Ewuro4:


For real? Some people charge in $s ?

Lekki, Ikoyiand VI, some rents are in dollars. Same with some stores and some schools, all in dollar. Quite a few places, especially on the island.

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.

pls what's the name of the CBN governor sef? What has he been doing??

This is a perfect view of African china's song...singing in African china's voice poor man wey steal maggi dem go show him face for crime fighters,rich man wey steal money dem no go show him face for crime fighters

kaboninc:


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.

i work in the oil and gas industry and i hear this does not apply to remittance in this industry. am expecting a remittance in 9 days and only when its paid in naira that i will agree with what you just wrote . for now, i will take it as a blanket statement made out of ignorance

vizion:


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.

if you are asked to present verification documents for does assets during tax audit can you provide them? many times they are not available for sighting even custom documents to show that you actually imported this items are never available .

you sound like a player in this industry and knows how the system is circumvented . God dey watch una

hotgunz:
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

den dey shyd make d economy suituable for living conditions

My landlord must see this thread. My rent is expiring next month. ***dancing shoki***

As the revenue from oil and gas dwindles, there will be aggressive drive for internally generated revenue. While this portends a difficult time for companies and individuals on tax related issues, its a great opportunity for non client centric consultants and some unscrupulous regulators to exploit the innocence and ignorance of Tax payers. ADEGOLU CONSULTING SERVICES a client centric firm founded on integrity and professionalism is ready to partner with you to be on right side of law by delivering with passion Quintessential Audit, Financial Advisory & Tax services.
You can contact; ADEBAYO on 08079276907, RAHMON; on 08025331404 for more details

CFCfan:


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.

Yes. But I totally doubt if it negates or outlaws the use of other currencies for certain business transactions. Gifting dollars to people is not wrong, GEJ did nothing wrong.

aguiyi:


i work in the oil and gas industry and i hear this does not apply to remittance in this industry. am expecting a remittance in 9 days and only when its paid in naira that i will agree with what you just wrote . for now, i will take it as a blanket statement made out of ignorance

Ok then.

dipotech:
Mr. Governor be sincere to yourself, GEJ doled out dollars during his campaign, what are u talking about why won't people ask for dollars?
Most of the SW obas are swimming in GEJ dollars.

who the gods want to punish, he first runs mad.

I know you are mad, and I know you still get small sense. please exercise on the little piece of sense so that you can make meaningful statements.

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.

please how can i add colour to my coment