding pass you can't buy foreign currency . This means that it's only for people traveling .

What is causing dollar shortage is shortage of revenue in dollar. Sources of dollar in the country have been CBN, multi national companies especially the oil companies. Travelex being a foreign company has means to import dollar into the country hence the granting of dollar import licence. The more inflows of dollar that can come in the lower the exchange rate will be. It is a welcome idea.

When honesty, competence and integrity is direly needed you won't care where you find it.. As long as you find it.
This is the same reason a CEO will leave his siblings and close friends alone and hire a G.M who is a total stranger.
RESULTS LO MATTER MHEN!!!

Logicbwoy:
Travelex is a foriegn company.

Why can't CBN use any of our Nigerian international financial institutions to do this?


See how foolish our government is?

Finally. Some eggheads in CBN are putting their IQ to use. Travelex is widely patronised in other countries.
Those BDC crooks are in for a bad time. This will make them sit tight and work within govt stipulations.

Personally, i would be happy to get my dollar from travelex than those cheap crooks on the street.

Medicine after death. dullards vs clueless

JAZES:
As long as the margin between the official rate and their own wont be too wide.....

Let it be wide. The FG does it's own business at its discretionary rate and Nigerians who won't stop buying designer wears buy it at 350 naira to the dollar. Very simple. I don't see why private jets should be cheap.

Truth234:
The Central Bank of Nigeria (CBN) is currently proposing to replace Bureau De Change (BDC) operators with Travelex, a global foreign exchange dealer.

According to the report, in an effort to ease the pressure created by CBN decision to discontinue sales of Forex to BDCs, CBN is grooming Travelex as an alternative forex dealer to BDCs across the country.

“CBN’s desperation to meet dollar demands from banks. Government agencies and importers prompted the decision to give dollar import license to Travelex”, said Aminu Gwadabe, a chief executive Officer at SABIL Bureau De Change Limited.

He further stated that “Travelex has secured approval to open more offices across the country where dollar will be directly sold to banks, government and other end-users in a move to bridge the current supply gap of Forex in the economy.”

Gwadabe believed that even though Travelex is licensed as a wholesale supplier and forex importer into Nigeria, BDCs retail segment remains its intention. He insisted that the current move by the CBN will finally allow Travelex to take over the retail segment of the BDCs.

A CBN official, Ibrahim Mu’azu said “CBN’s decision to stop funding BDCs will create room for Travelex to do more Forex retail business going forward, they have been in the market for a long time”

The general manager of Travelex Nigeria, Anthony Enwereji admitted that the fact that the company sells dollar at a very low rate is its advantage over the BDCs.

http://investorsking.com/cbn-to-replace-local-bdcs-with-travelex/

If well implemented with branches across Nigeria. It will create jobs and confidence in our Forex system but nothing can ever eliminate illegal BDC.

Addicted2Women:
I support anything they wanna do but i still want $1 to be 500.
I benefit from that because of the nature of my business.

see yahooo boy ooooooooo

bigass123:
When honesty, competence and integrity is direly needed you won't care where you find it.. As long as you find it.
This is the same reason a CEO will leave his siblings and close friends alone and hire a G.M who is a total stranger.
RESULTS LO MATTER MHEN!!!

So there is no reputable financial company in Nigeria that can do the work?

Logicbwoy:
Travelex is a foriegn company.

Why can't CBN use any of our Nigerian international financial institutions to do this?


See how foolish our government is?

if government use any of Nigerian international financial institution to do this, dollar rate will still be high....

CHANCEMAN:
Where will Travelex source the fx it will be selling from? Probably they will be providing for PTA AND BTA needs. Traveller cheques etc.

They will import it in containers,RORO and so on

Ola17:
I pray this policy solves the current bottleneck in accessing fx by genuine business people.
Too bad for our Hausa friends.

It will surely sort it,most BDC will now source their dollar from Travelex

benebaby77:
if government use any of Nigerian international financial institution to do this, dollar rate will still be high....

Nigerian International Financial Institution

Emphasis on "international"

Logicbwoy:
Travelex is a foriegn company.

Why can't CBN use any of our Nigerian international financial institutions to do this?


See how foolish our government is?

Because our financial institutions are greedy and do not have our economic interest at heart. The BDC is a perfect example. They buy the dollar at 199 from CBN and they sell at 285, a mouth watering gain of 86 naira for every dollar. Tell me, do they buy fuel for their business? Do they spend much on transport from state to state to sell their product? No! They are simply too greedy. And that is the problem with all Nigerians. We simply want to exploit and ruin each other. Left to me, with the exception of Dangote and Adenuga, we should speedily invite foreigners to take over all aspects of our economy.

lifestyle1:
Why can't we buy directly from banks ?

banks are worse. even transact higher than black market

Logicbwoy:
Travelex is a foriegn company.

Why can't CBN use any of our Nigerian international financial institutions to do this?


See how foolish our government is?

a beg which country own BDC... ? if its Nigeria owwhy is it Killing us with high rates when it buying cheaper from CBN......If Nigeria own company don't have mercy for us then foreign company should take over...

Good move

ugojamali:
Because our financial institutions are greedy and do not have our economic interest at heart. The BDC is a perfect example. They buy the dollar at 199 from CBN and they sell at 285, a mouth watering gain of 86 naira for every dollar. Tell me, do they buy fuel for their business? Do they spend much on transport from state to state to sell their product? No! They are simply too greedy. And that is the problem with all Nigerians. We simply want to exploit and ruin each other. Left to me, with the exception of Dangote and Adenuga, we should speedily invite foreigners to take over all aspects of our economy.

Financial regulations can put a stop to such oppressive profiteering.

I read somewhere that CBN gives BDC's a mandate not to sell above 8%.
let's do the maths:
8% of 197 = 15.76
197 + 15.76 = 212.76....which means;
Bureau de change are not supposed to be selling dollar more than 212.76, but because of ojukokoro, anya-ukwu aka GREED!
Bureau de change buy at 197 sell @ 270, imagine they bought $60,000 (11.82m) weekly from cbn @ 197 but they will sell @
$60,000 * 270 = 16.2m
Profit of 4million naira in a week! You see how these chaps are ripping us off!
This is why I say sometimes competition doesn't mean prices will go lower, because these competitiors can go under an Umbrella and sell at a Close related price. Use BDC as an example or CEMENT manufacturers, they can always COLLABO and sell @ their agreed price

Logicbwoy:
Travelex is a foriegn company.

Why can't CBN use any of our Nigerian international financial institutions to do this?


See how foolish our government is?

The Central Bank of Nigeria (CBN) is currently proposing to replace Bureau De Change (BDC) operators with Travelex, a global foreign exchange dealer.

I think say na only me see am. Absolute nonsense. I have to agree with people who say we have made a mistake voting APC into power just as were were voting for PDP. In 2019, I am definitely going to campaign and vote for a party that is relatively unknown.

Absolute nonsense

ugojamali:
Because our financial institutions are greedy and do not have our economic interest at heart. The BDC is a perfect example. They buy the dollar at 199 from CBN and they sell at 285, a mouth watering gain of 86 naira for every dollar. Tell me, do they buy fuel for their business? Do they spend much on transport from state to state to sell their product? No! They are simply too greedy. And that is the problem with all Nigerians. We simply want to exploit and ruin each other. Left to me, with the exception of Dangote and Adenuga, we should speedily invite foreigners to take over all aspects of our economy.

why is our bank also selling at that rate when you buy things online?

The general manager of Travelex Nigeria, Anthony Enwereji admitted that the fact that the company sells dollar at a very low rate is its advantage over the BDCs.


The general manager of Travelex Nigeria, is Anthony Enwereji ? OK ..Take note that name Anthony Enwereji will send IPOB alerts to the abok.i.s whoare the major BDCs. I tell you .Having seen the name does not bear something their faith concurs with.They will do everything to scuttle the plan and even accuse CBN of bringing some one frOm the area of the rising sun to handle businesses they were born to operate .. lets watch this play out cooly

solreb:
What is causing dollar shortage is shortage of revenue in dollar. Sources of dollar in the country have been CBN, multi national companies especially the oil companies. Travelex being a foreign company has means to import dollar into the country hence the granting of dollar import licence. The more inflows of dollar that can come in the lower the exchange rate will be. It is a welcome idea.

You sound daft bro, no offence. What you mean by dollar import? When the won't be exporting anything?

Capitalist system

hahn:
The Central Bank of Nigeria (CBN) is currently proposing to replace Bureau De Change (BDC) operators with Travelex, a global foreign exchange dealer.

I think say na only me see am. Absolute nonsense. I have to agree with people who say we have made a mistake voting APC into power just as were were voting for PDP. In 2019, I am definitely going to campaign and vote for a party that is relatively unknown.

Absolute nonsense

what is this one saying ?

Logicbwoy:
Financial regulations can put a stop to such oppressive profiteering.

I understand what you mean, but travelex is an international brand and they'll be easy to control and picket. You really don't want to know how many BDCs we have in Nigeria and what it'll take to control them.

Moreover propping travelex will create competition and give the greedy BDCs a run for their monies.

It should benefit the generality of Nigerians and ease the pressures on our currency.

bettercreature:
It will surely sort it,most BDC will now source their dollar from Travelex

Excellent.

cybug:
what is this one saying ?

I put water for mouth talk am?

You must be a stranger in Nigeria.. If you're not then it means you're not well informed about governance and politics in Nigeria.
Give that Job to a Nigerian company and it would be hijacked within 3months.. We're talking about Nigeria not Switzerland.
Your country needs prayer and deliverance from the monster called corruption.. It is the cancer killing Nigeria and believe me it's deeply rooted.

Logicbwoy:
So there is no reputable financial company in Nigeria that can do the work?

lazeal:
why is our bank also selling at that rate when you buy things online?

That's what i say. Our financial institutions are greedy. What stops our banks from sourcing forex externally? There is a global forex market. Dollars are readily available and at decent rates. Banks can import. But no, they chose not to. Instead they get from CBN and rip us off.

Everything is just pointing to 1 global government.

First it was NUBAN account no, then BVN, and now global trader of exchange called Travelex.

And they keep sinking the naira. I only hope that what China Yuan did to Zimbabwe $ will not happen here.