Ok

All talks and no action. No be today yansh begin dey back.

see desperation, it's only in Bubu's regime you hear such fúckery

Buhari is an incompetent incapacitated brain dead gworo chewing burukutu sipping dullard!

He will destroy Nigeria to the detriment of Afonjas and Abo*kis and benefit of Biafr@ns.

Please help me call GEJ and NOI to come back or else I will give my vote to Atiku

Dem wan try dis one again. Ok.. Good.

sarrki:
Wailers tell your Oga dem ooo

If you like shout rule of law


You forget rule of law wet you break the law ?

What is the meaning of "rule of law"

Stop behaving like you are daft. Your attention seeking on every thread is becoming irritating. Talk about half education and boom, there he goes.

What of the 1N= 1$

sarrki:
Wailers tell your Oga dem ooo

If you like shout rule of law


You forget rule of law wet you break the law ?

coz they will b d first to wail RULE OF LAW

Truth234:
@Adesiji77 According to a CBN report, about $20 billion is sitting idle in various domiciliary accounts. This is almost $23 billion of the entire foreign reserve of the nation, the problem is, as long as you have such amount sitting idle, the Naira will continue to struggle while the parallel market thrive due to the gap in foreign exchange rates.

So, the CBN is struggling to get an autonomy to effect changes to individual/company holding of dollars, including repatriation. It is all to control activities of saboteurs and further inject liquidity into the market.

Though, there are certain things to be removed from their demands, but this move seems necessary if we really want to curtail the illiquidity issue.

THE REASON 20B USD IS SITTING IDLE IN ACCOUNTS IS BECAUSE CBN HAS MADE IT IMPOSSIBLE FOR PEOPLE TO USE THEIR MONEY. CARDS DO NOT WORK, THEY CANNOT TRANSFER AND CANNOT WITHDRAW. This policy will deal the final blow to the naira. We are still waiting for policies and regulation like low interest finance and production clusters for adding value to rawmaterials and the production of intermediate goods -policies that will actually encourage diversification. Not all these noise about forex.

unclezuma:


Trial and error economy...

Exactly. Na wah ooooo

benpedro:
Using force to stabilise the naira. One can only but wonder why there are so many economists in the havard university lol when you can just use gun to control the economy jajaja

Dont mind them. It just doesn't make sense. It would never happen. The hungry ones are the ones clamouring for this. Like say person stop them from being successful.

iykedare:




Is there any crime in saving your money in dollars? I worked for my money and so I should decide in what currency I should save it in . Why all these bad Belle sef?

Nobody is saying you shouldn't save your money. Hoarding in billions is what CBN is fighting, have you heard of pump and dump? Many ways financial guys profit from the market that average people don't know.

This man is hell bent on destroying Nigeria. How will a sane foreigner bring in millions when he knows he risks jail time to rake it out?

Stupid is as stipid does

Truth234:
@Adesiji77 According to a CBN report, about $20 billion is sitting idle in various domiciliary accounts. This is almost $23 billion of the entire foreign reserve of the nation, the problem is, as long as you have such amount sitting idle, the Naira will continue to struggle while the parallel market thrive due to the gap in foreign exchange rates.

So, the CBN is struggling to get an autonomy to effect changes to individual/company holding of dollars, including repatriation. It is all to control activities of saboteurs and further inject liquidity into the market.

Though, there are certain things to be removed from their demands, but this move seems necessary if we really want to curtail the illiquidity issue.

If someone have $20 billions sitting in his account, what is the business of the government, if the money were legitimately acquired? Now, the government is giving them ultimatum on how long to keep their money and on the other hand forbidding them from taking their own money abroad to spend.

If you do not see anything wrong with that picture, I do not know what to really say. The Federal Government is treading on dangerous grounds here, no government can authoritatively dictate to people how to use or bank their money, I see the government losing badly, if someone take them to international court on this issue and this will scarce the sh!t out of foreign investors, who should be right afraid that, if they bring their dollars into the country for investment, their money will be trapped.

If you work, do business and live in Lagos State or any state for that matter and the Governor of that State do the same to you, you will cry foul. Imagine the riots on the street; if the Governor of Lagos telling all Lagosians that, since they work and do business in Lagos and Lagos have invariably made them rich, they can only bank with a Lagos bank, they are not allowed to transfer money to their village or state or origin for projects there...and if they have any projects, they must first seek the permission of the Government House is Ikeja for approval before such transfers can take place. The Governor will then justify his action by saying, he wants liquidity to flourish in Lagos State, to help the economy of Lagos.

benpedro:
Using force to stabilise the naira. One can only but wonder why there are so many economists in the havard university lol when you can just use gun to control the economy jajaja

Nigeria is finished under the gworo mallam cattle rearer.

demmahomidi:


THE REASON 20B USD IS SITTING IDLE IN ACCOUNTS IS BECAUSE CBN HAS MADE IT IMPOSSIBLE FOR PEOPLE TO USE THEIR MONEY. CARDS DO NOT WORK, THEY CANNOT TRANSFER AND CANNOT WITHDRAW. This policy will deal the final blow to the naira. We are still waiting for policies and regulation like low interest finance and production clusters for adding value to rawmaterials and the production of intermediate goods -policies that will actually encourage diversification. Not all these noise about forex.

CBN implemented card restriction recently because of frivolous spending of some Nigerians abroad. Spending above the stipulated limit, these habits hurt our foreign reserves as the cbn needs to use it to offset these payments.

If FG needs $30 billion to help augment foreign reserves and stimulate the economy, imagine what idle $20 billion can do.

Agimor:
I comment my reserve.

What is so useful about normal human beings talking all day to a being who doesn't respond, and they've never seen, instead of sourcing useful information on the net or connecting with people in ways that's can improve their lives?

Truth234:


Nobody is saying you shouldn't save your money. Hoarding in billions is what CBN is fighting, have you heard of pump and dump? Many ways financial guys profit from the market that average people don't know.

People with tens of thousands of dollars are exempted? There should be some of considerations because lots of people will be affected.

demmahomidi:


THE REASON 20B USD IS SITTING IDLE IN ACCOUNTS IS BECAUSE CBN HAS MADE IT IMPOSSIBLE FOR PEOPLE TO USE THEIR MONEY. CARDS DO NOT WORK, THEY CANNOT TRANSFER AND CANNOT WITHDRAW. This policy will deal the final blow to the naira. We are still waiting for policies and regulation like low interest finance and production clusters for adding value to rawmaterials and the production of intermediate goods -policies that will actually encourage diversification. Not all these noise about forex.

since the inception of this junta, there has been no intelligent policies even when we officially slid into recession, we've not heard or seen any stimulus package which is the global best practice of any govt. What we have are retardéd blame games and now this clownish move ? Everyday the world uses Nigeria as a comic relief, simple to float the naira is advanced nuclear physics, Egypt did theirs few weeks ago and are already taking the rewards

[quote author=benpedro post=51162608]I dey shame shame for Nigeria over here

samsard:
What is so useful about normal human beings talking all day to a being who doesn't respond, and they've never seen, instead of sourcing useful information on the net or connecting with people in ways that's can improve their lives?

What kind of rhetorical question is this?

iykedare:


People with tens of thousands of dollars are exempted?

Yes, the CBN is after companies/individuals stacking real cash. Why do they buy dollars in billions if only to save? This has impacted the liquidity level of the market and can no longer be condoned.

Truth234:


[s]CBN implemented card restriction recently because of frivolous spending of some Nigerians abroad. Spending above the stipulated limit, these habits hurt our foreign reserves as the cbn needs to use it to offset these payments.

If FG needs $30 billion to help augment foreign reserves and stimulate the economy, imagine what idle $20 billion can do[/s].

what do you mean by "frivolous spending" and "spending above the stipulated limits" ? If you don't know what to say please just keep quiet before people doubt the akamu between your ears

[quote author=Truth234 post=51161001]
Sir,it's about cash and not money in domicilliary accounts. Money in dom account is money in the bank.

Read this part "Authorities should be able to jail for as long as two years anybody holding dollars in cash for more than 30 days, or fine them 20 percent of the amount, according to a draft amendment to Nigeria’s Foreign-Exchange Act."

Truth234:


CBN implemented card restriction recently because of frivolous spending of some Nigerians abroad. Spending above the stipulated limit, these habits hurt our foreign reserves as the cbn needs to use it to offset these payments.

If FG needs $30 billion to help augment foreign reserves and stimulate the economy, imagine what idle $20 billion can do.

Stop using the word "frivolous ", that money do not belong to the government .
And government don't have any business touching the $20 billion.

And if the government insists on this policy, brace up for total collapse of the banking sector.

talktimi:
what do you mean by "frivolous spending" and "spending above the stipulated limits" ? If you don't know what to say please just keep quiet before people doubt the akamu between your ears

Imagine,someone with his/her money you say he/she is spending frivolously!
BTW,the $20bn dollars he claims is lying in dom accounts is not the money the CBN is trying to make laws on,the CBN is talking about cash (dollars)-
"Authorities should be able to jail for as long as two years anybody holding dollars in cash for more than 30 days, or fine them 20 percent of the amount, according to a draft amendment to Nigeria’s Foreign-Exchange Act."

Is this the economic reforms that shall quench inflation?

talktimi:
what do you mean by "frivolous spending" and "spending above the stipulated limits" ? If you don't know what to say please just keep quiet before people doubt the akamu between your ears

This is the last time I will respond to you or your likes, there was a card limit for oversea transactions, the CBN alleged that some individuals were spending way above the stipulated limit, leaving DMB with huge responsibility to offset those transactions. Hence, prompting the CBN to direct commercial banks to enforce the official limit, when that didn't work because commercial banks were profiting from oversea transactions due to high exchange rate, the CBN outright ban oversea spending on Naira domiciled cards.

These moves are to curb foreign reserves depletion and simultaneously inject liquidity into the FX market.

Truth234:
@Adesiji77 According to a CBN report, about $20 billion is sitting idle in various domiciliary accounts. This is almost $23 billion of the entire foreign reserve of the nation, the problem is, as long as you have such amount sitting idle, the Naira will continue to struggle while the parallel market thrive due to the gap in foreign exchange rates.

So, the CBN is struggling to get an autonomy to effect changes to individual/company holding of dollars, including repatriation. It is all to control activities of saboteurs and further inject liquidity into the market.

Though, there are certain things to be removed from their demands, but this move seems necessary if we really want to curtail the illiquidity issue.

I dont understand. When they say $20b is sitting idle in folks accounts what happens then to people like me who have a dom acc with some money in it? People having foreign currencies in accounts should not necessarily be a problem but this government has no clue on how to workout their sh.it. together. So my question exactly is that are they going to attack folks who hve a certain amount in their accounts or this policy is going to affect everyone that has a dom acc. They should as well scrap having a foreign account in nigeria since they dont know what they are doing anymore. The last i checked i dont see why leaving money in foreign currency in ur accoint should be a problem

Truth234:


[s]This is the last time I will respond to you or your likes, there was a card limit for oversea transactions, the CBN alleged that some individuals were spending way above the stipulated limit, leaving DMB with huge responsibility to offset those transactions. Hence, prompting the CBN to direct commercial banks to enforce the official limit, when that didn't work because commercial banks were profiting from oversea transactions due to high exchange rate, the CBN outright ban oversea spending on Naira domiciled cards.

These moves are to curb foreign reserves depletion and simultaneously inject liquidity into the FX market[/s].

RUBBISH you said frivolous spending and spending over stipulated limits. You can't spend over stipulated limits on card transactions while SS1 economics has destroyed the myth of frivolous spending i.e. it's not your business what people do with their money besides you don't even know what they do with their money for you to call it frivolous spending. My president wears $600 Ferragamo loafers as at last check, it's not my business, his wife wears $30,000 Choppard wristwatch it's not my business. Many Nigerians go to India for life saving treatments with their hard earned forex and it's nobody's fúcking business so you're not to swallow every rubbish this govt tells you hook, line and sinker instead you're to use your power of deductive reasoning to decipher fallacies and propaganda for what they are except you're amongst the paid internet lapdogs