ok

tell them

Change don start already.

aguiyi:
rubbish policy.

he should first stop oil and gas companies from paying their vendors in dollars. if he is able to do that then we will know he is talking but that may likely not work cos he knows that most of the owners of those companies are people in government who will stop at nothing to have him kicked out.

the amount of dollars transfered out of this country everyday in the name of importation of equipment that has been in transit for years is alarming.

recall that most oil companies pay 6-% in dollar while 40% in naira.

trace back when the rubbish started and compare it with the value of naira as at that date.

Why you dey vex? Change has to start from somewhere some day. Which kind business you dey do self? I suspect you...

YOU GIVE/ASK ME FOR DOLLAR, I HAND YOU OVER TO THE POLICE.

Be warned.

hotgunz:
meanin wat? because d naira devalued means d should demand for foreign currencies.... Dat s nt a good comment Genea after all change s here.

waah change are u all shouting abt,enough all dis aready, in nigeria ,its every ma for himself,if ur government cant seem to control d situation at hand,the should be ready for waheva comes thier way

[img]http://i./TERGgawkhqFna.gif[/img]

Seun:
The Governor of CBN, Godwin Emefiele said:



http://www.vanguardngr.com/2015/03/dollarisation-of-economy-cbn-to-go-after-landlords-schools-emefiele/

I hope that the honourable governor knows that this action will have no impact on the exchange rate of the naira and is just performing for us.

It will have massive impact on the exchange rate because the demand for dollar will reduce. Dollars demand should be for legitimate reasons only, such as importation of items not on import prohibition list, foreign companies trying to repatriate their profits, DTA, school fees for students schooling abroad etc. The CBN governor is absolutely correct.

Nobody should form TIGER at this critical time when APC tsunami is still raging. You don't know where you will be tomorrow and who will be your friends on that side.

Please they should be sanction if possible.

[b][/b][color=#990000][/color]

Lordtrillion:
Wow, goodnews

it is better for the central bank manager or governor to cry out now b4 the axe of sai baba start hiting them on their head do something more important now

This man should be careful with this country and give the naira value and stop ranting because we do not know why he id devaluing the lives of people in this country every day! As bad as people claim Abacha was, he is the only most recent president who gave us monetary value of $1 to N22 using the Minister of Finance Ani and Gouma as central bank governor.!!! They are all around and where we do not know we should as questions. Economics that values our lives for nothing against countries which produce nothing but have stronger currencies is bad economics and failed economics.

I wish I could use my naira to pay for books in London, in New York or in Paris. If Nigerians and their foreign friends in Nigeria cannot use our legal tender (the naira) as medium of exchange, they are unwittingly becoming willing slaves of the 21st century. The way things are going, it is a matter of time before the country implodes. Any attempt to tame Nigerians and foreigners must start with taming the political class of which Jonathan is the first among equals.


Spare no corrupt politician, spare no rod.

I believe with bihari as president you will do this.

Seun:
The Governor of CBN, Godwin Emefiele said:



http://www.vanguardngr.com/2015/03/dollarisation-of-economy-cbn-to-go-after-landlords-schools-emefiele/

I believe that the honourable governor knows that this action will have no impact on the exchange rate of the naira and is just posturing.

come what do they know about economics, dont th they know thats one of the factors that devalues a currency.

lekkie073:
correct.....God don catch my landlord....

For real? Some people charge in $s ?

What of airlines?

Story for the Gods...

1. Nigerian Ports Authority (N.P.A.) collects Dollars for use of any sea port terminals from shipping companies, Shipping agencies and petroleum product depot owners before ships are allowed to berth within any Nigerian Water Fronts.

2. Nigerian Maritime Safety & Agency (NIMASA) directs shipping agents to transfer funds in US$ into their offshore account (in UK) for services they never render.

OGA GODWIN EMEFIELE, can you boast of going after them too? Government and its agencies should lead by example.

stevenosa:


Why you dey vex? Change has to start from somewhere some day. Which kind business you dey do self? I suspect you...

i no vex jor, i dont just like people dancing round a tree they ought have have climbed

Emefiele was a hatchet man brought not to genuinely run our economy but to cover the tracts of PDP and their collaborators in their looting of our treasury. We will send him back to them when the change process has fully started and then get a real and honest economist to work for the Nigerian people.
During the days of Sanusi at the CBN and Emefiele as CEO of Zenith Bank, most of the mess created by dubious people in collution with bankers in our economy that Sanusi was trying to clean up in the banking sector, Emefiele and his Zenith bank were the worst culprit. His anti-people CBN policy is obvious from the speed at which he restored the ATM charges that Sanusi worked hard to scrap for the common man. Emefiele is their CBN gov and not our own. We need our own president to nominate our candidate for our senate to approve as our CBN gov - a gov who will work for the interest of Nigerians and not his own pocket or the pocket of his bosses.

He has not be crowned the constitutional president his fresh air of change has already filled nigeria...them never wash beans akara don they smell....GMB is the man!!!!

asdfjklhaha:
Let's keep watching

Moment u dont know what to say yet you want to sound smart

very soon the dollar will be useless...go ask the chinese and russians,what they think of dollars...

Church inclusive please. It just a means of extorting

If this is true, then I see Nigeria turning to be Ghana.

Seun:
The Governor of CBN, Godwin Emefiele said:



http://www.vanguardngr.com/2015/03/dollarisation-of-economy-cbn-to-go-after-landlords-schools-emefiele/

I believe that the honourable governor knows that this action will have no impact on the exchange rate of the naira and is just posturing.

Really? Seun you said this?

*falls into Lagos lagoon*

For those of us who have been following the recent happenings in the FX market, am sure objectively, we can say that the recent actions of the CBN to curtail the abuse of the naira have actually been fruitful.

Each passing day, the margin between the unofficial and unregulated market (black market) and the official rate (interbank window) is gradually reducing. The measures taken by the CBN have been geared towards ensuring that the black market maintains it status as an insignificant market in the entire FX market unlike before where they control significant transactions.

The market closed yesterday at 217.9 and opened at 214. Today its closing 212.5. The interbank rate is 197. Very soon, it will be about 5 naira difference. More importantly, CBN has introduced another policy to protect the naira and reduce the abuse of it. All payments by cash into domiciliary accounts cannot be transferred beyond the shores of the country. Only inflows are allowed.

the immediate impact is that USD sold in Nigeria either remains in Nigeria or used for BTA or PTA. Mind you, banks are not allowed to sell cash anymore to any user. So users who need foreign currency, fund their naira account and access FX from other countries using their prepaid/credit cards.

International money transfers are now more strict and thorough than before. Requests that meets CBN's import list are granted. Too much dollar in circulation competes with the local tender.

Like I've always said, the goal of the CBN is to stabilise the currency before gradual strengthening. Thank God for GEJ's diversification of the economy. I wonder what the price of rice, flour and sugar would be coupled with the fall of crude oil prices.

aguiyi:
rubbish policy.

he should first stop oil and gas companies from paying their vendors in dollars. if he is able to do that then we will know he is talking but that may likely not work cos he knows that most of the owners of those companies are people in government who will stop at nothing to have him kicked out.

the amount of dollars transfered out of this country everyday in the name of importation of equipment that has been in transit for years is alarming.

recall that most oil companies pay 6-% in dollar while 40% in naira.

trace back when the rubbish started and compare it with the value of naira as at that date.

I don't think you (and those who liked your post) actually understood what the CBN's Governor was saying.

There's a difference between cash payments/charges and electronic payments/charges.

This policy applies to all, oil and gas, education, hospitality, etc. Do not pay for services in any currency other than the naira. You can charge in dollar, but the fees will and must be paid in naira using the exchange rate.

Amongst users, the problem is not availability but accessibility of FX. CBN has made it easier to access FX but such use must be in line with CBN's list. Also the currency would be in a 'dry' form.

Sweetguy25:
This Emefiele man is just out of his senses! Everybody has the right to demand for whatever fiat currency he/she wants to transacts in. There is no law that every business transaction in Nigeria must be done with the Naira.

This man is supposed to be the most powerful person in Nigeria after the president but he's messing up more than Sanusi.

Actually Nigerian law says you can't charge in USD for a domestic transaction. It's so because it creates artificial demand for USD thereby putting strain on the naira. The more the demand for USD the stronger it will be, and the weaker the naira will be.

Also it's so to protect the citizens, imagine if you were paying school fees in USD your kids fees would have jumped by 40%. The fees should be a flat naira fee. After all they pay their staff in Naira why don't they pay them USD as well?

Genea:
waah change are u all shouting abt,enough all dis aready, in nigeria ,its every ma for himself,if ur government cant seem to control d situation at hand,the should be ready for waheva comes thier way

if our govt u mean, or u re nt a nigerian..... And nt every man 4him sef d govt s responsible for wat eva economic situations a country goes tru abeg

Sweetguy25:
This Emefiele man is just out of his senses! Everybody has the right to demand for whatever fiat currency he/she wants to transacts in. There is no law that every business transaction in Nigeria must be done with the Naira.

This man is supposed to be the most powerful person in Nigeria after the president but he's messing up more than Sanusi.

The CBN Act explicitly states that the Naira is the legal tender in Nigeria. So the CBN governor is correct in his admonition to the landlords that collect rent in dollars.
GEJ also violated the law when he shared dollars to some Yoruba monarchs.

iretiland:
Emefiele was a hatchet man brought not to genuinely run our economy but to cover the tracts of PDP and their collaborators in their looting of our treasury. We will send him back to them when the change process has fully started and then get a real and honest economist to work for the Nigerian people.
During the days of Sanusi at the CBN and Emefiele as CEO of Zenith Bank, most of the mess created by dubious people in collution with bankers in our economy that Sanusi was trying to clean up in the banking sector, Emefiele and his Zenith bank were the worst culprit. His anti-people CBN policy is obvious from the speed at which he restored the ATM charges that Sanusi worked hard to scrap for the common man. Emefiele is their CBN gov and not our own. We need our own president to nominate our candidate for our senate to approve as our CBN gov - a gov who will work for the interest of Nigerians and not his own pocket or the pocket of his bosses.

The only way Emefiele would be sacked is by a 2/3 vote in both houses of the National Assembly. Emefiele has a fixed term of 5 years; therefore barring his resignation or removal by the NASS, his term will expire in 2019.

aguiyi:
rubbish policy.

he should first stop oil and gas companies from paying their vendors in dollars. if he is able to do that then we will know he is talking but that may likely not work cos he knows that most of the owners of those companies are people in government who will stop at nothing to have him kicked out.

the amount of dollars transfered out of this country everyday in the name of importation of equipment that has been in transit for years is alarming.

recall that most oil companies pay 6-% in dollar while 40% in naira.

trace back when the rubbish started and compare it with the value of naira as at that date.

you should know that some of the vendors put an initial down payment to rent some tools from outside Nigeria for their operations, with a contract to make installmental payment along the line.


So imagine you are a vendor that needs a tool that cost 1.2million USD, and you put down you inital payment of USD300K, and a contract to to your owners to pay USD300K per quarter. remember, its an american company your dealing with, and you can't deal with them in Naira (P.s. you wont find anyone changing Naira outside the shores of Nigeria).

you also make your contract with the Nigerian coy that rents the tools from you, you may charge them a USD150K per month. Now you send your bill to the company at the end of the month, and most company would pay you maybe 45days down the line. if you then compare the fluctuations in exchange rates you would discover that you would incur loses to meet your obligations to your own creditors.

it still does not make sense for the companys to pay you in Naira, and your go to the black market to purchase dollars to pay your creditors.



P.s.

There where rumours of ppl paying bribes in dollars during the election. how did the CBN, because all those dollars would have been made available by the CBN.