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Nairaland Forum / Nairaland / General / Business / CBN To Banks: Sell Forex To BDCs - Nairametrics (23714 Views)
CBN Suspends 19 Banks From Forex Sale To BDCs / Travelex To Commence Sales Of Forex To Bdcs Today / CBN Resumes Dollar Sales To BDCs (2) (3) (4)
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by misterjosh(m): 8:40am On Jul 23, 2016 |
Makes sense, CBN should just find a way to control (to a certain extent) the prices at which the banks would sell to BDCs. |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by onatisi(m): 8:40am On Jul 23, 2016 |
Fools in power 1 Like |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by Physicist(m): 8:41am On Jul 23, 2016 |
CBN and Nigerian banks have been defrauding Nigerians remitting money home. On the other hand, the government officials in Nigeria are taking money out of Nigeria. For example, someone sends $100 from United States to his sibling in Nigeria through Moneygram. CBN and Nigerian banks pay the recipient 30,000 Naira at a rate of 300 Naira to a Dollar. The banks officials and CBN officials now sells the 100 Dollars to the black market through back door at 375 Naira to a Dollar. The officials now make 7500 Naira on 100 Dollars or 75 Naira per dollar. An estimated 20 billion dollars is officially remitted to Nigeria annually according to World Bank by Nigerian Diasporas. Therefor ethe Nigerian government, CBN officials and bank officials are making a profit of 20Billion*75 = 1.5 Trillion Naira each year from the Nigerian Diasporas. There was a time recipients in Nigeria could receive their Moneygram or WesternUnion gifts from their loved ones on Dollars. CBN and the Nigerian government cancelled the option. What is the most annoying is that almost all the remittances back to Nigeria are done by Southerners. In short Nigerian government, CBN officials and Nigerian banks officials are making illegal and illicit money on the back of Southerners abroad to spend. CBN should allow recipients to receive money in Dollars. 8 Likes 1 Share |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by brossam2001(m): 8:46am On Jul 23, 2016 |
I know what to do..to bring down the Dollar to 199 per dollar What's wrong with this Emefiele. |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by Remii(m): 8:47am On Jul 23, 2016 |
Pascal181: which okonjo? the one that was crying when oil was $70 per barrel and borrowed money to pay salary for 5 months to end of her tenure or which one? apart from delay in floating the Naira, this govt is doing everything possible under circumstances they find themselves. Nigeria need to change their taste to use locally available substitutes, their is no magic to $ availability, you just need to increase inflow via export or reduce out flow by internal production to keep money in country, no magic. 2 Likes |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by hopefulLandlord: 8:49am On Jul 23, 2016 |
What effect would this have on the naira? Would it make it go down in value or go up in value? |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by Pesuzok(m): 8:50am On Jul 23, 2016 |
At a time when even the demands at the interbank are not being met. SMH |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by rusher14: 8:51am On Jul 23, 2016 |
What do you do to help the Naira? What do you produce as an alternative to what is imported? What do you export? What can government do to help your business? |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by TRUTHSURE: 8:51am On Jul 23, 2016 |
Since CBN directed banks not to sack their workers anymore due to the economic realities of the nation and insufficient liquidity in the financial system, I gues this move is taken to help many of them to become liquid to cuhsion the poor liquidity effect on them. However, this will further lead to price variance among banks and will breed more corruption in the financial market and the final consumers of this product will pay for it. |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by onatisi(m): 8:52am On Jul 23, 2016 |
Physicist: Where will the bank get the dollars to give to recipients? Bros,it seems you dont know what is happening. |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by onatisi(m): 8:53am On Jul 23, 2016 |
hopefulLandlord:The value will go down |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by designking: 8:54am On Jul 23, 2016 |
Just sack the CBN governor Emeifele and replace him with a more experienced person, our economy will stabilize quickly. The CBN has contributed more than 50% of the economic challenges in this country. Our weak FX policy is the single killer of our economy. 2 Likes 1 Share |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by Physicist(m): 9:02am On Jul 23, 2016 |
Where will the bank get the dollars to give to recipients? Bros,it seems you dont know what is happening.[i][/i] Thank you onatisi for your contribution. The banks can get the dollars from the dollars sent by people living abroad. Western Union and Moneygram are ready and willing to pay Dollars to Nigerians directly. I sent money through Western Union and MoneyGram many times in the past and the recipients were able to receive them in dollars in Nigeria. CBN later directed WesternUnion and Moneygram to stop paying in Dollars in Nigeria. CBN was and is buying the Dollars from Moneygram and WesternUnion at a lower rate. CBN and Nigerian banks are making huge amounts of money from remittances abroad thereby shortchanging the recipients. This is because there is a big gap between the official and black market rate. For every dollar sent to Nigeria, CBN and Nigerian banks are pocketing the difference between the official and black market rate. Recipients should be given option of receiving their gifts in Dollars. Western Union and MoneyGram are willing, ready and capable to pay in Dollars in Nigeria. I contacted Westernunion and Moneygram on this issue. It is only CBN and Federal Government that are preventing them from paying in Dollars because of the huge and illegal profits that CBN and Federal Government are making from hard working Nigerians living abroad. 8 Likes |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by youngsahito(m): 9:02am On Jul 23, 2016 |
The CBN governor is a confuse man... 2 Likes |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by temptnow: 9:09am On Jul 23, 2016 |
Confuse government 3 Likes |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by onatisi(m): 9:10am On Jul 23, 2016 |
Physicist:Bros ,you still don't understand the problem. Firstly, no west African country allows u to receive dollars through Wu or money gram except you have a domiciliary account. Secondly,the scenario you made was stopped years and years back. Thirdly,western union and money gram work with local banks both to receive and pay,and the problem now is these banks simply dont have the dollars . Western union doesn't send physical dollars cash to nigeria 1 Like |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by iykedare(m): 9:16am On Jul 23, 2016 |
Remii: People like you put us in this mess. 3 Likes |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by OjujuCalabar(m): 9:46am On Jul 23, 2016 |
My God! How did we get here? Where did we get it wrong with these set of confused leaders? Making trials with the lives of over 170million Nigerians. God abeg we sincerely need your help. These set of Confused APC people has blatantly refused to look beyond their party for help. |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by Physicist(m): 9:49am On Jul 23, 2016 |
onatisi: Bros ,you still don't understand the problem. Firstly, no west African country allows u to receive dollars through Wu or money gram except you have a domiciliary account. Secondly,the scenario you made was stopped years and years back. Thirdly,western union and money gram work with local banks both to receive and pay,and the problem now is these banks simply dont have the dollars . Western union doesn't send physical dollars cash to nigeria[i][/i] Hi onatissi, I do not want to argue with you. If you have time, you can contact Western Union and Moneygram. Western Union and MoneyGram will confirm to you they are willing, ready and able to pay in Dollars in Nigeria. They will confirm to you that Federal Government and CBN directed them to stop paying in Dollars. If you read Minister of Finance statements on allocation, you will see something called Exchange Gain. Those are the declared exchange gain. The remaining profit from exchange gain is looted. Thank you. 1 Like |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by Earth2Metahuman: 9:51am On Jul 23, 2016 |
Someone should fire this emiefele dude already Shiiii |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by obiageIi(f): 9:58am On Jul 23, 2016 |
Why not give dollars to the receiver and let them sell to the BDC. Emiefele is a criminal. 1 Like |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by Volksfuhrer(m): 10:02am On Jul 23, 2016 |
Of all CBN Governors I've seen, Emefiele is the worst ever! He's been "blundering" from one CBN policy to the next. Emefiele is simply clueless about his job description. He's got no imagination and so cannot think things through. Else, how do we explain his zigzag approach to central banking! 1 Like |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by ifyalways(f): 10:03am On Jul 23, 2016 |
A very high profile corruption and underground runs going on at CBN vis a vis the ever changing forex rules. Why can't banks pay out WU and Co in usd as the CBN is making it look like they have excess usd and don't have any need for it? Why not tell the banks to sale directly to their customers? Why BDC? Hmmmmmn. Onye ube ruru, ya racha. Emefiele and Co no na ofe 2 Likes |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by otokx(m): 10:09am On Jul 23, 2016 |
This CBN governor is looking like one of the worst, truly miss SANUSI. |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by yongnoble(m): 10:24am On Jul 23, 2016 |
h |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by obiageIi(f): 10:27am On Jul 23, 2016 |
OjujuCalabar:Emefiele too is Apc? yeye dey smell. |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by sexychocho(f): 10:52am On Jul 23, 2016 |
Kk |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by bigtt76(f): 10:58am On Jul 23, 2016 |
Trial by error CBN Governor ![]() DickDastardly: |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by chekasforchekas: 11:13am On Jul 23, 2016 |
Will banks pay in dollar when I do western union, I leant that the bank exchange is now at 300. Can someone please confirm this for me. |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by PatrickAnyanwu(m): 11:21am On Jul 23, 2016 |
trial and error economic policies...... |
Re: CBN To Banks: Sell Forex To BDCs - Nairametrics by ogunvic41(m): 11:29am On Jul 23, 2016 |
Physicist:GOD BLESS U SIR, MY VIEW TOO |
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