samsard:
I'd say 90% is caused by poor government policies. Lebanon has a similar problem and it was the government that put them in the situation.
You can't easily demand patriotism in a country like this.

You don't show patriotism "in a country like this" and our children are born and raised to make it worse for themselves. Lol

samsard:
This will lead us keeping our fx offshore. Fx will also be kept off the banking system.
If you think this is a smart move, then you know nothing.
I'll start converting my earnings to Bitcoin instead and Nigeria will be the one to lose

You do that and knowing fully well that it's a game of chance

GetMeRight:


You don't show patriotism "in a country like this" and our children are born and raised to make it worse for themselves. Lol

Don't get me wrong, I don't go about breaking laws. But I don't jeopardize my future on the alter of patriotism for a country whose leaders have dual citizen kids and have no regard for the average man.

cooooooks:
Yes, you can open foreign currency accounts in developed countries.

In Canada, UK, many people, especially if they work internationally, have a USD & EURO account.

Payoneer comes with a designated foreign account for either of euro or dollars.
So many entrepreneurs have been taking advantage of such opportunity.

Seun:
The most idiotic thing I've read this year. Yet now that they are bold enough to say it out loud, it seems clear that they want to do it.

I know this is not the right time or thread. But please create an official app, am tired of using opera mini to login.

Currencies have the value that people place on it. Know this and know peace
Exports don’t buoy a currency. Confidence from people buoy a currency

BCISLTD:
After reading like a 100 comments I now that nigeria is doomed....very stupid people...not stopping to think.

The young suggestion is very brilliant.

Suspend all Dom accounts. Convert all their account balance value to naira using CBN rate. And inflows in dollars will be converted to naira using CBN rate...and if ur transferring outside the bank with just Convert and send.

As soon as CBN announces it...they will be a mad rush to sell.....and the price will come down....

This will give CBN full control of the naira

You’re very intelligent. I’ve been saying this. Ppl are saving money in dollars and wondering why dollars is always scarce. Stupid ppl. They keep talking about exports. Exports don’t grow a currency. Confidence is what grows a currency. You just earned a follow.

You’re very intelligent. I’ve been saying this. Ppl are saving money in dollars and wondering why dollars is always scarce. Stupid ppl. They keep talking about exports. Exports don’t grow a currency. Confidence is what grows a currency. You just earned a follow.

Much respect..they is actually no need for dollar accounts

Many Expatriates working and residing in Nigeria are being paid with Dollars sourced from our CBN at CBN rates. This is also wrong. In Ghana, Togo etc, Expatriates are paid in their Local Currencies. CBN should also enforced that.

This idea is not good for the economy

You’re very intelligent. I’ve been saying this. Ppl are saving money in dollars and wondering why dollars is always scarce. Stupid ppl. They keep talking about exports. Exports don’t grow a currency. Confidence is what grows a currency. You just earned a follow.

Exports is the major factor that grows any economy. China, Germany and Japan is doing well today because of their numerous exports. Nigeria �� would have been worse than Zimbabwe if we don't have crude oil to export. A strong economy requires export to be greater than imports . Let's get our refineries working, govt should encourage local manufacturers to reduce imports.
Closing dollar accounts is not the solution. The lawmaker is not well informed.

Read the concept of balance of trade and balance of payments in international trade and finance, then u will know d great importance of exports to any nation.

Exactly. Dorm accounts is what is killing the naira. Crude oil price is rising yet naira is falling, and we can’t do the maths. It is madness to be saving in a foreign currency and expecting your currency to appreciate. Nobody is stopping you from buying foreign items even if you want to buy the whole world. At the point of purchase, your bank does the conversion and payment and debits you in naira. You don’t have any business with dollars.

Crude oil that the country exports only to import kerosene, diesel and petrol. Pls let's get our refineries working so we don't need to import.

Seun:
The most idiotic thing I've read this year. Yet now that they are bold enough to say it out loud, it seems clear that they want to do it.

@Seun,
That's why Ibrahim Obanikoro
asked for "Your Opinion" at the
end of his post. His comment or
post wasn't meant to absolute.


All the best.

adetayoonas:



Exports is the major factor that grows any economy. China, Germany and Japan is doing well today because of their numerous exports. Nigeria would have been worse than Zimbabwe if we don't have crude oil to export. A strong economy requires export to be greater than imports . Let's get our refineries working, govt should encourage local manufacturers to reduce imports.
Closing dollar accounts is not the solution. The lawmaker is not well informed.

Read the concept of balance of trade and balance of payments in international trade and finance, then u will know d great importance of exports to any nation.

Well said!

Ibrahim only wanted to have
the "opinion" of the public on
the subject matter in his tweet.

He has to tweet with more clarity next time though because some readers do not pay attention to little detail. Lol

[Simply put; encourage internal production, discourage importation of whatever we can produce, encourage internal production and consumption. Whatever we cannot produce, import it but with controlled internal pricing. For instance, if you import a bag of rice, you can only sell it below the selling price of locally produce Rice. If you import a car, you can only sell it below the locally produced equivalent.
I can assure you, maintain this policy for four years, you will see massive reversal. Foreign manufacturers will rush to Nigeria if they believe that the market is here.
If all the agencies like customs can track with records who imports what and at what prize he is selling. If you don't make huge profits from importations, who will be chasing dollar for imports? Companies abroad will rather relocate to come manufacture those good here in country.
With good and focussed leaders Nigeria can be made great again with 200million potential consumers of goods and services. We are the gold mine of the capitalist world


All CBN need do to make the naira stronger is to reduce the circulation of the highest denomination of Naira(#1k) ....one of the best ways to strengthen a currency is making it scarce....all these noise about domicile transactions is needless.


We need young visionary leaders in all positions not these dull heads and charlatans parading themselves in position of power.

Your response to my suggestion clearly shows you didn't comprehend it....where did I suggest making naira scarce? Do you know that there is £1k (one thousand pounds) yet you can hardly get it for use or see it in circulation.....next time read to comprehend and not for replies and quote sakes....
Henceforth ill ignore your quoting me.
I won't dignify your toxic ignorance making you to reply with a subtle insult....clearly you lack comprehension towards my suggestion.

@SENIORWRITER [/quote]

maintain this policy for four years, you will see massive reversal. Foreign manufacturers will rush to Nigeria if they believe that the market is here this policy for four years, you will see massive reversal. Foreign manufacturers will rush to Nigeria if they believe that the market is here.
If all the agencies are doing their jobs, Customs for instance have records of who imports what and at what prcing he is selling it ( dat is control) . If there is no profit in importation who will buy dollar for imports?
Rather foreign manufacturers shall be attracted to come in here and start manufacturing. Dat way there will be job creation, induced currency value overtime, with time you may even have increased exportation.
These things can be done if we have a focussed leader.

dozies:
[Simply put; encourage internal production, discourage importation of whatever we can produce, encourage internal production and consumption. Whatever we cannot produce, import it but with controlled internal pricing. For instance, if you import a bag of rice, you can only sell it below the selling price of locally produce Rice. If you import a car, you can only sell it below the locally produced equivalent.
I can assure you, maintain this policy for four years, you will see massive reversal. Foreign manufacturers will rush to Nigeria if they believe that the market is here.
If all the agencies like customs can track with records who imports what and at what prize he is selling. If you don't make huge profits from importations, who will be chasing dollar for imports? Companies abroad will rather relocate to come manufacture those good here in country.
With good and focussed leaders Nigeria can be made great again with 200million potential consumers of goods and services. We are the gold mine of the capitalist world


All CBN need do to make the naira stronger is to reduce the circulation of the highest denomination of Naira(#1k) ....one of the best ways to strengthen a currency is making it scarce....all these noise about domicile transactions is needless.


We need young visionary leaders in all positions not these dull heads and charlatans parading themselves in position of power.

Your response to my suggestion clearly shows you didn't comprehend it....where did I suggest making naira scarce? Do you know that there is £1k (one thousand pounds) yet you can hardly get it for use or see it in circulation.....next time read to comprehend and not for replies and quote sakes....
Henceforth ill ignore your quoting me.
I won't dignify your toxic ignorance making you to reply with a subtle insult....clearly you lack comprehension towards my suggestion.

@SENIORWRITER

Naira is scarce now. What is the benefit?

As stupid as this dude sounds, he still sounds more intelligent than Emefiele.

wink2015:
IS HE RELATED TO MR MUSILIU BABATUNDE OBANIKORO that served under the goodluck jonathan government?

His son. The family has been sharing from the national loot.

Thank God for Labour party!