Throwback:
The next step is to outlaw forex processing for foreign education for a minimum of 10yrs.

Any Nigerian that wants to be educated abroad should look for the money abroad.

We have schools here that can take those huge amounts of Naira we employ to buy forex for UK or American or Canadian education.

We need to jump-start our tertiary education system with better infrastructure, improved quality of education, improved salaries, and improved school fees.

Tough times require tough measures.

The best move is to enable Naira cards for global payment.

Throwback:


That is how it is in many countries.

They don't even have what we term a domiciliary account.

The bank accounts are designed to receive foreign currencies that are either automatically converted to local currency, or that are kept as incoming foreign funds that cannot serve any purpose until it is converted for inflow into the local economy or returned as international transaction outflow.

Anywhere u Dey na God go bless you

That system has been operating between my friends in Canada and the UK where many people there have naira accounts. They send money to the naira accounts holders and on agreed rate I get the naira sent to me even faster than money carriers

cjrane:


Right now the biggest source of dollars into the economy is through overseas remittances from Nigerians abroad. So why introduce a discarded idea that even Lamido Sanusi noted that it reduced forex flow through remittances? If he blocks the steady flow of dollars into the economy through the failed policy, he will only open the gate for other operators who would transfer into your naira account at 1,410 if you transfer into their Bank of America account. Everybody took that option because then the money transfer agencies would pay something like 800 or 900 naira to the dollar and still charge you a transfer fee. But the other transfer people will cost you nothing as you merely transfer through Xelle to their Bank of America account and they credit your naira account immediately! Nobody likes wasting money, so once you need to make the transfer, you call them and make the agreed sum and they will credit your naira account instantly. The only thing is that you will know that the dollars would probably go to India or Pakistan instead of Nigeria.

I just wonder why Tinubu would also want to stifle forex inflow by Nigerians in the diaspora by introducing hurdles to make their loved ones get less money. It simply creates all these alternative ways of transfer that in the end, the dollars never make it to Nigeria again. Anyway, they should continue bulldozing Nigeria and experimenting on discarded ideas that turned out to hurt the economy, until the people will wake up.

Ttalk:
Good for the economy.

A government that is bold enough to remove subsidies should not be afraid of any backslash that may arise from any measure to save the naira.

Let all remittances be converted to the naira equivalent so the government can have enough dollars for people doing genuine business in need of dollars.

All domiciliary accounts with idle dollars should be taxed.

The problem is not the diaspora sending money to desperate Nigerians but government officials, foreigners and politician taking the scared FX out of the country.

I no wan curse this government pass the curse devil don curse them oooo..

That thing dey dey find na their half dead body them go use carry am oooo....


Them go carry wetin go make them enter bottomless pit and they will not come out oooo

Respect ya self.... this useless government oooo

Una wan make 1 dollar be 2000 naria... and at the same time.. black market will not get the difference.... it will be the banks... that will take all the profits..

This stupidity was what the dullards in central bank did 2018....

Instead dollar became scare... in buhari time...
Solution... work on improving policies to favours exports.. manufacturing of our goods to export..

Nooooooo for the useless government... they dont want to do that..

U want to scare the dollar... ba... ..

Na devil 👿 go punish this useless dullards in government!!

Sirianese:


Yuck!

Your ignorance and stupidity stink to the highest heavens

I can smell your bad breath from 6000km away

The rate is fair, I just received monegram at 1480 today at access bank

justmondris:


Please send your money to them via USDT on Binance and let them sell it via Binance P2P at a better exchange rate than what the banks are offering.

Exchange rates no longer that different from what the banks and even CBN is offering.

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.

Please send your money to them via USDT on Binance and let them sell it via Binance P2P at a better exchange rate than what the banks are offering.

justmondris:


Please send your money to them via USDT on Binance and let them sell it via Binance P2P at a better exchange rate than what the banks are offering.

The exchange rates at the Banks are not that far off from the black market rate. So you just they stress yourself.

...and it didn't work. They are only making policies for the ordinary Nigerian who travels, hustles, saves, and send some of it back home to help his family back home or to invest because no politician sends peanut through western union rather they meander huge funds through offshore account settlements. I would have suggested they disallow personal domiciliary accounts but it will make them take the money to foreign banks outside Nigeria.

Only solution is declare an emergency on industrialisation of the whole economy, reduce drastically tax burden on 100% local content manufacturing companies, stabilise electricity, improve on security, guarantee investment security, reduce drastically the rate of corruption in government and political offices, etc. You will the naira smiling!

chopnaira:
I got the email too. I remember Buhari and Emefiele had similar policy.

GeneralDae:

The exchange rates at the Banks are not that far off from the black market rate. So you just they stress yourself.

lol

Thank you @Abufo for your insight on this matter. You appear to understand the point.

"Ijoba n fi ete sile, won pa lapalapa" meaning that government knows what the real problems are, but they refuse to confront them headlong. They rather prefer to beat about the bush, by addressing insignificant issues that wouldn't solve the real problems. One of the insignificant issues is the new CBN policy.

The people in government are part of the real problems facing Nigeria, hence their unwilling to solve them.

If Nigeria would stop importation of petroleum products today, Naira would take a 60% appreciation against the Dollar. Pressure on Dollar would reduce significantly. In the medium term, establishment of modular refineries by the private sector should be encouraged. But would the government allow this? No. Because the guys importing the products are the same guys in power. A lot of the guys in power have refineries set up, even in West African countries.

If Nigeria would stop importation of generators today, and ensure we have uninterrupted electricity supply, 3 things would happen. Dependence on fuel as a source of power supply would end, hence Nigeria would use less fuel. Pressure on Dollar to import generators into Nigeria would reduce. 3rdly, industrialization would be revived in Nigeria and more Nigerians would have jobs to do. Currently, we have given out our jobs to Chinese, through massive importation.

Would the government embark on the above suggested steps, NEVER!

They would prefer to beat about the bush.

Corruption is still our major headache in Nigeria. If we don't kill corruption, it will kill us in Nigeria. May God help us.

Abufo:




Tinubu is really falling the little hand I managed to give him!!! If he wants to know how to stabilize the Nigerian economy .......let him stop listening to all these western trained economists and go learn at the feet of Putin the russian president! You cannot halt the fall in the naira without fighting corrupt local oligarchs......these are corrupt business men like Dangote,corrupt niger delta militants working with corrupt military commanders to steal oil, corrupt politicians and of course the ethno religious fulani terrorists who are disrupting agricultural output all over the country!

Tinubu has to get a handle on security...immediately he handed the defence ministry and NSA office to northerners, I knew he was toast! All these security posts should be manned by non northerners....ALL i said..............he has not learnt from jonathan's mistakes abi? They are undermining him already.....................He should bring in mercenaries to clear the fulani bandits,while opening dialogue to end all these ethno religious conflicts all over the place!

The problem they deliberately overlooked is billions that are stolen are converted to Dollars for spending or investing abroad. Think they should start with this category of Naira killers. Not with hard working Nigerians sending or earning dollars from abroad.

Nigeria doesn't need to box herself with the dollar. Many countries of stronger US allies like Saudi,UAE, Israel had started diversication of currency deserves as soon as arbitrary sanctions started on Russia, Iran, China who have great deposits of strategic resources. They also increased their gold purchase.

kenmaro:
...and it didn't work. They are only making policies for the ordinary Nigerian who travels, hustles, saves, and send some of it back home to help his family back home or to invest because no politician sends peanut through western union rather they meander huge funds through offshore account settlements. I would have suggested they disallow personal domiciliary accounts but it will make them take the money to foreign banks outside Nigeria.

Only solution is declare an emergency on industrialisation of the whole economy, reduce drastically tax burden on 100% local content manufacturing companies, stabilise electricity, improve on security, guarantee investment security, reduce drastically the rate of corruption in government and political offices, etc. You will the naira smiling!

Buhari and Emiefele didn't have same policy. Infact Buhari and Emiefele went away from this policy in 2020.

Ttalk:
Good for the economy.

A government that is bold enough to remove subsidies should not be afraid of any backslash that may arise from any measure to save the naira.

Let all remittances be converted to the naira equivalent so the government can have enough dollars for people doing genuine business in need of dollars.

All domiciliary accounts with idle dollars should be taxed.

good

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 ?

Don't mind them, I don explain tire. They think they can control the economy artificially. Crypto all the way. New apps will come up that will receive dollars and convert it for you at black market rate

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.

any money enters naija Shud b convert to naira immediately. No point leaving some

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.

My landlord travelled not up to 6 months, This is the 3rd time that I am aware of that he is sending money home for food stuffs

Normally that dude is a Rich guy óò even here in 9ja... Buying from here simply means it's cheaper here compare to dr

justmondris:


Please send your money to them via USDT on Binance and let them sell it via Binance P2P at a better exchange rate than what the banks are offering.

Gbam... Government against her citizens. We will defeat them

Ttalk:
Good for the economy.

A government that is bold enough to remove subsidies should not be afraid of any backslash that may arise from any measure to save the naira.

Let all remittances be converted to the naira equivalent so the government can have enough dollars for people doing genuine business in need of dollars.

All domiciliary accounts with idle dollars should be taxed.

Got to say I agree wholeheartedly with this decision, The next step is to get rid of the Domiciliary Account. In my wildest dreams, I just can't imagine someone opening an account in any US bank for pesos or any other foreign currency. The only reason this was allowed in Nigeria was because of corruption.

realubani:


This is very good if and only if it will fix our economy.

Health of the economy does not depend on removing flexibility in the use of Dollar or any foreign currency within the country.

The effect this policy will have on the economy is like pouring a cup of water into the ocean.

Even if domiciliary accounts were taxed, will the government use the money judiciously? For instance, will they use the money to provide uninterrupted power supply?

I am just surprised that Nigeria has any sort of economic activities without regular and stable power supply. Without stable power here in Canada, industrial activities would come to a halt, and the economy will collapse!

The saddest aspect is that Nigerians have accepted unreliable power supply as normal.

A lot of comments here are obviously by young people who do not understand the salient issue.

If the federal government captures and hoardes foreign currencies, it will make foreign currency scarce, and very valuable within the country. This will inevitably lead to smuggling. Also, people who really need foreign currency might decide to receive them in Cotonou and other surrounding countries. Till date, Nigeria has prohibitive laws that benefit the economies of Benin Republic and Togo.

The federal Government is just chasing shadows here, just like they have done for 60 years.

Ultimately, the value of Nigeria's currency against the Dollar is based ONLY on exchange of GOODS and SERVICES on the world market; (ie, EXPORT). And Nigeria has potentially limitless export opportunities. But the government is clueless about how to harness, maximize and marshall Nigeria's potentials, so they are making token effort.

Nigeria's economic structure needs radical restructuring. We have US, Canadian, German models to guide us. Instead, we are practicing the same backward economic system that was started in the '60s, which equalizes all States in the Federation, nationalizes poverty, and hinders advancement.

Every succesive administration follows the old structure because it is in the interest of certain group of Nigerians for the economy to remain OVER-CENTRALIZED.

Only the restructuring of our economic system will rescue Nigeria from being a failed State. In fact, it is almost too late. We are already seeing the sign of Nigeria's disintegration through economic hardship and insecurity. It will get worse, because Nigeria recently took delivery of massive armaments from the US. Insecurity in Nigeria is a symptom of lack of economic opportunities, and the leadership spent $1 billion to fight symptoms.

Health of the economy does not depend on removing flexibility in the use of Dollar or any foreign currency within the country.

The effect this policy will have on the economy is like pouring a cup of water into the ocean.

Even if domiciliary accounts were taxed, will the government use the money judiciously? For instance, will they use the money to provide uninterrupted power supply?

I am just surprised that Nigeria has any sort of economic activities without regular and stable power supply. Without stable power here in Canada, industrial activities would come to a halt, and the economy will collapse!

The saddest aspect is that Nigerians have accepted unreliable power supply as normal.

A lot of comments here are obviously by young people who do not understand the salient issue.

If the federal government captures and hoardes foreign currencies, it will make foreign currency scarce, and very valuable within the country. This will inevitably lead to smuggling. Also, people who really need foreign currency might decide to receive them in Cotonou and other surrounding countries. Till date, Nigeria has prohibitive laws that benefit the economies of Benin Republic and Togo.

The federal Government is just chasing shadows here, just like they have done for 60 years.

Ultimately, the value of Nigeria's currency against the Dollar is based ONLY on exchange of GOODS and SERVICES on the world market; (ie, EXPORT). And Nigeria has potentially limitless export opportunities. But the government is clueless about how to harness, maximize and marshall Nigeria's potentials, so they are making token effort.

Nigeria's economic structure needs radical restructuring. We have US, Canadian, German models to guide us. Instead, we are practicing the same backward economic system that was started in the '60s, which equalizes all States in the Federation, nationalizes poverty, and hinders advancement.

Every succesive administration follows the old structure because it is in the interest of certain group of Nigerians for the economy to remain OVER-CENTRALIZED.

Only the restructuring of our economic system will rescue Nigeria from being a failed State. In fact, it is almost too late. We are already seeing the sign of Nigeria's disintegration through economic hardship and insecurity. It will get worse, because Nigeria recently took delivery of massive armaments from the US. Insecurity in Nigeria is a symptom of lack of economic opportunities, and the leadership spent $1 billion to fight symptoms.

Ttalk:
Good for the economy.

A government that is bold enough to remove subsidies should not be afraid of any backslash that may arise from any measure to save the naira.

Let all remittances be converted to the naira equivalent so the government can have enough dollars for people doing genuine business in need of dollars.

All domiciliary accounts with idle dollars should be taxed.

You are very funny. Is it naira they will send home?

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.

As good as your advice is, putting tax on Dom acct will make people to keep their dollar at home instead of taking it to the bank

Okay we use Crypto

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

chopnaira:
I got the email too. I remember Buhari and Emefiele had similar policy.

Nope,it used to be dollar for naira until Emefiele changed it and allowed people to collect dollars direct from bank(and sell to aboki),am very happy with this news though

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.

How is it your business how a person chooses to store his wealth so long as there is no illegality involved?

Ttalk:
Good for the economy.

A government that is bold enough to remove subsidies should not be afraid of any backslash that may arise from any measure to save the naira.

Let all remittances be converted to the naira equivalent so the government can have enough dollars for people doing genuine business in need of dollars.

All domiciliary accounts with idle dollars should be taxed.

Quite a myopic view.

Govt will still misappropriate the dollars as they did with proceeds of oil subsidy removal. Those guys are only interested in their chunk payments that their companies are.not able to meet at the current point. Coz FG don't have have sufficient reserves.

Also,.most people that have dolls in the Dom accounts, do you know they were already taxed while depositing? So how many tax do you want to keep putting on struggling individuals coz your govt have refused to be prudent with huge FX resources around them.

So selfish and criminal.

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 ?

How come your States are amongst the poorest?