Acidosis:



Have you considered the potential disruptions to international trade/economic growth, or are you simply carried away by the potential significance of just another trial-and-error CBN policy?

You should not be too confident in a country or institution that has consistently failed in effective policy implementation and enforcement.

The people you lot should be preaching to are the very same people you all go out to vote for every four years. They are the very same people you all defend day and night online.

Those importers are the ones that will be badly affected. And it's good for Nigeria economy

Throwback:


What does economic security have to do with being a welfare state?

How can someone pushing for higher fees and promoting the local over the foreign, be termed as anything negative.

You lots are not ready to revive Nigeria from the pathway of doom.

You criticize the leaders for using foreign cars, but you also insist on the use of those foreign cars.

You have universities here in Nigeria, but even the poorest Nigerian is still aspiring for foreign education.

Nigeria is not rich, and Nigeria should stop undercharging for services and underpaying for labour.

Both the leadership and follwership need to get that into their heads.

You said it all, and I can bet with you this is not going to affect the arms of government.

Use Taptap Send

It gives you a great exchange rate.

Good news! The reform has started, no more business as usual.

Accept Naira or forget it!

Hohaiiiode:
this policy won’t stop the inflow of dollar into the economy in all sense of it. It will only deal a big blow to the fix black market .

That's the essence! It isn't about supporting the Naira but stopping speculation.

When speculation is stopped, volatility minimises and the true value of the Naira against the Dollar would be known.

Hohaiiiode:
I no be Tinubu supporter o. But this will kill some sharp practices and eliminate fox black market. We need measures to thighten the noose against certain corrupt practices bro

Are you sure you’re not a BATist? It’s rare to see people reason out of the box because of election loss .
Right now everything is all about hated and bile , when South Africa scored they said it was Shetima that caused that goal that his presence was bad Energy , that Obi watched Nigeria and we won . After Nigeria won they became dumb.
It cost a thing to reason properly in Nigeria at the moment if you dare say this In public you might get attacked.

azpekuliar:
Cheering news for us crypto lovers. More crypto adoption!

Bazooka dey come Una way from the government, I am very sure about this. Binance go first collect wotowoto and other measures go follow.

Elliotwaveforec:

Bazooka dey come Una way from the government, I am very sure about this. Binance go first collect wotowoto and other measures go follow.

Dey play! Keep playing.

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 .

I like your submission, you knew your act is bad , but some Nigerians will never see their negative side as long as it’s paying them off.
Ike I always say , the more good people we’ve in Nigeria the better .

aribisala0:


The best person. That ran the economy was Awolowo
Who took us through a civil war without debt and at the end still hadu twenty pounds to dash our rebellious brothers
His economic legacy Odua investment company is still alive today
The parent company of Wema Bank
The Newspaper he founded. The Tribune is still alive as a going concern and is the oldest surviving newspaper in Nigeria and one of the oldest companies in Nigeria

Tell us which company your people are known for that is older than 50 years

Bigots please allow us read sane comment here, stop spamming the whole place with your bigotry.

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.

You have not checked properly. It has been in news for 3 days. CBN doesn’t want you to patronise BDC with your dollars because it is devaluing the naira.

Give Nigerians steady power supply,stop seaport monopoly,stop international airport duopoly,allow state police and more and watch the Naira regain naturally. The Naira cannot gain value if the system is not working.
We cannot be talking about development without electricity and other aforementioned variables.

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.

Why are you confused?

Acidosis:



The situation is a bit different now since we have a somewhat similar official and black market rate. But if people perceive that their funds will be forcefully converted to Naira at potentially unfavourable rates, then there will be more consequences.

Sometime ago, the same CBN encouraged remittances by paying Nigerians N500 on every foreign transaction in $$. Experimentations are needed since we have failed to address the main issues, lol.

You even get time dey answer people who don't want to learn.

Suffering are lessons for those who don't want to learn.

There are millions of ways to send dollars to folks who can't get it from banks or cbn

Payoneer dey to transfer directly to supplier

Importers are now going direct to people who earn dollars to pay directly to their suppliers.

I don receive more than 10 emails self as them take get my email sef surprise me.

I guess na bank worker sell me out... But then forget say I no be Nigeria again.

Tinubulation go worse all this their makeup them nova ready.

Go after people printing naira in their house and using it to buy dollars.

It's not the poor people it's ther elite and political class.

Make poor people breath.

As for those moniker you can see say sense no dey their turkey na bot them.

Get out now why you can it's about to get ugly like omobaba's face.

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.

Yoruba mentality of destruction and no ability to add value.

saddler:


And the Buhari you supported wasted tax payers money in British pounds accessing medical tourism in London.


The Tinubu you are currently defending is also spending scarce forex to recharge himself in France.


Are there no hospitals in Nigeria? What about the ones they budget and spend billions on every year?

Zombieism is a disease

Don't you get it ,in their head it's the people that should carry all the burden while the God's they worship (rulers) are only fit for the enjoyment, if anything goes wrong even though caused by rulers,they still blame it on the people because of their slave mentality

weslay:

do you think the payment for Aisha Tinubu's recent birthday party on the island of Greneda was paid in Naira?

Who's aisha tinubu? Can you prove a so called aisha tinubu held a party in Granada?

Good decision. Will only work if there is no difference between bank and black market rate...

If not...

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.

My brother I tire ooo.

I have travelled to many countries and I am always surprised when the citizens tell me there is nothing like a special bank account for locals to keep foreign currencies.

You can't even convert your forex cash until you find your way to the few registered currency exchanges and with international passport as ID.

online4business:

You even get time dey answer people who don't want to learn.

Suffering are lessons for those who don't want to learn.

There are millions of ways to send dollars to folks who can't get it from banks or cbn

Payoneer dey to transfer directly to supplier

Importers are now going direct to people who earn dollars to pay directly to their suppliers.

I don receive more than 10 emails self as them take get my email sef surprise me.

I guess na bank worker sell me out... But then forget say I no be Nigeria again.

Tinubulation go worse all this their makeup them nova ready.

Go after people printing naira in their house and using it to buy dollars.

The bolded is the most funny sh!!t have read this year

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.

no good road , no steady power supply, no food but you only be happy seeing the government targeting someone sweat in foreign land.

Acidosis:


In Nigeria, tough times require tough measures ONLY against the common man.

Politicians will always have their way. If I may ask though, why are you against globalisation? The world is a global village now. You can't box people.

With your post I believe you live outside Nigeria, please let's encourage this little step the government is taking.

Because the world is a global village doesn't mean we should kill our currency.

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

😆 🤣 😂

Stop jooor

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.

Why will I send it to an exchanger in the US when I can send it to Naija and get paid at the same rate with the black market?

Use your head to think

weslay:
The payment for Aisha Tinubu's recent birthday party on the island of Greneda was paid in Naira?

Who be Aisha Tinubu again?
All these brain dead ipob dogs sef

azpekuliar:
Cheering news for us crypto lovers. More crypto adoption!

Lol they are coming for you guys last last.

Una dey send hard currency to us before. Hardly you will see these Nigerians living in UK, Canada, USA or any of these developed countries send that country currency to the people living in Nigeria. They prefer to send in naira.

Good development from Federal government, I pray it work positively and achieved it purpose

It's never been more apparent nothing but small boys dey this nairaland.


Having data does not make everyone equal abeg

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

GeneralDae:

Lol they are coming for you guys last last.

Coming to America

But is the government bold enough to pay foreign multinational companies and contractors in Naira?

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.