REVEALED: ₦900 Naira to $1 Dollar? CBN BDC Ban Explained!

Will ₦900 Naira be equal to $1 Dollar in 2021? In this video, I share the details about the new CBN policy regarding ban on the sale of foreign exchange to the BDC (Bureau de Change). During the Monetary Policy Committee Meeting that the CBN regularly has, the CBN governor announced on the 27th of July that they would stop selling forex, dollars especially, to the Bureau De Change Operators, and the reason cited was because of the unwholesome business practices by the BDCs that is putting a lot of pressure on the Naira. What does this mean for Nigerians and the economy? In this #FinanceFriday video, I attempt to take a look at it from both sides. #CBN #BDC

CONTENT:

0:00 - Introduction
1:01 - Why Did CBN Ban Sale of Forex?
2:01 - What Exactly is Going on?
4:05 - What have the BDCs been doing?
8:03 - Previous CBN FX Sale Stop
10:00 - What will happen Next?
13:47 - What should you do?
15:40 - Conclusion

WATCH:
The TRUTH about inflation in Nigeria: https://youtu.be/8IgvQLXngjg
Nigeria Creating its own Digital Currency: https://youtu.be/E7-66t5SudE

LINKS:

2016 CBN BDC Ban: https://nairametrics.com/2021/07/27/what-happened-to-exchange-rate-the-last-time-the-cbn-banned-bdc/

2021 BDC Ban: https://nairametrics.com/2021/07/27/cbn-blows-hot-discontinues-sales-of-forex-to-bdcs/

Why CBN Ban BDC: https://www.stearsng.com/premium/article/why-the-cbn-banned-fx-sales-to-bdcs-again

Buhari: CBN Directors as BDC: https://www.thecable.ng/buhari-we-stopped-selling-forex-to-bdcs-because-cbn-directors-were-shortchaging-the-govt

Forex Manual/Guidelines & More: https://www.cbn.gov.ng/Out/2020/CCD/Credit%20Guidelines%202020-21.pdf

CBN Governor Ban BDC (VIDEO): https://www.youtube.com/watch?v=6sLUL9fKEZ0
Bismark Rewane on BDC Ban: https://www.youtube.com/watch?v=APlJttmE0rA

Sale of FX Letter at Teller Points: https://www.cbn.gov.ng/Out/2021/CCD/LetterToBankonFX.pdf
Circular for BDC Deposit Refunds: https://www.cbn.gov.ng/Out/2021/CCD/Circular%20for%20BDC%20Refunds.pdf

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