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Nairaland Forum / Nairaland / General / Business / Can't Send Dollars To Nigeria Any More (60187 Views)
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Re: Can't Send Dollars To Nigeria Any More by Willie2015: 2:23pm On Feb 09 |
Throwback: The best move is to enable Naira cards for global payment. 3 Likes 2 Shares |
Re: Can't Send Dollars To Nigeria Any More by eddynaira125: 2:24pm On Feb 09 |
Throwback: Anywhere u Dey na God go bless you |
Re: Can't Send Dollars To Nigeria Any More by msrcusgarvey6(m): 2:26pm On Feb 09 |
That system has been operating between my friends in Canada and the UK where many people there have naira accounts. They send money to the naira accounts holders and on agreed rate I get the naira sent to me even faster than money carriers cjrane: 1 Like |
Re: Can't Send Dollars To Nigeria Any More by sulaak(m): 2:26pm On Feb 09 |
Ttalk: The problem is not the diaspora sending money to desperate Nigerians but government officials, foreigners and politician taking the scared FX out of the country. 3 Likes |
Re: Can't Send Dollars To Nigeria Any More by IJEYdiamond(f): 2:26pm On Feb 09 |
I no wan curse this government pass the curse devil don curse them oooo.. That thing dey dey find na their half dead body them go use carry am oooo.... Them go carry wetin go make them enter bottomless pit and they will not come out oooo Respect ya self.... this useless government oooo Una wan make 1 dollar be 2000 naria... and at the same time.. black market will not get the difference.... it will be the banks... that will take all the profits.. This stupidity was what the dullards in central bank did 2018.... Instead dollar became scare... in buhari time... Solution... work on improving policies to favours exports.. manufacturing of our goods to export.. Nooooooo for the useless government... they dont want to do that.. U want to scare the dollar... ba... .. Na devil 👿 go punish this useless dullards in government!! |
Re: Can't Send Dollars To Nigeria Any More by BitterTruth01: 2:27pm On Feb 09 |
Sirianese: I can smell your bad breath from 6000km away |
Re: Can't Send Dollars To Nigeria Any More by ryusufu(m): 2:28pm On Feb 09 |
The rate is fair, I just received monegram at 1480 today at access bank 1 Like |
Re: Can't Send Dollars To Nigeria Any More by GeneralDae: 2:29pm On Feb 09 |
justmondris:Exchange rates no longer that different from what the banks and even CBN is offering. |
Re: Can't Send Dollars To Nigeria Any More by justmondris: 2:29pm On Feb 09 |
Hx1x: Please send your money to them via USDT on Binance and let them sell it via Binance P2P at a better exchange rate than what the banks are offering. |
Re: Can't Send Dollars To Nigeria Any More by GeneralDae: 2:31pm On Feb 09 |
justmondris:The exchange rates at the Banks are not that far off from the black market rate. So you just they stress yourself. 3 Likes |
Re: Can't Send Dollars To Nigeria Any More by kenmaro: 2:32pm On Feb 09 |
...and it didn't work. They are only making policies for the ordinary Nigerian who travels, hustles, saves, and send some of it back home to help his family back home or to invest because no politician sends peanut through western union rather they meander huge funds through offshore account settlements. I would have suggested they disallow personal domiciliary accounts but it will make them take the money to foreign banks outside Nigeria. Only solution is declare an emergency on industrialisation of the whole economy, reduce drastically tax burden on 100% local content manufacturing companies, stabilise electricity, improve on security, guarantee investment security, reduce drastically the rate of corruption in government and political offices, etc. You will the naira smiling! chopnaira: |
Re: Can't Send Dollars To Nigeria Any More by justmondris: 2:34pm On Feb 09 |
GeneralDae:lol |
Re: Can't Send Dollars To Nigeria Any More by folla: 2:34pm On Feb 09 |
Thank you @Abufo for your insight on this matter. You appear to understand the point. "Ijoba n fi ete sile, won pa lapalapa" meaning that government knows what the real problems are, but they refuse to confront them headlong. They rather prefer to beat about the bush, by addressing insignificant issues that wouldn't solve the real problems. One of the insignificant issues is the new CBN policy. The people in government are part of the real problems facing Nigeria, hence their unwilling to solve them. If Nigeria would stop importation of petroleum products today, Naira would take a 60% appreciation against the Dollar. Pressure on Dollar would reduce significantly. In the medium term, establishment of modular refineries by the private sector should be encouraged. But would the government allow this? No. Because the guys importing the products are the same guys in power. A lot of the guys in power have refineries set up, even in West African countries. If Nigeria would stop importation of generators today, and ensure we have uninterrupted electricity supply, 3 things would happen. Dependence on fuel as a source of power supply would end, hence Nigeria would use less fuel. Pressure on Dollar to import generators into Nigeria would reduce. 3rdly, industrialization would be revived in Nigeria and more Nigerians would have jobs to do. Currently, we have given out our jobs to Chinese, through massive importation. Would the government embark on the above suggested steps, NEVER! They would prefer to beat about the bush. Corruption is still our major headache in Nigeria. If we don't kill corruption, it will kill us in Nigeria. May God help us. Abufo: |
Re: Can't Send Dollars To Nigeria Any More by zeyt: 2:34pm On Feb 09 |
The problem they deliberately overlooked is billions that are stolen are converted to Dollars for spending or investing abroad. Think they should start with this category of Naira killers. Not with hard working Nigerians sending or earning dollars from abroad. 1 Like |
Re: Can't Send Dollars To Nigeria Any More by msrcusgarvey6(m): 2:36pm On Feb 09 |
Nigeria doesn't need to box herself with the dollar. Many countries of stronger US allies like Saudi,UAE, Israel had started diversication of currency deserves as soon as arbitrary sanctions started on Russia, Iran, China who have great deposits of strategic resources. They also increased their gold purchase. |
Re: Can't Send Dollars To Nigeria Any More by GeneralDae: 2:37pm On Feb 09 |
kenmaro:Buhari and Emiefele didn't have same policy. Infact Buhari and Emiefele went away from this policy in 2020. 1 Like |
Re: Can't Send Dollars To Nigeria Any More by freemi(m): 2:37pm On Feb 09 |
Ttalk:good |
Re: Can't Send Dollars To Nigeria Any More by occfx: 2:38pm On Feb 09 |
BitterTruth01: Don't mind them, I don explain tire. They think they can control the economy artificially. Crypto all the way. New apps will come up that will receive dollars and convert it for you at black market rate |
Re: Can't Send Dollars To Nigeria Any More by freemi(m): 2:40pm On Feb 09 |
Throwback:any money enters naija Shud b convert to naira immediately. No point leaving some 1 Like |
Re: Can't Send Dollars To Nigeria Any More by FertilityH: 2:40pm On Feb 09 |
Hx1x: My landlord travelled not up to 6 months, This is the 3rd time that I am aware of that he is sending money home for food stuffs Normally that dude is a Rich guy óò even here in 9ja... Buying from here simply means it's cheaper here compare to dr |
Re: Can't Send Dollars To Nigeria Any More by occfx: 2:41pm On Feb 09 |
justmondris: Gbam... Government against her citizens. We will defeat them |
Re: Can't Send Dollars To Nigeria Any More by t2luv1: 2:41pm On Feb 09 |
Ttalk: Got to say I agree wholeheartedly with this decision, The next step is to get rid of the Domiciliary Account. In my wildest dreams, I just can't imagine someone opening an account in any US bank for pesos or any other foreign currency. The only reason this was allowed in Nigeria was because of corruption. 1 Like |
Re: Can't Send Dollars To Nigeria Any More by SpiritedCheer(f): 2:41pm On Feb 09 |
realubani: Health of the economy does not depend on removing flexibility in the use of Dollar or any foreign currency within the country. The effect this policy will have on the economy is like pouring a cup of water into the ocean. Even if domiciliary accounts were taxed, will the government use the money judiciously? For instance, will they use the money to provide uninterrupted power supply? I am just surprised that Nigeria has any sort of economic activities without regular and stable power supply. Without stable power here in Canada, industrial activities would come to a halt, and the economy will collapse! The saddest aspect is that Nigerians have accepted unreliable power supply as normal. A lot of comments here are obviously by young people who do not understand the salient issue. If the federal government captures and hoardes foreign currencies, it will make foreign currency scarce, and very valuable within the country. This will inevitably lead to smuggling. Also, people who really need foreign currency might decide to receive them in Cotonou and other surrounding countries. Till date, Nigeria has prohibitive laws that benefit the economies of Benin Republic and Togo. The federal Government is just chasing shadows here, just like they have done for 60 years. Ultimately, the value of Nigeria's currency against the Dollar is based ONLY on exchange of GOODS and SERVICES on the world market; (ie, EXPORT). And Nigeria has potentially limitless export opportunities. But the government is clueless about how to harness, maximize and marshall Nigeria's potentials, so they are making token effort. Nigeria's economic structure needs radical restructuring. We have US, Canadian, German models to guide us. Instead, we are practicing the same backward economic system that was started in the '60s, which equalizes all States in the Federation, nationalizes poverty, and hinders advancement. Every succesive administration follows the old structure because it is in the interest of certain group of Nigerians for the economy to remain OVER-CENTRALIZED. Only the restructuring of our economic system will rescue Nigeria from being a failed State. In fact, it is almost too late. We are already seeing the sign of Nigeria's disintegration through economic hardship and insecurity. It will get worse, because Nigeria recently took delivery of massive armaments from the US. Insecurity in Nigeria is a symptom of lack of economic opportunities, and the leadership spent $1 billion to fight symptoms. |
Re: Can't Send Dollars To Nigeria Any More by SpiritedCheer(f): 2:43pm On Feb 09 |
Health of the economy does not depend on removing flexibility in the use of Dollar or any foreign currency within the country. The effect this policy will have on the economy is like pouring a cup of water into the ocean. Even if domiciliary accounts were taxed, will the government use the money judiciously? For instance, will they use the money to provide uninterrupted power supply? I am just surprised that Nigeria has any sort of economic activities without regular and stable power supply. Without stable power here in Canada, industrial activities would come to a halt, and the economy will collapse! The saddest aspect is that Nigerians have accepted unreliable power supply as normal. A lot of comments here are obviously by young people who do not understand the salient issue. If the federal government captures and hoardes foreign currencies, it will make foreign currency scarce, and very valuable within the country. This will inevitably lead to smuggling. Also, people who really need foreign currency might decide to receive them in Cotonou and other surrounding countries. Till date, Nigeria has prohibitive laws that benefit the economies of Benin Republic and Togo. The federal Government is just chasing shadows here, just like they have done for 60 years. Ultimately, the value of Nigeria's currency against the Dollar is based ONLY on exchange of GOODS and SERVICES on the world market; (ie, EXPORT). And Nigeria has potentially limitless export opportunities. But the government is clueless about how to harness, maximize and marshall Nigeria's potentials, so they are making token effort. Nigeria's economic structure needs radical restructuring. We have US, Canadian, German models to guide us. Instead, we are practicing the same backward economic system that was started in the '60s, which equalizes all States in the Federation, nationalizes poverty, and hinders advancement. Every succesive administration follows the old structure because it is in the interest of certain group of Nigerians for the economy to remain OVER-CENTRALIZED. Only the restructuring of our economic system will rescue Nigeria from being a failed State. In fact, it is almost too late. We are already seeing the sign of Nigeria's disintegration through economic hardship and insecurity. It will get worse, because Nigeria recently took delivery of massive armaments from the US. Insecurity in Nigeria is a symptom of lack of economic opportunities, and the leadership spent $1 billion to fight symptoms. |
Re: Can't Send Dollars To Nigeria Any More by PlanetZero: 2:45pm On Feb 09 |
Ttalk:You are very funny. Is it naira they will send home? |
Re: Can't Send Dollars To Nigeria Any More by Owaincouncil: 2:45pm On Feb 09 |
Throwback: As good as your advice is, putting tax on Dom acct will make people to keep their dollar at home instead of taking it to the bank |
Re: Can't Send Dollars To Nigeria Any More by Error401: 2:45pm On Feb 09 |
Okay we use Crypto Hx1x: |
Re: Can't Send Dollars To Nigeria Any More by tamdun: 2:46pm On Feb 09 |
chopnaira:Nope,it used to be dollar for naira until Emefiele changed it and allowed people to collect dollars direct from bank(and sell to aboki),am very happy with this news though |
Re: Can't Send Dollars To Nigeria Any More by Kobicove(m): 2:46pm On Feb 09 |
Throwback: How is it your business how a person chooses to store his wealth so long as there is no illegality involved? 1 Like |
Re: Can't Send Dollars To Nigeria Any More by Basicend: 2:47pm On Feb 09 |
Ttalk: Quite a myopic view. Govt will still misappropriate the dollars as they did with proceeds of oil subsidy removal. Those guys are only interested in their chunk payments that their companies are.not able to meet at the current point. Coz FG don't have have sufficient reserves. Also,.most people that have dolls in the Dom accounts, do you know they were already taxed while depositing? So how many tax do you want to keep putting on struggling individuals coz your govt have refused to be prudent with huge FX resources around them. So selfish and criminal. 2 Likes 1 Share |
Re: Can't Send Dollars To Nigeria Any More by HBB1(m): 2:47pm On Feb 09 |
BitterTruth01: How come your States are amongst the poorest? |
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