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Blog Debate. Memphis vs Sasha Boné: Shun BDC's and Save The Economy OR Double Your Money?






Sasha boné: Our argument was about fx (forex) and bdc's (bureau de changes). We both agree that bdc's should be scrapped but he's saying people should not patronize them and instead should change their fx at the bank (to help the naira)
I insist that as long as the FG doesn't scrap them, I would change whatever Fx I have for a higher value of naira. Afterall bdc's are legal and it's the FG that gave them license to operate.
If the FG wants me to not patronize them, then the FG shld scrap them and inturn force Nigerians to change at banks
Memphis then asks why should I want them scrapped if they favor me in terms of higher naira? To which I answer yes they favor me, but it inturn has a negative effect on the $$ to Naira value in the long run, so I agree they should be scrapped.
    Bdc's are legal business but they make a killing at our expense; buy at N199 and sell at over N300. That's the best biz ever!... But If I have $1000, i would not go to the bank because "I wanna save my naira" when I have a legit way of having higher return of my $$$.



MEMPHIS: We both agree that BDCs should be scrapped but we differ on patronage being one of the major causes of the free fall of the Naira.
Sasha says she'll patronize BDCs since they're legit and well, they're doing business so what's her own? She needs "good value for her money"
But she's annoyed that they've not been scrapped by Bubu, because "their operations are affecting the economy"
Abeg ehn...help me understand her, because I'm confused 😂
If BDC operations are affecting our currency, shouldn't we desist from these operations? Since our transactions are a major cause of this economic disaster? I'm feeling so confused already. Lmao


***

Editor's note. Basically both Memphis and Sasha boné agree that bureau de changes should be abolished by the federal government as that's a major cause of the free fall of the naira. They however disagree on patronage. Memphis says since sasha admits that bdc's are corrupt she should not patronize them and do her fx strictly at the bank. 
     Sasha thinks that's basically balderdash! She says that corrupt or not, as long as they're are a legit business permitted by the government, she will continue to patronize them. After all if the federal government deems them fit to run, why should she go to the banks when she can get a much better deal at bdc's? 

So TTB fam are you pro-Memphis or pro-Sasha; Should we patronize them or not? Is it about the economy OR value for your money?

OR do you take an entirely different stand? Tell us. 




Comments

  1. BDC's should be scraped yes, but i will still patronize them until the govt decides to scrap them, after all its a business that they are running....and banks with all this their charges when you change though..

    ReplyDelete
  2. Yall gat me all confused. If you need dollars now you dont have an option but to go to the black market. The banks will not give you. Even Personal Travel Allowance the banks are not doing. They will say you should travel and use your MasterCard, but the excharge rate the bank uses on my MasterCard is worse than the black market rate.

    So Im confused on the points yall are making. We cant patronize the banks even if we wanted to. Only option we have is black market.

    And its not the BDCs that are hurting Nigeria, its the policies the CBN has put in place. The policies have made dollars hard to get from baks so we all fall on the BDCs and then you know what happens when demand is higher than supply.

    My 2 cents.

    Peace

    ReplyDelete
    Replies
    1. I think a better debate topic would have been 'Should government clampdown on the parallel (illegal) market?' or better still 'Should the Naira value be market-regulated rather than government-regulated'. This would give more leeway for ample and insightful suggestions and thoughts. Also it would serve to provide a more enriching debate.

      To the issue on ground, managing/overseeing the economy is not my responsibility as a Nigerian and every of my legal actions or inaction has its positive and also negative economic effect. I would think and act mostly for my 'selfish' gain so I would strongly go for value for my money. My employers could certainly pay me better but they don't, my vendors could give me his/her product at a greatly discounted price but they don't ....... it is the government's responsibility to look at the consumption and spending pattern, economic realities on ground and enact laws and policies that would serve the best interest of the welfare of the nation.

      I don't think BDC's should be scrapped. They are legitimate businesses who pay their taxes and other government obligations. It is the regulation of these BDC's that is the culprit. A lot of CBN bankers-with connivance of government officials-are at the helm of affairs of these institutions so tell me how these BDC's can function in the interest of the economy or the Nigerian people. But then, just like the Nigerian story, we lack effective governmental regulations and thus act to the detriment of the collective welfare of Nigeria.

      PS: I reckon having a 'blog debate' is a nice development and should be a constant feature on TTB. we could debate on the economy, business related subjects, relationship issues etc. Put out topics and let us have one or two BV's supporting the motion with their reasons and a set of BV's opposing likewise.

      Delete
    2. Nice input Chrisyinks.

      A blog debate sounds good but lunatics come on here and display their poor home training.
      Well Thelma is the owner of this blog and not them so...lol

      Delete
  3. Memphis are you kidding me, you would really rather boycott bdc's because that's the supposed cause of our crumbling economy? Do you think you're more patriotic than the government who hasn't scrapped bdc's? Besides like Kon said there's no dollars in the banks at the moment so is Memphis saying we shouldn't trade at all?

    ReplyDelete
  4. I'm with Sasha bone on this one. If the economy of Nigeria is the government's priority, they know what to do to save it. And if scrapping the bdc is a very sure way, what are they waiting for? We gave them the power through our votes, so they should use it.

    ReplyDelete
  5. The banks aren't giving dollars cos they don't have so going to the bank isn't an option, they are also looking for dollars to pay MasterCard and the money transfer agencies. The government also doesn't have dollars cos we have depleted our foreign reserves.

    That said, I'm with Sasha on this one. If the government hasn't scrapped them, then they must think they are a "necessary evil" to have around.

    ReplyDelete
  6. This comment has been removed by the author.

    ReplyDelete
  7. I stand with Sasha, the policies of the CBN are friendly, hence the fall of our NGN.

    I don't know what they are doing there, with all the side fees we are being charged to transact business in the banks, why should I further enrich them when I have BDC.

    ReplyDelete
  8. Please Memphis and Sasha, where are you getting your dollars from o?

    ReplyDelete
  9. Some banks give FX, some don't. It shouldn't be generalized just because each time you get there, it's not available for you. But I wonder really (knowing the age-long attribute of a typical Nigerian government to linger when it comes to doing the right things policy wise) why we should be complaining about the Naira free fall, yet are so willing to gain from this free fall. This is what I cannot understand. The government is wrong, yes, but are we right to take advantage of a horrible situation that affects us collectively?

    ReplyDelete
  10. We all knw it makes more sense to use bdc. Sasha is confused. Sounds like an emotional hypocrite. U will do biz with bdc 'to get value for ur money' coz its legal though its hurtin d naira/economy. Just like supporting sharia law of stoning an adulterous woman, cos sharia law is 'legal' to them. Sasha is selfish, dnt be like sasha. Btw what tribe are u sasha? Igbo right?

    ReplyDelete
    Replies
    1. My tribe is ur problem? #99problems...Lol.
      Let's know urs and I'll gladly share mine.

      Delete
    2. U admit it makes more sense to use BDC yet I,sasha is the confused one?
      Why compare BDC with Sharia? Do u compare plants and animals simply cos they are both living things?
      Many go to school but few get educated...hmm

      Delete
    3. Ur confused cos ur advocating for it and against it at d same time. And claiming u wont use it if its not legal (balderdash) if bdc's are made illegal today, sasha will still patronize them. Sasha cares ONLY about d value of her money and getting dat good value.

      Delete
    4. Lols.
      My dear,comment like you got some sense cos from the result of the poll,it shows everyone else too is as confused as I am,you inclusive...

      Delete
  11. Anon 9:39am. Let's assume you are joking. As Thelma said, we are all free to voice our opinions.

    ReplyDelete

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