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Nairaland Forum / Nairaland / General / Business / CBN Considers Ending Dollar Cash Sales To BDCs (23311 Views)
CBN Resumes Dollar Sales To BDCs / CBN To Banks: Sell Forex To BDCs - Nairametrics / Cbn Lifts Forex Deposit Restrictions & Also Cancels Forex Sales To BDCs (2) (3) (4)
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Re: CBN Considers Ending Dollar Cash Sales To BDCs by PurestBoy(m): 6:38pm On Dec 11, 2015 |
Good! Let the ab0kis too feel the effect of the change they voted for 2 Likes |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by slimfit2(m): 6:39pm On Dec 11, 2015 |
Oh no.. Why this news at this time. If u ask me I no sabi much from dis news! |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by ifyan(m): 6:42pm On Dec 11, 2015 |
modath: Sis the problem is not rendering return but CBN are making it difficult for them. They keep changing rules month by month. Plus BDC operators are trying to beat the system. Welcome to Nigeria You know .......... 1 Like |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by ifyan(m): 6:43pm On Dec 11, 2015 |
Kposkila: If you don't understand ask please |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by 2016Utmerunz: 6:47pm On Dec 11, 2015 |
Yap |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by menxer: 6:53pm On Dec 11, 2015 |
since everything still falls back on BVN, scrap the BDC and let everybody fall back on the bank and the proposed prepaid card, if that will save us the stress. 1 Like |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by Pavarottii(m): 7:08pm On Dec 11, 2015 |
NOBODYY:U.S.A = world power; that's just the unfortunate truth. And there is nofn we can do about that for now. |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by Seun(m): 7:11pm On Dec 11, 2015 |
8 Likes 2 Shares |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by NOBODYY: 7:14pm On Dec 11, 2015 |
Pavarottii:Ooh So thats just the reason?? If the Once powerful Ancient rome could fall I dont think the US will be a boss for long ![]() Thannks anyways |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by EZEIGBO1OFIMO: 7:15pm On Dec 11, 2015 |
Seun:I thought you do business exclusively in Nigerian Naira. |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by HAH: 7:24pm On Dec 11, 2015 |
If your business is legitimate there ios no need of going to black market ? BDC are major source of money laundry and theft. If your business is legal use form M or form A to get foreign exchange from your bank or use your master or visa card abroad. Gradually Nigeria is getting right. Sai Buhari 6 Likes |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by Seun(m): 7:30pm On Dec 11, 2015 |
EZEIGBO1OFIMO:Yes, but when resources are misallocated we all suffer. I have an idea about the best way to support the naira given the current constraints. 2 Likes 1 Share |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by repogirl(f): 7:35pm On Dec 11, 2015 |
This is good, anything to curb kwarruption in the right 21st century way.... You can't trust people, you just have to set up a system where they are forced to be honest. This is a good one, I hope Booohari will agree. 2 Likes |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by justmenoni: 7:37pm On Dec 11, 2015 |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by InvertedHammer: 7:56pm On Dec 11, 2015 |
/ I was duly informed that banks are no more paying out dollars from Dorm. account....a very good indicator of something bigger in the offing. Interesting times. I reduced my exposure/risk to zero until the economy finds its footing. Sadly, I pulled a plug on Nigeria till then... /* (Banks failure on my mind.) */ Decipher and take cues. It is your money / 1 Like |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by iretiland: 8:08pm On Dec 11, 2015 |
Emefiele of CBN is not a smart enough person to be allowed to manage the monetary policy of any serious minded country. He was brought in to do the hatchet kind of job we are now reading about between him and Dasuki. Those who brought in knew they couldn't use Lamido Sanusi for their dirty plan because he will not play game with Dasuki the way Emefiele has very much happily played with our foreign reserve to he detriment of our economy and the Nigerian manufacturer and indeed the economy as a whole is paying the price. 4 Likes |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by ceaser: 8:24pm On Dec 11, 2015 |
koxi: Are you aware of the recent heist pulled by Sàràkí's DSS guards on a BDC operator that was laundering raw dollar cash supposedly meant to bribe CCT judges to subvert justice in favour of Sàràkí? This is a means to further follow the trails of dollar withdrawals and movements by BDC operators who launder money for corrupt politicians. I hope this is very simple enough for you to understand. But if you need it simpler and in plain English, I'm sure someone here would oblige you. 2 Likes |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by xandy84: 8:29pm On Dec 11, 2015 |
Wonderful on paper but the reality is crystal clear. With the record low in crude oil price which is our major foriegn earning should necessarily mean we should devalue our currency. Making dollars hard to come by will send wrong signal to investors that we are operating a highly regulated economy which is against the economics basic of demand and supply market and that is a turn off to foreign investors. All major oil exportor like Saudi, Russia etc devalue there currencies in face of dwindling oil price and Nigeria should not be an exception. 6 Likes |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by christconscious: 8:36pm On Dec 11, 2015 |
Nice move.it will go a long way in curtailing a lot of malpractices in the sector.thumbs up mr Emefele 1 Like |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by Ahmeduana(m): 8:53pm On Dec 11, 2015 |
austinonyii:BY THERE COMMENT WE SHALL KNOW THEM! THIS ONE NA ORIGINAL CHRISTIAN CRUSADER/JIHADIST |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by banio: 8:54pm On Dec 11, 2015 |
In addition to monetary policies, all foreign workers in Nigeria should be paid in naira. 2 Likes |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by eaglechild: 9:07pm On Dec 11, 2015 |
InvertedHammer:What! I hope you are joking. What happens to the money? |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by Kashif(m): 9:14pm On Dec 11, 2015 |
Facts The CBN governer lacks confidence He is whimsical He is personalising the Apex bank's operation CBN is finding it increasingly difficult to regulate the BDCs There is no yardstick used in determining which BDC accesses fx from CBN; the man at the top tells them the maximum, then elimination sets in The BDCs are the most formidable conduit pipes for money laundering - 70% of fx received from CBN are bought by public fund thieves. |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by chiteny(m): 9:29pm On Dec 11, 2015 |
koxi: Look beyond your nose! |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by BurukutuMallam: 9:29pm On Dec 11, 2015 |
CBN is as confused as to this present administration. Why are you frustrating the BDC operatiors?? If you are tired of given them dollar, scrapt the system and give them back their deposit and then make use of the bank then Why this one week one policy nonscence yet Naira still dey fall like mango in raining season. Confuse set of people For those shouting BDC this and that, wait until no BDC then bank go show una their own.Frustration upon Frustration sotee you go cry for them to come back. Money laundering ko. They know who they squander Naija money they are busy chasing shadow Mtcheew. 5 Likes |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by BurukutuMallam: 9:43pm On Dec 11, 2015 |
Use your master card Visa abroad Are you aware that you can't withdraw more than $300 daily, CBN is frustrating Nigerians abroad with this their too many policies You can't pay for any international exam through their machant site because of this daily limit nonscence.meaning that once you don't have account abroad all this exams like ACCA, CISA is not for you. Iunless you look for someone that has. So many policies all in the name of curbing money laundering yet the politicians still have their way. They are just frustrating genuine business people struggling to make ends meet This country tire me If CBN is serious about money laundering they know what to do HAH: 5 Likes |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by mart2k(m): 9:53pm On Dec 11, 2015 |
koxi:Na wa for u o, na primary sch u go? |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by mart2k(m): 9:56pm On Dec 11, 2015 |
adconline:CBN dnt trust banks |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by mart2k(m): 10:05pm On Dec 11, 2015 |
NOBODYY:D influence of USA on world economic is d reason y US dollar is used to transact business all over d world. Do u know that US dollar is not even among d first ten strongest currencies in d world? Great Britain Pound(GBP) is in distant 9th position while Kuwaiti pound came first at $3.2 to 1 kuwaiti pound. Goggle is ur friend dear |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by Nobody: 10:21pm On Dec 11, 2015 |
Emekamex:By their comment we shall know them, Biafra |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by MAURI: 10:44pm On Dec 11, 2015 |
@xandy84 Wonderful on paper but the reality is crystal clear. With the record low in crude oil price which is our major foriegn earning should necessarily mean we should devalue our currency. Making dollars hard to come by will send wrong signal to investors that we are operating a highly regulated economy which is against the economics basic of demand and supply market and that is a turn off to foreign investors. All major oil exportor like Saudi, Russia etc devalue there currencies in face of dwindling oil price and Nigeria should not be an exception. Thank you. You just nailed it. This is the hard reality on ground. Coupled with the fact that the CBN recently reduced interest rates! The current CBN policy of susidizing the Naira is not sustainable. 1 Like |
Re: CBN Considers Ending Dollar Cash Sales To BDCs by Nobody: 11:19pm On Dec 11, 2015 |
well, lets see if the prepaid card stuff would help the Naira... we are waiting... fingers crossed. |
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