“Make it N700/$”: Nigerians React as CBN Sells Dollar to BDC Operators at Cheap Rate
- The CBN recently pegged a new round of $10,000 forex sales to licenced Bureau De Change operators at N1,251/$1
- Nigerians have taken to social media to express their diverse perspectives about the development
- Some opine that the dollar should be sold for less than the N1,251/$1 the CBN is currently offering to the BDCs
PAY ATTENTION: The 2024 Business Leaders Awards Present Entrepreneurs that Change Nigeria for the Better. Check out their Stories!
Following reports that the CBN has again made another bold move to achieve a stronger naira in the foreign exchange market, Nigerians have expressed their views on the development.
Source: Getty Images
In a circular released on March 25, 2024, the apex bank pegged a new round of $10,000 forex sales to licenced Bureau De Change (BDC) operators at N1,251/$1.
Some Nigerians have hailed the move, regarding it as one that will help strengthen the local currency.
However, feedback collected across social media, X, has indicated that some people expressed reservations about the move, stating why they feel the recent CBN action is not good enough.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
How Nigerians are reacting
@HAHayatu:
“Haters of Nigeria are not happy CBN sold Dollars to BDCs at going rate of 1251. Believe me if it was sold for N2000 they will be excited. By God's grace Dollars shall be N700 soon if this current trend continues, keep hoarding and you will keep losing.”
@iameneji:
"Clearly, CBN Gov and his team are targeting something very major with this new directive to the BDCs. Whatever it's, it's surely huge and beautiful. Yemi Cardoso has my full support, always."
@ruffydfire:
"Many months ago I argued in favour of intervention now the CBN is intervening by selling to BDCs at 1215 probably we can hit 1k soon to the dollar now we must work on sustainability. I hope we don’t do a reckless float again ooo."
@newmoon_media:
“Atleast by this Control Pricing Method, Goods will now be stable to an extent.”
@FinPlanKaluAja1:
“If CBN is a WILLING seller and able to sell at N1251, then why to ONLY BDCs? Why not sell to all members of MAN and SMEDAN? I also want to buy at N1251, i am WILLING”
@iameneji:
“Clearly, CBN Gov and his team are targeting something very major with this new directive to the BDCs. Whatever it's, it's surely huge and beautiful. Yemi Cardoso has my full support, always.”
@MikaelCBernard:
“Dear Cardi B, lower the prices you sell to BDCs again. Maybe make it 700/$, so Naira can gain even more. At least, agbado minions will be able to celebrate something, even if it’s for a few months and put Brother Bernard to shame. But sha know, that when you’re done deceiving yourself, and emptying the treasury, I’d be here to laugh.”
BDC operators tell CBN what to do
Legit.ng reported that the Association of Bureau de Change Operators of Nigeria (ABCON) has highlighted the need for the Central Bank to undergo a paradigm shift in sourcing foreign exchange for the economy.
The president of ABCON, Aminu Gwadabe, stated this on Sunday, March 24, during an interview with NAN.
He emphasised the significance of maintaining the present momentum to reduce naira volatility and enhance economic growth.
PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters!
Source: Legit.ng
