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Nairaland Forum / Nairaland / General / Politics / Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira (29529 Views)
Isaac Fayose Calls On Tinubu To Seize Dollars In Domiciliary Accounts / Obanikoro To Court: We Airlifted N1.2b For Fayose's Election In 2014 / Ibrahim Obanikoro Domiciliary Account Ban: Why It's Stupid (2) (3) (4)
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Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by Nobody: 6:31pm On Sep 29, 2021 |
fkj950ax:Nigeria is not the only country that depends on imports. We don’t import as much as India. Ordinary Nigerians SAVE money in dollars. That is madness. Trillions of naira that should be in the economy are just sitting in peoples dorm account, worst of all, in foreign currency. The number one thing that drives a currency is confidence. Number two is confidence. Number three is confidence. By increasingly saving in foreign currency, the Naira has entered free fall. If you’re importing anything, you don’t need dollars. At the point of payment, your bank will do the conversion for you and debit you IN NAIRA. That is how sane countries do it. 5 Likes 1 Share |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by otokx(m): 6:39pm On Sep 29, 2021 |
DrBiyums: India is currently the go to guy for vaccine production worldwide, this is in addition to other goods and services they produce and export. In Nigeria we import far more than we export and there lies our problem. In Canada you can comfortably open a USD in addition to your regular account so this your argument is unsustained. 2 Likes |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by nex(m): 6:51pm On Sep 29, 2021 |
Bankole Wellington contested against Ibrahim Obanikoro, but the people chose Obanikoro. Now look at the kind of proposals he's putting forward at the Federal level. 1 Like
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Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by otokx(m): 7:00pm On Sep 29, 2021 |
nex: In Nigeria it's either PDP or APC with a touch of APGA in the east |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by macho44(m): 7:02pm On Sep 29, 2021 |
lalasticlala:This Wan Na slowpoke. Another Desmond Elliott spotted 1 Like |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by CUMIN: 7:46pm On Sep 29, 2021 |
Democracy always ensure the most stuupidd person emerge. 1 Like |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by Sewgon79(m): 8:03pm On Sep 29, 2021 |
Seniorwriter: As you said the idea is stupid. I agree with you, please can you come up with your own idea. The last i check, in America there is nothing like domiciled account. Once you open account, it should be enough for transaction. You only go to bank to get the ROUTING AND SORT CODE for international transaction. But here in Nigeria. We have different account for foreign transaction and local transaction. I think what the guy is trying to say is that CBN should allow people to transact international with Naira account and bank will do the conversion. Instead of going to buy Dollars and put in seperate account and call it DOMICILED ACCOUNT for foreign transaction. 1 Like |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by Sewgon79(m): 8:04pm On Sep 29, 2021 |
nex: As you said the idea is stupid. I agree with you, please can you come up with your own idea. The last i check, in America there is nothing like domiciled account. Once you open account, it should be enough for transaction. You only go to bank to get the ROUTING AND SORT CODE for international transaction. But here in Nigeria. We have different account for foreign transaction and local transaction. I think what the guy is trying to say is that CBN should allow people to transact international with Naira account and bank will do the conversion. Instead of going to buy Dollars and put in seperate account and call it DOMICILED ACCOUNT for foreign transaction 2 Likes |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by xenten: 8:06pm On Sep 29, 2021 |
10 years ago, 1 NGN = 3000CFA. today its 1 NGN = 1.3785542 CFA. Francophone countries do not have to devalue their currencies. They do not have any major export products. Ask me how they have been able to control inflation. You dont go to their country and open dorm accounts without central banks approval. allowing people access to FX indiscriminately, causes inflation because some people might be mopping up these fx to sabotage the economy. there are people storing their wealth in FX. CBN can handle all FX transactions through the banks. this will prevent hoarding. 2 Likes |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by Sewgon79(m): 8:08pm On Sep 29, 2021 |
otokx: To buttress my fellow economist argument. I stand by saying what he said is right and what you are suggesting has no economy backup. The last i check, in America there is nothing like domiciled account. Once you open account, it should be enough for transaction. You only go to bank to get the ROUTING AND SORT CODE for international transaction. But here in Nigeria. We have different account for foreign transaction and local transaction. I think what the guy is trying to say is that CBN should allow people to transact international with Naira account and bank will do the conversion. Instead of going to buy Dollars and put in seperate account and call it DOMICILED ACCOUNT for foreign transaction 4 Likes 1 Share |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by fkj950ax(m): 8:10pm On Sep 29, 2021 |
DrBiyums: The banks are not capable of providing the FX needs of people who require it. That's what started this in the first place. CBN cannot provide enough FX to the banks even if everyone wants to pay in naira and the banks do the conversion as you put it. |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by philiancoop(m): 8:12pm On Sep 29, 2021 |
how is he able to tweet from Abuja |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by Dieuetla: 8:23pm On Sep 29, 2021 |
Mangekyo: Please are they paying for ftc |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by Mangekyo: 8:26pm On Sep 29, 2021 |
Dieuetla:Are you new to Nairaland? |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by Sewgon79(m): 8:56pm On Sep 29, 2021 |
Seniorwriter: Now i understand you now. There is different between being an eloquent writer with good english command and being an economist. I think you are very good in one which is English Writeup but you are not a sound economist. Making Naira scare will cause deflation and too much of money in circulation will cause inflation. I will suggest Nigeria government need to monitor what we import against what we export so as to balance trade. This will strengthen our economy. They can do this by reducing all this unnecessary importation materials like plastics, tooth picks, to mentions but few. Those things that a normal or average Nigeria can produce that is what is being import in Nigeria. And in economy when what you import is greater than what you export. There is bound to be influx of buying dollars and trading it for their importation which is affecting our economy this days. Moreso, Tax duties should be waves to encourage more SME scale business in the country. Also i dont see reason why our banking system needs to have seperate account where people buy dollars and funds the account to trade international in name of DOMICILED ACCOUNT. It is not done in China, not done in Europe and not done in USA and UK so why should it be apply here in Nigeria. If you want to transact, informed banks and let bank do the conversion and tells you how much you will pay in Naira. Shikena |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by Nobody: 8:58pm On Sep 29, 2021 |
DrBiyums:Time will reach if we continue with these useless dorm accounts, you’ll enter a shop in Nigeria and they’ll boldly tell you to your face that they’re not accepting naira 1 Like |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by Nobody: 9:08pm On Sep 29, 2021 |
Sewgon79:Exactly. Dorm accounts is what is killing the naira. Crude oil price is rising yet naira is falling, and we can’t do the maths. It is madness to be saving in a foreign currency and expecting your currency to appreciate. Nobody is stopping you from buying foreign items even if you want to buy the whole world. At the point of purchase, your bank does the conversion and payment and debits you in naira. You don’t have any business with dollars. 2 Likes |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by Nobody: 9:10pm On Sep 29, 2021 |
Sewgon79:You have sense dear 1 Like |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by Nobody: 9:24pm On Sep 29, 2021 |
fkj950ax:Bro listen. Banks don’t have enough- so where’re the BDCs getting it from? Is it not from the same CBN? In the world of economics, nothing is ever enough; that is why you have PRICE ACTION. If the banks don’t have enough, the price will increase proportionately; when they have enough, the price will come down. That’s the law of the open market. But because of these devilish dorm accounts, the downward part of the PRICE ACTION never happens in Nigeria! When the dollar is enough, dorm accounts absorb the excess thus keeping the price high. Read Basic Economics by Thomas Sowell. NOTHING. NOTHING. NOTHING. can justify citizens keeping their money in foreign currency. That is the equivalent of a currency coup d’etat. 1 Like |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by Gfskw: 9:49pm On Sep 29, 2021 |
Useless thing |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by otokx(m): 10:39pm On Sep 29, 2021 |
Sewgon79: He made a categorical statement saying no where in the world and I provided an example in Canada which allows opening of accounts both in CAN and USD The thing is we are shying away from the production angle, your suggestion was the norm until the regulatory authorities applied the sledge hammer again in a bid to curtail irresponsible consumption. The solution to the dollar scarcity requires a robust well thought out approach not a military fiat as in the case of abokifx. |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by otokx(m): 10:42pm On Sep 29, 2021 |
DrBiyums: Crude oil price is rising, Nigeria crude production is reducing meaning loss of revenue, how can one make up for the shortfall, simple devalue the naira to dollar and watch your revenue in naira increase but then your citizens suffer because their salaries can no longer pay for the imported gas, petrol, flour, drugs, which are still dolarized. |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by otokx(m): 10:48pm On Sep 29, 2021 |
The solution to remove demand in dollar maybe to explore the Chinese angle, some of our imports are from China and we change Naira to Dollar then to Yuan, is it possible to have a Naira straight to Yuan? Again, really what percentage of our total trade goes to China. One NWA baby is selling iPhone 13 and people are buying, more demand for dollars and these are more like luxury goods so these are areas government supposed to look into but alas it's even the government via politicians that are big gods to the nwa babies. |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by otokx(m): 10:51pm On Sep 29, 2021 |
One other nwa said she is now selling Turkey furniture in addition to them Turkey gowns, more demand for dollars, nobody is talking of producing in Nigeria. With the way things are going we will soon start importing water, grass and air. 1 Like 1 Share |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by NOETHNICITY(m): 11:10pm On Sep 29, 2021 |
This dude is sooooooo idiotic |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by shegun4sur: 2:34am On Sep 30, 2021 |
Omooba77: Hmmm well said |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by cardoctor(m): 2:38am On Sep 30, 2021 |
This man get sense ehnn |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by GiantParrot(m): 3:46am On Sep 30, 2021 |
Sewgon79: Why are you lying to support your point? I've spent some time in the UK and people are allowed to open USD and Euro accounts. I've spent time in the Netherlands and individuals are allowed to open USD accounts. Individuals in Canada can also open USD accounts. |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by davidadenrele: 4:32am On Sep 30, 2021 |
DoggoneDogg: Must you, tribalized everything, abeg this fool opinion is not about tribe but he's fools opinion. |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by studentofTruth: 5:33am On Sep 30, 2021 |
BCISLTD: Stupid advice to say the least. If CBN tries it, many who live in Nigeria but have businesses that earn in foreign currencies would stop allowing their foreign currencies to enter the Nigerian economy. They can save their money in foreign banks or fintechs like PayPal, Payoneer, etc., and only bring in what they need for their upkeep. Foreign banks and fintechs can use the money for business, while our banks can't smell it. Who's losing? 1 Like |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by BCISLTD: 7:18am On Sep 30, 2021 |
studentofTruth: You are talking about a small percentage..a small fraction...we are talking about the Nigeria economy And for people earning in dollars....u think they will mind ... plus th e inconvenience. ...think about it...and where ever u keep ur money as long as its coming into the Nigerian space....CBN rate |
Re: Ibrahim Obanikoro To CBN: Close Domiciliary Accounts For 12 Months To Save Naira by chiedozie198100: 7:57am On Sep 30, 2021 |
Does the CBN not know they caused this when they stopped giving forex to bureau de change? 1 Like |
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