Does it mean one can now withdraw naira equivalent from a domiciliary account in Nigeria?

I hope it works.

It will work if the bank and black market rate is almost the same

With this new policy dollar will soar higher , expect dollar to soar to 2500 naira( Black market rate) , note these piece and check back if am correct or wrong by December 30th 2024.

Reason(s):
Nigerians really heavily on dollars (fx) which are not available at the bank only the aboki come to thier aid, now it will be very difficult for Abokis to get dollars, the Abokis will pay any amount to get it ,And will probably buy at a high price and selling at higher price than they get it 😁 , they must make profit na.


Note:
This measure put in place may seems to have correctional effect theoretically but practically not the solution.
Because the system is internally damaged,

For solution, I have some ideas .

This is a good move
Next should be allowing naira to dollar transactions and getting international payments to be done in naira equivalents online

Beautifulday:


You are not getting anywhere. You will see as it will back fire. People will stop sending dollar home. They will do the exchange from there.

So how will the send money back home? Lol. Ignoramus.

They already lead with gunning for unification of the exchange rates. That's the master key - and it's close to being completely forged.

What's rate of usdt, black market, and bank rate? Find answer to that first before posting gibberish. Lol

BreconHills:


BDC will die. Their activities will be limited to airport and shopping malls as obtains abroad.

There's a right and wrong way to go about everything. The right way to kill BDCs is to truly unify rates. This new policy won't make a dent of BDCs. Bookmark this.

Kukutenla:
This is a good move
Next should be allowing naira to dollar transactions and getting international payments to be done in naira equivalents online

You are right!

Wonderful


Let's start from there

mycar:
How then will BDC can get in flow?

By embracing farming

mycar:
How then will BDC can get in flow?

they are the target obviously

Paraman:
This is a stupid policy

I'm surprised you're saying this
So you're among those hoarding dollars
It's a good move
What needs to be done now is to get those international payments to be done in naira equivalent of their dollar value
It will reduce pressure on naira massively and increase its international demand

BreconHills:


Which rubbish rate?

They sometimes have better rates than street. The spread or arbitrage between both rates is very small. They knew what they are doing when they allowed NGN to fall.

Are the rates unified now? That's the only way this works.

jmoore:
Can't the government be sued for this?
Person send dollar, you are forcefully converting it to naira at your own rate, not the rate of the receiver.

Legal robbery!

The clueless people that brought this idea will end up pushing many people to other platforms that can't be captured officially.

Government may bring down those platforms.

Hopium:


So how will the send money back home? Lol. Ignoramus.

They already lead with gunning for unifying the exchange rates. That's the master key - and it's close to being completely forged.

What's rate of usdt, black market, and bank rate? Find answer to that first before posting gibberish. Lol

E b like you never receive money from Abroad before. Peer to peer will lead the highest transaction in coming months.

Mark this post.

No follow insult the government when it happens.

They should seek inflow from wherever.

mycar:
How then will BDC can get in flow?

AntiChristian:
I see many abusing the government without just one solution to the imbroglio we find ourselves in.

There's actually no solution that we Nigerians won't find a way to bridge!

Nigeria go better!
May Allah guide our leaders and us the led!

Well, people are angry because dollar remittances are often times the only way some people can earn extra money and survive, and even grow their earnings. Denying them the right to earn in dollars (while the elite continue to do so with impunity) is enough to annoy a lot of people

Plus what government is doing does not fix the problem of Nigeria not earning enough, which is the real koko.

Ignore the fools. Empty barrels always makes the loudest noise

Nbote:


See how you are contradicting yourself. First you started by throwing shades at "flat in headdies" by claiming they'll have something to say but then went further to have something to say. Banks do not give dollars, the CBN does and you get by applying through a bank. Now the CBN has asked them to sell off the ones in their custody and now asking them to pay naira for dollars sent. Isn't that accumulating the same dollars they are forcing the banks to dispose off?

JuanDeDios:

There's a right and wrong way to go about everything. The right way to kill BDCs is to truly unify rates. This new policy won't make a dent of BDCs. Bookmark this.

Lol. What are you saying? When most of them are already closing shops. Lmaoo

Bdc won't be killed but the CBN will limit their influence on the exchange rate. FYI, they are now required to have $1m as capital. Fintechs are going to take big market shares from them.

JuanDeDios:

There's a right and wrong way to go about everything. The right way to kill BDCs is to truly unify rates. This new policy won't make a dent of BDCs. Bookmark this.

The unification tinubu did last year, didn't you people bastardised it with further devaluation of the naira so as to continue your wicked profit making without sweat?

You are not informed at all, how does this stop dollar inflow; receive dollar pay in naira, sell the dollar in NAFEM.

Namaster:
Tinubu and Cardoso have made another HUGE mistake.

Fools are tightening the noise around banks receiving Forex inflow when there are LITERALLY tons of other ways to receive your money.

No one will use banks to receive money with their nonsense exchange rates when there are better options out there.

Cardoso is a prime example of an extremely inspired idiot.

Imagine creating more hurdles for receiving Forex when the country is already groaning about NOT receiving any Forex in the first place.

That's like pouring MORE water on a drowning man.

Tinubu has no idea what to do with Nigeria. He's too proud and too nepotistic to get people who can help him out of the mess he's created.

Better, I was discussing this with someone few days ago. I also mentioned it in one of my posts on here.

The banks should do the same by selling dollars to common customers in the banking hall.

We don't have to be clueless.

occfx:


Government against her citizens... Crypto dey na. Tinubu no go chop my 1 kobo

Dey play! You think the government doesn't have power over cryptos? All the crypto exchanges will soon be banned and you won't be able to access them online.

All the Abokis offline will soon be sent to jail for holding dollars in a country that has her own currency.

We're moving! We can't have two currencies in one country.

Naira is our currency and must be spent by all.

Beautifulday:


You are not getting anywhere. You will see as it will back fire. People will stop sending dollar home. They will do the exchange from there.

Exchange from there means whey will buy more Naira from there. Means more demand for the Naira.
Hope you know what this means?

Namaster:
Tinubu and Cardoso have made another HUGE mistake.

Fools are tightening the noise around banks receiving Forex inflow when there are LITERALLY tons of other ways to receive your money.

No one will use banks to receive money with their nonsense exchange rates when there are better options out there.

Cardoso is a prime example of an extremely inspired idiot.

Imagine creating more hurdles for receiving Forex when the country is already groaning about NOT receiving any Forex in the first place.

That's like pouring MORE water on a drowning man.

Tinubu has no idea what to do with Nigeria. He's too proud and too nepotistic to get people who can help him out of the mess he's created.

Ogbeni shut up. Government could force those platform exchanging higher rate to register under it's regulations or get delisted from our country. When you send Naira to the US , do you get Naira there or USD? Mumu talk here and there.

Chaiii this patch patch CBN gov don kukuma break the table!!!!

As a knock out blow to aboki BDC...... Expect another round of spiralling FX rate!

This Lagos wiz kids no understand simple economics!

The more you remove options for FX, the more everyone flock to the only source and guess what? Laws of Demand & Supply kicks in!

Even unschooled aboki knows this more than oga patch patch!

OlujobaSamuel:
Better, we are getting there

That is not how to get there. It will worsen things

Coldspice:


Exchange from there means whey will buy more Naira from there. Means more demand for the Naira.
Hope you know what this means?

Don't mind them. Government can even bring down those platforms.

tolue42:


Government may bring down those platforms.

You can’t bring down crypto

I’ll be receiving my money in usdt which is equal to 1,600 naira per usdt crypto

Dey play


I’ll just show my benefactor how to download binance wallet, load it in his country easily and send me my money.

What do you know? Just posting rub. bish

maxtop:
I swear down, this Tinubu boys are all dunderheads, they just woke up at the wrong side of the bed and spitting rubbish with confidence. We shall see sha !!!

They will force the unification to saty

SirBunky85:
I wish any of your generation could be bold enough to contest for your state's gubernatorial elections

Hey Goblin,

Need I remind you that this is faceless forum?

Well, nevermind I am sure the rumor in your brain will not allow you decipher the simple meaning embedded in that statement!

Kindly stay off my mention please, this is me being polite!

Thanks