NewStats: 3,261,910 , 8,175,514 topics. Date: Saturday, 31 May 2025 at 12:23 AM 5a3624

coolsix:


Excuse me, economic policy will make a BDC purchase Dollar at 199 from the CBN and sell at 301 to end s? Really?

.

If you buy PTA 0f $4,000 from Bank at the rate of N200, you travel out and return with a balance of say $2000, and you intends to convert it back to naira,

(1) Bank will buy at 199
(2) Bdc will buy at 300

Where will you go? be sincere

Purej:
.

If you buy PTA 0f $4,000 from Bank at the rate of N200, you travel out and return with a balance of say $2000, and you intends to convert it back to naira,

(1) Bank will buy at 199
(2) Bdc will buy at 300

Where will you go? be sincere

If bank buys at 199 and sell at 220 do you think BDC will business if they don't adjust their price?

Now why should CBN do business more with BDC than with Nigerian banks.

This policy is suspicious

This is reality not paper....... Things in life are not judged on grades you obtained from school

Purej:
.

If you buy PTA 0f $4,000 from Bank at the rate of N200, you travel out and return with a balance of say $2000, and you intends to convert it back to naira,

(1) Bank will buy at 199
(2) Bdc will buy at 300

Where will you go? be sincere

The Bdc of course

soulpeppersoup:


If bank buys at 199 and sell at 220 do you think BDC will business if they don't adjust their price?

Now why should CBN do business more with BDC than with Nigerian banks.

This policy is suspicious

Banks can only sell dollar to u through PTA or BTA and the limits are $4000 and $5000 respectively. While Mallam can sell any amount to you.

The solution to this problem since Mr. President rejected devaluation is to allow banks and oil companies to sell dollars to BDC, by so doing, the market will be liquid and there will be enough supply, which will in turns crash the dollar rate.

Its a simple law of demand and supply.

Whether we like it or not, dollar has become our second currency

horpeelo:
This is reality not paper....... Things in life are not judged on grades you obtained from school

During the era of Prof. Soludo, Banks and oil companies were allowed to sell to BDCs, the market was liquid and the margin between the official mkt rate and the parallel mkt rate was between 50kobo to N2.

The CBN was concerned that the external reserve is depleting because they sell to BDCs, but since CBN stopped selling to them, the external reserve is still going down.

Yoruba wld say "Ori bibe koni ogun ori fifo". it means cutting off one's head is not the cure for headache.

Vig86:

It is a good development. I was furious when I had about it but after researching and reading relevant things about BDCs, I have come to understand where the PMB is coming from. Why they allowed these people to last till now is what I am really confused about.

They are an essential part of society. The have come to stay .UK.us.have them.

erico2k2:

They are an essential part of society. The have come to stay .UK.us.have them.

The big question you need to answer is whether in the UK & US you have just mentioned, the Governments of those countries sell foreign currencies to BDCs. We all know that BDCs exist in most countries but they DON'T source their currencies from the Government ( CBN)

RedCapChief:
Whether the BDCs are a scam is a debatable point.

What is actually worrying is how Buhari seems to have taken charge of making technical decisions about our economy. I stand to be corrected, but he doesn't have any qualification in economics/finance or any allied discipline.
The other day, he was quoted as not being "convinced about the benefits of devaluation." I don't know if he has the technical skill to make the understand financial jargon. If it was Emefiele that was not convinced, that is understandable as he is a professional. But Buhari??

i find it absolutely disturbing when people draw conclusions on mere news headlines......does obama need to be a soldier before making coments or taking a position on the conflicts and ongoing war here and there around the world ??.......

please note that buhari and his likes or any person occupying similar position has an array of special advisers who cover and are well vast in different areas that may require the head or lead man to take a position when such matters require his decision or position......


if the above clarification does not help a bit,...i bet if any other will....

otunba9ja:


i find it absolutely disturbing when people draw conclusions on mere news headlines......does obama need to be a soldier before making coments or taking a position on the conflicts and ongoing war here and there around the world ??.......

please note that buhari and his likes or any person occupying similar position has an array of special advisers who cover and are well vast in different areas that may require the head or lead man to take a position when such matters require his decision or position......


if the above clarification does not help a bit,...i bet if any other will....

While I agree that it is the job of the President to make a decision on the advice he is given, it is not his job to make such advice himself if he is not capable of doing it. Obama has been advised on ISIS and it is his job to take a decision on it. It is not his job, however, to analyze ISIS or their modus operandi or their strengths and weaknesses

Jdesilentkiller:

Dear sir, kindly go back to stealth mode before they disect this your lame analysis............I know your opinion counts but this is beyond buying groundnut and banana.

What seun said actually makes far more economic sense than the head knowledge you are spewing out.

Even Soludo and Sanusi have both condemned Buharis archaic policies which is causing serious damage to the economy.

I wanted to go into exports but had to shelve it when I realised I would have to sell the forex earned at the official exchange rate. Cement manufacturers even complained bitterly about it.

The naira is heading 400 to $1 this year.

tinsel:

My friend there is no country in the world government allocates dollar or any currency to BDC. Buhari is not banning BDC. They are allowed to source for there hard currency. What he is saying is that they will not be allocating any dollars to them .
You guys just talk without reasoning.

Different countries have different ways they manage their forex. If CBN chooses to sell forex to the BDC ,so be it as long as it makes market sense.

Even in countries where the central bank does not sell, BDC can buy directly from banks. That is not the case in Nigeria

ZACHIE:

You that you know so much, has your Knowledge ended endemic poverty around you?

All these I-Too-Know busy bodies should spare us their truckload of BS.

The naira is 306 and you are still defending Buhari?! Must the naira touch 5,000 before you wake up?

Soludo and Sanusi, both ers of Buhari have both condemned his policies.

grandstar:


The naira is 306 and you are still defending Buhari?! Must the naira touch 5,000 before you wake up?

Soludo and Sanusi, both ers of Buhari have both condemned his policies.

the p ounds is 415, in another news its £1 to $1.40, no wonder the pounds is running high