mrvitalis:
I know what am about to say is not politically correct.. But one really don't need to be politically correct all the time..

We have over $20bn in Nigeria banks and this money is idol... Why don't we put a law banning Nigerians from having domiciliary account for the next 36 months ... Placing ans order for the dollars to be converted to naira within the next 18 months..
This will lead to increased dollars supply in the next 18 months, crash the price of dollars, help government build reserves and reduce price of goods.. . This can save our economy

mrvitalis:
I know what am about to say is not politically correct.. But one really don't need to be politically correct all the time..

We have over $20bn in Nigeria banks and this money is idol... Why don't we put a law banning Nigerians from having domiciliary account for the next 36 months ... Placing ans order for the dollars to be converted to naira within the next 18 months..
This will lead to increased dollars supply in the next 18 months, crash the price of dollars, help government build reserves and reduce price of goods.. . This can save our economy

EVarn:
You are advising that peoples' money(in domiciliary accounts) be converted to naira,and the dollar used to shore up foreign exchange. Its a bold idea.
But I don't know if we have the equivalent of such amount($20 billion) in naira,not forgetting that trillions of naira are already circulated in the economy.The CBN may then have to mint the necessary amount (in naira) needed to convert the dollars in the domiciliary accounts: which could lead to serious inflation when people pull out their money.

mrvitalis:
I know what am about to say is not politically correct.. But one really don't need to be politically correct all the time..

We have over $20bn in Nigeria banks and this money is dormant ... Why don't we put a law banning Nigerians from having domiciliary account for the next 36 months ... Placing an order for the dollars to be converted to naira within the next 18 months..
This will lead to increased dollars supply in the next 18 months, crash the price of dollars, help government build reserves and reduce price of goods.. . This can save our economy

idupaul:


This us what is called lunatics economics ...Are you advising the govt confiscate people's dorm accounts and spend it paying an over bloated civil service and political class..

idupaul:


This us what is called lunatics economics ...Are you advising the govt confiscate people's dorm accounts and spend it paying an over bloated civil service and political class..

wheredemdey:


The guys dullardary is mind-blowing..... And to think the op has an internet enabled phone...wow

The earlier dullarpoo Buhari is removed the better.... Seems he is stealthly and slowly transmitting his inborn dullardary to all Nigerians.

Zoharariel:
Ogun go kill anybody wey touch my dom account.

They should go and start with the Senators, Atiku, IBB, Obasanjo, TY Danjuma, Femi Otedola, Aliko Dangote & others.

mrvitalis:
I know what am about to say is not politically correct.. But one really don't need to be politically correct all the time..

We have over $20bn in Nigeria banks and this money is dormant ... Why don't we put a law banning Nigerians from having domiciliary account for the next 36 months ... Placing an order for the dollars to be converted to naira within the next 18 months..
This will lead to increased dollars supply in the next 18 months, crash the price of dollars, help government build reserves and reduce price of goods.. . This can save our economy

idupaul:


This us what is called lunatics economics ...Are you advising the govt confiscate people's dorm accounts and spend it paying an over bloated civil service and political class..

mrvitalis:


I don't really get . What's ur problem with the idea.. . After all it is illegal to trade with dollar in Nigeria. .. And this will affect everyone.. . Big or small.. That's just simple

CACAWA:
[size=18pt]Total Rubbish. You know nothing about economics and banking don't you?[/size]

Convert the dollars owned by Nigerians and already stored in Nigerian banks who also store it with CBN which also stores it in the so called foreign reserve which we are saying has already been depleted such that even the CBN and thus the Banks are now finding it extremely hard to return your money to you in dollars let alone to service new international transactions.

Sometimes you need to think before posting.

wheredemdey:


There is no law mandating people on which currency to keep..... Dollar is still a legal tender in this country... Dollar is a global currency... There are so many stores that collect dollars in UK.. Dubai and so many parts of the world.... The estacode allowance of your dullardd in chief is in dollars

Tell your government to devise a means to grow and revive the economy not tell people how to spend their hard earned money

Standing5:
Disastrous idea.

QuotaSystem:


As you can see below, deposits in Dom accounts are practically non existent in the composition of our foreign reserves.

This idea is quite idealistic + appears largely unfeasible as it could easily lead to hyperinflation.

mrvitalis:

How??

mrvitalis:

That's why I said a law should be passed to stop domiciliary accounts. .. Please it is illegal to spend dollar in Nigeria

mrvitalis:


I don't really get . What's ur problem with the idea.. . After all it is illegal to trade with dollar in Nigeria. .. And this will affect everyone.. . Big or small.. That's just simple

mrvitalis:

That's why I said a law should be passed to stop domiciliary accounts. .. Please it is illegal to spend dollar in Nigeria

mrvitalis:

How??

mrvitalis:

I accept it's very risky idea.. But it can drop the dollar price for at least 18 months by then we should have built a enough reserves to keep defending the naira.. . Will we keep diversifying