₦airaland Forum

cjrane:
In this day and age when you can contact people in America via WhatsApp, they are bringing back this policy that stopped dollar remittances into Nigeria. They have just opened business again for those who would ask you to give them the dollars in America and then they will transfer the agreed naira equivalent to your loved ones in Nigeria.

Ultimately, Nigeria loses on the dollars her people would have sent into Nigerian banks. The dollars remain abroad while the people in Nigeria who need dollars to fund their accounts abroad are merely asked to pay naira into an account in Nigeria and they will credit your account in China! So the dollars never enter Nigeria.

Throwback:
The next step is to outlaw forex processing for foreign education for a minimum of 10yrs.

Any Nigerian that wants to be educated abroad should look for the money abroad.

We have schools here that can take those huge amounts of Naira we employ to buy forex for UK or American or Canadian education.

We need to jump-start our tertiary education system with better infrastructure, improved quality of education, improved salaries, and improved school fees.

Tough times require tough measures.

Throwback:
Very good!

We don't spend dollars in Nigeria. Collect the naira equivalent and spend.

Why government will tolerate that rubbish is quite puzzling.

Nigeria is about the only foolish country that tolerate that nonsense. No sense of economic security.

Next is to ensure domiciliary accounts only get credited with foreign currencies from international transfer to cater for those who work rotations abroad or those who work remotely, and once the account is credited, any amount beyond a certain threshold should be converted to Naira, while whatever is left should be taxed at a monthly rate that ensures that the money is reduced to half of what was left as a foreign currency in the domiciliary account. That will help discourage any plan to retain forex as a means to store wealth in the domiciliary account

This double blow will ensure that those stockpiling forex cash do not have anywhere to offload it within the Nigerian economy.

All forex trading outside of the banking system should carry life imprisonment for economic treason.

I can vouch that 50% of all the forex trading going on in the past 6months, is not serving any economic purpose besides storing wealth.

Throwback:
Very good!

We don't spend dollars in Nigeria. Collect the naira equivalent and spend.

Why government will tolerate that rubbish is quite puzzling.

Nigeria is about the only foolish country that tolerate that nonsense. No sense of economic security.

Next is to ensure domiciliary accounts only get credited with foreign currencies from international transfer to cater for those who work rotations abroad or those who work remotely, and once the account is credited, any amount beyond a certain threshold should be converted to Naira, while whatever is left should be taxed at a monthly rate that ensures that the money is reduced to half of what was left as a foreign currency in the domiciliary account. That will help discourage any plan to retain forex as a means to store wealth in the domiciliary account

This double blow will ensure that those stockpiling forex cash do not have anywhere to offload it within the Nigerian economy.

All forex trading outside of the banking system should carry life imprisonment for economic treason.

I can vouch that 50% of all the forex trading going on in the past 6months, is not serving any economic purpose besides storing wealth.

naijaboy756:
Thread for Tinubu supporters to make some noise and breathe small

Before dawn dem go disappear
😂😂😂😂

Keep up with the work of damaging Nigeria patapata

cjrane:
In this day and age when you can contact people in America via WhatsApp, they are bringing back this policy that stopped dollar remittances into Nigeria. They have just opened business again for those who would ask you to give them the dollars in America and then they will transfer the agreed naira equivalent to your loved ones in Nigeria.

Ultimately, Nigeria loses on the dollars her people would have sent into Nigerian banks. The dollars remain abroad while the people in Nigeria who need dollars to fund their accounts abroad are merely asked to pay naira into an account in Nigeria and they will credit your account in China! So the dollars never enter Nigeria.

cjrane:
Right now the biggest source of dollars into the economy is through overseas remittances from Nigerians abroad. So why introduce a discarded idea that even Lamido Sanusi noted that it reduced forex flow through remittances? If he blocks the steady flow of dollars into the economy through the failed policy, he will only open the gate for other operators who would transfer into your naira account at 1,410 if you transfer into their Bank of America account. Everybody took that option because then the money transfer agencies would pay something like 800 or 900 naira to the dollar and still charge you a transfer fee. But the other transfer people will cost you nothing as you merely transfer through Xelle to their Bank of America account and they credit your naira account immediately! Nobody likes wasting money, so once you need to make the transfer, you call them and make the agreed sum and they will credit your naira account instantly. The only thing is that you will know that the dollars would probably go to India or Pakistan instead of Nigeria.

I just wonder why Tinubu would also want to stifle forex inflow by Nigerians in the diaspora by introducing hurdles to make their loved ones get less money. It simply creates all these alternative ways of transfer that in the end, the dollars never make it to Nigeria again. Anyway, they should continue bulldozing Nigeria and experimenting on discarded ideas that turned out to hurt the economy, until the people will wake up.

Ttalk:
Good for the economy.

A government that is bold enough to remove subsidies should not be afraid of any backslash that may arise from any measure to save the naira.

Let all remittances be converted to the naira equivalent so the government can have enough dollars for people doing genuine business in need of dollars.

All domiciliary accounts with idle dollars should be taxed.

Hohaiiiode:
I just pray the rumors are true. We can’t keep doing things the same way. This will go along way to kill the black fx market. No same country allows that. Unauthorized currency merchants breeding sharp practices therefore enabling corrupt politicians . What the hell is dormicillary account. For few years outside Nigeria and traveling I have never heard of such. I can’t even exchange money without an 🆔 card and a limit set on exchanges.

Raiders:
just because your papa non get money to send you abroad to study doesn’t mean others should not be allowed to school abroad

Throwback:
Very good!

We don't spend dollars in Nigeria. Collect the naira equivalent and spend.

Why government will tolerate that rubbish is quite puzzling.

Nigeria is about the only foolish country that tolerate that nonsense. No sense of economic security.

Next is to ensure domiciliary accounts only get credited with foreign currencies from international transfer to cater for those who work rotations abroad or those who work remotely, and once the account is credited, any amount beyond a certain threshold should be converted to Naira, while whatever is left should be taxed at a monthly rate that ensures that the money is reduced to half of what was left as a foreign currency in the domiciliary account. That will help discourage any plan to retain forex as a means to store wealth in the domiciliary account

This double blow will ensure that those stockpiling forex cash do not have anywhere to offload it within the Nigerian economy.

All forex trading outside of the banking system should carry life imprisonment for economic treason.

I can vouch that 50% of all the forex trading going on in the past 6months, is not serving any economic purpose besides storing wealth.

Raiders:
do you know we have had this policy before and it didn’t help the Naira. The CBN is just clueless. There is also dormicillary account all over the world because US dollar is the international currency for trade. A Chinese supplier will not accept their currency or even our Naira for international trade and they have dormicillary accounts in dollars in china. The solution to help our currency is to reduce demand for dollars by manufacturing our own products and reducing importation to the minimum. We currently import everything and so there will be high demand for dollars which will increase the value of dollars against the naira

Ttalk:
You are missing the point

2Radii:
the one u study abroad wetin u use am do

No be papper u still dey carry upandan, highest u go dey work for three care homes

BitterTruth01:
Lol look at them

This is why you 9-5 job workers should stick to civil service and farming and let capitalists run the economy .

You people from that side are naturally not entrepreneurs . You have no idea how to run a business , how will you run a country ?

Stick to your salary Jobs, you say no
Stick to farming , you say no
Stick to your carpentry and artisanal businesses. , you no gree .

You say you must run the country. Say you dey sophisticated. But you think a country can grow under a socialist system of welfare benefits , and government patronage and control . A palliative economy while free enterprise suffers .

Instead of turning the country into a production. base , na to dey shook eye for other people money. Is that the best you can do ? I dont blame you tho. You cannot give what you don’t have .

But go and do your research, those countries that went the way of Karl Max and Lenin , where dem dey now ?



How can we turn a country like Nigeria to production base very fast to save the Naira. 1 we are import dependent 2 our cost of production is high 3 No comparative advantage for us because of our high cost of production. If this is the solution from your obi messiah then Nigeria would have been worse off by now.

Hohaiiiode:
bro no one need to hold an account in dollar in Nigerian to make payment in dollar for an international trade Or account in yuan in Nigeria to send money to China. Ofcourse there is work to be done to make it more flexible . I make transaction to other countries where I am.

And I don’t hold account in the receiving nations currency. I go to the bank and make the payment and specify the recipient currency and the swift code or interbank code or Abn or whatever it is called. Like I said there is work to be done.

no one should hodling foreign currencies in Nigerian banks . Haba. I am also guilty of this. I have a dorm account and ofcourse I have dollars in it. But there should be a better ways of doing things for the betterment of our nation. If dorm account should work, no one should cash out in dollar or pounds or any other foreign currency. Cash out its equivalence in naira . We can’t be praying for a better nation and doing things the same ways . Next shout be making different tax regimes and more flexible ofcourse according to work job and earnings .

Throwback:
Very good!

We don't spend dollars in Nigeria. Collect the naira equivalent and spend.

Why government will tolerate that rubbish is quite puzzling.

Nigeria is about the only foolish country that tolerate that nonsense. No sense of economic security.

Next is to ensure domiciliary accounts only get credited with foreign currencies from international transfer to cater for those who work rotations abroad or those who work remotely, and once the account is credited, any amount beyond a certain threshold should be converted to Naira, while whatever is left should be taxed at a monthly rate that ensures that the money is reduced to half of what was left as a foreign currency in the domiciliary account. That will help discourage any plan to retain forex as a means to store wealth in the domiciliary account

This double blow will ensure that those stockpiling forex cash do not have anywhere to offload it within the Nigerian economy.

All forex trading outside of the banking system should carry life imprisonment for economic treason.

I can vouch that 50% of all the forex trading going on in the past 6months, is not serving any economic purpose besides storing wealth.

Raiders:
minimum wage in my state of residence California USA is $20 an hour. Some working as CNA in care homes in California gets paid about $25 an hour, 40 hours a week as a full time employee is about 25 X 40 hours: $1000 weekly and that’s about $4000 monthly. Taxes takes about 30 percent of that $4000 so someone works in a home care job makes about $3000 after taxes: That’s about 4.5 million naira monthly which I doubt you make every 4 years in Nigeria at your job

chopnaira:
I got the email too. I remember Buhari and Emefiele had similar policy.

Raiders:
what I am trying is we have had this policy before and it didn’t help the Naira. I remember sending money from US to Nigeria from 2013 to 2020 and all my receivers got paid in Naira. Yet the naira was still losing value so it’s not like it’s a new CBN policy. Some businesses in Nigeria needs dollars for their legitimate businesses, parents needs dollars to pay for their children school fees abroad. We have too much demand for dollars because WE ARE NOT PRODUCING ANYTHING as a nation. It’s simple economics 101. When the demand for a product is high, prices will go up. We need to start producing and reduce importation to help our currency. We can also get more foreign reserves from sales to other countries if we start producing goods

Throwback:
The next step is to outlaw forex processing for foreign education for a minimum of 10yrs.

Any Nigerian that wants to be educated abroad should look for the money abroad.

We have schools here that can take those huge amounts of Naira we employ to buy forex for UK or American or Canadian education.

We need to jump-start our tertiary education system with better infrastructure, improved quality of education, improved salaries, and improved school fees.

Tough times require tough measures.

cjrane:
Right now the biggest source of dollars into the economy is through overseas remittances from Nigerians abroad. So why introduce a discarded idea that even Lamido Sanusi noted that it reduced forex flow through remittances? If he blocks the steady flow of dollars into the economy through the failed policy, he will only open the gate for other operators who would transfer into your naira account at 1,410 if you transfer into their Bank of America account. Everybody took that option because then the money transfer agencies would pay something like 800 or 900 naira to the dollar and still charge you a transfer fee. But the other transfer people will cost you nothing as you merely transfer through Xelle to their Bank of America account and they credit your naira account immediately! Nobody likes wasting money, so once you need to make the transfer, you call them and make the agreed sum and they will credit your naira account instantly. The only thing is that you will know that the dollars would probably go to India or Pakistan instead of Nigeria.

I just wonder why Tinubu would also want to stifle forex inflow by Nigerians in the diaspora by introducing hurdles to make their loved ones get less money. It simply creates all these alternative ways of transfer that in the end, the dollars never make it to Nigeria again. Anyway, they should continue bulldozing Nigeria and experimenting on discarded ideas that turned out to hurt the economy, until the people will wake up.

Hx1x:
Just got this email from WorldRemit.

Seems CBN has quietly re-introduced their policy where people abroad can no longer send foriegn currency directly to folks in Nigeria. Folks in Nigeria now can only receive the naira equivalent of the money sent.

I've checked Western Union and seems to be the same as well. Moneygram still allows dollars to be sent, but can only be picked up. Can't send to a dorm account any more.

I have checked and haven't seen any news on this.

Ttalk:
Good for the economy.

A government that is bold enough to remove subsidies should not be afraid of any backslash that may arise from any measure to save the naira.

Let all remittances be converted to the naira equivalent so the government can have enough dollars for people doing genuine business in need of dollars.

All domiciliary accounts with idle dollars should be taxed.

BitterTruth01:
Lol look at them

This is why you 9-5 job workers should stick to civil service and farming and let capitalists run the economy .

You people from that side are naturally not entrepreneurs . You have no idea how to run a business , how will you run a country ?

Stick to your salary Jobs, you say no
Stick to farming , you say no
Stick to your carpentry and artisanal businesses. , you no gree .

You say you must run the country. Say you dey sophisticated. But you think a country can grow under a socialist system of welfare benefits , and government patronage and control . A palliative economy while free enterprise suffers .

Instead of turning the country into a production. base , na to dey shook eye for other people money. Is that the best you can do ? I dont blame you tho. You cannot give what you don’t have .

But go and do your research, those countries that went the way of Karl Max and Lenin , where dem dey now ?

Ttalk:
Good for the economy.

A government that is bold enough to remove subsidies should not be afraid of any backslash that may arise from any measure to save the naira.

Let all remittances be converted to the naira equivalent so the government can have enough dollars for people doing genuine business in need of dollars.

All domiciliary accounts with idle dollars should be taxed.

cjrane:
In this day and age when you can contact people in America via WhatsApp, they are bringing back this policy that stopped dollar remittances into Nigeria. They have just opened business again for those who would ask you to give them the dollars in America and then they will transfer the agreed naira equivalent to your loved ones in Nigeria.

Ultimately, Nigeria loses on the dollars her people would have sent into Nigerian banks. The dollars remain abroad while the people in Nigeria who need dollars to fund their accounts abroad are merely asked to pay naira into an account in Nigeria and they will credit your account in China! So the dollars never enter Nigeria.

Raiders:
do you know we have had this policy before and it didn’t help the Naira. The CBN is just clueless. There is also dormicillary account all over the world because US dollar is the international currency for trade. A Chinese supplier will not accept their currency or even our Naira for international trade and they have dormicillary accounts in dollars in china. The solution to help our currency is to reduce demand for dollars by manufacturing our own products and reducing importation to the minimum. We currently import everything and so there will be high demand for dollars which will increase the value of dollars against the naira