descarado:
Why are u guys crucified this man.
He is absolutely right.

Unless somebody tells me any civilised country that operate some account. When we stop this, it will motivate us to stop relying on anything foreign.
It's a cankerworm

FCY accounts are also used abroad too, not only in Nigeria. A separate account from the local currency to receive cash/SWIFT remittance.

Without an FCY acct, then your bank receives your SWIFT remittance and converts to the local currency at official rate. If your brother in USA sends you money, it should go to your FCY (dormicilliary) account. Otherwise, your bank receives this money, converts to Naira at 411 and then credits your Naira account. This same bank will take the dollar your brother in USA sent to you and sell it to Aboki at 565. Who loose?

The funny thing is that Emefiele will start pondering this very unintelligent oversabi suggestion.

IS HE RELATED TO MR MUSILIU BABATUNDE OBANIKORO that served under the goodluck jonathan government?

lalasticlala:
A House of Representatives member, Ibrahim Obanikoro, representing Eti-Osa Federal Constituency, Lagos State, has called on the Central Bank of Nigeria (CBN) to close all domiciliary accounts for the next 12 months.

Ibrahim B Obanikoro wrote:

"I am not the CBN Governor but at this moment, I'm of the opinion that CBN should mandate that all dorm accounts be closed for the next 12 months. Let's see the effect on the Naira. After all you can't go to any of the Western world and open a foreign currency account. Your opinion."


Nonsense suggestion!

that's illegal

Gbam! Well said.

lalasticlala:
A House of Representatives member, Ibrahim Obanikoro, representing Eti-Osa Federal Constituency, Lagos State, has called on the Central Bank of Nigeria (CBN) to close all domiciliary accounts for the next 12 months.

Ibrahim B Obanikoro wrote:

"I am not the CBN Governor but at this moment, I'm of the opinion that CBN should mandate that all dorm accounts be closed for the next 12 months. Let's see the effect on the Naira. After all you can't go to any of the Western world and open a foreign currency account. Your opinion."


Nonsense suggestion!

Felabrity:
This one sef want trend

mumu just embarrassed himself, and to think he's a graduate

After reading like a 100 comments I now that nigeria is doomed....very stupid people...not stopping to think.

The young suggestion is very brilliant.

Suspend all Dom accounts. Convert all their account balance value to naira using CBN rate. And inflows in dollars will be converted to naira using CBN rate...and if ur transferring outside the bank with just Convert and send.

As soon as CBN announces it...they will be a mad rush to sell.....and the price will come down....

This will give CBN full control of the naira

Any day Nigerian government tries this, that's the day Nigerian economy dies and gets buries forever.
Why? Because trust in Nigeria's investment opportunities will be lost both locally and among international investors.
I'm sure they have considered it and are still considering it.
This forcefully conversion of all dorm account to Naira is likely to happen any day the International lenders stops lending money to Nigeria.
So everyone keep your eyes and ears to the ground because mehn, area is getting rough.

Like father, like son.....they don't have brain

Cóne headed fool thinking from the anus!!

Comedian2019:

No country uses only its own currency.

You’re not a sovereign country if you use other ppl’s currency.

Comedian2019:

No country uses only its own currency.

Everybody in Nigeria is rushing to convert every kobo he has to dollars. This is madness! And only a mad government will tolerate that.

ibo

Wonderful..
So the exchange rate is solely determined by CBN?
Secondly,
Will CBN refund the account owner their marginal losses? Someone bought Dollars at #570/$ and you'll convert it to #411 because you are CBN?
Do you know that most times banks won't sell you dollars but refer you to someone that sells at the black market rate?
I suggest they mandate that only banks sell dollars at their #411..Let's see if folks will go and buy at a higher price.

But why can't we buy dollars like recharge PIN sef?

Finally, I believe people are buying dollars because of international transactions not because anyone wants to destroy Naira.
Let them fix what should be fixed first.I mean things that Naira can buy before talking about Dom account. The way they are going, people go soon dey buy yam with dollars

BCISLTD:
After reading like a 100 comments I now that nigeria is doomed....very stupid people...not stopping to think.

The young suggestion is very brilliant.

Suspend all Dom accounts. Convert all their account balance value to naira using CBN rate. And inflows in dollars will be converted to naira using CBN rate...and if ur transferring outside the bank with just Convert and send.

As soon as CBN announces it...they will be a mad rush to sell.....and the price will come down....

This will give CBN full control of the naira

lalasticlala:
A House of Representatives member, Ibrahim Obanikoro, representing Eti-Osa Federal Constituency, Lagos State, has called on the Central Bank of Nigeria (CBN) to close all domiciliary accounts for the next 12 months.

Ibrahim B Obanikoro wrote:

"I am not the CBN Governor but at this moment, I'm of the opinion that CBN should mandate that all dorm accounts be closed for the next 12 months. Let's see the effect on the Naira. After all you can't go to any of the Western world and open a foreign currency account. Your opinion."


Nonsense suggestion!

am in Dubai whats the woman's name

owagbeba:


Brother, the guy sabi book for school?
How him go come up with this most utter nonsense for a policy?

Our current banking requires that you have a dormicilliary account for foreign inward/outward remittance.

If them send you money from abroad, e go enter dormicilliary account.

If you wan send money abroad, you must put the foreign currency for dormicilliary account then fill form fir where the money dey go.

Sabi wetin? E no sabi shi-shi... The fool just dey yan nonsense as usual. You need to go watch the Eti-osa House of Rep debate they had when he contested with Banky W and co. That's when you'll know Nigerians are their own biggest problems NOT the government.

Afonja are sell out... we knw them right from the beginning.. coward

wink2015:
IS HE RELATED TO MR MUSILIU BABATUNDE OBANIKORO that served under the goodluck jonathan government?

The blockhead is the son of the failure called Musiliu Obanikoro.

EndBuhariNow:
Afonja are sell out... we knw them right from the beginning.. coward

Just like how Ojukwu sold out your fathers, got them killed and came back to collect money from the FG.

Nomorelove:
A professional article writer is needed. Send your application to gistriteng@gmail.com

The email address is either not correct or doesn't exist.

This is a classic example of the blind leading the blind. He knows nothing about economics.

As long as Buhari is allowed to steer exchange rates, the economy remains doomed and drastic falls in the Naira should be expected.

Trumann:


Just like how Ojukwu sold out your fathers, got them killed and came back to collect money from the FG.

nah Awolowo betrayed Ndi igbo... FFK has betrayed you as well...its in blood

derecho:
Wonderful..
So the exchange rate is solely determined by CBN?
Secondly,
Will CBN refund the account owner their marginal losses? Someone bought Dollars at #570/$ and you'll convert it to #411 because you are CBN?
Do you know that most times banks won't sell you dollars but refer you to someone that sells at the black market rate?
I suggest they mandate that only banks sell dollars at their #411..Let's see if folks will go and buy at a higher price.

But why can't we buy dollars like recharge PIN sef?

Finally, I believe people are buying dollars because of international transactions not because anyone wants to destroy Naira.
Let them fix what should be fixed first.I mean things that Naira can buy before talking about Dom account. The way they are going, people go soon dey buy yam with dollars

Do you know CBN would buy the dollar in your dorm account at N380/USD?

DoggoneDogg:
On what mandate was this unintelligent Oluwole economist elected??
Recall that his lifeless mannequin bullion van leader also suggested printing more naira notes to solve inflation.

Na the famed brains & sophistication wey Afonja people dey always use make mouth be dis?? Na wa

We all know Emefiele is from Osun state. His mother is from Ilesha and father ikare-Oyo senatorial district of Ogun.

Only Yoruba's can perform as good as Emefiele. If he wasn't Yoruba, I'm sure you'd have preferred that. Look at how strong he has made the Naira.

Tribalism and the stupid state of the Naira-I wonder which is more senseless? I really do

derecho:
Wonderful..
So the exchange rate is solely determined by CBN?
Secondly,
Will CBN refund the account owner their marginal losses? Someone bought Dollars at #570/$ and you'll convert it to #411 because you are CBN?
Do you know that most times banks won't sell you dollars but refer you to someone that sells at the black market rate?
I suggest they mandate that only banks sell dollars at their #411..Let's see if folks will go and buy at a higher price.

But why can't we buy dollars like recharge PIN sef?

Finally, I believe people are buying dollars because of international transactions not because anyone wants to destroy Naira.
Let them fix what should be fixed first.I mean things that Naira can buy before talking about Dom account. The way they are going, people go soon dey buy yam with dollars

People buy dollars at black market rate because they have a place/ account to pay it into.

CBN should Place a no deposit on all accounts for a period and all people go withdraw or transfer to use or sell off their balance...then ban Dom accounts.

The the arbitrage stops...

It doesn't affect the common man only the rich that have benefited for the corrupt system.

tijaniolas:
The email address is either not correct or doesn't exist.

Try it now

So all who buy dollars deposit to dorm account? I'm sure you know not everyone does.
My point is the high rate is caused by the banks and the CBN can't claim ignorance. They know what to do to erring banks.
If the exchange rate by CBN is X-amount what stops them to ensure you buy from your bank at the stipulated amount. Why should the bank refer me to someone else? These things are not hidden.
Dorm account has little or nothing to do with dollar exchange rate.
CBN should abolish the roadside BDCs and allow only banks to issue and exchange dollars.

BCISLTD:



People buy dollars at black market rate because they have a place/ account to pay it into.

CBN should Place a no deposit on all accounts for a period and all people go withdraw or transfer to use or sell off their balance...then ban Dom accounts.

The the arbitrage stops...

It doesn't affect the common man only the rich that have benefited for the corrupt system.

This man seem to make sense here. My boss in the shipping sector doesn't save money in his naira account. All his fund is in his dollar account and only sends money to naira account when we have immediate needs

ivolt:
How did this idiot become a lawmaker?
If you close Dorm accounts for a year, 1$ will exchange for at least #10,000 because of
excessive black market demands.
Though we will have a lot of millionaires like Zimbabwe

Also, Nigeria economy will be permanently damaged for a long time due to lack of trust.

Can sugar cane grow taller than the owner... Absolutely...

But when the owner is ready to harvest, he starts to cut from the bottom.

Who made IMF and currency, and some economists will come out to say things like...

your exports is lower than your import.
price of crude oil has... etc.

Even, Ghana had this problem, so does most countries with low value currencies but we will never learn from History.

Well, I am just part of the masses, what can I do?

DrBiyums:
The problem with Nigeria is that Nigerians don’t feel any sense of loyalty to Nigeria
If not, why will we be saving money in a foreign currency to the detriment of our currency?
In other countries, you can’t just go and say you’re looking for dollars. To do what?
Eg if you’re in India and you want to do a transaction involving a dollar denominated price, the calculation is done at the point of payment and you’re debited in India’s currency.
How can everyone be saving in dollars and yet complaining that naira is falling!

You don't understand how Nigerian economy works.
We don't produce anything and rely heavily on imports. The people we import from require FX to export to us, so we look for where to exchange the NGN we have for USD.
This creates demand for USD, and the higher the demand, the higher the price.
The government and industries and major distributor of products require USD to run their businesses.
Petrol is imported.
Flour for bread is imported.
The machinery used for making garri is imported.
The supplies for construction is imported.

Its not the everyday common man that is looking for dollars. It is all of these people.
They aren't saving the FX. They are using it to run their day to day operations.

India you referred to doesn't spend rupees in the international circle. They use USD.

So the guy who stated this conversation berating Nigerians to stop saving in USD is deceiving the public.