Anyone who refuses to collect Naira and insists on payment in foreign currency may soon find himself or herself on the wrong side of the law.According to the CBN Governor, Sanusi Lamido Sanusi, there is no country in the world where you get paid in the currency that is being remitted, except Nigeria.

Why? You may ask. The CBN boss blamed it on what he called "attitude of entitlement".

He explains: "If you are in the UK and someone transfers money to you from the US, in what currency do you get paid in London? You get Pounds. There is nowhere in the world where you go to your bank after a transfer and insist on being paid in that currency. There is nowhere. In Japan you get paid in Yen; in China you get paid in Renminbi. So there is nowhere in the world you get paid in the currency that is being remitted. You know Nigerians have this attitude of entitlement."

Putting his feet down, he declared that it is illegal for anybody to collect Dollar for services rendered in Nigeria(again), saying "anybody that refuses to accept the Naira as a legal tender is committing an offence. In some cases, we found out that people are buying foreign currencies and going to Dubai and Saudi Arabia to do another form of BDC transactions with dollars purchased in Nigeria. We've got to stop that. They don't see it as a criminal activity but it is money laundering. We sell dollar to them on the condition that it will be used to import goods and services approved by the Ministry of Finance. But if it is used for any other purpose outside what is approved by law, it is money laundering." In this interview granted in Washington DC, USA, Sanusi bares his mind on many issues in his industry, while unveiling the plan to stop the dollarization of the economy.

Excerpts:

Dollarisation of economy

[b]"You know the interesting thing about our country is that we try to be an island in the World. If you are in the UK and someone transfers money to you from the US, in what currency do you get paid in London? You get Pounds. There is nowhere in the world where you go to your bank after a transfer and insist on being paid in that currency. There is nowhere. In Japan you get paid in Yen; in China you get paid in Renminbi. So there is nowhere in the world you get paid in the currency that is being remitted. You know Nigerians have this attitude of entitlement. The central bank did introduce this policy that people be paid in Dollars because there was a time the banks were cheating people and not paying them the actual exchange rate on the transaction date. Now, we said the exchange rate must be the inter-bank rate prevailing on the day of transaction and that banks are required to display their rates in banking halls. So I don't see how we are going to continue with a policy that is not consistent with global best practices by importing Dollars and saying we don't have confidence in our currency.

The thinking here is that it is just a small transaction of $500, $1000. Then let them tell us one country in the world that allows it. It's like, all you journalists that write we should distribute FAAC (Federation Account Allocation Committee) in Dollars. But just tell me one country in the world that distributes its reserves in foreign currency. Why should Nigeria be the only one? What is the logic and why are we different? If you go to Ghana you get paid in Cedi and in the francophone countries you get paid in CFA. So why should your uncle or aunty living in Nigeria and who would spend Naira not be paid the Naira equivalent of the currency you sent but insist on being paid in dollars? It is not right.

First of all, it is illegal for anybody to collect Dollar for services rendered in Nigeria. Anybody that refuses to accept the Naira as a legal tender is committing an offence. I don't think there is anyone that will do that. Perhaps, what they might do is to index their service in dollar and use the exchange rate and accept Naira. But anyone who refuses to collect Naira and insists on collecting Dollar is committing an offence. The maritime agencies that collect duties in foreign currencies are covered by law. The law allows them to receive their duties in foreign currency."
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http://odili.net/news/source/2013/oct/21/501.html

Indifferent

Good news, someone should tell the banks, GTB should henceforth stop deducting dollars for maintaining my domiciliary dollar account; instead they should start collecting the Naira equivalent at the official rate. Shikenan

Me_Aboki: Good news, someone should tell the banks, GTB should henceforth stop deducting dollars for maintaining my domiciliary dollar account; instead they should start collecting the Naira equivalent at the official rate. Shikenan

See ya aboki gworo chewing mouth!
You are rejoicing because the mallams at the airport and hidden corners will get rich overnight selling and printing naira as usual and exchanging foreign currencies
when is that your terrorist brother leaving our CBN sef?

free_soul:

See ya aboki gworo chewing mouth!
You are rejoicing because the mallams at the airport and hidden corners will get rich overnight selling and printing naira as usual and exchanging foreign currencies
when is that your terrorist brother leaving our CBN sef?

u see, that his aboki brother is far better and intelligent than ur sister- the plum-faced stella odua!

Me_Aboki: Good news, someone should tell the banks, GTB should henceforth stop deducting dollars for maintaining my domiciliary dollar account; instead they should start collecting the Naira equivalent at the official rate. Shikenan

Hmmmn
GTB as far as I know does NOT deduct a cent from domicilary accounts. I haven't noticed that.

@Topic,Sanusi way to go but erhm,GH do pay out WU/MG in USD as at 2 yrs ago. Don't know if that has changed now. Btw, would this policy be extended to ALL or is it as usual,only meant for the "average" Nigerian?

Policy sef don too much for this country. What we want is food on the table and better life not millions policies that haven't make the citizens any better.

"It's illegal to collect dollar for services rendered in Nigeria" - Sanusi

Tell that to Tinapa.

Anyone who refuses to collect
Naira and insists on payment
in foreign currency may soon
find himself or herself on the
wrong side of the
law.According to the CBN
Governor, Sanusi Lamido
Sanusi, there is no country in
the world where you get paid
in the currency that is being
remitted, except Nigeria.

will the nigerian football players also be paid in naira after their home matches cos the services were rendered in nigeria?

Have they started paying okonjo iweala in naira?

Tolexander: will the nigerian football players also be paid in naira after their home matches cos the services were rendered in nigeria?

Have they started paying okonjo iweala in naira?

They would have to pay them around N775,000

Demdem: Does this mean that expatriates working in Nigeria will have to be paid in Naira after all they offer their services in Nigeria

Yes, they would have to accept being paid in Naira, or they risk running foul of the law.

CFCfan:
Yes, they would have to accept being paid in Naira, or they risk running foul of the law.

not possible.
Their salaries are remitted to their bank accounts in their home countries and currency. They only get "allowance" here which is paid in Naira anyways.

Talk is cheap.

otokx: Talk is cheap.

LOL.

Would it also be illegal to collect bribe,stuff the fila with $ $ ?

What more can i say than , I support ds 100%

Thank God this policy will not affect the Police, Lastma, VIO, Road safety etc. because they dont even collect their roger in dollar. Simply Naira


#Teamshandy/roger#

ifyalways: not possible.
Their salaries are remitted to their bank accounts in their home countries and currency. They only get "allowance" here which is paid in Naira anyways.

This is another thing that has to change. How would someone take up a job space within our economy and payment for his service remitted in another economy ?

I have no issue with them tranferring their funds back home, but it has to go through the legal bank transfer process. Their salary and allowance have to be FULLY taxed according to the laws of Nigeria as well

deor03:

This is another thing that has to change. How would someone take up a job space within our economy and payment for his service remitted in another economy ?

I have no issue with them tranferring their funds back home, but it has to go through the legal bank transfer process. Their salary and allowance have to be FULLY taxed according to the laws of Nigeria as well

Please don't speak about things you are ignorant of. Their salaries are FULLY taxed, no exceptions.

@Topic this is a laudable move from Sanusi. I've heard there are some highbrow estates in lagos, for example, that collect rent in dollars. Some schools even require some payments in dollars. That's totally wrong.

free_soul:

See ya aboki gworo chewing mouth!
You are rejoicing because the mallams at the airport and hidden corners will get rich overnight selling and printing naira as usual and exchanging foreign currencies
when is that your terrorist brother leaving our CBN sef?

Sometimes, i wonder why God allowed some of my smart intelligent friends like Jude Ngba and Mickey Olumoye to die so young of illness...and left people like you still alive to pollute our gene pool with your imbecility.

Over sabi go kill this man

Ok

So If one is doing wire transfer does he still have to go and buy dollar I need to know ....
Cause if you still have to buy dollar to do wire transfer, the policy is useless.

Price tags in Banana Island is in US dollars.

texazzpete:

I've heard there are some highbrow estates in lagos, for example, that collect rent in dollars. Some schools even require some payments in dollars. That's totally wrong.

Banana Island.

┼ђє Grєą┼ єc๏Й๏MIş┼

Tell them o, all those stupid island boys go dey carry dollar around. Neo-colonialism.

They have turned some places in Lagos island to small US, most things in dollars. I hate that sh*t and if I catch person ehn

Well done Sanusi very well said thumbs up. Truth is Nigerian banking system is amazingly flexible you cannot get that kind of flexibility anywhere else. In Europe I am usually shocked at the banking policies very stringent believe me.

Demdem:

That one get K-Leg oooo. Cant see the possibility for such

If u go to work in US, na naira den go pay u? Abegi jare, if I personally catch anyone