Diligence:
Guz: just 5 tots:

1. How does this policy help paucity of forex?
2. The forex inflows from Western Union, MoneyGram, WorldRemit & co drastically affect the dearth of forex?
3. Didn't Buhari & Emefiele try something similar by stopping payment of school fees, but they had a rethink?
4. Is this what renewed hope abi na shege?
5. How productive is Nigerian economy to withstand the multiplicity effects?

anonymous1759:



Are you sure you’re not a BATist? It’s rare to see people reason out of the box because of election loss .
Right now everything is all about hated and bile , when South Africa scored they said it was Shetima that caused that goal that his presence was bad Energy , that Obi watched Nigeria and we won . After Nigeria won they became dumb.
It cost a thing to reason properly in Nigeria at the moment if you dare say this In public you might get attacked.

CatchMeIfUCanMO:

The same black market their minions are claiming they want to eradicate?

I expect you to be enlightened and educated, and if my expectations are right, why will you want to enjoy the rate of black market when according to some people here that is the main target of the policy?

Think bro, think!

inosuke:

It like you are mad ni, what do other people wants concern another person reserves

Throwback:
Very good!
.

Next is to ensure domiciliary accounts only get credited with foreign currencies from international transfer to cater for those who work rotations abroad or those who work remotely, and once the account is credited, any amount beyond a certain threshold should be converted to Naira, while whatever is left should be taxed at a monthly rate that ensures that the money is reduced to half of what was left as a foreign currency in the domiciliary account. That will help discourage any plan to retain forex as a means to store wealth in the domiciliary account

Hx1x:
Just got this email from WorldRemit.

Seems CBN has quietly re-introduced their policy where people abroad can no longer send foriegn currency directly to folks in Nigeria. Folks in Nigeria now can only receive the naira equivalent of the money sent.

I've checked Western Union and seems to be the same as well. Moneygram still allows dollars to be sent, but can only be picked up. Can't send to a dorm account any more.

I have checked and haven't seen any news on this.

Throwback:


Healthcare is a right and should not be limited.

Tertiary education is not a right.

Coldspice:


They are eradicating BDCs, not the black market. BDCs are a part of the black market, not the whole thing. In every economy, you have the black market. Your Binance and P2P sellers are part of the black market.

The BDCs have bitten the nail, others will follow. Today's rate on GTB is 1,350. How much is the dollar on the street?
1450 I sold today

Connect your fingers to your brain before posting.

airsaylongcome:


What is the problem with storing wealth in USD to retain value? In 2018, I lost my well paying job and was left with a “huge” amount of over 2m in RSA. Today that 2m is worthless compared to what I could have done with it in 2018. There’s absolutely no need to go after foreign remote workers with your proposal. Otherwise, many would hold their money in offshore accounts using apps like Wise or Payoneer to the detriment of the banking system here

Tareq1105:


Source your dollars from wherever and go study anywhere you like but Tinubu would not tolerate forex recklessness anymore.

Tareq1105:


It would work. China would not allow dollars pass through their airports.

Same goes for Russia and others bcoz they have a responsibility to protect their currency.

Why are you idiots against protection of our currency?

mailemy:
Can someone explain to me the effect this policy will have on the black market exchange people?

Throwback:


What made it worthless?

No be exchange rate and currency speculation?

My proposal will help fight such situation.

realubani:


This is very good if and only if it will fix our economy.

Coldspice:


They are eradicating BDCs, not the black market. BDCs are a part of the black market, not the whole thing. In every economy, you have the black market. Your Binance and P2P sellers are part of the black market.

The BDCs have bitten the nail, others will follow. Today's rate on GTB is 1,350. How much is the dollar on the street?

Connect your fingers to your brain before posting.

Tareq1105:


Thanks for your observations.

I'm just in support of any Policy that would save Nigeria from turning to Venezuela.

Hx1x:
Just got this email from WorldRemit.

Seems CBN has quietly re-introduced their policy where people abroad can no longer send foriegn currency directly to folks in Nigeria. Folks in Nigeria now can only receive the naira equivalent of the money sent.

I've checked Western Union and seems to be the same as well. Moneygram still allows dollars to be sent, but can only be picked up. Can't send to a dorm account any more.

I have checked and haven't seen any news on this.

Acidosis:


In Nigeria, tough times require tough measures ONLY against the common man.

Politicians will always have their way. If I may ask though, why are you against globalisation? The world is a global village now. You can't box people.

Throwback:


That is how it is in many countries.

They don't even have what we term a domiciliary account.

The bank accounts are designed to receive foreign currencies that are either automatically converted to local currency, or that are kept as incoming foreign funds that cannot serve any purpose until it is converted for inflow into the local economy or returned as international transaction outflow.

Throwback:
The next step is to outlaw forex processing for foreign education for a minimum of 10yrs.

Any Nigerian that wants to be educated abroad should look for the money abroad.

We have schools here that can take those huge amounts of Naira we employ to buy forex for UK or American or Canadian education.

We need to jump-start our tertiary education system with better infrastructure, improved quality of education, improved salaries, and improved school fees.

Tough times require tough measures.

Throwback:
The next step is to outlaw forex processing for foreign education for a minimum of 10yrs.

Any Nigerian that wants to be educated abroad should look for the money abroad.

We have schools here that can take those huge amounts of Naira we employ to buy forex for UK or American or Canadian education.

We need to jump-start our tertiary education system with better infrastructure, improved quality of education, improved salaries, and improved school fees.

Tough times require tough measures.

chopnaira:
I got the email too. I remember Buhari and Emefiele had similar policy.

theredaddy:



Stop spewing gibberish ! How many world leaders are Business men

Leadership is all about directing "People" and regulating the affairs relative to people ...

You seem to be ignorant about many things, there are traders and there entrepreneurs .... traders are limited to market, buy and selling commodity while entrepreneur compasses invention, job creation, selling of goods and "Services"
Except you are high on cheap weed you can't tell me your side has more entrepreneurs than SW, google is there but regardless

Leadership and business acumen are on different pedestal, people learn trading but leaders are born and chosen

Lastly you hardly see countries run purely socialist economy, in a country with full blown greed and get rich quick syndrome Nigeria is not matured for "capitalist", for instance Dangote expliotation is a good example we can't go capitalist.

A mix economy is capable of upscaling production where there is intent and willingness

BitterTruth01:
Lol look at them

This is why you 9-5 job workers should stick to civil service and farming and let capitalists run the economy .

You people from that side are naturally not entrepreneurs . You have no idea how to run a business , how will you run a country ?

Stick to your salary Jobs, you say no
Stick to farming , you say no
Stick to your carpentry and artisanal businesses. , you no gree .

You say you must run the country. Say you dey sophisticated. But you think a country can grow under a socialist system of welfare benefits , and government patronage and control . A palliative economy while free enterprise suffers .

Instead of turning the country into a production. base , na to dey shook eye for other people money. Is that the best you can do ? I dont blame you tho. You cannot give what you don’t have .

But go and do your research, those countries that went the way of Karl Max and Lenin , where dem dey now ?

Tareq1105:


Tinubu would not fold his hands and watch Nigeria turn to Venezuela.

Do you see anyone spend dollars in China or Russia?

At the airport, your dollars are converted to Yuan. After transactions and you're leaving China, you get whatever Yuan left on you converted back at the airport, your point of departure.

It's only in Nigeria that you see dollars everywhere at parties. Obi Cubana should watch it. Dollars is not a legal tender in Nigeria. That's the position of the Economic Team.

Tinubu has a responsibility to protect the Naira, our currency from going into extinction.

weslay:


Why float the Naira and go behind to place restrictions to demand and supply? They can place all the restrictions they can come up with, but the demand will not go away. Because they themselves don't spend Naira. Do you think the president pays Naira for his medical trips overseas, or do you think the payment for Aisha Tinubu's recent birthday party on the island of Greneda was paid in Naira?

tnerro1:


Why not start with medical tourism the politicians like alot

Raiders:
what I am trying is we have had this policy before and it didn’t help the Naira. I remember sending money from US to Nigeria from 2013 to 2020 and all my receivers got paid in Naira. Yet the naira was still losing value so it’s not like it’s a new CBN policy. Some businesses in Nigeria needs dollars for their legitimate businesses, parents needs dollars to pay for their children school fees abroad. We have too much demand for dollars because WE ARE NOT PRODUCING ANYTHING as a nation. It’s simple economics 101. When the demand for a product is high, prices will go up. We need to start producing and reduce importation to help our currency. We can also get more foreign reserves from sales to other countries if we start producing goods