Does anyone understand what CBN is doing with the exchange rate? First they decided to stop selling to BDCs, then they came with the June 20 declaration to sell to selected organisations in an attempt to stop the parrallel market and official rate disparity which had been the case over several years.
Now the same CBN has authorised banks to sell forex to BDCs at the CBN rate which never truly went away to beging with despite all the dealer nonsense that was announced prior…so now Banks will be able to sell their dollars to BDCs which means that BDCs are back in play and while Banks will sell to them at the “official rate” and then the difference between the CBN rate and purchase price will be paid under the table possibly to a personal account type thing…
I didn’t study economics in school and I am not really smart- so does anyone understand what CBN is doing? Becaude all their policies just seem to be taking us elsewhere….even when Brexit happened – the pound lost value everywhere except Nigeria….it makes no sense..
Somebody help me as I am clueless or these people just want to make me seem mad…welp!