NewStats: 3,264,187 , 8,182,900 topics. Date: Tuesday, 10 June 2025 at 05:39 AM 41581z

CrispyLiz:
http://saharareporters.com/2021/08/01/central-bank-governor%E2%80%99s-policy-somersault-foreign-exchange-bureau-de-change-dr-adeola

the man na failed redeemed pastor - call his boss

As lengthy as this writeup is,I didn't find a single solution.

CrispyLiz:
http://saharareporters.com/2021/08/01/central-bank-governor%E2%80%99s-policy-somersault-foreign-exchange-bureau-de-change-dr-adeola

This government might be struggling but the CBN policy to ban BDC's from accessing $ at NIFEX makret is highly welcome.

How would they buy at NIFEX rate of #410 and then sell at BlackMarket at #500+? That is day light robbery and manipulation.

Let everyone who genuinely needs $ for services and trade access the $ directly from bank through the NIFEX window. Importer should also talk to their sellers to issues LC payable at destination.

The exporter shouldn't be the surffer head here through forced NFX policy

Rubbish article written by a paid agent.

Oizatobad:
MY QUESTION IS THAT WHERE IS EDUCATED NIGERIANS _____

Den dey hawk bread for Ojota

007s:
Nigerians can be so opinionated.

CBN ban sales of forex to BDCs because they've become conduit for fraud, money laundering, and also because of the arbitrage trading most of them engage in.
A BDC would get $20,000 at CBN rate of 410 naira and would sell in bulk to existing offtakers at around 490 naira, making almost N2,000,000 per week without breaking a sweat, while indirectly sending price of goods and inflation rate high.
Banning forex sales to BDC is a welcome development, CBN should only perfect this policy by increasing volume of forex available to Banks, such that forex easily accessible via banking platforms

Good one.

oldtruth:


This government might be struggling but the CBN policy to ban BDC's from accessing $ at NIFEX makret is highly welcome.

How would they buy at NIFEX rate of #410 and then sell at BlackMarket at #500+? That is day light robbery and manipulation.

Let everyone who genuinely needs $ for services and trade access the $ directly from bank through the NIFEX window. Importer should also talk to their sellers to issues LC payable at destination.

The exporter shouldn't be the surffer head here through forced NFX policy

So...how come the thing keeps increasing?

od501:


So...how come the thing keeps increasing?

Because Nigeria are import dependent. Nigeria should promote and help non oil export the more and create more avenue for $ inflow and gradually it will ease.

faithfull18:
To where, there are always two sides to a coin. What favours some may not favour the others.

There is no reason why Emefeli should be blamed okay, there was already issues with the economy before he took over, also PMB spent 6 months without policy for his government (no minister was appointed in the first six months of PMB istration).

Will he listen? The answer is no. Emefiele is here is finish the economy. Though the god father Isa funtua is no more but the deed has already been done and the dice cast .

od501:


So...how come the thing keeps increasing?

Because we have no economic direction/ policy. Let government limit importation to machines and raw materials for indusrtries exclusively for a period of 5 years and watch what happens.

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femarse:

the way u guys keep making noise about banks hoarding fx is alarming , and nothing short of knowledge gap

the banks can not hoard fx, they dont own it in the first place , u dont get how it works
scrapping BDC is the best decision CBN has made in recent times

To get your PTA/BTA, U submit your documentation which is then sent to the bank headoffice electronically , who then review and if requirements are met , sent to CBN who then disburse funds to the bank , that is how the process works for all banks, most times people complain of not getting it on time, thats because 1 too many applicants, 2 your details are not correctly filled and the guy reviewing just get tired and moved to others that dont have issues

BDC people are the ones that makes it looks like our life depends on dollars, it doesnt and shouldnt , even now if u take PTA and later cancel your flight, they know u are taking fx to sell to BDC, U will be blacklisted cos they now check flight of people taking PTA
NIGERIANS themselves are the ones sabotaging economic effort looking for personal profit rather than general well being of everyone

Many Nigerians need to be educated on certain actions of economic policies such that you walk them through the process involved, checks and balances. Ignorance is a big disease and much more dangerous is our teeming population of uneducated graduates - many of them are only able to read and write but incapable of critical thinking.

I wonder how many country in the world where you will find people hawking currencies like Akara and bread, the way we do here. The BDCs have outlived their relevance to the growth of the Nigerian economy, they were creations of nepotic government to provide cheap but astronomical avenue to profit at the expense of million other Nigerians.

Interesting is the ridiculous article of the opening post of this thread, worst still it was promoted by one of the leading online tabloids - probably all in a bit to rubbish the government. The unfortunate damage is the number of people who will find this credible item upon which the evaluate the government actions on the BDCs.

Until Nigeria and Nigerians look inward to meet through local integration of material components for production and servicing human utility, we will never fully escape this Dollarised economy.

@saharareporters was one of the tools to fool gullible Nigerians to vote Buhari and APC, so they should not complain.
As for Emefiele , he is an accomplished banker with Zenith Nigeria and later Zenith West Africa. Blame the president you "made up" your Minister of Loans and Debt acquisition for your woes.

Ive always known that the BDC operators were gonna fight back and such is this publication up there. This is only the beginning of thier smear campaign.

I guess d ad much

od501:


So...how come the thing keeps increasing?

Well, it will keep increasing in the short run if the supply doesn't increase from the CBN and that in itself depends on increasing our Foreign earnings through crude sales, foreign remittance and attracting investment etc. The demand right now is high though it will reduce also with time - we all demand dollar to majorly outsource internationally things that can be done locally. , there was a time where every young and technologically exposed Nigerian was buying almost everything on foreign e-commerce sites, items that are available in the local market, this put unnecessary demand on the dollar. The Elite and our import dependent industries are the worst culprits.

Until we are ready to explore, exploit and market Nigeria, we will not make gaint strides. However, be sure that giving the BDCs highly subsided dollars which they end up selling at the black market rate is not the way to go.

Ok

Roforofo fighting...

You see, what I learnt the cbn said was that the difference between the official exchange rate and the parallel market sellers of foreign exchangers is much. This difference had cause prices to constantly rise because businesses patronize them more. And banks uses them to make illicit profits.
The cbn as tried to cub this by placing different measures. But the height of it all was the ban by cbn. Which to me isn't the solution. Temporarily they can be ban. But a way should be figured out how this exchangers can obey the law just like the banks do.

Ayo2004:
We are finished

I believe Buhari and his boys are deliberately doing this in order to reduce the power of the naira compared to dollars hence less Nigerians will not have the economic power to japa while their loot in US banks increase when they want to spend it in Nigeria

In my next life,if I come as a Nigerian,I go carry knife for hospital chook myself

NaughtyBrainiac:
I am not saying the CBN Governor is doing a great job but all I can see is an Author paid by BDCs to write in their .

The CBN will not give funds to BDCs anymore and so be it!

You are very correct

Icumsa45:
Emefiele is a super dunce, despite their daft initiatives on FX, dollar still dey rise like garri.

What do you export, What concerns you with dollars?

femarse:

the way u guys keep making noise about banks hoarding fx is alarming , and nothing short of knowledge gap

the banks can not hoard fx, they dont own it in the first place , u dont get how it works
scrapping BDC is the best decision CBN has made in recent times

To get your PTA/BTA, U submit your documentation which is then sent to the bank headoffice electronically , who then review and if requirements are met , sent to CBN who then disburse funds to the bank , that is how the process works for all banks, most times people complain of not getting it on time, thats because 1 too many applicants, 2 your details are not correctly filled and the guy reviewing just get tired and moved to others that dont have issues

BDC people are the ones that makes it looks like our life depends on dollars, it doesnt and shouldnt , even now if u take PTA and later cancel your flight, they know u are taking fx to sell to BDC, U will be blacklisted cos they now check flight of people taking PTA
NIGERIANS themselves are the ones sabotaging economic effort looking for personal profit rather than general well being of everyone

You have simply state the official process...
The Banks knows how they keep their activities off regulatory oversight...
As u have pros that hide illicit fund for politicians in off shore s...
They have experts too....
Even the Almighty CBN acknowledges the practice...
Lastly... CBN disburse to Banks....
Banks select branches to handle FX. sales with Head Office inclusive ...
They review documentation... they disbursed to clients.....
Banks FX Unit renders periodic report to CBN...
While CBN come for periodic audit...

https://guardian.ng/news/cbn-moves-to-end-round-tripping-in-banks-monitors-otc-forex-sales/

Cantonese:
Mr. Adeyemi your analysis make one want to ask you how long you have nnive with banks and politicians must loose their grip so this nation can move forward.

Why can't banks just increase the limits for international transactions on their ATM cards to say $1000 per month. That way, only the heavy s, e.g BTA/school fees, medicals, e
5.c. will have to visit the bank for dollar. This way, disbursing of funds by banks will be easy as they'll o my attend to heavy essential needs in-house, small s will just have to make use of their ATM cards.

It saves a lot of stress, and most people won't find the need to visit BDCs again

Buckeyemedia1:
What do you export, What concerns you with dollars?

Sorry o! Billionaire , una no dey feel inflation. Well done.

KingOfAllIgbos:


Emefiele.... miracle center graduate.

Olodo! Worst ever CBN Governor serving worst ever quota system President.

Jeez!