BAN ON FOREIGN CURRENCY IN NIGERIA

The recent decision by CBN not to accept dollar deposits really caused a rumpus in the market, and many people began to criticise this administration.

First of all, Nigeria is the only country where you find that
people go to banks and deposit foreign currencies in banks other than the local currency of that country. This is ridiculous...!

Dear O'Compatriots, it is high time we shunned sentiment and face the reality if we really desire to have a better Nigeria. My experience in this regard in South Africa really proved to me that we need to remain nationalistic and accept only our currency as our legal tender.

Frankly speaking, You cannot go to the United States where the dollar is spent and try to pay pound sterling into an account, because you will be arrested. Neither can you go into the United States and carry Euros into that economy and tell them to pay it into an account for you; you will be
arrested. The same way you cannot go to the United Kingdom where pound sterling is their unit of currency and then you carry dollars or Chinese Renminbi and try to pay into an account, because you will be arrested.

Please, I want Nigerians in diaspora to prove me wrong!

The effect of Exchange rate parallel market to our economy is wearisome! Imagine, at present bank is selling $1 - N199 to BDC but they re sell at N285. This is outrageous! And our Government need to do something about it.

It is time to value our Naira. Just as Naira is not accepted in US and UK, I see no reason why Nigeria Law should permit dollar Cash market. All should be done via domiciliary account.

Imagine last presidential election where politicians flood Lagos with Raw Dollar currencies to campaign, this is ridiculous.

This is time to call a spade a spade. We need to discuss it openly and this is the right forum

okay...

Talk true?

This guy well so?
The US Dollar is the international unit of exchange for global business. I don't know about your other examples but I know very well you can deposit dollars in any country around the world.
Why do you think most country to country business is paid mostly in dollars? Why are bloggers paid by adsense in dollars?
So you think this foreign exchange ban would stop our oil getting sold in dollar value? I laugh in hausa.

all we want now is solution.

Freegift75:

First of all, Nigeria is the only country where you find that
people go to banks and deposit foreign currencies in banks other than the local currency of that country.

Not true! Get your facts first. In Lithuania, i can deposit USD into my FX Account (Also known as Domiciliary account in Nigeria)
In Cyprus, i can deposit into my International Account(Called Domiciliary Account). Thanks

Freegift75:

Frankly speaking, You cannot go to the United States where the dollar is spent and try to pay pound sterling into an account, because you will be arrested.

Not true either! In the U.S they have what we call "Multi-Currency Account" which can hold GBP or EUR not only USD. Depending on the bank, it can also receive Chinese Yuan. Contact your bank and ask! Simple! Lol arrest .

Freegift75:

The same way you cannot go to the United Kingdom where pound sterling is their unit

check about Barclays Bank foreign currency account. Lol

Freegift75:

I see no reason why Nigeria Law should permit dollar Cash market. All should be done via domiciliary account.

You cannot pay for a comodity in Nigeria with Dollar. So i dont understand how you mean by Dollar Cash market. FX is done with domiciliary account


U.S Dollar is an International Unit of exchange. 89% of business that sell worldwide display their price display in U.S Dollar even Nigeria sell Oil in Dollar so dont compare Nigeria with USA.

coolsix:


Not true! Get your facts first. In Lithuania, i can deposit USD into my FX Account (Also known as Domiciliary account in Nigeria)
In Cyprus, i can deposit into my International Account(Called Domiciliary Account). Thanks


Not true either! In the U.S they have what we call "Multi-Currency Account" which can hold GBP or EUR not only USD. Depending on the bank, it can also receive Chinese Yuan. Contact your bank and ask! Simple! Lol arrest .


check about Barclays Bank foreign currency account. Lol




You cannot pay for a comodity in Nigeria with Dollar. So i dont understand how you mean by Dollar Cash market. FX is done with domiciliary account


U.S Dollar is an International Unit of exchange. 89% of business that sell worldwide display their price display in U.S Dollar even Nigeria sell Oil in Dollar so dont compare Nigeria with USA.

Thanks for the enlightenment. More of these are needed unlike those who insult