iichidodo:
CBN has kick-started a down ward trend in the fx market, something no other entity has managed to do in any third world country, there's every possibility that IMF and other foreign financial bodies are watching Nigeria with keen interest. If CBN listens and allows the money grabbing and exploitative cabal that is the BDCs to teach them their work, then all the good work of the past 1 month will fall to pieces.....And we go back to beg France to use CFAs

Elliotwaveforec:
Is CBN not monitoring the open market rate before fixing the price for BDC operators?

CBN, reduce the BDC rate to N900 now to expedite the appreciation of our dear Naira.

See Black market at 1242 and CBN --fixed BDC at 1252.

So, if CBN reduces to N900, definitely black market will crash below N900.

IMF should come and learn work from Wale Edun joor!

Elliotwaveforec:
Is CBN not monitoring the open market rate before fixing the price for BDC operators?

CBN, reduce the BDC rate to N900 now to expedite the appreciation of our dear Naira.

See Black market at 1242 and CBN --fixed BDC at 1252.

So, if CBN reduces to N900, definitely black market will crash below N900.

IMF should come and learn work from Wale Edun joor!

GeneralDae:

CBN doesn’t just reduce rate like that. The rate they set for BDC’s are usually the lowest rates at the official market from the previous day transactions. So that 1251 was the lowest bid at the official market at that period. As at Thursday, the lowest bid at the official market was 1200. So if CBN is to set rates for BDC’s today it would be maybe around that 1200 except on Monday the lowest bid becomes 900.

SenecaTheYonger:


Lol m. Do you know how much CBN spent in the last month to do this? Do you think they can do this forever? Oil revenues is still low and incoming revenue cannot support it.

You think they can spend this kind of money for 12 month? For 4 years? lol we will not even have. Foreign reserve by the time they’re done

RealLordZeus:
When you guys are buying at 470 and selling at 750, you no see that as wickedness.
Now that black market rate is lower than official rate, you resort to begging, okan yin o ni bale

Elliotwaveforec:
Is CBN not monitoring the open market rate before fixing the price for BDC operators?

CBN, reduce the BDC rate to N900 now to expedite the appreciation of our dear Naira.

See Black market at 1242 and CBN --fixed BDC at 1252.

So, if CBN reduces to N900, definitely black market will crash below N900.

IMF should come and learn work from Wale Edun joor!

DeLaRue:
If BDCs buy at a particular rate from the CBN and the black market price turns against them, that's tough luck.

Where BDCs are right though is the CBN delaying in releasing the dollars to BDCs after collecting naira from them.

Once the CBN accepts a BDC offer to purchase $, it should promptly release the $ after collecting their naira.

It is a fast-moving market, so any delay is unhelpful to BDCs.

KillIgbohoN0W:


Hahahahahaha
Omo see monikers

lexy2014:


what opportunity did they have and how did they misuse it?

Elliotwaveforec:

I dey tell you! Den go wait tire for that 2k.

johnjose68:


https://www.thecable.ng/abcon-to-cbn-reduce-fx-rate-so-our-members-can-bid-for-more-dollars/amp/

Elliotwaveforec:

That was during Emefy's time! CBN doesn't spend a dime to defend the Naira again. Forex inflows coming from the nnpc crude oil sales, diaspora remittances, and high demand for government treasury bills by foreigners, owing to increase in interest rate by the CBN.

benuejosh:
Those Obidients and emergency lovers of Nigeria who prayed hard for naira to hit N2000/$1 have been so quiet these days.

Elliotwaveforec:

Yemi is a commercial banker! Wale is an economist; everything going on at the CBN is the brainwork of Wale.

Bankers don't perform as CBN governor but economists. Banking is just a subset of economics!

So, Yemi does what Wale tells him to do. An economist no be banker mate.

benuejosh:
Those Obidients and emergency lovers of Nigeria who prayed hard for naira to hit N2000/$1 have been so quiet these days.

KingKO22:


Glory be to God that give us the best brains from SW.
magine Emeifiele was afraid to flow the Naira that's why he was paying billions to defend Naira but Cadoso has proved it that Yoruba are the best black race

In Asiwaju mandate we believe
Thing will get better by the grace of God

Asswipemod:


Have you been living in Neptune?

stagger:


CBN is simply paying subsidy on the Naira-Dollar rate. Until the core fundamentals change (stop fuel imports, cut down on dollar demand for school fees, medicals, etc), it won't last.

SenecaTheYonger:


Lol m. Do you know how much CBN spent in the last month to do this? Do you think they can do this forever? Oil revenues is still low and incoming revenue cannot support it.

You think they can spend this kind of money for 12 month? For 4 years? lol we will not even have. Foreign reserve by the time they’re done

nawaforyouo:


Omo, we are in for a long ride...

anybody thinking Naira will come down to less than 1 k and remain there is daydreaming

1 billion USD in 18 days? No wonder they are not fulfilling their obligations to the BDC by providing dollars to them after they have paid Naira!

This government ehn! the more you look the blinder you become

GeneralDae:

But they also paid about 1.5 Billion dollars which was the final backlog they paid. So after doing this and defending naira, reserves only reduced by 1 Billion dollars.

Basic123:


I am a yoruba too.This is not about racial superiority.

Okonjo iweala,Lamido sanusi and Soludo are also fantastic.
It was even Lamido Sanusi that raised that Alarm that "WHY IS CBN NOT RECEIVING DOLLARS FROM NNPCL SALES" which TINUBU/YEMI implemented.

It is the same system of CBN not involved in the receipts from the sales of the country most important resources that led sanusi to accuse NNPC/GEJ of embezzling 20billion dollars then.That accusation alone dented GEJ government image and eventually culminated to the end of his Government.

lexy2014:


since you have not been living on Neptune, am surprised that you could not answer the simple question.

what opportunity did they have and how did they misuse it?

Asswipemod:


I'm not obliged to answer any silly questions. Can't waste my time explaining and breaking down things to aliens.

Asswipemod:


Have you been living in Neptune?

Elliotwaveforec:

That was during Emefy's time! CBN doesn't spend a dime to defend the Naira again. Forex inflows coming from the nnpc crude oil sales, diaspora remittances, and high demand for government treasury bills by foreigners, owing to increase in interest rate by the CBN.

lexy2014:


are u obliged to say this?



since you have not been living on Neptune, am surprised that you could not answer the simple question.

what opportunity did they have and how did they misuse it?

stagger:


CBN is simply paying subsidy on the Naira-Dollar rate. Until the core fundamentals change (stop fuel imports, cut down on dollar demand for school fees, medicals, etc), it won't last.

Asswipemod:


Go back to Neptune and leave my mention alone. Doing this won't get you anywhere.

Asswipemod:


Have you been living in Neptune?