SmartPolician:
The part that no one can go to the Western countries to open a dorm account is FALSE. I know many Europe-based freelancers (they call themselves digital nomads) who own US dollar accounts in their countries.

Closing dorm accounts is like blocking one of the key channels through which Nigerians bring foreign currency into the country and it is not a good decision. Nigeria needs dollars desperately.

bigtt76:
Clout chasers. It would make sense what the law maker is saying if the CBN prevents local funding of the domiciliary accounts from within Nigeria (by cash or electronically). It should be tied to receiving inflows only. The only exception would be for banks tying outflows approved to the account but not lodge it in.

Allowing it to be funded locally is the reason why many hoard forex. Trust me if they do this, rates would drop drastically.

bigtt76:
This can be managed without allowing the operation of a domiciliary account but by using a bank's internal account tied to your normal naira account.

We have no business withdrawing dollars or pounds to go exchange outside a banking environment. BTA/PTA should only be collected at the airport departure environment after checking is all done.

When CBN introduced the Naira for dollar promo and allowed withdrawal locally in dollars I knew this would happen. The market would never be saturated enough to bring down the rates in Nigeria. We are a different specie and those kind of policies don't work here

Hyphy:
You can make your points without making people look stupid. The man never claimed to be an authority, he only gave his layman’s opinion.
I don’t know how all these egomaniacs get by being so shitty

bigtt76:
Clout chasers. It would make sense what the law maker is saying if the CBN prevents local funding of the domiciliary accounts from within Nigeria (by cash or electronically). It should be tied to receiving inflows only. The only exception would be for banks tying outflows approved to the account but not lodge it in.

Allowing it to be funded locally is the reason why many hoard forex. Trust me if they do this, rates would drop drastically.

signature2012:
Effect of electing and voting an economic illiterate as a Federal Lawmaker.

If you want a good Naira against the Dollar.Work more on your local products so they can be exported abroad.

Emefiele should have been fired by now.Dude is just a financial gambler.After closing accounts of Abokifx and bringing down their website,has there been improvement on the Naira?No.

Looking forward to how the E-Naira he want to launch come Oct 1st have meaningful impact on the economy.

bigtt76:
Clout chasers. It would make sense what the law maker is saying if the CBN prevents local funding of the domiciliary accounts from within Nigeria (by cash or electronically). It should be tied to receiving inflows only. The only exception would be for banks tying outflows approved to the account but not lodge it in.

Allowing it to be funded locally is the reason why many hoard forex. Trust me if they do this, rates would drop drastically.

Maxymilliano:
See how the educated illiterate Federal lawmaker was really taken to the cleaner's

bigtt76:
Clout chasers. It would make sense what the law maker is saying if the CBN prevents local funding of the domiciliary accounts from within Nigeria (by cash or electronically). It should be tied to receiving inflows only. The only exception would be for banks tying outflows approved to the account but not lodge it in.

Allowing it to be funded locally is the reason why many hoard forex. Trust me if they do this, rates would drop drastically.

lalasticlala:
Amara Nwankpa @Nwankpa_A, the Director of Public Policy Initiatives at Yar'adua:s foundation replies Federal Lawmaker, Ibrahim Obanikoro on his call for CBN to close all Domiciliary Accounts in Nigeria. Recall that Ibrahim Obanikoro, a House of Representatives member, had tweeted:

"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."

In a reply to Ibrahim Obanikoro's tweet, Amara Nwankpa wrote:

https://threadreaderapp.com/thread/1443191365496606721.html

See previous thread https://www.nairaland.com/6777763/ibrahim-obanikoro-cbn-close-domiciliary

bigtt76:
Clout chasers. It would make sense what the law maker is saying if the CBN prevents local funding of the domiciliary accounts from within Nigeria (by cash or electronically). It should be tied to receiving inflows only. The only exception would be for banks tying outflows approved to the account but not lodge it in.

Allowing it to be funded locally is the reason why many hoard forex. Trust me if they do this, rates would drop drastically.

bigtt76:
Clout chasers. It would make sense what the law maker is saying if the CBN prevents local funding of the domiciliary accounts from within Nigeria (by cash or electronically). It should be tied to receiving inflows only. The only exception would be for banks tying outflows approved to the account but not lodge it in.

Allowing it to be funded locally is the reason why many hoard forex. Trust me if they do this, rates would drop drastically.

stanelvis:
What he is saying makes sense in a way, only if CBN can ban funding of Dom accounts locally. Anyone who needs forex for any reason can approach the bank and will get it at the official rate.
This will automatically stabilize the naira against dollar.
It doesn't really do the economy any good if someone can withdraw dollar from a bank and then exchange it outside.

bigtt76:
Clout chasers. It would make sense what the law maker is saying if the CBN prevents local funding of the domiciliary accounts from within Nigeria (by cash or electronically). It should be tied to receiving inflows only. The only exception would be for banks tying outflows approved to the account but not lodge it in.

Allowing it to be funded locally is the reason why many hoard forex. Trust me if they do this, rates would drop drastically.

humilitypays:
They need to ban dom account because Nigerian politicians are abusing it by using it to hoard dollar thereby causing scarcity.

bigtt76:
This can be managed without allowing the operation of a domiciliary account but by using a bank's internal account tied to your normal naira account.

We have no business withdrawing dollars or pounds to go exchange outside a banking environment. BTA/PTA should only be collected at the airport departure environment after checking is all done.

When CBN introduced the Naira for dollar promo and allowed withdrawal locally in dollars I knew this would happen. The market would never be saturated enough to bring down the rates in Nigeria. We are a different specie and those kind of policies don't work here

bigtt76:
Clout chasers. It would make sense what the law maker is saying if the CBN prevents local funding of the domiciliary accounts from within Nigeria (by cash or electronically). It should be tied to receiving inflows only. The only exception would be for banks tying outflows approved to the account but not lodge it in.

Allowing it to be funded locally is the reason why many hoard forex. Trust me if they do this, rates would drop drastically.