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Nairaland Forum / Nairaland / General / Business / Can't Send Dollars To Nigeria Any More (60449 Views)
CBN Sells Dollars To Banks For First Time In 5 Months / Someone Paid $19 Million Dollars To Eat Lunch With Warren Buffet / At What Rate Does CBN Sell Dollars To BDCs? (2) (3) (4)
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Re: Can't Send Dollars To Nigeria Any More by ValarDoharis: 5:46pm On Feb 09 |
Dollar is not coming in. What people do is that they send dollars among themselves abroad and give the equivalent in naira from their naira account. Most people abroad also have naira accounts and the reason for sending this way is to avoid transaction fees saasala: |
Re: Can't Send Dollars To Nigeria Any More by Acidosis(m): 5:46pm On Feb 09 |
saasala: The politicians know they can't earn a single dollar legitimately since the CBN doe not have such powers. So the only way to get dollar notes is to box legitimate guys working 24/7 on Upwork, Freelancer, etc. Take their dollars from them, give them Naira, so people like Kenyamo can have more dollars to buy estates in the U.S. Just wait for the next APC convention. You will see how people who never earned a single dollar note throughout their political career share thousands and millions of dollar notes. Meanwhile, those doing the work, bringing in the dollar, will be forced to battle with an irreversible inflation. |
Re: Can't Send Dollars To Nigeria Any More by GeneralDae: 5:47pm On Feb 09 |
didymario7:So why are they thesame in UK, U.S, Dubai, even Ghana and Kenya? |
Re: Can't Send Dollars To Nigeria Any More by GeneralDae: 5:49pm On Feb 09 |
ValarDoharis:Why go through all that stress when official bank rate is competitive? |
Re: Can't Send Dollars To Nigeria Any More by Miyachi: 5:49pm On Feb 09 |
hafeeanubasy:Don't deceive yourself, you know the CBN governor is in over his depth. He had 5 months and the currency is in free-fall, while the economy is in shambles with no clear policy direction. Do you think it is diasporic remittances that will shore up foreign reserves? You removed import bans knowing fully well you couldn't even satisfy forex demand as they stood, what were you expecting? You can't stabilise your currency and you don't expect people to hedge their risk? Should Nigerians continually suffer for their incompetence? Please, show me one policy or decision that shows these people know what they are doing, just one. 2 Likes |
Re: Can't Send Dollars To Nigeria Any More by BitterTruth01: 5:57pm On Feb 09 |
sweetgala: So I have to explain to you how capitalism will make Nigeria an industrial powerhouse thereby solving our problems from the roots and thus negating the need for these patch patch economy management system ? |
Re: Can't Send Dollars To Nigeria Any More by didymario7(m): 5:59pm On Feb 09 |
GeneralDae: They don't have Politicians who bribe delegates in huge amounts of USD during party primaries, their public officials are treated in their own hospital, they don't subsidize religious travels to Jerusalem and Mecca, their citizens largely attend their local schools, they dont spray USD when they attend parties. You can see where I am going with this right? I can go on and on. Until the fundamentals are addressed, all this ban this, restrict that, will not work. |
Re: Can't Send Dollars To Nigeria Any More by eepeepook: 6:10pm On Feb 09 |
A positive from Tinubu’s administration. |
Re: Can't Send Dollars To Nigeria Any More by kowalsky: 6:12pm On Feb 09 |
Hohaiiiode: It's very simple the Nation is bleeding cos of the persons in power. It has absolutely nothing to do with dormiciliary accounts or loopholes around FX remittances. The current FX and preceeding FX capitulations are a symptom of the problem, not the cause of the problem. Mass exposure to domiciliary accounts occured when restrictions were placed on Naira cards for international payments. Before then dorm accounts were not as popularised or even as useful, even when the Naira was historically bleeding value. If the Government dares to be transparent about its fiscal policies, it would befuddle Nigerians how much Naira was printed between this time and the eve of the last elections. What I'm saying is there's practically no way the Naira would shed value this crazily just on account of you and others saving your monies in USD. There is too much Naira in circulation, printed at will by crass nepotists at the helm of affairs and that's just one of the organic problem. I'm sorry for being brash and uncultured with my earlier response. In most cases you're interacting with paid political trolls on Nairaland, been tuned to tune my response to something that resonates with them. Now let's assume we want to fix this problem, again your approach is basically treating the symptoms instead of focusing on the organic disease. The reason there's a thriving black market for FX, ergo spiralling rates for USD, is because the current official FX market is illiquid. If you tighten your grasp on the black market, you'll only create increased demand cos the assets floating on the black market will be limited. With the assets available on the official market also scarce the end game is even more disproportionate loss in value for the Naira compared to the Dollar. With these policies, the result will be even lower USD supply to Nigeria, again, this has been shown to be the historical natural history. because guess what you can't force people to convert their USD into a currency that's currently in a nose dive. People (at least the significant majority) will find ways to circumvent these policies to either secure their USD or get Max value for it at the expense of the Naira. People will still convert thier Naira assets into USD type assets - many avenues for this including crypto. I'll go on a limb to say anything sort of burning this country to the ground and starting afresh so we don't have leaders whose sole interest is lining their pockets and who actually care about people; and a populace that's not so lukewarm and uneducated about how fvcked they are will still fall under the coffers of treating symptoms of a malignant disease. To save the Naira. Nigeria needs a better fiscal policy. Fiscally responsible and intelligent leaders. An educated populace. A total overhaul of the economic system so the country can actually register a trade surplus for the first time in its modern life. 2 Likes |
Re: Can't Send Dollars To Nigeria Any More by alphaNomega: 6:13pm On Feb 09 |
Rolings: Replace the bolded with Buhaari, Tinubu or any of your favorite politician. Nigeria is beyond economic redemption. Few people are trying to revive what is left of this country. The others are devouring all they can before the eventual end of the country. It is a matter of "when will it happen" |
Re: Can't Send Dollars To Nigeria Any More by damoladeji(m): 6:13pm On Feb 09 |
Hx1x: You can still send directly from your bank to a domiciliary account in Nigeria. It only affects money sent through IMTO |
Re: Can't Send Dollars To Nigeria Any More by ValarDoharis: 6:14pm On Feb 09 |
No official bank rate can be as competitive as peer to peer. Besides, its not stress cos I do it sometimes GeneralDae: |
Re: Can't Send Dollars To Nigeria Any More by ryusufu(m): 6:25pm On Feb 09 |
Fembleez1: Dollar was sent to me via moneygram cash collection 1 Like |
Re: Can't Send Dollars To Nigeria Any More by Fembleez1(m): 6:32pm On Feb 09 |
ryusufu: All right. Thank you so much, sir. So the bank gave you dollar or they just converted immediately to Naira? |
Re: Can't Send Dollars To Nigeria Any More by armadeo(m): 6:37pm On Feb 09 |
didymario7: And this is my grouse. It has to work both ways. You cannot block one channel and leave the return path open. It doesn't make any sense. I'll agree to receive dollars as naira at current value but I'll be passed if I want to send naira as dollars and you tell me no. I'll have to look for a way to ensure both directions are flowing for me. |
Re: Can't Send Dollars To Nigeria Any More by armadeo(m): 6:39pm On Feb 09 |
saasala: And when I need dollars what happens ? |
Re: Can't Send Dollars To Nigeria Any More by Sunkyapogee(m): 6:41pm On Feb 09 |
Where will black market get dollars from now..jesu |
Re: Can't Send Dollars To Nigeria Any More by didymario7(m): 6:42pm On Feb 09 |
armadeo: This exactly why the black market exists! |
Re: Can't Send Dollars To Nigeria Any More by armadeo(m): 6:44pm On Feb 09 |
kowalsky:. Well said. On a side note. It's been long I started a thread on nairaland and read it to the end. I enjoyed reading the points and counter points No adverts or beggars, the tribalist gave up by page 2. Serious people continued the discourse. This is how a thread should be sticking to the point and not being derailed. This is the nairaland of old Seun take note. 2 Likes |
Re: Can't Send Dollars To Nigeria Any More by ogbonti: 6:46pm On Feb 09 |
The government officials want the dollars to steal - so as you send in your hard earned dollars the government officials use the CBN to confiscate it for themaelves to share while they over print worthless naira for your family and friends to use its like taking your hard earned dollars and giving your family members monopoly moniey called the naira 😂😂😂😂😂 to spend |
Re: Can't Send Dollars To Nigeria Any More by SmartMen: 6:46pm On Feb 09 |
Ttalk: You are criminal because you are looking for where to steal from people's sweat. Dom Accounts is not the reason for why exchange rates keep shooting up. I don't know why a lot of you just speak English and don't understand basic economics... In all said and done, tell the entire forum one policy that has encouraged the influx of dollars into the Nigeria economy... instead what do we have? businesses are shutting down and exiting Nigeria since 2015 till date, got even worse under Tinubu because he has no international tentacles to execute anything. But dunces pick up their phones and type English without substance. As long as there is no consistent inflow of dollars into the Nigerian economy whereby supply is more than demand of the dollar, you ALL are wasting your time... if you like freeze domiciliary accounts, tax domiciliary accounts... NOTHING WILL IMPROVE. 1 Like |
Re: Can't Send Dollars To Nigeria Any More by SmartMen: 6:52pm On Feb 09 |
BitterTruth01: God bless yoi. I just said the same thing minutes ago before seeing your comment. You highlighted what is generally wrong with many of these Agbadorians... They don't understand business or basic economics, which is the fundamentals upon which the complex economic systems are built... yet, they are the most opinionated on a subject they do not understand.. No reasonable business savvy person will talk the way they do. furking clowns they are. |
Re: Can't Send Dollars To Nigeria Any More by Ugwukings: 6:56pm On Feb 09 |
Yoo |
Re: Can't Send Dollars To Nigeria Any More by Mummyimbecile(m): 7:02pm On Feb 09 |
Seriously?, it's been a long time since I sent money to Nigeria as bills chock here oo. |
Re: Can't Send Dollars To Nigeria Any More by Yampotatocarrot(m): 7:04pm On Feb 09 |
Throwback: I may not always agree with some of the things you've been writing, but damn, this is good As someone said, a government that could damn the consequences and remove subsidy should not be afraid of taking other tough decisions If I may, what about some legitimate importers, seeing we don't produce a lot in Nigeria (atleast for now)? |
Re: Can't Send Dollars To Nigeria Any More by Sctests: 7:05pm On Feb 09 |
Throwback: With this your Pleistocene-age economic advice, international inflows via Nigerian banks will drastically take a hit and go down less than 40%. I expect an upsurge in the opening of Dorm accounts in Benin Republic, Togo, Niger and Cameroon. Crypto will take huge chunk of those funds. Other alternatives outside the banking system will be explored. Your loss in the long run.. The dollar scarcity will even be worse than envisaged, and will keep rising in value. Buhari and Emefiele tried your dinosaur-age policy of confiscating people's dollars in their accounts butt failed. You, Cardoso and Tinubuu will learn the hard way.. |
Re: Can't Send Dollars To Nigeria Any More by CockPit: 7:22pm On Feb 09 |
cjrane: Leave them. I have found a new reason to cut off all the people I have on my payroll. After 4 years of great Tinubulation, if they survive, they will vote with their brain next time. |
Re: Can't Send Dollars To Nigeria Any More by inosuke(m): 7:25pm On Feb 09 |
Goodnewsforlife:You that is literate, look at what you wrote if it makes sense |
Re: Can't Send Dollars To Nigeria Any More by Theology: 7:27pm On Feb 09 |
Ghana banks have domiciliary accounts oh. Trust Nigerians, we will soon go to Ghana, if this one no pay https://www.monito.com/en/wiki/best-dollar-account-in-ghana |
Re: Can't Send Dollars To Nigeria Any More by NairaLTQ: 7:35pm On Feb 09 |
Ttalk:How about those of us who save our money in dollars. Should we convert it to Naira with the serous mismanagement we've seen them operating on our economy? Buhari sold our oil into the future and the money has already been spent. Who accounts for this? Is it the Government or the hardworking citizens? Is it to my advantage if I save some of my earnings in Naira rather than dollars? |
Re: Can't Send Dollars To Nigeria Any More by ogawisdom(m): 7:35pm On Feb 09 |
Keeping and holding USD for over 90 days should be banned for domiciliary account and any fintech company. We need policies to discourage USD speculations. |
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