One of the reasonable policy I see this CBN governor implemented is this redesigning of Naira. This my assertion is debatable.

However, the next policy CBN should implement is to draw an act that will ban the use of paper note of every foreign currency in Nigeria, especially dollar, pounds and Euro. Since we are not transacting business in Nigeria with foreign currencies, I really don't see any need why we should be carrying the notes about internally.

I have done many businesses that have to do with foreign currencies but I have never went about with the physical notes. I did not even see any need for such.

If you know of any reason why we carry foreign currencies in Nigeria, kindly share it with us.

For me every BDC should have dormiciliary accounts for their transactions, they pay to and receive from their customers through this medium. What's the use of dormiciliary account? By so doing inflow will be tracked.

This is my opinion and would like anyone with contrary views to share it here. Even, I will appreciate it more if the CBN can enlighten us why they don't implement this.

inforesource:
One of the reasonable policy I see this CBN governor implemented is this redesigning of Naira. This my assertion is debatable.

However, the next policy CBN should implement is to draw an act that will ban the use of paper note of every foreign currency in Nigeria, especially dollar, pounds and Euro. Since we are not transacting business in Nigeria with foreign currencies, I really don't see any need why we should be carrying the notes about internally.

I have done many businesses that have to do with foreign currencies but I have never went about with the physical notes. I did not even see any need for such.

If you know of any reason why we carry foreign currencies in Nigeria, kindly share it with us.

For me every BDC should have dormiciliary accounts for their transactions, they pay to and receive from their customers through this medium. What's the use of dormiciliary account? By so doing inflow will be tracked.

This is my opinion and would like anyone with contrary views to share it here. Even, I will appreciate it more if the CBN can enlighten us why they don't implement this.

The problem is that, the same CBN top members and the Nigerian politicians are still the same people that keeps breaking the rules and keep causing more problems for the naira....

More like the same people who claim they want to solve the problem , they are still the same people that still keep causing the problem..it is their hypocrisy for me...the same set of politicians with the help of insiders at financial authorities is able make use of physical dollars to bribe people and use it for campaign...

lrman:


The problem is that, the same CBN top members and the Nigerian politicians are still the same people that keeps breaking the rules and keep causing more problems for the naira....

More like the same people who claim they want to solve the problem , they are still the same people that still keep causing the problem..it is their hypocrisy for me...the same set of politicians with the help of insiders at financial authorities is able make use of physical dollars to bribe people and use it for campaign...

But do you think that what I suggest, if implemented can keep this in check? I am aware of the saboteurs within and outside the system. They are few but powerful. But we can overcome them if we force institutions of government to do what is needful.

inforesource:


But do you think that what I suggest, if implemented can keep this in check? I am aware of the saboteurs within and outside the system. They are few but powerful. But we can overcome them if we force institutions of government to do what is needful.

YES but they will never do it..don't you get ...what many nigerians do not understand is that, if your government wants to work , it will work...forget all the excuses they give...but the reason they won't work is because there are government cabals that are benefitting from the corruptions and all these problems.....

Even the corrupt BDCs have insiders at the banks and governments parastatals that help them in engaging in currency frauds..

They all work together..

Trust me , your dollar can become even 100naira...Your Nigerian government and the cabals won't want that to happen because as e dey pain una , e dey sweet them...

Mods should push this to front page for clarifications and other inputs from others who have more ideas on this matter. It is really bothering me. I have dollars but never kept them in the house as physical cash because I don't see any need to do so, even when I am selling to BDC, I always transfer.