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CBN Orders DMBs To Sell FOREX To Customers - Business (2) - Nairaland

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CBN Orders Banks To Sell Excess Dollars In 24 Hours / Refinery: We’ll Ask Dangote To Sell Forex At Good Rate — Emefiele / CBN Orders Banks To Collect Old ₦‎500, ₦‎1,000 Notes (2) (3) (4)

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Re: CBN Orders DMBs To Sell FOREX To Customers by ChangetheChange: 9:17am On Jul 29, 2021
grin
Re: CBN Orders DMBs To Sell FOREX To Customers by FBIBOT(m): 9:17am On Jul 29, 2021
ComradeRahmon:
Someone should explain this to me in simple language biko

grin grin makes me remember 3 idiots movie

1 Like

Re: CBN Orders DMBs To Sell FOREX To Customers by jayjaycee0: 9:17am On Jul 29, 2021
This is a good move.

If I were president, I would never consider selling FX to bureau de change. The forex round-trips go merry-go-round and some lahks at the end of control are milking Nigerians by buying low from CBN and selling high to demanding customers.

With this government can have a full control and regulation of the price of dollars.
Watch dollar exchange rate crash to almost CBN rate now, as bureau de change will be in competition to match what the DMBs are selling.

This is simple economics and I don't even have to open any books to see that.

7 Likes

Re: CBN Orders DMBs To Sell FOREX To Customers by humility33(m): 9:18am On Jul 29, 2021
[quote author= post=104206139][/quote]

C'mon your darling daddy is doing well
Re: CBN Orders DMBs To Sell FOREX To Customers by Ibiblaze(m): 9:18am On Jul 29, 2021
I understand the last news was not good,is this one good, because I no too understand
Re: CBN Orders DMBs To Sell FOREX To Customers by Benesis: 9:19am On Jul 29, 2021
This looks good, the Bureau de change will now be competing to sell cheaper than the banks, the hoardingvof curencies and over inflation will be checkmated to a great degree.

But this is nigeria, we always have good policies but bad implementation

2 Likes

Re: CBN Orders DMBs To Sell FOREX To Customers by robinfemi: 9:20am On Jul 29, 2021
Wahala for whose who are concerned cheesy
Re: CBN Orders DMBs To Sell FOREX To Customers by Legend44(m): 9:21am On Jul 29, 2021
Does this mean we can buy dollar using our debit cards.
Re: CBN Orders DMBs To Sell FOREX To Customers by xelly: 9:22am On Jul 29, 2021
This is the best news and the reason for the spike in fx.

BDC increased rate because customers do not know where to go to if the need fx. If Banks start issuing fx, the rate will be maintained and rules will be adhered to.

3 Likes

Re: CBN Orders DMBs To Sell FOREX To Customers by wellmax(m): 9:23am On Jul 29, 2021
This Igbo man wants to destroy Nigeria completely with his somersaulting policies
Re: CBN Orders DMBs To Sell FOREX To Customers by Benesis: 9:24am On Jul 29, 2021
jlinkd78:
If only it will not be reversed in d next few days then Enefiele will go down memory lane as a courageous CBN Governor

This is brilliant, this will lead to s stable price of the naira, the BDC will now compete with banks to stay in business and in so doing, the naira will be strengthen.. This policy if implemented will be great, but trust the powers that be to revert it soon

1 Like

Re: CBN Orders DMBs To Sell FOREX To Customers by obi4eze(m): 9:24am On Jul 29, 2021
What rate will they sell at?
Re: CBN Orders DMBs To Sell FOREX To Customers by Nobody: 9:26am On Jul 29, 2021
CBN gov should go get his security details tight so he is not sent 6 ft below with this policy.

1 Like

Re: CBN Orders DMBs To Sell FOREX To Customers by bigpicture001: 9:29am On Jul 29, 2021
ComradeRahmon:
Someone should explain this to me in simple language biko

I am coming leme bathe
Re: CBN Orders DMBs To Sell FOREX To Customers by Nobody: 9:31am On Jul 29, 2021
Ventura1:
Any moment from now, if you see any northerners castigating Emefiele, know why it is happening.
We don't behave in that odd way, opposing govt policies for the benefit of few ppl. Northerners have been in this business for more than 40yrs. The same ppl will buy it in the bank and continue with the business. Banks will impose more hardship on ppl the same way with former system, wait and see.
Re: CBN Orders DMBs To Sell FOREX To Customers by ShoeShineGuy: 9:31am On Jul 29, 2021
The comments by those who have been benefitting from the spoils are so unmistakable! All some people want is the same Business-As-Usual. The same mentality possessed by almost all our politicians!!
Re: CBN Orders DMBs To Sell FOREX To Customers by udemzyudex(m): 9:32am On Jul 29, 2021
We are still waiting for this prophecy to come to pass.

1 Like

Re: CBN Orders DMBs To Sell FOREX To Customers by Nobody: 9:33am On Jul 29, 2021
Economists cant even read the handwriting... more hard times looms
Re: CBN Orders DMBs To Sell FOREX To Customers by IVORY2009(m): 9:33am On Jul 29, 2021
[quote author= post=104206139][/quote]

Mallam, stop using this small girl's picture to represent Yahoo boys.
Re: CBN Orders DMBs To Sell FOREX To Customers by maste: 9:35am On Jul 29, 2021
Who is fooling who? The idea of giving dollars to bureau de change make the dollars more available and affordable to Nigerians. The bankers are greedy, they are the master of round tripping now before the end of the year exchange rate will be N1000. This government is bent on destroying the economy and punishing Nigerians. Godwin is just a willing slave.
Re: CBN Orders DMBs To Sell FOREX To Customers by CUMIN: 9:35am On Jul 29, 2021
Benesis:
This looks good, the Bureau de change will now be competing to sell cheaper than the banks, the hoardingvof curencies and over inflation will be checkmated to a great degree.

But this is nigeria, we always have good policies but bad implementation


The banks will deliberately sell to those BDC mallams than to the open market.

Let's wait and watch.
Re: CBN Orders DMBs To Sell FOREX To Customers by Adexvivacity(m): 9:35am On Jul 29, 2021
shiwex:
Nigeria is going through a very bad period under this APC government. I see the country sinking. All sorts of financial policies being tested on the economy but none seems to be working. The funny thing is our people will still go out and vote APC even after all this suffering.....

Am sure you wont hesitate to vote PDP. That means u have forgotten the then sufferness
Re: CBN Orders DMBs To Sell FOREX To Customers by Zontage: 9:36am On Jul 29, 2021
smatt1711:
the problem of this country is lack of honesty

pleas i have cheap laptops for Bet9ja shop,schools and offices (also good for personal use) ...just 30k only...all fuctions working perfectelly with warranty ...call or whatsapp .0.9.0*1105**57**58 , lets deal

Pics?
Re: CBN Orders DMBs To Sell FOREX To Customers by ShoeShineGuy: 9:36am On Jul 29, 2021
Benesis:
This looks good, the Bureau de change will now be competing to sell cheaper than the banks, the hoardingvof curencies and over inflation will be checkmated to a great degree.

But this is nigeria, we always have good policies but bad implementation

If only they can stop being overgreedy.. We can understand they want to do business and make profits. But selling almost a hundred naira over the official exchange rate is selfish and inhumane. Bankers themselves are accomplices who have never helped matters.

Unpatriotic lots everywhere!
Re: CBN Orders DMBs To Sell FOREX To Customers by newbornmacho(m): 9:36am On Jul 29, 2021
Benesis:


This is brilliant, this will lead to s stable price of the naira, the BDC will now compete with banks to stay in business and in so doing, the naira will be strengthen.. This policy if implemented will be great, but trust the powers that be to revert it soon

Hmmmmm....I'm not too sure about that.
The following scenario could play out:1. a customer goes to the bank and is adjudged ineligible for forex. He desperately runs to the bdcs and they milk him.

2. The same scenario is repeated but this time because the bank says they don't have enough forex. Those who have hoarded it bring it out via bdc and yet again cash out megally.

Bottom line is our forex is insufficient, and desperate seekers will be the ones to bring bdc 2.0 back.

3. https://punchng.com/bdcs-banks-cant-be-trusted-will-hoard-dollars-says-mailafia/

3 Likes

Re: CBN Orders DMBs To Sell FOREX To Customers by welzyj2(m): 9:37am On Jul 29, 2021
lusid:


https://www.vanguardngr.com/2021/07/just-in-cbn-orders-dmbs-to-sell-fx-to-customers/


I just hope they listen.
Especially that UBA bank that spoilt a FX transaction for me earlier this year. Despite all documentation

1 Like

Re: CBN Orders DMBs To Sell FOREX To Customers by Pravedk: 9:38am On Jul 29, 2021
Lol Rubbish!

I have work in various types of jobs and working in BDC was my second job.

So let tell you an insider story.

Half of Nigeria's budget is stolen and half of that stolen money is converted to dollars and kept and homes and other places.

Now, how can a corrupt government official change his money? Through BDCs.

Now as soon as BDCs are not in possession of dollars-both real and artificial demand goes up.

So that is where the problems come.

Dollar will hit #600 by next week. This is the time to hoard ur dollars my people
Re: CBN Orders DMBs To Sell FOREX To Customers by Tunar18(m): 9:38am On Jul 29, 2021
If you don't understand simple economics, do help yourself by asking question(s). Don't be quick to condemn everything that comes your way. It isn't healthy for your mental health
Jerryherd:
One week one bad policy
Re: CBN Orders DMBs To Sell FOREX To Customers by Cholls(m): 9:39am On Jul 29, 2021
Torosk1:
Yahoo bois right now grin

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