IsraeliAIRFORCE:


The mallams will just go to Chad, Niger, Benin Republic or Cameroon and open account for depositing the dollars which they will be carrying across the borders from Nigeria then they will continue wiring the transactions from these neighbouring countries into their Nigerian bank accounts

Boss13:


Well the scarcity of dollars is what has made it appreciated to 230 per naira. The official rate is 190 per naira. Now that there will be excess dollars in the system, the naira will strengthen against the dollar in the parallel market (black market)

Bad market for BDCs and Mallams

arsenal1:

The official rate is N197 per dollar. And who told you is bad market to BDCs? It is better for you not to comment if you don't know the operation of BDCs.

arsenal1:

The official rate is N197 per dollar. And who told you is bad market to BDCs? It is better for you not to comment if you don't know the operation of BDCs.

dvee2:
how about people that receive share dividend in Dollars into my Domiciliary account?

erico2k2:

We do not print dollars so eventually it will dry up again once the few in circulation gets used up, anyway, its wait and see time.

not4sure:
We need to strengthen our Naira. Say No to dollarize economy. If you want to buy something or pay for any service it must be done in Naira.. Sorry Yahoo Boys

Trailblazer1:
Ngeneukwunu is the most economically astute APC supporter on Nairaland.

Since she HE declared herself an economist, Nigeria economy has taken a tumble

arsenal1:

The official rate is N197 per dollar. And who told you is bad market to BDCs? It is better for you not to comment if you don't know the operation of BDCs.

Obiagelli:

Is it impossible for importers to do transactions without this domicillary account sef. Can't we pay naira equivalent and have the banks do the exchange electronically

britzz:
HOW WILL MY SIBLINGS GET THEIR FEES SENT TO THE STATES....OMG,OGA EMEFIELE DON FINISH US OOO.MAYBE I SHOULD GET ONE OF THESE KANAKO CHARM PROFESSIONALS TO RUN THE ERRAND AT A PRICE.

Trailblazer1:
Ngeneukwunu is the most economically astute APC supporter on Nairaland.

Since she declared herself an economist, Nigeria economy has taken a tumble

DarryOsh:



LOL.
No, it won't affect your order. And you can even place more orders in future. It won't affect them.

Shipping to Nigeria using free shipping option usually takes between 3 weeks and 2 months or so. I'm sure you saw that on the site before placing your order.

owobokiri:


NgeneUkwunkita the village economist. What do you want to do with a "strong naira"?? This is not another political kiriji war. It is basic economics. I thought the APC wants to stimulate an export economy. . How can a powerful naira drive export? Lecture, sorry, humour us. .

emorse:


What then would be the fate of small scale importers who import from aliexpress and their likes?

walexy30:


The CBN would always be there to supply dollar before it dries up.

owobokiri:


NgeneUkwunkita the village economist. What do you want to do with a "strong naira"?? This is not another political kiriji war. It is basic economics. I thought the APC wants to stimulate an export economy. . How can a powerful naira drive export? Lecture, sorry, humour us. .

iretiland:
There is an urgent need to get this Dullard Emefiele out before he crashes the whole economy. It is only the dullard of the dullard that will hold the kind of office this man currently hold and think he can wage a successful war against the world's foremost currency, the USD. Emefiele lacks any economic brain.

Boss13:


It is bad market. BDCs in the past were focus on laundering money and a major problem in dollarizing our economy. That was why the CBN requested that all BDCs recapitalized to weed out the unserious ones. Secondly, the CBN reduced the amount being sold to BDCs and instructed Banks not to sell directly to BDCs.

In just a few days of Banks voluntarily not accepting dollars/foreign currencies, the naira has appreciated in the parallel market. I bet you, there would further appreciation because the dollar has been rendered virtually useless in Nigeria, except BDCs operating in Nigeria would start selling to neighboring African countries.

The CBN must refocus its strategies on cashless policy. Our dependency on cash is huge. We must embrace wire transfers/cards and online payments for business transactions

erico2k2:

this has little or nothing to do with imports rather it deals with foriegn currency in this case Dollar,there is nothing stopping me from going abroad with dollar acquired from any source to import goods. these are put in place if you want to buy dollar from so not the black mkt.I think that's what is going on here, don't you think so??

ilobasama:
Sadly, you are right. Nigeria is her own enemy. Without a strong manufacturing sector then a strong naira is useless. This policy would have been very nice if we were a producer nation but no, they wont take their eyes off the oil for a minute and vigorously diversify this economy. Anyway, atleast a stronger naira will still bring down the prices of goods and lets pray this move encourages more of indigenous production and patronage of such goods by nigerians.

barcanista:

This will cause more harm to the naira. Anyway, this is an overflogged issue. Time will tell

Boss13:


Can we be clear on this. The policy is to first, stop money laundering. Second, stop the dollarisation of the economy. Third, streamline the activities of BDCs and illegal FX exchangers a.k.a Mallams

The CBN has already deregulated the naira based on our inability to generate further income apart from crude oil. The official rate is 197, however, there is a wide margin from the official rate with the parallel market. This has resulted to a lot of sharp practices which must be curbed.

The directive is not to strengthen the naira officially because the naira cannot be strengthen without any visible economic activities.

arsenal1:

What was value of naira to the dollar when CBN reduced the amount being sold to BDCs and now? The directive by CBN to banks asking them not to sell to BDCs is aimed at reducing money laundry by banks and not BDCs because it was discovered that the returns rendition to CBN fron autonomous sources were far lower from what Banks posted as sales to BDCs. It may surprise you that most bank branch managers own BDCs, so you see it was not actually BDCs rather bank that were targeted. Do you know that CBN do special intervention to BDCs by granting them double bidding in some weeks?

Obiagelli:
Let's see what the mallams will do now, they can continue hoarding their dollar till eternity.
The cbn has to stop wasting external reserve defending artificial devaluation.

ddbluv:
I want to purchase dollars for PTA purpose, I have all necessary documents but banks wont sell to me, I even opened Stanbic IBTC, now they have changed mouth... GTB says I must use master card,
How do I go about this, Urgent reply

menxer:


my understanding of this is that you can withdraw monies transferred/paid into your Dom account from abroad in NAIRA equivalent in NIGERIA or dollar, but cannot DEPOSIT DOLLARS in CASH in NIGERIA.

RichDad1:
Barcanista rejoice not.
I can see where Baba is going here. All those useless looters that hoard Dollars during the past administration in the hope of impending economic doom can now eat their valueless paper.