Stats: 3,183,638 members, 7,921,382 topics. Date: Thursday, 15 August 2024 at 12:56 AM |
Nairaland Forum / Nairaland / General / Business / CBN Sells Dollars To Banks For First Time In 5 Months (31788 Views)
CBN Sells Fresh Dollars To Bdcs At N1,021/$ / CBN Sells Dollars To BDCs Below Market Rate At ₦1,101/$1 / CBN Sells Over $300m To Banks As Naira Gains (2) (3) (4)
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Re: CBN Sells Dollars To Banks For First Time In 5 Months by nedekid: 2:34pm On Feb 14 |
Omoawoke:So a cbn staff said. No more professionalism. Big mens children that just want to have a place they call office or work. They breeze in and pop out. They cannot be controlled, abi you Wan caution eg sanator, governor, minister or ex vp pikin? 2 Likes |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by CoronaHealer: 2:36pm On Feb 14 |
It doesn't stop at releasing the green back to the commercial banks. What are the measures or steps that will be taken to ensure these banks sells to who needs it, so as to counter middle men hoarding. I was at the bank sometime ago to get dollars for my business and the staff I met directed me to see one aboki sitting at a corner, inside the banking hall. One thing with Nigerians is that most of us are greedy and are fast to point fingers at the government, forgetting we too have a major role to play in the rebuilding process of our great country. When there's an economic downturn, some advantaged people will seize that opportunity to upturn their financial gains, even if it cost ur fellow country man to suffer, and perhaps, death. The great Chinua Achebe compared the tragedy of Nigeria to a broken fan oscillator. Instead of making it work for everyone to enjoy it's rotation, we rather fight for who stands in front of the fan to enjoy, thereby depriving others of the air. The bankers will rather sell this dollars to the bureau d change guys( aboki) , thereby creating artificial scarcity. Albeit, u can remember what happened during the cash crunch that ushered out Buhari's administration, where bankers were selling notes to POS merchants and who in turn sells to citizens. Shaking my head! 4 Likes |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by ogawisdom(m): 2:40pm On Feb 14 |
Omihanifa: Speculation and hoarding is the major problem. An average Nigerian is buying USD as an asset to hold. Just give it one week they will buy everything even the banks are hoarding too to profit from speculation. 1 Like |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by Geovanni412(m): 2:40pm On Feb 14 |
Saturnalia: You clearly don't understand the Nigerian economy and the role black market plays If they are scrapped, how do you think people will pay school fees for their japa move or for their children abroad? How do you think people will pay for medical emergencies like cancer and serious operations in India? Don't forget that $100 cash now is subject to availability at the bank... 1 Like |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by kingthreat(m): 2:41pm On Feb 14 |
Banks will now sell all of it to Bureau de Change Operators. Then BDC will sell to citizens at a higher rate. 1 Like |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by yemmit90: 2:41pm On Feb 14 |
saintjimos: Reasons government can't do what is right by scrapping BDC, put heavy charges on Dom accounts and allow only online transactions; 1. BDC operators are helping them to exchange looted fund into dollars. 2. All of them has secrets domiciliary account where they keep their ill gotten wealth. 3. Majority of them are into dollar/naira arbitration trading. 4. They save physically in dollars in their underground homes. 5. It is not easy to steal big in Naira, so dollars is their safe heaven to steal enough. Number 1 enemy of Nigeria is our Politicians, follow by elites, business tycoons, civil servants and the messes. 5 Likes |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by meum: 2:41pm On Feb 14 |
NextUK:I stand by what I said oya come & beat me if E pain you. 1 Like |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by blowjohn(m): 2:42pm On Feb 14 |
chiefolododo: How much will aboki sell it to me? |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by CatchMeIfUCanMO: 2:44pm On Feb 14 |
spiSeyi: Are you ok? And your cbn is selling to the banks at #1490/dollar? 2 Likes |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by sukkot: 2:46pm On Feb 14 |
yewit37486:oh no I never even heard about the guy or knew who he was till he died 1 Like |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by yewit37486: 2:50pm On Feb 14 |
sukkot: right, okay. 2 Likes 1 Share |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by Jackson105: 2:50pm On Feb 14 |
SensualMan1: Your parents are selling their kids in Anambra because of hunger. Dey holla SW doing better than you there. 2 Likes |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by money121(m): 2:52pm On Feb 14 |
BarrElChapo:You get the scope Awon oni ranu 1 Like |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by olalekan1(m): 2:54pm On Feb 14 |
seunny4lif:That was a bidding price. If all the banks bided a lower rate, the rate will be lower 2 Likes |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by GreenCovering: 2:59pm On Feb 14 |
the CBN sold the dollars at a rate as low as N1490 per dollarDid I just read 'as low as'...And the banks are still going to add their own margins in order to sell to buyers? Anyway, let the recovery plans begin at least. May God bless your efforts as you begin to set things aright dear Jagaban. 1 Like |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by CyberWolf: 3:01pm On Feb 14 |
Saturnalia:Exactly. They should ban the Black Market and the CBN should direct banks to sell fx to the public at the same rate they got it from CBN. The black market created avenue for round tripping and manipulation of the fx market. 2 Likes |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by psucc(m): 3:03pm On Feb 14 |
... for as low as #1490/$... I need to be educated on the meaning of "low" 1 Like |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by ppogba: 3:08pm On Feb 14 |
Omoawoke: The first tip of the rot is having over 4000 members of staff at the HQ. In other words, if some did not come to the office, it will even be appreciated rather than being noticed. The second tip is the reluctance of some staff to leave the HQ. The third tip is the opulent life style the staff live. Truth is, the problems are deeper than Nigerians can imagine. 1 Like |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by gabbytabby: 3:11pm On Feb 14 |
Ego shock una one by one God will take out those holding Nigeria to ransome. It is time to repent. SensualMan1: 1 Like |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by hansomb: 3:16pm On Feb 14 |
Omihanifa:Maybe without all those interventions the dollar to naira rate would have surpassed #2,000 1 Like |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by Johnjustice: 3:16pm On Feb 14 |
All these measures are like taking Panadol, when you need surgery. Cut off the dollar manipulation of our economy by limiting the amount of dollars we demand by approaching China for currency swap deal, and join BRICS so we use naira for imports. No demand of dollars, no dollar scarcity, the rate comes down compared to naira. Sell crude and gas in naira, so nations go buy naira to pay for our gas and crude...this is how to strengthen your currency and economy...this is why America spends money like water, because nations are busy speculating, demanding and buying their currency, they can be very wealthy off that alone. We need brave visionary leaders like South African president. He quietly removed his country from the chains of dollar economic enslavement and joined BRICS, South Africa is already far better than they were a few years ago, they have surpassed Nigeria once again as biggest economy in Africa. BRICS will make South Africa prosperous. It's comical that a nation, with our economic team, minister for economy high flying technocrats, go to the job only to listen to the dictates of IMF ![]() We must remove ourselves from this economic enslavement perpetuated by IMF. IMF just asked Nigerian government to further increase prices of electricity, they don't care if Nigerians die of hunger, seems like it's a deliberate plan to sabotage our economy to make us weak. IMF have never corrected UK against giving welfare to it's people, America subsidize food, pay it's citizens social security money, subsidize healthcare, education and financing for it's people, likewise UK...but Nigerians get nothing from the government, yet IMF want the people strangulated. 2 Likes |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by narite: 3:21pm On Feb 14 |
Saturnalia:It does not matter if all the middlemen get cut off and CNB decides to directly transact with the general public. Good money will always go into hiding and bad money will eventually die. Gresham’s Law. 1 Like |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by Johnjustice: 3:23pm On Feb 14 |
hansomb:Very myopic way to look at it. The question should be, why are we depending on the dollar in the first place. Using IMF advice of floating the naira will be a disaster, because the naira, as it is can not compete with the dollar. Our dollar demand keeps getting higher as our imports volume increase by the day, more Nigerians are into dollar hoarding business, this also increase the value, due to scarcity, as more Nigerians go to school and treatment abroad we demand more dollars...naira has no chance. The only way is dealing/trading with nations that will accept naira, at least if we cover only 50% of our imports with this arrangement of currency swap/receiving payments with local currency...naira value will quickly strengthen, because our national demand for dollars will drop. We can also start selling crude and gas in naira, so nations go look for naira, this will increase demand in naira, as they will come buy naira from us...It's all about demand and supply. 2 Likes |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by Henryfour(m): 3:27pm On Feb 14 |
If cbn could sell dollars at #1490 /$ there's a problem cus black market would sell at 1550 and 1600 |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by freemi(m): 3:33pm On Feb 14 |
Omihanifa:yes so long as we bring nothing to the table. We export nothing for example. Ders no magic. |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by freemi(m): 3:34pm On Feb 14 |
sukkot:ofcuz. Then the bank will set their own price after buying 1 Like 1 Share |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by iamkim7: 3:35pm On Feb 14 |
How do you scrap black market sir? Saturnalia: |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by freemi(m): 3:35pm On Feb 14 |
saintjimos:good point but der won't listen |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by theredaddy: 3:47pm On Feb 14 |
Omihanifa: One would the primary function of CBN is to babysit "Dollar" At the rate CBN & Nigerians are going it will be easy pee see to convince a foreigner dollar is Nigeria legal tender, the only time Naira makes the news dollar must be the lead role |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by KingDash09(m): 3:47pm On Feb 14 |
Make military collect this thing for the people hand abeg |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by SleekyP(m): 3:47pm On Feb 14 |
Johnjustice: Nice suggestion.. |
Re: CBN Sells Dollars To Banks For First Time In 5 Months by Omoawoke: 3:49pm On Feb 14 |
ppogba: You got it, the offices are over staffed and yet new faces appear everyday and you will never see them advertise any position to the public. Just through connection and your employment letter will be printed for you. People even sell and buy slots. Such a ridiculous system. |
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