My people, you don hear the new wey dey happen for forex market? CBN don finally gree make Bureau De Change (BDC) operators join the big boys dem for Nigerian Foreign Exchange Market (NIFEM)! Chai! Na wetin we dey call fresh air!
This na correct move wey fit change the game for plenty folks wey need dollar for things like travel, school fees and medical bills. E be like say we go fit see more dollars for the streets now. According to the CBN, each BDC fit buy up to $150,000 weekly. No be small matter! This one na big change from when dem dey lock dem out.
CBN sabi say dem dey try change the story when it comes to forex distribution. Before, BDCs dey face plenty wahala from the apex bank because of issues wey concern speculation and transparency. But now, dem don open door, as in, cast white light on plenty dark corners wey dey this forex market matter.
Musa Nakorji wey be director for CBN Trade and Exchange department, don talk say dis new arrangement go help end users get forex easier. BDC dem go now buy dollar direct from banks wey get license. E sweet me, because e show say CBN dey ready to face the challenges head-on!
But no be say dem no get rules o! Each BDC must follow strict guidelines wey dey protect public interest and prevent wahala wey fit come from money laundering. Dem also don talk say no BDC fit keep forex wey dem buy for more than 24 hours if dem no use am. E be like say dem dey try reduce hoarding of dollars by BDCs. Naija people, una fit relax small, no be so dem dey play with our money!
Another gbas gbos wey dey ground be say dem no dey allow third-party transactions. This means say only the BDCs go fit buy dollars for demself, no be to carry am go give another person. Na serious matter as cash wey dem go use dey capped at 25% of the transaction value. Dem dey really serious about curbing cash usage for forex matter.
As the new policy drop, analysts dey optimistic say this one fit help bring down the gap wey dey between official rates and parallel market rates. E sweet as CBN dey push for forex liquidity while at the same time dey try manage inflation level. Call am a smart move!
Let’s not forget say these new development dey come as Governor Olayemi Cardoso head the CBN, and dem dey try use this opportunity attract foreign investments wey go make naira strong again. E be like Nigerians go fit breathe better now.
Sak pasé my people! No be small excitement for forex market. Make we dey observe how this new policy go unfold. Everybody wey dey hustle for forex, una get ready because action don start!
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