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Nairaland Forum / Nairaland / General / Business / CBN To Raise BDC’s Share Capital To ₦2 Billion (14379 Views)
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Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Kossyso: 10:06am On Feb 24 |
Nigeria focuses on revenue generation over the well-being of its citizens. SMH... |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Immatex(m): 10:08am On Feb 24 |
Biodun556: Locked up for what crime exactly? When I opened my dorm account at Union Bank Ekulobia, they refused to sell me the dollars needed, BDC came to the rescue. When I need to travel, all my banks refused to sell me dollars but were willing to buy from me at the worst possible rates, BDC at Presidential Hotel Ph came to the rescue. I am in support of this CBN effort to standardise the operation of BDCs but not with a high-handed approach. This is simply a fire-brecade policy. There's no need for the rush, it should be done in phases and should have a human face. That way, it will succeed and no one will feel targeted. 1 Like |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by aribisala0(m): 10:10am On Feb 24 |
RhinoChest: A BDC is not necessarily a feature of capitalism Rather it is a feature of inefficient payment systems If you were traveling between the G7 nations. Your entire trip could be and often is cashless. So while BDCs are useful to us they do not represent capitalism . If anything quite the opposite. If you go around the world where would you find anything like what we have? Hardly beacons of capitalism 2 Likes |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by successmatters(m): 10:12am On Feb 24 |
tonicyril: Why do we need chemists and phamarcies when hospitals can dispense drugs? 2 Likes |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by aribisala0(m): 10:12am On Feb 24 |
Immatex:What exactly do you mean by high handed |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Yagier: 10:17am On Feb 24 |
EbolaTinubu:you see those bad thing you wishing on this country will definitely befall you and your family idiot. 3 Likes |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Eriokanmi: 10:17am On Feb 24 |
Biodun556:I think you're right. But the question we need to ask those in government is, are they truly sincere about leadership? Most of them are the cause of the woes in the country today and not those selling dollars on the street and I'd tell you why. I'm an importer and I serve both health and oil and gas sectors ok? Each time I opened a form M, either for L/C, or form Q transaction which allows genuine SMEs to access 20,000USD quarterly and the form M has been submitted and approved with form M charges taken, we'd now be waiting perpetually for the CBN's weekly fx allocation. The CBN would tell the public that an xyz amount had been allocated to various commercial banks. But by the time you investigate, the money had been shared among directors who would keep fx for these same politicians at special rates and leave crumbs for genuine fx applicants to share, which will never get anywhere, of course. Virtually all these politicians own at least, one company. They need fx too for one thing or the other overseas. We have a governor in the s/w who owns a popular petroleum marketing Co. These guys always approach the bank directors to hoard fx for them. After genuine fx applicants had waited endlessly and customers keep pressurising them, they'd be left with no option than hit the streets and rake as much as they can, though at a high commission, after banks have failed them. You can imagine the street sellers never existed, ebi maa pa awon eeyan gaaan!!. In America, SMEs are the driving forces of their economy, not all the big shots. You can imagine fx given to the likes of dangote and otedola in the hands of SMEs, our economy would have received a huge boost, more people would have been employed and those in agricultural sector would have raised a bar and food would have been in aboundance. FG would have earned hugely too, in revenues via taxes. Let me tell you the effect of these unwarranted arrests... 1- food scarcity would increase cos SMEs are the biggest players in our agriculture 2-cost of commodities would soar and we'd continue to witness both cost-push and demand-pull inflation 3-anarchy would now set in. In conclusion, our leaders know whom to arrest but as you know, won ni ti a ba nfa gburu, gburu maa fa igbo. Its a wise adage. They'd be affected as well. Solution to the problem is licencing bdcs and regulating their activities, not arresting or increasing their share capital. You'd be surprised this would be hijacked by same politicians who would only register a bdc and hoard the fx allocated for their registered companies, if they succeed in increasing share capital to 2bn naira and genuine applicants won't still access fx. I remember when they appointed travelex to give fx to travellers at the airport. We'd approach them and they'd say they've not resumed. By the time they finally resume, they'd only attend to a special list and tell you dollar has finished. This had happened to me twice. I almost missed my flight to France on one occasion. I queued for hours before they said, dollar had finished but we should still wait. They only attended to 2 people on the queue. Travelex had mopped up everything and given it to the highest bidder through the back door cos the cbn always assured of enough allocation to travelex. Until there's sincerity of intentions, they'd keep fooling us while we'd be clapping for them. 3 Likes 1 Share |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by omumeen534: 10:21am On Feb 24 |
How is bank not getting enough dollar and BDC is getting enough to keep the transaction going ? Is the Dollar not passing through the bank from CBN ? Is like saying commercial banks do not have enough money to distribute to their customers but POS operators do. How does the money get to POS operators when they can not go to CBN to collect money themselves 4 Likes |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by israelmao(m): 10:25am On Feb 24 |
This nothing compared to the huge and arbitrary profit they realized from devaluation of Naira. |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by chidiokay: 10:30am On Feb 24 |
tonicyril: We don't need BDC in real sense, BuH sustaining the BDC is the only way not to unplug the North |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Trojan8(m): 10:36am On Feb 24 |
oluwaseyi0: #2bn is same as banks level? Lol |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by chidiokay: 10:36am On Feb 24 |
VeeVeeMyLuv: One is analog and the latter is digital, while the Binance (digital) is highly regulated and can be monitored the parallel market (BDC) is directly opposite 2 Likes |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by chidiokay: 10:42am On Feb 24 |
Didijiji: Now they are there nothing stops you from revenging, you guyz don't just have the balls like they did ... stop taking us back to GEJ era if you guyz can't do anything or protest 1 Like |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by LordBillionz: 10:45am On Feb 24 |
Didijiji:Good question. If Tinubu can solve this, I will highly commend him |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Artscollection: 10:45am On Feb 24 |
tefishy: Abi na govt buy market!!! |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Immatex(m): 10:47am On Feb 24 |
aribisala0: If I have to explain what high-handedness means or how this policy is high-handed in nature, I am afraid you don't understand anything in the import of the guidelines to the operational setup of BDCs. It's no use explaining it to you. 1 Like |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Smartguyboy(m): 10:48am On Feb 24 |
I guess we are going to settle for #1600 above as official rate . Because I don’t see it coming below 1600 1 Like |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by optimusprime2(m): 10:48am On Feb 24 |
Biodun556: No sir it does, please FX black markets exist in many countries apart from Nigeria and this list is not even exhaustive. 1. In Egypt 2. Ethiopia 3. Iran 4. Argentina 5. Zimbabwe 6. Venezuela 7. Cuba Black markets generally exist when an open market is not allowed to exist. During the military rule in Nigeria, the Black markets were born and they have played a vital role in Nigeria's Economy. After the start of democracy they were fully legalised and integrated into the FX ecosystem by the CBN. So please what is going on now with currency valuation has very little to do with them but rather the government. 1 Like |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by IamAtikulate: 10:49am On Feb 24 |
tonicyril: Now Yorubas have turned to blaming a dead man. My only problem with Yoruba people is that they don't take responsibility. Always blaming others, except themselves. |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Jogs1900: 10:51am On Feb 24 |
ThierryJay:With the regulation, for every naira a politician exchanges to USD, there's going to be record for it. 1 Like |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Biodun556(m): 10:53am On Feb 24 |
Eriokanmi: This is eye opener May God save Nigeria 1 Like |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by tonicyril: 10:57am On Feb 24 |
IamAtikulate:If u re sensible enough, u should know that not only ibos are ceo..we have many yoruba ceo as well and na same attitude dem get 2 Likes |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by chidiokay: 11:00am On Feb 24 |
Immatex: what is cucumbersome about the directives, do BDC and business people work under same regulations & policies what is Cbn about to do to BDC that is different from what was enforced on Banks ...the 25m capital base on banks was its gradual, did it kill our banking sector or made it stronger OF what economic importance or impact is BDC operators that you expect the govt to be considerate at the detriment of the economy/naira value. whu bdc help Lets face the truth, BDCs are expendables but that is like cutting off the North, that they are allowed to exist is enough for "human face" |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Coolestguy2023: 11:09am On Feb 24 |
EbolaTinubu: The thing is that you lack the mental capacity to understand what the move by the CBN means. 2 Likes |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by EbolaTinubu: 11:09am On Feb 24 |
Yagier:The bad things that you and your like are wishing Nigerians is going to wipe you and your entire lineage full |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Beautifulday: 11:10am On Feb 24 |
oluwaseyi0: From banks. |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by EbolaTinubu: 11:11am On Feb 24 |
EleventhWeirdo:E pain am No be your coward tribe they shout ebin pawa every time they faint for road? Mumu Na hunger and poverty go finally quench you and your entire family zombie without functioning brain |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Beautifulday: 11:12am On Feb 24 |
Biodun556: That is a Fulani Business empire. Person wey never belle full no dey challenge big man for road |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Juju70(m): 11:15am On Feb 24 |
Biodun556: They were still selling dollars on the street when the exchange was below 100 |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by Trimjos: 11:17am On Feb 24 |
Biodun556: Shut it. It happens all over the world. I have bought USD and changed severally in other countries whenver I travel. From Egypt to Khartoum to Muscat, to Athens... Just stop lying to sound woke |
Re: CBN To Raise BDC’s Share Capital To ₦2 Billion by zionstaar75: 11:17am On Feb 24 |
tonicyril:gbam!they should be scrapped sef |
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