Coldspice:


With which ID will you open?
Mention 3 West African countries where they allow you to open dorm accounts.

Many of you are not exposed. Try the nonsense you try here in other countries and see if they won't wreck your life.

Hx1x:
Just got this email from WorldRemit.

Seems CBN has quietly re-introduced their policy where people abroad can no longer send foriegn currency directly to folks in Nigeria. Folks in Nigeria now can only receive the naira equivalent of the money sent.

I've checked Western Union and seems to be the same as well. Moneygram still allows dollars to be sent, but can only be picked up. Can't send to a
dorm account any more.
Seriously

I have checked and haven't seen any news on this.

BitterTruth01:


So I have to explain to you how capitalism will make Nigeria an industrial powerhouse thereby solving our problems from the roots and thus negating the need for these patch patch economy management system ?

GeneralDae:

If you are abroad, why do you want to save dollars in Nigerian accounts?

Earthquakes:


I make money in USD, I run international business that requires importation and you want me to send my USD to naira then buy it back when I want to go to China. Lol you guys are just shallow minded because you think everyone sends money to Nigeria to be used in Nigeria lol

Acidosis:


The politicians know they can't earn a single dollar legitimately since the CBN doe not have such powers. So the only way to get dollar notes is to box legitimate guys working 24/7 on Upwork, Freelancer, etc. Take their dollars from them, give them Naira, so people like Kenyamo can have more dollars to buy estates in the U.S.


Just wait for the next APC convention. You will see how people who never earned a single dollar note throughout their political career share thousands and millions of dollar notes. Meanwhile, those doing the work, bringing in the dollar, will be forced to battle with an irreversible inflation.

Lovit:
Can CBN also direct all schools, hotels and organizations in Nigeria hitherto accepting dollars only as a means of transaction or payments to immediately adopt Naira or close shop?

sweetgala:


Nonsense, you don't even understand the principles of capitalism and how productivity works.

BitterTruth01:
Lol look at them

This is why you 9-5 job workers should stick to civil service and farming and let capitalists run the economy .

You people from that side are naturally not entrepreneurs . You have no idea how to run a business , how will you run a country ?

Stick to your salary Jobs, you say no
Stick to farming , you say no
Stick to your carpentry and artisanal businesses. , you no gree .

You say you must run the country. Say you dey sophisticated. But you think a country can grow under a socialist system of welfare benefits , and government patronage and control . A palliative economy while free enterprise suffers .

Instead of turning the country into a production. base , na to dey shook eye for other people money. Is that the best you can do ? I dont blame you tho. You cannot give what you don’t have .

But go and do your research, those countries that went the way of Karl Max and Lenin , where dem dey now ?

Hx1x:
Just got this email from WorldRemit.

Seems CBN has quietly re-introduced their policy where people abroad can no longer send foriegn currency directly to folks in Nigeria. Folks in Nigeria now can only receive the naira equivalent of the money sent.

I've checked Western Union and seems to be the same as well. Moneygram still allows dollars to be sent, but can only be picked up. Can't send to a dorm account any more.

I have checked and haven't seen any news on this.

AshipaEk0:
Good lord,

It has become very apparent that this country cannot progress when the average individual is this ignorant about financial matters and economics


Some believe dollars is sitting down in bank accounts gathering dust

others believe when Dollars is sent from abroad through banks its the physical dollars that is mailed in

others believe when the govt requires conversion of remittances to naira, it means the banks will actually receive dollars they they will in turn dash the govt or random people asking for USD in Nigeria


Good lord

Throwback:
Very good!

We don't spend dollars in Nigeria. Collect the naira equivalent and spend.

Why government will tolerate that rubbish is quite puzzling.

Nigeria is about the only foolish country that tolerate that nonsense. No sense of economic security.

Next is to ensure domiciliary accounts only get credited with foreign currencies from international transfer to cater for those who work rotations abroad or those who work remotely, and once the account is credited, any amount beyond a certain threshold should be converted to Naira, while whatever is left should be taxed at a monthly rate that ensures that the money is reduced to half of what was left as a foreign currency in the domiciliary account. That will help discourage any plan to retain forex as a means to store wealth in the domiciliary account

This double blow will ensure that those stockpiling forex cash do not have anywhere to offload it within the Nigerian economy.

All forex trading outside of the banking system should carry life imprisonment for economic treason.

I can vouch that 50% of all the forex trading going on in the past 6months, is not serving any economic purpose besides storing wealth.

GeneralDae:

But almost anywhere else you go in the world, you don't use foreign currencies there. You convert to their local currency and when you go out, you reconvert to dollars or whatever. This is how it was before 2020 COVID where Emiefele started changing things in a bid to attract dollars in the reserves but it also meant big time undocumented funding of BDC's.

Last time I checked, CBN hasn't banned domicillary accounts because they know people like you who need FX are still in the system.

Maybe when there's enough dollar liquidity, naira cards for international transactions would become active again.

Earthquakes:



Who told you that?
I live in India for 2yrs and never had Indian accent but my dom accent card that I used to pay everywhere, same in China.

If you want to fight because sellers you go to the bank and they know it. Who bought all the dollars released by cbn? Banks and they will now resell at their own profit. If you doubt me ask bankers.
However what cbn says is if I send dollars to my account they will convert it for me and send me naira equivalent, it doesn’t make sense

GeneralDae:

You must understand that India and China do not have a huge black market industry that is bigger than their official market. CBN's target is not folks like you although it unfortunately affects you. CBN's target is channelling of diaspora remittances back to the official channels. If this works out as planned, black market can't contend with it because diaspora remittances are the second biggest source of FX inflow after crude oil at 20 Billion dollars annually.

Rolings:


We have competent people among every tribes ...... It's ways of dominating a people to claim only you can do it.....which is a very big LIE.
My people say you first look at what the person who want to clothe you is putting on themselves.
You people claim you have the magic wand but your governors are disasters .....so which people are you going to use to give good governance at the national level when you can't elect good governors

Abegi shift

grandstar:
Hx1x

Are you a stranger in Jerusalem?

I hate the policy as the banks may exchange it at the official rate which is daylight robbery.

I feel commercial banks alone shouldn't be the sole disbursers.

Abufo:



which exchange rate............oga? the magical official rate or the closer to reality black market! Your obscurantist argument is rather annoying!

nairavibeguy:


Read my opening line. I was asking the person recommending all if we are in a communist country. Please refrain for insulting people. Thank you

Paraman:
Commercial banks are not the sole disburser

Junior1212:
Any policy by CBN and Govt that will not increase production and export will lead to more crisis later, it's like someone is sick of malaria and u are giving the person Panadol to take which will only kill the symptoms but the malaria is still there, am yet to see a strong policy to help increase the supply of forex. I studied Economic s this is another policy that may lead to more problem s at the long run.

ogawisdom:
Keeping and holding USD for over 90 days should be banned for domiciliary account and any fintech company. We need policies to discourage USD speculations.

bionixs:

How would you see those who did and still doing well ?

Junior1212:
Any policy that will help production and export, one thing the govt don't know is that Nigerian s must demand for dollars, almost 200,000 Nigerian s left Nigeria since the past two years to study abroad, none left Nigeria with less than 10k pounds, I don't want to talk about the figures of those for medical treatment or importers who import raw materials and even those selling finished goods. I have seen all the policies implemented so far all has brought more hardship and dollars is almost 1500, and a lot of Nigerian s are applauding them. Tax exemption for any entrepreneur and producer, Govt loans, electricity, security. If there's is increase in supply speculation will not matter.

routed:


Why will government support foreign education of rich Nigerians and few opportuned middle-class at the expense of hundreds of millions of teaming Nigerian poor and middle class.

Are the knowledge acquired by these people repatriated back into the Nigerian economy to make a difference.

Well over 85% of foreign remittances from Nigerians abroad never get to the country and the bill is settled by the CBN from dollars earned from crude oil sales and dollars earning through export-mostly agriculture-from hardworking Nigerian people.

By my study, most of the BDC operators that help people change dollars that was sent to them from their folks abroad were introduced to these people by the Nigerian banks staff. Meaning, most if not all of these dollars find their ways to the black market that gives speculators the strength to wrestled the control of monetary policies from the government. We are talking about billions dollars here.

This policies affect me as individuals because I earn in dollars and spend in Nigeria but I don't care because I'm just an individual, and the goal here is robust economy for our nation.