femicyrus:

Not everyone needs dollar for legit transactions. Some just want to hoard and resell.
Access should be limited to people truly in need of dollars for payment of school fee & importation. Others should settle for Naira. End of story

What about for health.
Well one thing you should know is that the government has failed to satisfy or meet the demands for dollar for payment of school fees, importation, health....

People has to go to aboki to get this fund.

When I wanted to travel for education. I opend the form A.
Till today the form A has not been honoured. I just left the naira there with them when ever they wish to send the money let them do.

Had to go to aboki to get dollar to meet my educational needs.


What happens to all the dollars they get from crude oil?
What happens to all the dollar they get from borrowing.? . Cos they give them this money in dollars.

Until corruption goes away then nothing can work.

Foolish banks

Namaster:
Tinubu and Cardoso have made another HUGE mistake.

Fools are tightening the noose 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.

Good morning brother
I would like to engage you in a constructive conversation about the forex issue and why you think the new policy would fail. Send me a direct message (dm )

Inspirer1:
End of Domiciliary Account.
End of Black market.

IMTO. Doesn't affect domiciliary accounts

ifinger:


No sir u can only withdraw naira from a domiciliary account when someone pays u the naira equivalent while u give the dollar

Lol...

You probably don't use a dom account..

Go to any top banks and ask to withdraw your dollars.. they will give it to you in cash unless they don't have any in-stock..

It is only when you provide a naira account to someone and foreign currency was sent to it then the bank will make a conversation and pay you in naira

SenecaTheYonger:


Dollar will lose value against the Naira? I don’t even need to debate you since you said something like this.

Even if you’re a blind BAT follower, the most you can pray for is for stability if the exchange rate for at least a year, to allow the economy recover. Because people will definitely get used to this rate only if it remains stable.

I will save the link to this your reply and quote you once dollar is at 2k

That's my hope and prayer na with these policies

Please o, don't wish it gets to 2k, you and I know the implications of it getting to 2k on millions of people.

I am just being optimistic and hopeful things will get better for vast majority and not just a few Nigerians

nairalanda1:


The problem is, we have limited dollars because we are not earning enough in dollars.

Twelve years ago, when the oil price was above 120 dollars a barrel, weren't the same corrupt politicans buying up our dollars and sending abroad? Yes, but it did not bother people much because at the end, we were earning a lot of dollars for anyone to bother about remittances.

Not now, when oil price crashes betweeen 2014-21 , and the resulting debt have eaten a lot of our earnings that the government is targetting remittances.

The problem has and always has been 1) Nigeria not running a diversified economy 2) Polices like subsidies on power and petrol discouraging investment in such sectors. Result, we don't earn enough, we go into debt, the debt eats our earnings...wahala results.

PLus the hoarding of dollars is also done by 'ordinary nigerians' too, worsening the issue.

BY all means, government should target corrupt politicans earnings and their investing abroad. But at the end of the day, it still does not solve the underlying problem. Nigeria is not earning enough. NIgeria is not earning enough. And that is how our government is failing us.

All this defence of corrupt politicians for a meal o' corn 🌽 🙄

Let us put your putrid defence to a test.
Assuming that 12 years ago as you claim, govt was making $60bn per year as dollar revenue and just 5% was being lost to our looting politicians.
That will be $3bn every year and that will be $36bn by now!!

So just imagine if we $36bn right now. Will we be seeing our naira falling like old woman's bosoms? Nay I think not.

PotatoSalad:

IMTO. Doesn't affect domiciliary accounts

I didn't say they do.

Somehow, essence of domiciliary account by our conventional banks is defeated by this move, trying to discourage holding on to foreign currency.

004gist:


If someon sent you dollar from Europe where does it go to? End up in cbn vaults?

It gets converted into Naira. The interbank settlement is done between our bank and the sender financial institution in Europe. Whoever is owing who knows and the difference is settled through our central banks. All commercial banks in Nigeria have foreign currency accounts with CBN.
The comprehension is beyond what all this SS3, ND, and quarter-baked graduates are commenting here.
Those manning our policies and experienced and wiser than most of people’s papas here.

An unemployed graduate that argues at newspaper stand every morning and goes to bet Naija shop in the evening os faulting CBN policies.
There could me more than 20 ways to solving one problem because every economic or financial problem has its own peculiarities according to countries.
If not because the hardship is too much, there are about 4 or 5 things that could be done by CBN at a time that would, significantly, correct this Naira/Dollar anomalies.
More so, APC wants to win second term in office. So they have got to thread carefully.

When our CBN tries one and the negative they envisage is much than expected, they try another antidote. There is no economy that doesn’t try policies.

Virgo3:
so whose faults is it ? Why are is Nigeria import driven economy ? This country got nothing working right from the military era and I'm impressed you know what you typed, so how is it Tinubu's fault

The problem was there when he was campaigning and when he was asked how will he solve them, he replied " NA STATICSTICS WE GO CHOP" today statistics is chopping Nigerians.

When his att3ntion was called that Buhari was doing an irreparable dame to the economy he supported Buhari twice and promised to continue from where Buhari stopped.

The talk about hoarding to resell is not a crime. The same thing is applicable to land buying. It's the individual who is taking the risk, while hoarding (which is actually saving) if the rate drops who suffers? Is it not him and if it goes up why term then hoarders?

Julius1995:
You are very silly, where are you getting to. It is always you 'never do well people'. How is this a news any hardworking individual thay value his/her own future should celebrate. Your slave masters are destroying your future and those of your generation unborn, you are saying Better. Shame on you.

shut up and point out the flaw in this policy, is naira spent in the US? Its always the semi illiterate that knows nothing that cries the loudest

SenecaTheYonger:


Dadigi my Niggi

lol who

Inspirer1:

I didn't say they do.

Somehow, essence of domiciliary account by our conventional banks is defeated by this move, trying to discourage holding on to foreign currency.

There are other ways to hold foreign currencies. USDT, PayPal, Payoneer, etc.
I'm currently on the verge of moving all my dom funds to USDT. And use only Palmpay for transactions in th country.

All these reforms won't do much.
The government knows what to do but won't do it due to corruption.
Corruption, heavy dependency on imports, insecurity, lack of accountability. They should fix these first before throwing reforms everyday, waiting for miracle to happen.

004gist:


The same politicians will go to the banks and buy the dollars.

How many Nigerians can get access to dollar from the bank. They will frustrate the person with only option to aboki.
If the government can service everyone that comes to the bank then no need to buy from aboki

Exactly... those useless banks. I kept on depositing in my account and they were accepting payments. Only to withdraw this morning and i was told there's a restriction on my account to withdraw

They are really making a huge mistake, thinking they are solving the issue at hand.

What they are unintentionally doing is creating artificial scarcity for dollars within the country which will boomerang in no distant time.
Because, dollars in cash will not be available to those who needs it for their business and other activities. People must need dollars and other foreign currencies in cash for their business and travels.

Nigeria being practically impatient in nature may not be able to wait and follow the long process of obtaining BTA or PTA for their travels and even when they do, it is usually hardly enough for the purpose it intended for, so they normally resort to black market dealers. Of cause they need to make that journey,or do that business which require dollars in cash.

Now, here is the twist; CBN has prevented banks from giving out cash in foreign currencies, our bureau de change will lack cash to give out and people will definitely keep demanding for cash, so those who hoard dollars will start bringing them out to sell at exorbitant prices, so don't be surprised when you hear that dollar hits 2,000 naira or more for one dollar.( Just like when Nigeria had cash crunch then). When this starts happening, some bank managers looking to profit from this, will start giving out dollars to these black market dealers through the back door, at high prices thereby further gradually depleting the dollar within the bank(we all saw this happen in during the cashless policy period) that was intended to use to cushion the effect, and also keeping more cash in circulation for longer than expected. We know Nigerians corrupt nature, once people start benefiting from that they don't care who suffers, they keep doing it, and you will come to find out that someone in government is involved making it difficult to police.

What this government need, is competent hands. If they will let go of their ego and nepotism in appointment, it will go a long way. Look for someone like Ngozi Okonjo, or people that really understands how this economy works It will go a long way. Even if it takes inviting opposition to a round table and discuss how to move this our country foreword it will go a long way in salvaging the situation. Ngozi was used by Obasanjo and when Jonathan saw that she's an asset, He invited her over and she helped the economy during His tenure. This woman is non partisan and is always willing to help when called upon. There are others like her if only Tinubu is willing to spread His tentacles beyond party lines. The part has failed and continue to fail. He should work outside the party sphare and get results.

Namaster:
Tinubu and Cardoso have made another HUGE mistake.

Fools are tightening the noose 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.

So it is now the masses that this Government want to use to boost dollar.

That is how inept and lazy they are.

Instead of boosting capacity to generate dollars, it is the diaspora that this Government want to use to generate Forex.

004gist:


What about for health.
Well one thing you should know is that the government has failed to satisfy or meet the demands for dollar for payment of school fees, importation, health....

People has to go to aboki to get this fund.

When I wanted to travel for education. I opend the form A.
Till today the form A has not been honoured. I just left the naira there with them when ever they wish to send the money let them do.

Had to go to aboki to get dollar to meet my educational needs.


What happens to all the dollars they get from crude oil?
What happens to all the dollar they get from borrowing.? . Cos they give them this money in dollars.

Until corruption goes away then nothing can work.

The bank has collected the money on your behalf and sold it to Aboki, just that you were not debited.
I have friends who didn’t utilize their USD 4k threshold when applying for forex in banks. It was in their presence that banks were filling up the balance and taking Naira from people’s deposit to pay into my friends’ account.
They paid my friends a few dollars they requested for and pocketed the excess bought with depositors’ Naira. A lot bankers on this forum know what I mean. The truthful ones can buttress my point.

The new policy will affect our commercial banks too. They are accomplices too. Not only the Abokis.

SenecaTheYonger:


Thirty billion is not a lot of money. Someone stole $sixty billion at once, just one person and you’re here telling me two hundred million Nigerians only have thirty billion dollars in their dom account. You are not mentally sound at all.

Who is this attack dog?
$30bn is not a lot of money? The entire budget for Nigeria in 2024 is $34bn.
Who told you the $30bn idle fund belongs to 200 million Nigerians?
Go and find out the percentage of dom accounts in Nigeria to the entire population.

PotatoSalad:

There are other ways to hold foreign currencies. USDT, PayPal, Payoneer, etc.
I'm currently on the verge of moving all my dom funds to USDT. And use only Palmpay for transactions in th country.

All these reforms won't do much.
The government knows what to do but won't do it due to corruption.
Corruption, heavy dependency on imports, insecurity, lack of accountability. They should fix these first before throwing reforms everyday, waiting for miracle to happen.

The bold confirms what I said in my first post you quoted.

Well, I agree with you, the challenges are actually numerous but you know they'll always start from what they feel won't affect them that much.
I only hope they can work on all the things you listed. Let them just fix the country.

GeneralZodd:
Black market cabals will fight back, Tinubu wan close Northerner business just like that

Good he closes their business. They are drawing us back. Abokis know nothing about good governance. All they know is gashi saa hanu (take (money/br-ibe) and sign). I have lived in their midst.

That’s why Tinubu is changing them from key posts and putting southerners there.
Abokis don’t care. They are too laidback with life. So far they are able to eat moderately and bang their women, life continues.

It is we in the south that want mansions, skyscrapers, good neighborhoods, modern shopping malls etc. Abokis don’t care. That’s why they are running our federal ministries like their personal businesses.
You can hardly see a northerner that want to raise money and jakpa. If even they go, over 95% of them come back and live amongst his people on that flies-infested environment.
The only countries they go often are in the MiddleEast and they don’t stay longer.

Realdeals:
It's a good policy to bolster the Naira, IMTO fund is different from inflows to Domiciliary acct. But, the bank that convert my USD to NGN, should be able to provide me with USD if the needs arises, especially for basic online transactions. Maybe it is time to reactivate USD transaction on Naira card.

I agree with you with this

Hopium:


Lol... Those 4 by 4 kiosks at berger don't control enough volume to impact the exchange rate. How much volume dem dey move per day? Those ones are shrimps.

Many of them work for the big BDCs. If you take out the BDCs, they will leave their registered addresses but continue to do business through those street guys. Of course, the big people will know where to meet the BDC ogas at night.

Hopium:


Cardoso is on the right path. It's now left to him to enforce these policies with iron fist. The die is cast. I guess this was part of the issues he discussed with Wale Edun and the EFCC boss. Let wait and see how it plays out. I wish him well.

In Nigeria, the iron fist approach is only carried out on the poor.

Better, we are getting thereBetter, we are getting there...

writeprof:


Which exchange rate would they use to convert the money to Naira? This was not stated in the article, OP.

The exchange rate is determined every seconds or minute by market forces (demand and supply). It may mean the rate that was ruling as at the time the sender sends the money to you that would be used to collect it Nigeria.

This means that the rate a bank used to pay you a few minutes ago may be different from the one that would be used to pay the next customer after you because the rate is not static and banks won’t want to run at a loss.

I see our banks not having a fixed rate for the whole day again because that’s how it’s being done abroad.

Want to use people dollars to strengthen the naira and make it have value.... incompetent set of people in government

Some might not find this news a good one... meanwhile, you can buy/sell coins, swap giftcards and foreign wallets funds for Naira at the best rates only on XPM Exchange. LINK IN SIGNATURE

So for we techies who make payments online (e.g., server hosting bills) using the dollars -- because our payments from clients are received in dollars; how are we supposed to pay the dollar bills

We receive payment in dollars--hoping to use out of it to pay online bills--and then the bank automatically converts to naira, then we reconvert back to dollars to pay the bills. This doesn't make any sense

Can someone tell me if this affects domiciliary accounts? The payments i referenced above are received into my domiciliary account, and I pay my bills through my dom account's dollar mastercard. Does this mean future payments received into my dom account will automatically be converted to naira? These guys should give clarity on their policies

Don't forget that there's a limit to which you can convert naira to dollars for online payment if charged from your naira Mastercard (CBN Policy)--unless I'm not up-to-date with recent changes in this regard.

Dminister:
They are really stupid in government. This again will increase prices of food items because you can’t import without foreign currency and creating more scarcity of dollars will also create scarcity of goods and this will lead to more increase in prices of goods and businesses folding up. In a country where the survival of businesses and the citizens depend on importation. What were they expecting to happen to the country when they had zero plans for the country because they care only about themselves, they forgot they must feed the cow they are milking everyday.

The politicians are the problem of this country. They are always looking for alternative to meet up with their extravagant lifestyles. Since the price of petroleum exportation dropped down the only solution they could think of is taxing the citizens more and using the same taxes for their personal expenses and the running of the government.
They never thought of establishing production companies which will generate revenues, create employment and reduce dependency on importation.

They looted the country for so many years and till today they are still looting the country dry. All the money they looted is enough to create production companies and many other avenues to increase the wealth of the country which in turn would make the naira strong.

You can’t give what you don’t have. We are heading to dangerous years where no one will be safe to live in the country. The hate seeing the citizens prospering and living successfully. Soon all of them destroying the country with their criminal behaviours will face the wrath of the citizens because you can’t tell a hungry man not to cry.

you're an illiterate, genuine importers go to the banks for dollars and they are not denied. Its always the broke assess with poor education that come online to type trash, when you said money to the US or the UK, does the recipient get naira?

koyeni:

Exactly... those useless banks. I kept on depositing in my account and they were accepting payments. Only to withdraw this morning and i was told there's a restriction on my account to withdraw

From your dormicilliary account?
Did they give any option?

004gist:


What about for health.
Well one thing you should know is that the government has failed to satisfy or meet the demands for dollar for payment of school fees, importation, health....

People has to go to aboki to get this fund.

When I wanted to travel for education. I opend the form A.
Till today the form A has not been honoured. I just left the naira there with them when ever they wish to send the money let them do.

Had to go to aboki to get dollar to meet my educational needs.


What happens to all the dollars they get from crude oil?
What happens to all the dollar they get from borrowing.? . Cos they give them this money in dollars.

Until corruption goes away then nothing can work.

Your request was under emefiele not Cardozo