₦airaland Forum

Globad:
Hehehehe

CBN was allocating dollars to BDCs.

It's no longer allocating and the report didn't say that it will allocate.

Did CBN stop them from buying in regulated FX market? If they did, please show the evidenced

Please, where is regulated FX markets.

wirinet:
I have been a business nan for over 20 years, I am not a white collar worker or a civil servants. I understand the practical aspects of business.

All these policies are window dressing, they cannot address the elephant in the room, which is low or dwindling productivity against growing demand. A sane government would invest heavily in increasing productivity and not curtailing and stifling businesses. What will increase productivity? - Constant and relatively cheap power, less government restrictions, some degree of currency stability, available and relatively cheap capital, actual regulations by government agencies. CBN and the banks are behaving like partners instead of regulators.

Above all... Just like you said, the best way to go about this issue is to increase our productivity that will reduce demands for imports.

I want you all to follow the track of Alex Otti. Politics apart, ABIA state will soon be transformed. For now, the first step is to rehabilitate all the roads before enhancing the industry.

wirinet:
How many Nigerians send remittances through the banks when Binance is there. Check Binance P2P naira page and you will see people trading N50 million at a go.

How many FDIs have entered Nigeria this year to have any dent on the exchange rate?

Export proceed simply means crude exports. You are aware that over 80% of our foreign earning is from crude. Now, Nigeria currently exports about 1.2 million barrels per day, far less than our export quota of 1.2 million barrels per day. Under Jonathan we were exporting 2 million barrels per day. Now after deducting cost of production and the joint partners share of 40%, how much is left for Nigeria to shore up our currency?

O boy.... You don't know what you are talking about.

Let's even forget about all I mentioned before. Have you heard of the I and E window. Do you know whats going on there? Abi you will still ask how they get the dollars too.

owagbeba:
Spot on! You could even give room to those who want to save in dollars by allowing them to covert Naira to dollar and save in dormicilliary account. If at any time they need to withdraw, they only get the naira equivalent at the days rate. Though this might be controversial but it can be adjusted in a way to give customers the option of Travellers cheque for those needing to travel with cash; and an option to make request for FX cash withdrawal with a waiting period of say 30days…just not sure how this last part would work.

The idea is to eliminate the need for cash FX.
Business folks can settle oversea debts through banks. Local companies needing FX payments can be paid in FX but withdrawal would be in Naira, school fees and medical bill all through bank remittance. BTA in travellers cheque… savers get the FX in dormicilliary account only able to withdraw naira equivalent or cash FX after a stipulated period of wait.

Just a thought… not BDC-proof

It can be BDC proof when CBN gradually withdraws all the FX in the hands of citizens. And this can be achieved by what you said... "Those with dorm account or inflows can only withdraw naira".

Do you know that as at last week, there was scarcity of FX cash and this contributes to the rose in price. Even in banks, people where unable to withdraw FX because there was no cash. But the moment govt said they will intervene, the dollars came back to banks and prices crashed.

Rubbish post.

Globad:
CBN doesn't have to give you dollars before regulating the pricing of its trade.

CBN regulates the pricing of loans without giving banks the money to lend.

Hope you're getting my point

That report was more about ensuring better returns and monitoring and critics went overboard and equated it with policy somersault.

Why not wait until the policy reversal is clear?

The headline didn't also help matters though

CBN gives BDC dollars as at 3 years ago.

And that's what they want to start doing now. Part of the measures the presidency mentioned was to create enough liquidity for dollars.

As at 3 years ago, CBN gives virtually every registered BDC operator about 10k dollars 2-3 times a week.

wirinet:
Where does the CBN hope to get the dollars to sell to BDC?

AHH... CBN gets steady flow of dollars from remittances, FDI and export proceeds.

owagbeba:
A simple question, why can’t bank take Naira and process fx remittance for their customers at spread rate introduced by CBN?

The chase for physical, paper Dollar is causing this market distortion.

BDCs have perfected RMB/YUAN remittances, you pay them naira, and they credit Chinese bank account in RMB.

This is the best thing. There is no need having two different exchange rate. No matter what CBN does, as long as the average man can go to BDC and purchase dollar, there will always be disparity between official rate and black market.

What CBN need to do is to ensure that dollar is not in the hands of the citizens. Any one that needs dollar for importation, school or health should go and bank and bank will make the payment for them. All the local schools and organisations that transact in dollars should be discouraged. Some wealthy individuals will just use naira to buy dollars only to pile it up in their dorm accts. All these are part of what is making price of dollar skyrocket at the black market.

If CBN wants to achieve a little stability, they should starve the BDCs of dollar so that the average citizens cannot easily access it.

Globad:
Where did you read this in the report?

Read with your financial mind. CBN said BDC will sell dollar at a specified spread. How will that be possible if not that CBN will be the one giving them the dollar.

As at 3 years ago, CBN were giving BDCs dollars before they latter stopped.

And even at that, CBN found it difficult to control the prices at which BDC sell.

flokii:
Good initiatives from the present CBN boss.. watch how dollar will sell for #700 or less at black market.

Nothing like good initiative here. What this means is like a mini intervention. Which is actually what is consuming a huge chunk of our revenue.

Lol....

I just dey laff this CBN, they don't know how these BDCs guys operate. No amount of regulation can keep them in check as there are too many of them who are unregistered and they will be the ones that will make this policy not to work.

Reintro of BDC means CBN will be giving them dollar to sell to the public and there is no way CBN will be able to regulate them.

What the military is supposed to do now is an "all put attack" against the bandits.

This is the only thing that can redeem their image.

KanwuliaExtra:
Tiefnubu would never be governor not to mention president.
A CHI-TOWN BAG MAN? ? ?

Plz no derailing.

Apus:
Goes to show how very docile we are in this part of the world.

If the army and other security outfits had been proactive right from day one, these terrorists would have found it very difficult to gain foothold.

Seriously it's disheartening to see how low our security agencies have gone.


This is a perfect opportunity for the military to employ heavy artillery to clear that area.

But we are yet to hear anything.

Imagine a Matawalle who couldn't curtail bandits activities in Zamfara state for eight years as a gov is been giving defense ministry.

Yet we will be expecting positive results fo come out.

Me am just curious. Probably wike was given FCT so that he can perform the wonders he did for APC in Rivers state just in case if there is a re-run.

This is almost day 3 that we heard of the crash of NAF helicopter in Niger state....

Bandits have come out to claim responsibility, and in the video circulating online that was released by bandits, we can see a good number of bandits brandishing weapons in that videos. For the fact that bandits were able to locate the crash site before our military shows that bandits control those area.

Now the location on the site is not a border town between Nigeria and another country. So we can say that the bandits didn't come in from the other country.

The location of the site in Niger state towards Kaduna, which means the site is within the confines of our nation.

If Nigeria was to be a serious nation by now we ought to have been seeing or hearing massive movement of troops towards that area. We expect the military to have created a large perimeter of military personnel who will march towards the location of the crash site till threats are eliminated. It's not difficult to do.

If not for anything, our military need to crush those bandits just to boost the morale of our soldiers.

It doesn't matter whether it was the bandits that shut down the helicopter or not. All that matters is for us to deal with them and show them that we aren't to be played it. Other criminals are watching and if these bandits gets away with this, it's show that any organize criminals can do anything and get away with it.

But what do I know, the mystery of our nation is too much. Na only civilians head our soldiers get power.

They told us no money for subsidy, they told us no money to peg the naira against the dollar. But there is always money for their expensive lifestyle.

What does a senator need extra vehicles for. Can't they buy vehicles of their choice from the salary they receive.

Those who keep defending this nonsense by our politicians should try and grow conscience.

Who dey top table.

Yet people who earn less than 50k will be here defending them as if there life depend on it.

Mossadd:
mumu when you realised how stupid you are you resort to insult oponu

No mind the guy. That's how they behave. Always running away from the truth then later resorting to insult.

Fugazy2023:
Na rubbish you dey talk. You are not making sense to me

You can't comprehend things that's more than you and so you are trying to deviate.

Enjoy your day.

Fugazy2023:
Oga answer my question first before ranting

Am sure u lack comprehension, but let me help u out.

8+ years of APC rule, is it just now that APC are appointing ministerial list.

Bridget95:
You don't know its already sold and you are paying for it

No mind then....

Even if PDP sold us, am sure we will still be better than where APC have plunge us into.

Fugazy2023:
Have the Ministers been given there various portfolios?

Typical of your guys. Go and read the topic again and then come back and see if this your response is in order.

MS247:
Banditry is a type of organized crime committed by outlaws typically involving the threat or use of violence. A person who engages in banditry is known as a bandit and primarily commits crimes such as extortion, robbery, and murder, either as an individual or in groups.

Typical of people defending bad governance, when you face them with issues on hand, they start deviating from the discussion point.

MS247:
Maybe you don't understand banditry

Since 1999 Nigeria has battle banditry till date, from Jos to Kaduna, to Oyo

Lies....

The first issue of bandits as we have it now started from Birnin Gwari and that's around 2015 after the elections.

naijaboy756:
he is supposed to be in jail now if it is true and not propaganda

Same thing they did against Deziani, yet she haven't been brought to book.

MS247:
When Sambo Dasuki started sharing Arms Money you mean

The people who didn't share arms money unleashed bandits all over the nation. Something we haven't recovered from till date.

MS247:




Daily bomblast

Shekau of Boko Haram would have conducted his own coup and succeeded

Boko Haram who is hornyyy would just drive around and kidnap girl, have sex, impregnate them and marry them no bride price



.

When PDP started pounding boko haram, the people who are currently in APC now where shouting that "it's an attack against the north".

Fugazy2023:
Nigeria would have been a terrible country without APC. Lick my ass. I don't know how a mad man will start judging people that haven't even started work. Ozuor

Who have not started work?

kestolove95:
If not for APC that came in 2015, dem for don sale diz country

If the country were to be sold, it probably will be better than what we have now.