This has not always been the case?

SoNature:

I am sure you have never gone to a bank before you get USD notes before. The terms and conditions are so crazy that you will quietly respect yourself and leave that bank.

If they want to convert all cash payouts in USD, they should also make USD notes available to Nigerians who want to leave the country. It works both ways...

Ignorance is a disease. Look at him saying he is sure of what he doesnt know. Obviously with what you stated its actually you who have never been to the bank to withdraw usd cos of your imaginary 'crazy terms and conditions'
I never experienced anything special and nothing different from the normal naira withdrawal so stop making it look special.

CBN should make another law that any USD that its print date is lower than 2020 should not be paid or accepted by our banks. We will manage this till we ban foreign currencies in our system patapata. Those currencies are killing our economy.

GeneralZodd:
Black market cabals will fight back, Tinubu wan close Northerner business just like that

Let's see how far they'll fight back...

obas01:
With this new policy dollar will soar higher , expect dollar to soar to 2500 naira( Black market rate) , note these piece and check back if am correct or wrong by December 30th 2024.

Reason(s):
Nigerians really heavily on dollars (fx) which are not available at the bank only the aboki come to thier aid, now it will be very difficult for Abokis to get dollars, the Abokis will pay any amount to get it ,And will probably buy at a high price and selling at higher price than they get it 😁 , they must make profit na.


Note:
This measure put in place may seems to have correctional effect theoretically but practically not the solution.
Because the system is internally damaged,

For solution, I have some ideas .

It may soar, initially, but it will come down once they have exhausted all their dollars. There will be no dollars to sell to Aboki again. And that’s what government is trying to achieve. Let’s target Q2 2025 for Naira to start coming down.

SenecaTheYonger:


BDC can never die and here’s why. Corrupt politicians and bankers will still provide dollars for BDC but now due to all this, it will be at an even higher rate. And most importers will buy from BDCs because they can’t get dollars from bank so why bother.

You can never kill BDC

exactly!

lanre9ja:
It's a good things but what's the effects to the economy

Despite not knowing the effect on the economy, you were swift to say it's a good thing.

That's how a lot of uneducated and terribly inexperienced folks are quick to join conversations you have little to no idea of.

No wonder Nigeria has been going from one set of bad leaders to another.

SenecaTheYonger:


Bankers will always sell dollar to BDC no matter what and no one can stop them.

What’s the need of selling to indivifuals when BDC will offer them good rate. Can a banker say no to profit

You all will learn

And who will buy from BDC at a higher rate?
If I can get it at official rate to transact or pay for services why do i need to go to BDC to buy at a higher rate? Do you just buy for buying sake that 'I have dollar', even if you do, then you'll watch as it looses value while you're holding on to it.

Originalsly:
Hmmmm ..... to starve the black market traders? ... or for a select few to control the black market? Who is going to have access to the forex? ... and what will stop them from selling it on the street? ... or diverting it to foreign personal accounts?

As I see it ... some people have bullion van loads of Naira sitting in banks and warehouses.... losing value as the Naira continues to dive. Why not convert these billions to forex? ... but forex is scarce ... so why not funnel it all to the banks? .... where with connections one can deposit the Naira and withdraw forex? Whatever plans these people hatch ... all have to do with personal gains.

You are thinking well.

Who uses the dollar at the end. You mean a mini importer who gets dollar from a relative or contact at black market rate will surrender the dollar at a lower "official" rate then watch the govt people use it for nonsense things like pilgrimage or loot relocation.

Nbote:


See how you are contradicting yourself. First you started by throwing shades at "flat in headdies" by claiming they'll have something to say but then went further to have something to say. Banks do not give dollars, the CBN does and you get by applying through a bank. Now the CBN has asked them to sell off the ones in their custody and now asking them to pay naira for dollars sent. Isn't that accumulating the same dollars they are forcing the banks to dispose off?

Banks keep accounts with the CBN and these are not necessarily customer funds. What the CBN asked them to do was to dispose of their own dollars. I guess the rationale behind that was to increase liquidity since the usd kept as balance wasn't being put to economic use.

There is no logical reason for this policy asides stealing from Nigerians.

jmoore:
Can't the government be sued for this?
Person send dollar, you are forcefully converting it to naira at your own rate, not the rate of the receiver.

Legal robbery!

The clueless people that brought this idea will end up pushing many people to other platforms that can't be captured officially.

This does not have any legal implications. Those liking your comments are morons too. Before you sign any currency transfer paper, there are terms and conditions on the paper, written in tiny fonts. Once you sign the paper, it means you abide by everything written on it, including the denomination in which you or your beneficiary will receive the money at the other end. Also, all money transfer agents abroad are aware of this new policy and they would adjust their system to only pay Naira in Nigeria. The sender too would be notified before sending.

More so, Nigeria is a sovereign state. It means we are independent of any country. No country is controlling us. Nigeria has the right to choose how you receive money inflow in her country.

If you are not ok with it, send your money to another country where you feel you can get Dollar and let your Aboki man or your family enter night bus to go and collect the money there.
I know Aboki people will be going to neighboring countries to buy foreign currencies, but government will be there to wait for them. We all jointly own Nigeria. We can’t be afraid of some few powerful and allow millions to keep suffering.

femicyrus:

What is market forces?
Hoarding and reselling at higher rates?
Or you are paying school fee in Chicago from Nigeria and you are denied payment at the bank?
Or you want to import legit and the banks turn you back to BDC.
What is forcing you to get dollars?
Tell us if not for profit by hoarding and reselling

Hoarding and reselling is done by powerful people. It's the reason I've campaigned for rate unification for years. Let them have the courage to do it for once and let's know it's supply side issue only that we're worried about. (Yes, market forces!)

Oh, yes, legit importers get turned away from the banks because the banks don't have enough. You really don't know that?

What's forcing me to get dollars? So because you don't have genuine business that requires dollars, you think others don't? SMH.

With this policy BDC/Black market should be scrapped then.
You can't have black market operating and forcing other people to exchange their foreign currency in CBN rates.
This means all FX should be uniform.

SenecaTheYonger:


BDC can never die and here’s why. Corrupt politicians and bankers will still provide dollars for BDC but now due to all this, it will be at an even higher rate. And most importers will buy from BDCs because they can’t get dollars from bank so why bother.

You can never kill BDC

And who says they can't? Who says they've not been getting at official rate.

Try Google cbn form A, form NCX, form NXP, form M, form X to educate yourself

Beautifulday:

They are Nigerians that have naira that need dollar. The one who has dollar send them dollar, they send the people naira.

For instance, foreign student.

The people who have dollar send them the dollar in the dollar economy and the students refund the aggreed amount in naira in naira economy.

These monies didn't cross the both economy.

The one who has the dollar determine the price. As demand increases, the black market price is upset again.

Economy is driven by greed. Until economics understand this, their policies will fail. You factor human greed into economic policies

Since there is now a convergence of rates, I can now transfer USD to Naija and get Naira at the same rate with P2P.

So, give me one reason why I will send USD to one student and be waiting for Naira credit when I can do same with the banks at the same rate at the click of a single button.

BreconHills:


Not yet but they are converging rapidly. The problem is supply supply supply.

To be honest until Govt addresses inflation, no one will trust naira as a store of value. The large domestic USD holders don't trust the naira and these same people have access to FEC meeting notes.

It's bizarre.

Border should be opened post haste

Everything you've said. Oil dey your head.

Inspirer1:

Ignorance is a disease. Look at him saying he is sure of what he doesnt know. Obviously with what you stated its actually you who have never been to the bank to withdraw usd cos of your imaginary 'crazy terms and conditions'
I never experienced anything special and nothing different from the normal naira withdrawal so stop making it look special.

Mugv, it's a typo. This is it: I am sure you have never gone to a bank before to have your naira converted into USD cash. If you did, you would know that the terms and conditions are so crazy that you would quietly respect yourself and leave that bank.

If they want to convert all USD receipts to naira payouts, they should also make USD notes available to Nigerians who wish to convert their naira to USD for travelling out of the country. It works both ways...

BarrElChapo:
Why can't we use our cards for unlimited international payments ?

Thats the real deal...
I hope the CBN is also proactive to allow...
banks to enable our cards...
for international payments....
Since we cant receive again in USD
No one will visit BDC and Aboki on any ground

jmoore:
Can't the government be sued for this?
Person send dollar, you are forcefully converting it to naira at your own rate, not the rate of the receiver.

Legal robbery!

The clueless people that brought this idea will end up pushing many people to other platforms that can't be captured officially.

See the blockhead that I've been arguing politics with for years.

Chai, I Bleep up.

Luckysbab:


So you want the government to just break into private homes, based on hearsay that they have dollars stored in there?

comprehension!!!! I said stop looting by politicians and civil servants and see the demand for dollars reducing drastically.

Simple comprehension

femicyrus:

What is market forces?
Hoarding and reselling at higher rates?
Or you are paying school fee in Chicago from Nigeria and you are denied payment at the bank?
Or you want to import legit and the banks turn you back to BDC.
What is forcing you to get dollars?
Tell us if not for profit by hoarding and reselling

I wonder o, help me ask them.

Hoarders of USD always happy when the Naira weakens but Unhappy that it will strengthen.

They are all killing the Naira but still blaming it on govt, now govt trying to do the right thing and they are painting it bad

Coldspice:


See the blockhead that I've been arguing politics with for years.

Chai, I Bleep up.

Try and educate them ni. It’s only when they abuse you that you can abuse them. A lot of them know nothing. All in their heads is street.

Namaster:
Tinubu and Cardoso have made another HUGE mistake.

Fools are tightening the noose around banks receiving Forex inflow when there are LITERALLY tons of other ways to receive your money.

No one will use banks to receive money with their nonsense exchange rates when there are better options out there.

Cardoso is a prime example of an extremely inspired idiot.

Imagine creating more hurdles for receiving Forex when the country is already groaning about NOT receiving any Forex in the first place.

That's like pouring MORE water on a drowning man.

Tinubu has no idea what to do with Nigeria. He's too proud and too nepotistic to get people who can help him out of the mess he's created.

It is safe to say that you only made this point from your rigid point of understanding. If only you were a bit flexible, you would understand the objectives of the policy.
To begin with, I'll ask you this question. What statistics do you have to back up your claim that there's no inflow of forex into the country, can you prove that here?
This policy isn't about crippling the inflow of forex but is majorly aimed at crippling or reducing the damaging influence of the BDC's, who also are the major economic saboteurs in the country. Millions of Nigerians have thousands and millions of redundant dollars domiciled in their accounts for speculative reasons, yet, we still continue to blame the government for scarce forex and the poor state of the Naira.
To me, this is a short term recovery policy, if properly executed by commercial banks.
Brace up, the next one may be, placing a ceiling on domiciliary accounts in order to reduce/ prevent hoarding. Nigerians will complain about the policy, but it is one in the right direction.

warrenweste:


Pls What's the current bank rate?

#1408

VanuatuWycombe:

Try and educate them ni. It’s only when they abuse you that you can abuse them. A lot of them know nothing. All in their heads is street.

I agree with you 100%

Davicl:


It'll last as much as corruption last in Nigeria

Sure and it will shrink as corruption shrinks? Time and seasons.

Was there not a time people followed Nepal officials begging them not to disconnect.

Supply and transparency changes everything. When rates converge and all fintechs home and abroad need to use a CBN API for transactions let them be carrying suitcase of USD on their heads.

Patience. Ko ni pe mo!

Coldspice:


Bank rates and parallel markets are the same. You lack knowledge of the issues, you are just crying senselessly.

I will be back to quote you when this policy flops.
You only consider one part...without examining other critical areas and you think you can arrive at a wholesome conclusion?

Cheers Mr

2Radii:


Aahh eeyahh...I tot those dollars were hoarded by farmers and bricklayers before

Thought as much.

I agree with you 100%...... Vendetta is a two edged sword! That's what Asiwaju is currently facing. The sword he's using to cut Emefiele is also cutting him, now he has a lot to lose than Emefiele!

pocom16:


Same reason why Emifiele was against floating the naira..

All those idiots where shouting emiefele this.. emiefele that..


His biggest mistake was trying to strangle vote buying to prevent druggie from accessing power but failed...hence why he is being dealt with mercilessly..

He has not looted more than even the past humanitarian minister..

His approval for cheap forex to Dangote was to fast track the refinery completion..

Virgo3:
how did Russia manage ther economy despite the bans from Europe and US? They collected all payment in rubles, created a maximum that can be withdrawn and offload all other currencies, made other countries pay them in rubles for der gas lol, but you people will never want anything good to happen to this country because you are hate filled

Chaii!! No wonder they voted an incompetent and confused president like Buhari and Tinubu. Russian economy is self sufficient and produces almost everything they need, importing little or nothing, while Nigerian economy is the direct opposite importing almost everything it needs with little production.

Now Nigeria needs forex for its importation while Russia doesnt need forex for importation. Russia developed even its own payment system but Nigeria relies on swift payment system.

Both economies are totally different and there is no basis for comparison.

Olododo. When we teach them the truth in their ignorance, they say we are hated filled.

Inspirer1:
End of Domiciliary Account.
End of Black market.

End of Blackmarket and Domiciliary account? funny you, CBN only created a policy like 3 years ago to ensure that all money received from abroad is paid in USD and not Naira. So they just reverted the policy.