₦airaland Forum

Anijay1212:
Abeg e go bring dollar down?

and for how long?


may God help us in this country

The sale price to Bdc is #399/$ but the black MKT is #499
How much has the CBN mandated the bdcs to sale?
What requiments must the buyers present to be sold this $ by the Bdc?
To whom are they sale?
Are they actually selling at that price?
Is CBN really doing forensic investigation on how much Bdc sells?

A serious central bank would rather give the banks to sale to the public upon presentation of valid docs

This is not the solution as it will just allow the naira to gain a little probably settle around the 440 -450 band with the tendency to rise again .Those BDC's are one of the major problems in this country . They trade speculatively and not meet the retail forex need of the economy on real time basis , their major obligation in the first place. The solution is the CBN should remove the restriction on the 41 items access to forex via Form M , allow open market with respect to domiciliary transfers and remittance e.g i bet you within one week of doing this , the value of dollar will crash as the $ will be available to all and sundry .

bettercreature:
This is the best solution to reduce inflation,they must flood the market with dollar to reduce the exchange rate,this step alone can get us out of recession

This is not the solution as it will just allow the naira to gain a little, probably settle around the 440 -450 band with the tendency to rise again .Those BDC's are one of the major problems in this country . They trade speculatively and do not meet the retail forex need of the economy on real time basis , their major obligation in the first place. The solution is the CBN should remove the restriction on the 41 items access to forex via Form M , allow open market with respect to domiciliary transfers and remittance . I bet you within one week of doing this , the value of dollar will crash as the $ will be available to all and sundry .

bettercreature:
This is the best solution to reduce inflation,they must flood the market with dollar to reduce the exchange rate,this step alone can get us out of recession

fizzy4luv:
This is not the solution as it will just allow the naira to gain a little, probably settle around the 440 -450 band with the tendency to rise again .Those BDC's are one of the major problems in this country . They trade speculatively and do not meet the retail forex need of the economy on real time basis , their major obligation in the first place. The solution is the CBN should remove the restriction on the 41 items access to forex via Form M , allow open market with respect to domiciliary transfers and remittance . I bet you within one week of doing this , the value of dollar will crash as the $ will be available to all and sundry .

You have a point,but the items that are not pegged are not getting dollars either,you have to wait for 2-5 months before you can get dollar

CBN is a DISEASE in Nigeria bone marrow. They the real brain behind the present state of Nigeria.

These cretins keeps toying with the destinies of 200 million people!
Govt. Of discombobulated bufoons!...TUFIAKWA!

The buffon did something right for once! i know this will help it is better than the chaos You have out there with up ti 6 different rates!
Now if I were CBN I will require id and all of those who buy to avoid a situation these black marketers will buy everything

1stCitizen:
Rates will reduce considerably in 24 hours.

We have heard plenty versions to reduce rate. The Chinese deal., the floating deal, the multiple exchange deal and now this deal. Abegi, don't hold ur breath bro. We need a long term solution not 24 hrs. The problem is that d president now controls fx and has no idea. No serious business will deal with us for a longggg time on this style.

Selling Dollars to BDC is a waste of foreign reserve because none of them will sell at that rate.

989900:
Forex racketeering platform extended.

Emefiele and Buhari are both clueless and complacent at the same time.

Wow wow! Coming from you

vivaciousvivi:
I thought our finance minister said recently that BDCs will soon be a thing of the past?

We don't have a finance minister.
As a matter of fact, we don't have a financial institution.

What we have in Nigeria is one man who runs everything down through agents he carefully selected

tundafayaBuhari:
This useless APC government have nothing to offer. They keep changing policy everyday like a woman on period changing her pad

KNow the news hit your hard hahahaha...

sorry the price of $$ now is officially #399 and wailers have started hating..


Anyone who is against the betterment of Nigeria will never witness it..

Love Machine:
Does cbn governor and buhari have interest in BDC?They should have given the dollars directly to manufacturers who need them to purchase raw materials for their production.Buhari who has been preaching diversification of economy is spending billions on oil exploration in lake Chad and Benue state.He and his economic team didn't even introduce ideas on how to diversify.

So the so called manufacturer will later go and sale it to the BDC abi sorry Govt are wiser, Not in this corrupt country...


The BDC can easily be locate and arrest if they sale it above #399 but those manufacturer who them go arrest..

APCmyheart:
KNow the news hit your hard hahahaha...

sorry the price of $$ now is officially #399 and wailers have started hating..


Anyone who is against the betterment of Nigeria will never witness it..

and you are proud of it? SMHFY

APCmyheart:
KNow the news hit your hard hahahaha...

sorry the price of $$ now is officially #399 and wailers have started hating..


Anyone who is against the betterment of Nigeria will never witness it..

get your facts right

tundafayaBuhari:
and you are proud of it? SMHFY

Not my official currency so i only need it when am traveling..

tundafayaBuhari:
get your facts right

LOL if you brain work better CBN started selling to BDC today and you think the price will just change immediately when you and i know how greedy Nigerians are..

Secondly look at the chart very well and see buying did not change but selling keep changing,,,

They keep buying 490 and selling price keep changing isn't that greediness?

APCmyheart:
Not my official currency so i only need it when am traveling..

you are a small boy

APCmyheart:
LOL if you brain work better CBN started selling to BDC today and you think the price will just change immediately when you and i know how greedy Nigerians are..

Secondly look at the chart very well and see buying did not change but selling keep changing,,,

They keep buying 490 and selling price keep changing isn't that greediness?

why did you say 390? Since you were born, have you touched a dollar note? Talk true.

jomoh:
Can someone please tell me what Nigeria gains from selling dollars to BDCs apart from throwing our hard earned forex into a bottomless pit.




This is obviously not the best. Except there is an advantage Nigerian economy gains from BDCs that I don't know about.

Selling dollars to BDC is like throwing cash to the street. People will never get tired of picking it. Even those who do not need it will pick.

If you keep selling to BDC how do you regulate who they sell to. With BDC, even people that wants to spray at parties will buy. It now becomes a battle of the highest bidder between genuie importers and party sprayers.

Imagine someone ☝ there saying he bought dollar at 497 yesterday. Please of what genuine use could someone who have the time for Nairaland need dollar for?

@Bolded, very irresponsible comment... It would interest you to know that there a high calibre peeps on here...Not everyone on Nairaland is a kid bro...

Nice analysis BTW

Chyvy:
@Bolded, very irresponsible comment... It would interest you to know that there a high calibre peeps on here...Not everyone on Nairaland is a kid bro...

Nice analysis BTW

Trust me i know and fully understand what you mean but the absolute truth is that no matter how high your profile is, a real business man with genuine need for forex for importation do not have time for Nairaland.

I have worked in 2 different banks and particularly in a position where I helped clients bid for forex. This people don't have time to comment on Nairaland. They may read but comment, I doubt it.

tundafayaBuhari:
you are a small boy

Okay old, wam waiting to eat at your funeral any time soon..

tundafayaBuhari:
why did you say 390? Since you were born, have you touched a dollar note? Talk true.

LOL what a joke, I have a domiciliary account with Zenith hahaha you think everyone will be wretched like you?

jomoh:
Trust me i know and fully understand what you mean but the absolute truth is that no matter how high your profile is, a real business man with genuine need for forex for importation do not have time for Nairaland.

I have worked in 2 different banks and particularly in a position where I helped clients bid for forex. This people don't have time to comment on Nairaland. They may read but comment, I doubt it.

No offense, but you just goofed cos that guy you quoted is an importer...

You see?

Like I said, it's pretty easy to assume that Nairaland is a place for unserious folks but for those who understand the importance of this place take their chance to establish their online presence...you really do not know the power of opportunity this forum weilds.

I know a manufacturer who has a trending B2B business and has a major presence on the biz section...And it might interest you to know that there are even bdcs right here on NL.

I have once helped source forex for genuine ppl here on biz section for their import needs....yes, it's quite cheaper for them than going to the bdcs

And mind you, I do source forex and import too, and I am active and comment on NL biz section as many of my clients are here...

Shalom!

PS. Being active on Nairaland goes far beyond commenting on Politics, Celeb or Romance sections. There are the Biz, Property, Investment, Agric and Auto sections where many flourishing businesses have been nurtured. They were, on the foundations of this great forum.

APCmyheart:
LOL what a joke, I have a domiciliary account with Zenith hahaha you think everyone will be wretched like you?

you have domiciliary account and you don't know how much dollar is traded in the market? I don't have domiciliary account but I know how much dollar is traded in at least 5 different countries. what does that tell you? Besides that, if you check the time I come online, common sense will tell you that I'm not in Nigeria

Chyvy:
No offense, but you just goofed cos that guy you quoted is an importer...

You see?

Like I said, it's pretty easy to assume that Nairaland is a place for unserious folks but for those who understand the importance of this place take their chance to establish their online presence...you really do not know the power of opportunity this forum weilds.

I know a manufacturer who has a trending B2B business and has a major presence on the biz section...And it might interest you to know that there are even bdcs right here on NL.

I have once helped source forex for genuine ppl here on biz section for their import needs....yes, it's quite cheaper for them than going to the bdcs

And mind you, I do source forex and import too, and I am active and comment on NL biz section as many of my clients are here...

Shalom!

PS. Being active on Nairaland goes far beyond commenting on Politics, Celeb or Romance sections. There are the Biz, Property, Investment, Agric and Auto sections where many flourishing businesses have been nurtured. They were, on the foundations of this great forum.

Yes am an importer too I import toothpick

Seriously not everyone that import contributes positively to the economy that's the main point of my initial analysis. I am very very sure more than 80% of importers that have time for Nairaland are the negative contributors. They are part of toothpick importers that waste our precious forex on products that hurt the economy instead of helping it and those are the people that have time for Nairaland.

I bet you're part of the 80% if you're so convinced, you can shoot at me what you import and lets see if you're not part of the 80%.

This category of people are the ones that don't have genuine reason to approach a bank for forex. If they do their bid for forex will never be successful (yes they do bid for forex in banks. this is where the real forces of demand and supply comes to play not in the aboki BDC shop and this non genuine importers that bid for forex are the ones contributing to the unnecessary high demand for forex that in turn force up the price of dollar when the demand is higher than the supply). They are the same people that turn around to blame the government that they're not providing forex for them to import. They then go to the black market to buy at 497 and come on NL to rant about dollar prices being too high while calling themselves importers. Importer my foot.

I wont even quote you again, since you've resorted to throwing tantrums....go back to my post, read again, that is, if you read and can comprehend...

But for the sake of your comprehension I'll repeat again....there are genuine importers that have a presence here on Nairaland and that need Forex for their needs...(i specifically mentioned a B2B biz manufacturer in the biz section).

Like I said...your problem is you think you know too much and assume too easily...Right from your high horse you think you know those who need Forex genuinely than others.

You said you had worked in the bank and processed Forex for people. Swear you didn't also issue Forex to people who just wanted to travel for the holidays, pilgrimage or even those for medical tourism...so how are you different from toothpick importers?

So you were also part of your conjured "hypothetical 80%" that helped sabotage the economy

I bet if this topic hadn't made front-page, you wouldn't have had an opportunity to comment. Obviously you think everyone on Nairaland opens topics discussing about Saraki, Fayose, Nnamdi Kanu, Dino Melaye or Tonto....Go to the Business section and cure yourself of your ignorance.


Now run along, go to mama and get your breakfast, obviously you're hungry

Forex processor my ass..


Kids everywhere!

tundafayaBuhari:
you have domiciliary account and you don't know how much dollar is traded in the market? I don't have domiciliary account but I know how much dollar is traded in at least 5 different countries. what does that tell you? Besides that, if you check the time I come online, common sense will tell you that I'm not in Nigeria

LOL like i said $$ is not my official currency, I open my Dom account as far back 2008... beside what does i need about different countries exchange rates against mine when i don't need them.. I only traded in Dollar when i need them..


Mind you i comment on the post and about the directive of the CBN which was confirmed by the BDC president.. You can go back and read about where he said if anyone sell aboce 399 to a dollar they should be reported..