kenny987:


Thank you! I was just going to point out same thing. The way the issue of corruption is being bandied around in this country today makes it difficult for people to realise that there are legitimate businesses and concerns which must thrive. They won't and shouldn't be allowed to collapse because we are fighting corruption!

Nigeria is not an island, other countries and business counterparts are busy too. It is this private sector, properly harnessed and regulated that will bring about the growth and diversity in our economy as is so desired.

vivaciousvivi:

Abeg shift for me, let me join you to observe. But come, does Ugwu grow on trees?

Wisdomkosi:
See as you cool down, explain am for them but they won't understand.

kennygee:


The CBN is our problem in this country.

Ezenwammadu:
This CBN man has to be the worst and most confused one in the history of CBN governor

laserjet:


Helloooo.....this is not about fighting corruption as misinterpreted by u. It is about taking measures to avoid total collapse of the naira. The alarming rate at which dollar flows in the country even makes one to wonder if dollar is our local currency.

I just feel there should be a limit to the deposit contrary to the CBN policy that said 'any'.

muh4lyf:
It's not about corruption rather than the strenght of naira to dollar... Lots of business are thriving cos of this which is very bad for our currency... Note: if Nigeria would be better we all have to make sacrifice...

BashMe1:
Hehehe, Life will be difficult 4 dem not 2 steal in dollars. Thieves!!!

nnachukz:
I can feel their frustration. The hard currencies they easily loot our money in, can no longer be accepted in the bank for onward transfer to foreign hidden accounts.

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honourhim:
Let him come and explain. Does it cost money to do that? If you say you understand the policy as a Rep. does other Nigerians understand it? Dont stop others from understanding what you already understood.

Bevista:
It is rather unfortunate that the Honorable members do not understand the Central Bank policy. The Bank has not stopped legitimate foreign transfers like payment for school fees, medical bills, etc. What the bank has simply stopped is the dumping of physical dollars (cash) in the banking system.

If one needs to pay for anything abroad, just go to your bank and you will be issued with Form A or Form M for you to fill. Once you are done, the bank will tell you the prevailing exchange rate, which you will then pay in Naira and the bank will make the transfer for you in dollars.

The problem is that there is so much 'dollarization' of the economy. The CBN policy will force those who have Cash Dollars to proceed to the parallel market to exchange them for Naira thereby leading to a strengthening of the Naira in that market. The policy will also check illicit inflows and money laundering.

Adesiji77:

Thumbs up!
Cc: bjdon, kenny987