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Nairaland Forum / Nairaland / General / Business / CBN Lifts Ban On BDCs, Introduces New Operational Mechanism (25548 Views)
CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices / CBN Lifts Ban On Cryptocurrency Transactions / CBN Lifts Restriction On Domiciliary Accounts, Allows $10k Withdrawals (2) (3) (4)
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Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by oz4real83(m): 9:09am On Aug 19, 2023 |
femicyrus:these BDC operators will become jobless if the govt does the right thing. The govt should fight the corruption in the system and allow the market forces to determine the value of the naira. |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by DeLaRue: 9:09am On Aug 19, 2023 |
Naajjii: Building a refinery will take about 7 years. If it is built by the Nigerian government it will take 9 - 10 years. Due to eye-watering corruption, a refinery built by the government will cost way more to build and manage than one built by the private sector. A government refinery will become a massive corruption centre. No government-owned business works in Nigeria. |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by alwayzonlyn(m): 9:10am On Aug 19, 2023 |
"Trial & error" government |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by DeLaRue: 9:15am On Aug 19, 2023 |
alwayzonlyn: That's because there's no easy solution. Nigerians have turned buying and selling dollars into a big business. |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by Procashtips(m): 9:16am On Aug 19, 2023 |
Globad: Suggestions already listed in the comment I quoted. If truly you were interested in solutions, you would have seen the suggestions. |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by femicyrus(m): 9:17am On Aug 19, 2023 |
oz4real83:Bdc is not a job in the 1st instance. Banks ought to be changing currencies for Nigerians in need of it and not a 3rd party. Bdc operators are not producing nor manufacturing anything to improve the economy of the country but are making life difficult for manufacturers with their so called profit from naira exchange. That is why I call them forces of darkness 1 Like |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by okeysoninv: 9:18am On Aug 19, 2023 |
oz4real83:same way you guys were advocating to float naira . See where it has landed us. Most of you are educational illiterate. |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by Globad(f): 9:18am On Aug 19, 2023 |
owagbeba: Where did you see that we're back at it? |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by Globad(f): 9:20am On Aug 19, 2023 |
Procashtips: Both you and the person you quoted got the interpretation of the report wrong |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by BoldBrainz(m): 9:21am On Aug 19, 2023 |
IconicR: What exactly do you understand about this new CBN initiative? |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by Spidermon: 9:21am On Aug 19, 2023 |
Right time to buy dollars. |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by just2endowed: 9:21am On Aug 19, 2023 |
Yugoslavia247: Finally the floating of the naira has been defeated. If the government is now introducing a spread that the banks and bdc can buy and sell from, then there is no floating again. Well it's a nice move but it wikk still lead to round tripping at the long run because sine smart criminal in the banks and bdc will beat the system. 1 Like |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by jurgyvideos: 9:23am On Aug 19, 2023 |
Procashtips: God bless you for this comment |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by kolasoft: 9:30am On Aug 19, 2023 |
Welcome development gradually we will get there by his grace |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by do4luv14(m): 9:31am On Aug 19, 2023 |
TooNoisy: Why #700 in 2 years, Why not the #150, or better still #250, |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by just2endowed: 9:35am On Aug 19, 2023 |
frazee: The 3 billion is where NNPC will be sourcing for dollar to import, it's not like the 3 billion is for Nigeria. But the advantage is that NNPC won't have to demand for dollars from our scarce dollar but from afriexim. This reduce pressure from the naira |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by GEEBITE: 9:37am On Aug 19, 2023 |
Please leave Dangote refinery out of your hopes from this Govt. The refinery is a scam. TooNoisy: |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by SeaTrade(m): 9:37am On Aug 19, 2023 |
Greystone:There's no excess liquidity in the parallel market, The only reason it has been hiking prices is simply due to speculation and speculative,unrealistic demands. Watch as just $1B will mop up all liquidity in that market and have them begging to sell their fx,even at prices lower than what's obtainable at the I&E window. Personally if I was in power,I'll ban every form of street trading of fx and remove all independent players. Currency no be moi moi to hawk. 2 Likes |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by Rich4god(m): 9:38am On Aug 19, 2023 |
Globad: 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. |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by wirinet(m): 9:39am On Aug 19, 2023 |
EngrKemp: Very simple economics 101 solution, but corrupt and lazy political elites make it sound like rocket science. How can you import over 70% of your energy (apart from importation of basic food items) and still expect your currency to appreciate. Now if Nigeria is a sensible country we should turn Nigeria into an oil refining country instead of an oil (crude) exporting country. Since there is a huge demand for refined petroleum products and our neighbours are ready to buy petrol at what ever price. If the government like, let them increase petrol to N1000/litre, it will always get at least 30% more expensive in Benin Republic, Niger, Cameroon. Also piping gas to those countries which are less than 1000km from our huge gas reserves would make economic sense. I don't even see the need to pipe to Europe yet, piping to our immediate neighbours will fetch us billions of dollars. Imagine how much Russia makes from selling gas to its neighbours. Germany is betrothed to Russia today because of gas. 1 Like 1 Share |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by Midehi3(f): 9:39am On Aug 19, 2023 |
IconicR:You are really a confused being, Buhari your messiah then is now someone who messed Nigeria, your are just a confused circle ![]() |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by tnerro1(m): 9:39am On Aug 19, 2023 |
Story, as long as Nigerians import everything and politicians prefer to receive their bribes in dollars, nothing will change, it’s only temporary |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by Nobody: 9:40am On Aug 19, 2023 |
Midehi3:
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Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by wirinet(m): 9:40am On Aug 19, 2023 |
Rich4god: Where does the CBN hope to get the dollars to sell to BDC? |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by Cowbell521: 9:41am On Aug 19, 2023 |
Siberia01:Go to school |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by grandstar(m): 9:42am On Aug 19, 2023 |
I'm going to withdraw the forex left in my dorm account first thing on Monday morning. I suspect the Naira will strengthen in value. I exchange most of my forex last when Tinubu gave the matching order to the CBN to improve liquidity in the system. By 12 noon next day, I exchanged dollars at 932 to the dollar. I suspect mat go below 800 by Wednesday. |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by telleyway: 9:42am On Aug 19, 2023 |
IconicR: Creating artificial problem and claiming to come up with a solution is always the most stupid APC strategy. When the Chicago accountant and that Yoruba acting CBN governor in a bid to please their masters announced floating naira and removal of BDC, you all hailed it to high heavens. Now that the policy failed and they're trying to hide their shame instead of apologizing to Nigerians, you are here doing your paid job. |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by GEEBITE: 9:43am On Aug 19, 2023 |
They must find a way to bring Jonathan in to the conversation anywhow. IconicR: |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by Siberia01(m): 9:44am On Aug 19, 2023 |
Cowbell521:ok boss |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by Rich4god(m): 9:45am On Aug 19, 2023 |
owagbeba: 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. |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by Rich4god(m): 9:47am On Aug 19, 2023 |
wirinet: AHH... CBN gets steady flow of dollars from remittances, FDI and export proceeds. |
Re: CBN Lifts Ban On BDCs, Introduces New Operational Mechanism by Average9jaman: 9:49am On Aug 19, 2023 |
TooNoisy: Hmm, yeye dey smell 💩 Who told you?? Financial expert with no financial knowledge |
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Recession: EU Advises Nigeria To Devalue Naira. / 41 Exempted Items: FG Dumps CBN’s Forex Policy / World Bank Blacklists 58 Nigerian Companies, Individuals Over Corruption
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