₦airaland Forum

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.

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

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.

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.

theshield:
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.

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

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.

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

ogbonti:
Travelex? ? Those thieves that robbed me in london? I travelled to london 2 weeks ago , at the airport. Travelex changed my dollars $1.72 to £1 snd they collected commission for selling me pounds, so sveragely, I spent $1.80 to buy £1 from travelex . Do u know when I was returning to the US, they bought back £1 from me at $1.31, I told them, don't worry. Just change only £50 to $$$ for me, when I hot back to US, my bank changed it st 1.33, but advised me I could have bought it from them tge bank at 1.36.



So, these are the people they want to hand Nigeria to? Bunch of greedy Indian and British bastards? Wow, PMB , please be careful. These travelex guys will kill Nigeria. Let's avoid travelex biko! They are bad news!!!

kaeforum:
Please help me ask them, that question .

Why do we buy forex from the streets?, and why do we buy mint currency from the streets and receive old ones from the banks.

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/

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.

The end shall justify the means. We are watching
http://investorsking.com/cbn-to-replace-local-bdcs-with-travelex/

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/

youngice:
is it compulsory to devalue our currency

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

Truth234:
They are not wrong, that two weeks ago the exchange rate was $1.52 to £1 without commissions etc, after which £ continue to free against the dollar and current at 2008 low.

ogbonti:
Sorry dude, how come on same day at the airport it's $1.72 plus commision and in the USA same day it is $1.33 without commision? Now if I was changing just £100 to $, that ain't a problem, it's just like $6 fifference, but £4,000 to $$$, that's about $250.

persius555:
Where in the world do bankers collude with small time BDCs to shortchange the country by roundtripping and exploiting fx customers.

Reference:
Yes, that is what every sane economist will do; you either do it willingly or at gun point. The choice is very much yours.

youngice:
Why must we devalue the currency

Seun:
The currency devalued itself because the price of oil which is the main thing we export has fallen. It's not the CBN's fault. It's nobody's fault.

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.

One4me:
This CBN Governor Emefiele needs to be sacked. he has lost his marbles.

*Why and How do you replace local firms with a foreign one, creating more unemployment amongst Nigerians?
*Is Travelex going to keep their profit in Nigeria or whisk it abroad, creating more problems for our Naira?
*Why cant we develop our own kind of "Travelex" in Nigeria.... instead of trying to import one developed by others?
*Is it Travelex that will give us Foreign Currency when the price of crude is down by almost 70% or isit Travelex that looted our Foreign reserve?


Why do we shy away from taking the right decisions?

Exchange rate is a function of "Demand for Forex" on one hand.... and the "Supply/Availability of Forex" on the other hand.

what we need to do, to ease pressure on the Naira is to either generate more forex (forex earning exports) .... or to reduce 'forex consuming' importation of products, where possible.

These clowns at CBN are collecting bribe from Travelex so as to give them monopoly over our forex trade.
Ememfiele and his CBN Management team are bunch of economic saboteurs and should be treated as TRAITORS