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Home Markets Currencies

How The New CBN Restriction of rDAS (Dollar) Sales to BDCs Could Affect Your Money

Nairametrics by Nairametrics
January 22, 2015
in Currencies, Politics
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  • The CBN has issued another circular increased its Net Open Position from 0.1% to 0.5% of shareholders fund unimpaired by losses.
  • Last year it had reduced the NOP to zero % in an effort to reduce speculation of the Naira
  • The CBN also instructed that all purchases from rDAS and Interbank funds should only now be used for funding Letters of Credits, Bills for Collection and “other invincible transactions, subject to appropriate documentation.”
  • Therefore, rDAS and interbank funds should no longer be sold to BDC’s and other Authorised buyers
  • The implication of this is that liquidity for BDCs and Banks will be highly limited and as they will now rely mainly on forex from retail buyers and sellers to trade.
  • This will drive up dollar prices at the black market
  • As such, if you need dollars to travel abroad and you want to buy from the black market or BDCs you will likely get it at a higher price. In fact, it is likely dollar will get to N200 on or before mid February
  • Another option will be for you to travel with an eligible naira debit card and use it to spend abroad. That way you pay at the prevailing interbank market price.
  • Some Analysts also suggest the CBN will devalue after the elections as the CBN is unlikely to keep defending the naira at the risk of being hammered by the international community.
  • Here is the CBN Press release

 

Tags: Black MarketCapital controlsCBN Forex PolicyNaira DevaluationNews Review
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Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Comments 1

  1. chubaz says:
    January 22, 2015 at 8:08 pm

    I really don’t get this CBN… one minute una go talk one thing.. next minute una talk another thing!!! na wah ohhh

    Reply

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