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Nairaland Forum / Nairaland / General / Business / CBN Orders DMBs To Sell FOREX To Customers (27991 Views)
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 grandstar(m): 10:55am On Jul 29, 2021 |
post=104206060: What does the difference between the official and parallel market place indicate? That there is not enough dollars to supply at the official rate. The Naira needs to be devalued further at the official rate. Sanusi said any spread of more than 3% between the official and parallel market leads to sharp malpractices like those occurring at BDC's and the bank that he whined about. Soludo and Sanusi accepted market realities and did their best to keep within that 3% band. Buhari on the other hand ended the flexible exchange policy he met and fixed the exchange rate at 197. When buyers could not get enough forex at that rate, they turned to the black market in droves which led to the wipe gap between them. This policy is the foundation of Buhari's economic policy and thats the primary reason the economy is doing so badly. Soludo, Sanusi and Utomi have all condemned Buhari's forex policies. Read the article between. https://www.nairaland.com/5069142/cbn-must-adopt-new-measures https://www.nairaland.com/4861949/lamido-sanusi-laments-buharis-economic 1 Like |
Re: CBN Orders DMBs To Sell FOREX To Customers by pius49(m): 11:03am On Jul 29, 2021 |
Nonsense copy and paste. What is CBN orders DUMBS ? it's DMB not DUMBS cos no be dustbin. |
Re: CBN Orders DMBs To Sell FOREX To Customers by abokimallam: 11:18am On Jul 29, 2021 |
Nigerians should continue to thank Godwin Emefiele for his continued efforts to destroy what is left of the naira. What is more surprising is the free reign Buhari, who promised Nigerians that he will make one naira to equal one dollar, and the dumbest National Assembly, who forgot that it is their responsibility to question Emefiele for his actions aimed at totally destroy the naira. |
Re: CBN Orders DMBs To Sell FOREX To Customers by TheOldGods: 12:09pm On Jul 29, 2021 |
jesmond3945:then aboki buys from bank at 420 and sells back at 500$? |
Re: CBN Orders DMBs To Sell FOREX To Customers by Donaluta(m): 12:10pm On Jul 29, 2021 |
Pravedk: My brother ... I'm giving CBN 2 weeks.. they will reverse this ban.... |
Re: CBN Orders DMBs To Sell FOREX To Customers by Nobody: 12:15pm On Jul 29, 2021 |
EngrEgghead: Is is the BDC that caused that problem or the banks? |
Re: CBN Orders DMBs To Sell FOREX To Customers by Nobody: 12:42pm On Jul 29, 2021 |
So true! Dom accounts have done a lot of damage to the Naira. It needs to be scrapped. It is a wicked policy History555: |
Re: CBN Orders DMBs To Sell FOREX To Customers by jesmond3945: 12:42pm On Jul 29, 2021 |
TheOldGods:if your bank always sell to aboki then report to cbn. The sale must be for legitimate purposes with verifiable documents. |
Re: CBN Orders DMBs To Sell FOREX To Customers by jesmond3945: 12:43pm On Jul 29, 2021 |
yetunsbay:this is last ditch effort to save the economy. |
Re: CBN Orders DMBs To Sell FOREX To Customers by Akpuobi1: 12:45pm On Jul 29, 2021 |
GD |
Re: CBN Orders DMBs To Sell FOREX To Customers by Nobody: 12:47pm On Jul 29, 2021 |
Fear Nigerian banks and Nigerian banking executives. They are the bane of our economic development. Making a former banker the CBN governor should be discouraged by the Senate. Bankers no nothing about economics and economy. They are pure profit takers. Sirdan247: 1 Like |
Re: CBN Orders DMBs To Sell FOREX To Customers by femarse: 1:08pm On Jul 29, 2021 |
The banks are not the problem , they never were, nigeria in general are very very very very very very very greedy and corrupt . someone is going to the US , all he has and need is $1000 as PTA he or someone will connect him to an aboki who will add money to the money and ask the person to request for the maximum$4000 for PTA after the transaction, this person collect his share and went on his way leaving behind a short country. the aboki get the dollars at the cbn rate, plus the little bribe he gave the guy, then sell at exorbitant parallel market rate ...this is what nigerians are doing to themselves to hurt themselves If the bank has $4k and I need just $500 and I request for just that, I have given room for other nigerians who need $$ to take from the $3500 balance , but u will see just one person out of share greediness request for the whole 4k and remit 3.5k to aboki, all the other nigerians who also needs will now have to go to BDC to have their needs meet as the bank can no longer meet that request Naira is our currency , the banks can not have sufficient dollars the way they have naira, why should they ? Naira is our currency not dollars The little one they have is to serve little request from here and there but one greedy guy will short the rest This is our problem not the policy but the greediness and corrupt nature of all Nigerians in general 2 Likes |
Re: CBN Orders DMBs To Sell FOREX To Customers by Quahl: 1:24pm On Jul 29, 2021 |
nice nice nice nice.... this is exactly what i want to hear... that banks should not hoard dollars. cos that is what they'll definitely do. |
Re: CBN Orders DMBs To Sell FOREX To Customers by COMPAQ(m): 1:30pm On Jul 29, 2021 |
Not sure if this will help all that much! A lot of Nigerians have requests for dollars that are legitimate transactions, but not backed up by CBN or acceptable documentation. Eg, If I want to buy a house in US for investment purposes or buy US stocks, such transactions cannot be done with official forex sources, so I have to go to black market. Unfortunately, whatever CBN does to black-market, that demand will always be there for such, mainly from those who have stolen money and will not mind changing to dollar at whatever rate. Besides does CBN even have enough forex for everybody even for the acceptable transactions? |
Re: CBN Orders DMBs To Sell FOREX To Customers by FreeIgbos: 1:33pm On Jul 29, 2021 |
jlinkd78: A very bold and smart move by Emefiele. I'm shocked he could announce based on how Nigeria has been Northernized. However, anytime I see that picture of him answering to that dead former head of cabal while he was seated like the capon he was, makes me cringe. Anyways, Nigeria is like a drowning man clutching at straws. All these are desperate measures to stay afloat and delay the doomsday. Las Las 1 dollar will exchange for 1k naira in no distant time. |
Re: CBN Orders DMBs To Sell FOREX To Customers by FreeIgbos: 1:38pm On Jul 29, 2021 |
COMPAQ: Don't confuse yourself. CBN didn't ban BDC's rather it stopped selling directly to them in an obvious bid to improve transperancy in the system and avoid round tripping and all those rent seeking ways they manipulate the system. The BDC's can still buy from individuals including Yahoo boys and also sell as the market dictates but government is no longer responsible for supplying to them. Thank you! |
Re: CBN Orders DMBs To Sell FOREX To Customers by OChimex: 1:44pm On Jul 29, 2021 |
jlinkd78: I doubt.. if this wonderful policy will work in a country where almost everybody is a dumb criminal and the system, so dirty. The banks will systematically turn it to cash out... by making a long list of requirements, which will in turn cause uneccmessary delays and turn most people who need it expressly to seek quick forex from BDC. But funny, if you make it so easy to obtain, greedy Nigerians or BDC will buy it off from the banks and hoard it thereby causing artifical scarcity. The problem of nigeria are Nigerians who have made the system so dirty that no matter how hard you try going thru the system godly, you must get stained by the dirts.. 1 Like |
Re: CBN Orders DMBs To Sell FOREX To Customers by WarriFirstBorn(m): 1:47pm On Jul 29, 2021 |
I went to the bank yesterday to claim my money through western union and the bank was telling me they don't have dollar. There is no time you go there that they will ever agree that they have dollars. Your money was sent in dollars but they hardly want to pay you in dollar. They prefer changing it at a lower rate to naira. The corruption begins from the banks. They are even worst than the BDC operators. |
Re: CBN Orders DMBs To Sell FOREX To Customers by Nobody: 1:54pm On Jul 29, 2021 |
rottennaija:We better face reality and stop unsubstantiated allegations. CBN should give bank enough FOREX under strict monitoring team and ensured that they don't hoard the dollars because despite BDC getting dollars already banks also have dollars for those who need them. The same way banks sold us to POS vendors they'll soon sell us to BDCs again! 1 Like |
Re: CBN Orders DMBs To Sell FOREX To Customers by Akikanji: 2:34pm On Jul 29, 2021 |
What a good move! But the problem of this country is unpatriotic saboteurs |
Re: CBN Orders DMBs To Sell FOREX To Customers by Akikanji: 2:44pm On Jul 29, 2021 |
CBN should just put all necessary checks and balances in place to checkmate corrupt practices by the banks. Once the process is well stabilized, transacting at the BDC will grow less attractive with time. |
Re: CBN Orders DMBs To Sell FOREX To Customers by CUMIN: 2:44pm On Jul 29, 2021 |
jesmond3945: CBN that can't effectively oversight. |
Re: CBN Orders DMBs To Sell FOREX To Customers by TheOldGods: 3:41pm On Jul 29, 2021 |
jesmond3945:how will you know your bank will sell to aboki? Or aboki are not part of Nigerian that can also buy dollars. It won't work |
Re: CBN Orders DMBs To Sell FOREX To Customers by femarse: 4:39pm On Jul 29, 2021 |
OChimex: you dont get it........the requirement is not regulated by the banks but by CBN and its uniform for all , and its not much ..... |
Re: CBN Orders DMBs To Sell FOREX To Customers by Gfskw: 4:46pm On Jul 29, 2021 |
Bank is useless than bdc |
Re: CBN Orders DMBs To Sell FOREX To Customers by OChimex: 5:01pm On Jul 29, 2021 |
femarse: �... okay... one month time, I will remind you this.... |
Re: CBN Orders DMBs To Sell FOREX To Customers by jesmond3945: 5:30pm On Jul 29, 2021 |
TheOldGods:let's test run the system first. |
Re: CBN Orders DMBs To Sell FOREX To Customers by Nobody: 12:47am On Jul 30, 2021 |
post=104206060: I wouldn't celebrate too soon if i were you. Everything the govt took control of since 2015 till now has increased and hyper-inflated over and over. The lack of the black market gives them monopoly and forces you to buy at whatever price they want, making them richer behind closed doors. Becos unknown to many, you still need the signature of 6 northern men in the central bank to own a BDC. These same people are the pencil pushers for the govt. They decide when the dollar has to go up and when it has to go down and they limit its supply. |
Re: CBN Orders DMBs To Sell FOREX To Customers by iamleumas: 7:43am On Jul 30, 2021 |
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