skj1377:
The black market will surface again. Reason is 90% of request are not legitimate. So black market rate will be any dollars sources outside official CBN sources . The huge limitation of the dollars in this window will result in a value above N3000 per $. In other words harmonization of Forex window will never be achieved in Nigeria irrespective of value of Naira.

You have foresight...


Once this is implemented, naira will crash drastically against dollar...

skj1377:
The black market will surface again. Reason is 90% of request are not legitimate. So black market rate will be any dollars sources outside official CBN sources . The huge limitation of the dollars in this window will result in a value above N3000 per $. In other words harmonization of Forex window will never be achieved in Nigeria irrespective of value of Naira.

Someone with sense

Omoapena:



So, this will only make matters worst in black market unless government will sell directly to end users but what will happen in case where someone needs $30,000 and can only request for $10,000 highest, the person will have to reach road side Mallam to buy more and they will sell higher since it's not easy acquiring dollars...

Matter will get worst, only way forward is to cancel out BDC and let banks take over FX fully ,and anyone who needs higher amount of $ will tender documents to back the dollar request. If not, BDC will still hoard it and sell higher to end users...

it has bn said before that bta/pta is canceled, if u need 20k but could get 10k, the remaining 10k would be from electronic transactions and not cash

yinkus6750:
The BDCs knows how to go round all this policies
We really need to reduce the demand for foreign exchange.

Would that not in turn still raise the scarcity of forex and consequentially the exchange rate?

Omoapena:


If you were to be rich and you need medical attention, would you prefer to get treatment here or get it from a very good hospital in abroad?


Attending schools, hospital and co in abroad isn't the cause of hike in dollar to naira, there's no way people will stop demanding for dollars in the country, so many things are being imported into the country with dollar...

Government just need a proper policy to track dollar usage in the country.

...the former vice president of nigeria ,Osibanjo...did knee surgery in a hospital in Lagos and the knee surgery was successful....Osibanjo is Rich...if he wanted to do the knee surgery in abroad foreign hospital he would had done it but he preferred to do.it in nigeria... nigerians have to value what he have in their country., nigerians like foreign things too much... foreign goods, foreign cars, foreign tooth pick, foreign wrappers . that is why the dollars is rising everyday and naira losing value...and nigerians will be the one complaining that why is the dollars rising everyday...and I know we cannot stop nigerians from demanding for dollars...but nigerians should reduce the wsy they demand for dollars and value and patronize what they have in nigeria..at least this will make the naira to have value...the CBN governor said that nigerians spends 10 billion dollars in the last 8years to travel to abroad to school in foreign universities abroad and go for medical treatment abroad... that is 10trillion naira spent...with this why won't the nigeria economy be bad

Geovanni412:


10k is too small.

These people are not serious and their law can't work.

As at 2011, Doing a degree in Medicine in University of Ghana for a foreign student was $10,000.

So, how would the student get the rest of the money since school fees in most schools in UK for masters is above $20000?

Are they restricted from sending more money?

You pay deposit 10k
Den you pay outstanding later...

tonicyril:
Did u read the part where ur documents for the purchase will be presented??

That will only apply to "licensed BDCs". The thousands of Aboki selling fx at every other street corner and via whatsapp and telegram who just want to make ends meet will never ask for anything and how are you going to arrest all of them?

Simply put, this policy is not enforceable to the point where it will make any meaningful difference.