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Nairaland Forum / Nairaland / General / Business / CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income (12519 Views)
CBN formalises dollar sales to BDCs as naira improves / CBN announces unification of FX windows, stops Naira4Dollar scheme / Naira Falls After CBN Stops Forex Sales To BDCs (2) (3) (4)
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by HEAVEN4444: 10:17am On Nov 08, 2021 |
adioolayi:maybe its time to start eating raw food. buy carrots and coconut for lunch
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Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by SenecaTheYonger: 10:17am On Nov 08, 2021 |
Yes, make the rich more richer and the poor more poorer and then boast about it like it’s an achievement. Zombies will hail you 2 Likes 1 Share |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by adioolayi(m): 10:19am On Nov 08, 2021 |
HEAVEN4444: You go buy fruit for this economy ![]() ![]() ![]() ![]() ![]() ![]() |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by macrodata(m): 10:21am On Nov 08, 2021 |
FarahAideed:Yes. Who else patronize their fx if not Arbitrageurs? Everybody's making money. |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by grandstar(m): 10:22am On Nov 08, 2021 |
But it led to the Naira dropping from 480 to 575 at the parallel market. Nothing to cheer about 1 Like |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by grandstar(m): 10:26am On Nov 08, 2021 |
Nigerialabalaba: The BDC's did nothing wrong. The fault came 1from the CBN that was and is still running a bad policy. 1 1 Like |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by frowland(m): 10:38am On Nov 08, 2021 |
FarahAideed:Yes it will. |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by FarahAideed: 10:39am On Nov 08, 2021 |
frowland: The price of of forex hasn't gone down |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by hayoholla(m): 10:43am On Nov 08, 2021 |
Bdc's had the golden opportunity to make the forex market decentralise and decent, but greed wouldn't allow them. |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by frowland(m): 10:50am On Nov 08, 2021 |
FarahAideed: That’s not the only way bank customers benefit from balance sheet growth. Regarding forex, yes but it hasn’t been going up like it was before. Any sane person must support the stop in sale of USD to Aboki. I just don’t see the sense in that. 1 Like |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by Cleanworld(f): 10:59am On Nov 08, 2021 |
Khabane “Khaby” Lame :The Internet Star Who Made Millions Without Saying A Word https://www.youtube.com/watch?v=NkWQryjfwPo |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by Proudlyngwa(m): 11:06am On Nov 08, 2021 |
adonainana: What was the demand rate for dollar back then, what was the dollar inflow, abi you think say we dey produce dollar |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by FarahAideed: 11:13am On Nov 08, 2021 |
frowland: Have you seen any Aboki seller lacking forex right now ? Bank managers are still selling to them |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by VeeVeeMyLuv(m): 11:13am On Nov 08, 2021 |
From henceforth please don't devalue any further. The more you devalue, the more u increase the craze and the rush, thus demand for dollar. If the rate was like N10 to the dollar, no one would have really cared. Secondly, please completely eliminate black market |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by philconsultant: 11:13am On Nov 08, 2021 |
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Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by Nobody: 11:17am On Nov 08, 2021 |
Emiefiele is just waking up. His tenure would have been the worst in recent years. If he can solve this FX issue and ban BDC permanently, infact, his name will be in the golden record of Nigeria. |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by Babaken(m): 11:28am On Nov 08, 2021 |
Mogajunior:that's the point not all these grammars |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by frowland(m): 11:35am On Nov 08, 2021 |
FarahAideed: Bank managers are not government or CBN, neither did they fall from heaven. They are Nigerians like you and me; Someone’s uncle and brothers and Aunties in the banks are selling forex to Aboki. The policy is good, the citizens are the problem. |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by cooooooks(m): 12:00pm On Nov 08, 2021 |
You don't run an economy by picking and choosing winners. |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by stepaside2: 12:02pm On Nov 08, 2021 |
adioolayi:When you are in a hole and sinking, the first thing to do is to stop digging. Next is to work your way back up. There is logic to these things |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by highoctane: 12:10pm On Nov 08, 2021 |
Other than PTA allowance, should bank direct there customers who want to fund their domiciliary or foreign currency account to go and source for dollars in black market? |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by TenQ: 12:54pm On Nov 08, 2021 |
postbox:. And you caused serious inflation in the process. Now $1==N570 Is this good news? |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by VeeVeeMyLuv(m): 4:52pm On Nov 08, 2021 |
TenQ:Yes because the so-called BDC & even the banks, including just anyone who has dollars kept on selling 100-200 naira higher than the official rate right from inception of time. Make black the market rate equal to official rate. Let the BDC people go and sell groundnut and chin-chin in a kiosk Sit back and watch the crazy demand for dollar dry up. |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by chinchonglee(m): 5:08pm On Nov 08, 2021 |
JavaScript90:Am sure you aren't getting any client these days and that's why you didn't realise that since BDCs were suspended, dollars has reached all time high against naira. What are you now telling your clients? |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by chinchonglee(m): 5:09pm On Nov 08, 2021 |
VeeVeeMyLuv:What are you even talking? |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by TenQ: 5:13pm On Nov 08, 2021 |
VeeVeeMyLuv:It seems like our economy champions you don't understand that the problem of the Naira is the fact that we import virtually all we consume from papers, to pencils, to buttons, to fabrics etc. This is what is putting pressure on the Naira for Dollars. It is so much that the CBN cannot even cope: that is why you can't just walk into any bank to purchase dollars without stringent requirements. Until we begin to produce what we use, the Naira will continue to slide down in value. It's not a curse! |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by VeeVeeMyLuv(m): 6:16pm On Nov 08, 2021 |
chinchonglee:what I am talking is the hardest thing but the only way. I know It is sounding ridiculous. The people whose demand for dollar is for profit, hoarding or to guard against inflation, devaluation in the near future far outweigh those whose demands for dollar e.g PTA, travel, import business are genuine. Infact left for me the value should be increased i.e go back to 200-300 naira to make it unattractive. Or even apply the redomination policy that Ghana did. |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by VeeVeeMyLuv(m): 6:20pm On Nov 08, 2021 |
TenQ: These are just excuses and more excuses used by black market individuals and including banks unfortunately to add N50, N100, N200 on official rate, just to sell and make easy, sweatless profits. what I am talking is the hardest thing but the only way. I know It is sounding ridiculous. The people whose demand for dollar is for profit, hoarding or to guard against inflation, devaluation in the near future far outweigh those whose demands for dollar e.g PTA, travel, import business are genuine. Infact left for me the value should be increased i.e go back to 200-300 naira to make it unattractive. Or even apply the redomination policy that Ghana did. |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by adonainana: 6:23pm On Nov 08, 2021 |
Proudlyngwa:So within 8 months interval before during and when the bdc ban came into effect Dollar demand has dried up and supply has increased or what exactly are you confused people trying to say Deep down I’m sure you know in 6 months time 1 dollar won’t be 570 that it is today so what excuse are you people giving this clueless govt Exchange rate that it met at 200 almost just 5 years ago |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by chinchonglee(m): 6:42pm On Nov 08, 2021 |
VeeVeeMyLuv:Read the bolded part and calmly explain what you trying to say cos you aren't making any sense right now. |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by Proudlyngwa(m): 7:10pm On Nov 08, 2021 |
adonainana:I don't understand what you are saying, very incoherent. Dollar price will change based on demand and availability, if price of exported commodities change so will dollar price. Stop being biased towards your govt. |
Re: CBN’s Suspension Of FX Supply To BDCS Boosts Banks’ Income by TenQ: 7:13pm On Nov 08, 2021 |
VeeVeeMyLuv:The problem of Nigeria is more than any monetary policy. Almost all we use is imported AND until we change that by producing what we use, we have no solution to our problems. Don't forget that the same CBN said BDC was our problem, we found out it's not true. Later they said it was AbokiFx that was determining the exchange rate. This one has been found to be untrue too. Now, they say Banks are making money, but what we see is Naira being devalued. Too much lies by the CBN and FG! Re-denomination is a wasteful excercise for Nigeria as the basis of our economy is completely wrong |
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