Forex Crisis: CBN revokes operational licenses of 4,173 BDCs

[Charles-Tim]

CBN are just looking ways to strengthen naira. This is a link to the news:

https://dailypost.ng/2024/03/01/forex-crisis-cbn-revokes-operational-licenses-of-4173-bdcs/

Although, CBN said the affected institutions failed to observe regulatory provisions.

The regulatory provisions:

These, according to the bank, include payment of all necessary fees, including licence renewal, within the stipulated period in line with Guidelines, rendition of returns in line with the Guidelines, and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations

There has been new development everyday but the CBN can only try. The price of naira has increased. Let us see if the price of cement and other goods will also be reduced.

But the problem is that as the primary reason for the devaluation of naira has not been solved as Nigeria depend more on foreign goods and services than they are exporting, will naira continue to increase in value? It depreciated to almost $1400 yesterday or day before yesterday in the parallel market but now at over $1500 again.

[Barikui1]

CBN are just looking ways to strengthen naira. This is a link to the news:

https://dailypost.ng/2024/03/01/forex-crisis-cbn-revokes-operational-licenses-of-4173-bdcs/

Although, CBN said the affected institutions failed to observe regulatory provisions.

The regulatory provisions:

These, according to the bank, include payment of all necessary fees, including licence renewal, within the stipulated period in line with Guidelines, rendition of returns in line with the Guidelines, and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations

There has been new development everyday but the CBN can only try. The price of naira has increased. Let us see if the price of cement and other goods will also be reduced.

But the problem is that as the primary reason for the devaluation of naira has not been solved as Nigeria depend more on foreign goods and services than they are exporting, will naira continue to increase in value? It depreciated to almost $1400 yesterday or day before yesterday in the parallel market but now at over $1500 again.

It just shows that the primary cause of the devaluation of the naira have not been solve, I just wonder if they are actually not thinking, upon all they have done already, the naira is still losing strength, if care is not taken, the naira will still go back to the 1800naira to 1 dollar it was after now.

What  the government should be doing is thinking of a way to make the economy better, by commiting more resources for domestic production, by doing so, if the economy stabilize, the naira will also stabilize, and in due time, when the domestic production performance became better and better, the naira will gradually gain strength against the us dollar, but as for now, let's just watch and see where this their actions will lead them to.

[Justbillywitt]

If the CBN has realized that they made mistake in the past by issuing license to over 6,000 BDCs, and they are willing to correct their mistakes then it's fine. Even though we can't really say this is the reason why the naira if falling continually, but they have to take this necessary step. Having that number of BDCs operators is too much if you ask me. I hope they also realize that we need to be doing more exportation and reduce our over dependence on imported goods.

[AVE5]

The naira is like a volatility fiat over the dollar, on any account would it ever be stable during exchange or conversion. It would always either be decreased or increased amongst both sides but however, if the federal government feels the value rate of naira is the the faith of our economy and they had been able to figure where the lapses are luring from with their capacity to had sorted a solution for it, it is a good one for US and of course everyone.
The economy situation of now even becomes terrible for the rich who has responsibilities because at now, those who are independent are now dependants which overloads some individuals so let us who invests in the crypto and seems to have been earning in a higher currency that has us very huge amount when we exchange to our naira not be frowned at this case of naira regaining it's values in as much as it has the potnetials to restore our economy.
We want a good governance and of course from a a new Nigeria.
The problem faced pertaining the update on  ground is that is chasing after the forex the primarily problem of our economy? And after now, what next? Because all we wanted is a better Nigeria where everyone would be proud of being a citizen to the nation.

[Mate2237]

Upon all these things they doing Naira is not appropriating and instead it is devaluating or just stagnant in one place. If the cbn revokes operational licenses of 4173 BDCs would have resolved the rise of dollar against the naira has those licenses were removed from them, the naira would have skyrocket and the dollar would have reduced to $1 to $180 because the number which CBN governor removed is very high but yet nothing changes and that indicates that it is not from BDCs but their personal policies. Let them look into their policies then make amendment.

All the items prices are still remain the same and nothing has changed and the only change we have right now is that the everyday rising of items or goods prices have reduced or stopped but prices of things are still high. Yesterday I was hearing that cement price has come down. But when I went to a shop and price. My brother na the same thing.

[Doan9269]

CBN are just looking ways to strengthen naira. This is a link to the news:

https://dailypost.ng/2024/03/01/forex-crisis-cbn-revokes-operational-licenses-of-4173-bdcs/

Although, CBN said the affected institutions failed to observe regulatory provisions.

Isn't the government the ones that have energized and strengthen BDC to the extent they were today and we are now seeing the market uncontrollable with the way they are exchanging the market supplied to them by the CBN, firstly the government is accusing the online trading platforms for being responsible for this naira devaluation and now its over to the turn of the Bureau De Change to as well face the attack from the same government that have permitted them for all these long time ago.

[Makus]

But the problem is that as the primary reason for the devaluation of naira has not been solved as Nigeria depend more on foreign goods and services than they are exporting, will naira continue to increase in value? It depreciated to almost $1400 yesterday or day before yesterday in the parallel market but now at over $1500 again.

You see what I believe is that they are just scratching the surface of the main problem, all they are doing now is just manipulation and suffering innocent individuals and organization. They are actually now playing politics rather solving  a problem, if not why would dey fine binance $10 billion dollars, if paraventure they successfully won what would they do with the money other than using it for their selfish reasons and give us stories. I don't think this people are even interested in solving the issue, because the profit they got from trading crude oil when dollar increased over the naira could have been used with others to repair and plant refineries such that we don't fully depend on import.

[Zanab247]

U no say in Nigeria, anything dat go up e dey hard before d price go come down again, which d government no very well and, I no think say dis CBN governor have anything to do to make d naira increase higher because, there are some things dey are still avoiding which is d responsibility of d government to assist the companies in d country so dat dey will b using dat eye to bring d price of commodities down.

 If u look at d price of fuel now, u go no say dis government have nothing to do to save dis hardship and naira decreasing in d country because, d fuel which is a major product dat can make d price of things to reduce but d government never do anything concerning d price of fuel dat almost hit #800 in d country.

[Kelward]

But the problem is that as the primary reason for the devaluation of naira has not been solved as Nigeria depend more on foreign goods and services than they are exporting, will naira continue to increase in value? It depreciated to almost $1400 yesterday or day before yesterday in the parallel market but now at over $1500 again.

You see what I believe is that they are just scratching the surface of the main problem, all they are doing now is just manipulation and suffering innocent individuals and organization. They are actually now playing politics rather solving  a problem, if not why would dey fine binance $10 billion dollars, if paraventure they successfully won what would they do with the money other than using it for their selfish reasons and give us stories. I don't think this people are even interested in solving the issue, because the profit they got from trading crude oil when dollar increased over the naira could have been used with others to repair and plant refineries such that we don't fully depend on import.

You just nailed wetin I carry for mind for dis thread, our government just de scratch di surface, instead for dem to face di root cause of di reason wey our currency take de experience all time low everyday, insecurity for di country wey de discourage foreign investors, wey de affect our local food production, lack of basic amenities like electricity to encourage small scale businesses, dependence on importation, including fuel wey we get di natural resources. Make we see weda di Binance and BDC clampdown go solve our problems for di country, make naira begin to de appreciate and make di prices of commodities for market begin to de come down.

[Makus]

You just nailed wetin I carry for mind for dis thread, our government just de scratch di surface, instead for dem to face di root cause of di reason wey our currency take de experience all time low everyday, insecurity for di country wey de discourage foreign investors, wey de affect our local food production, lack of basic amenities like electricity to encourage small scale businesses, dependence on importation, including fuel wey we get di natural resources. Make we see weda di Binance and BDC clampdown go solve our problems for di country, make naira begin to de appreciate and make di prices of commodities for market begin to de come down.

U can imagine ! Now the talk of national grid collapse don turn normal thing for our ear, we get many generating stations wey nor dey even work at all, but them dey there, same with refineries we get some but Dem nor dey work. The country nor dey even encourage small growing companies, if you just start Dem go carry task finish you. Like for my area only one person fit get like 5 different task receipt wey e plaster for em work shop or business room. The one wey pain me pass naim be this fuel wey we dey buy, something wey na we dey sell out the raw material which is crude. I nor go lie you, this country get money na just say dem no wan spend am on our need rather them dey focus on wants and latter Dem go claim say dem be economists.

[teamsherry]

CBN are just looking ways to strengthen naira. This is a link to the news:

https://dailypost.ng/2024/03/01/forex-crisis-cbn-revokes-operational-licenses-of-4173-bdcs/

Although, CBN said the affected institutions failed to observe regulatory provisions.

The regulatory provisions:

These, according to the bank, include payment of all necessary fees, including licence renewal, within the stipulated period in line with Guidelines, rendition of returns in line with the Guidelines, and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations

There has been new development everyday but the CBN can only try. The price of naira has increased. Let us see if the price of cement and other goods will also be reduced.

But the problem is that as the primary reason for the devaluation of naira has not been solved as Nigeria depend more on foreign goods and services than they are exporting, will naira continue to increase in value? It depreciated to almost $1400 yesterday or day before yesterday in the parallel market but now at over $1500 again.

I feel the main reason the federal government doesn't want to address the main issue is cause some of them are benefiting from it and are owners of cargos and goods that are imported into the country, no one wants to block his channel of feeding at the expense of another.

Now they are looking from means to extort taxes from foreign companies that have users In the country and if they do binance would retaliate in a way buy increasing their charges or putting some new rules on us too. I don't see how any of these forex or crypto business is weaking or naira, so many other top countries are using it and they still have a good currency, all I know is that they are up to no good.

[nelson4lov]

I'd rather have naira at 2500 while the government work on a more sustainable solution to the forex crisis by allowing for more exports than import. If we're only exporting, there will always be demand for $ and Binance and other crypto p2p platforms + exchanges are not the problem. Our problem be say we dey always wan overdo something. I hear for news when the CBN governor was making a speech about Binance P2P. He said that Binance has been banned in many countries for the same exact reason that Nigeria is having and that US fined them $4.6B. E reach our turn, we raise am to $10B because why not? Binance entire revenue for 2022 was $12B and 2023, it was only the last 4 months that market picked up so likely their 2023 revenue go dey around those levels. There is no way they'll hand everything to Nigeria government.

Well, I no dey too surprise say government dey go after them. It's the same reason why Government agencies dey go after students when Politicians dey actively siphone country funds for personal capital gain and still enjoy stolen money till death.

[Cryptoprincess101]

CBN are just looking ways to strengthen naira.

Since the CBN started the raid on binance what positive impact has it on the currency? Is it not still the way it is? It's just so bad that we got some blunt personnel in the government with zero idea of how to strengthen the country's economy instead they are bitting about the bush hunting for "antelopes'' so that people would think they are putting in efforts to find a solution to the economic crisis that has befallen the nation. And some lunatics would come out to say that what the CBN is doing is right, it's a shame.