warrenweste:


Are you saying they won't touch inflow to dorm account?

All inflows is coming in Naira now. No more inflow on foreign exchange.
If you want dollar in your dom account, collect Naira and look Aboki or wherever you can get dollar and pay it back into your dom. Simple.

VanuatuWycombe:

It gets converted into Naira. The interbank settlement is done between our bank and the sender financial institution in Europe. Whoever is owing who who know and the difference is sone 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.

Hope it won't affect remittances.
People won't keep their money with them in foreign 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.

Tell us, just one way you would receive the paper dollar. Not dollar value in your account o. Sebi you are the chief economist. Tell us the bank that would pay you the dollar you have received in your online wallet. We want to learn.

004gist:


Hope it won't affect remittances.
People won't keep their money with them in foreign banks.

Let them keep it.

If it affects remittances, it affects the sender. Na the sender family no go get money to spend or carry on with the project im dey do back home. Make he hol im dollar.

When im dey go Nigeria and im dey carry more than $10,000 or its equivalence, make im declare am at point of entry and fill a form to state how he take get the money.

Didi2d:
Can anyone answer this question for me?

If I send money abroad, will the receiver get the money in naira? Sincere answer please

Na in dollars my brother.

004gist:

Cbn does not transact with commercial banks
Cbn does not have that facility rather the commercial banks.
If someon sent you money, the money goes straight into commercial banks
Cbn does not maintain account with foreign commercial banks all over the world.

Banks get their notes from CBN
No bank prints note, for every FX fund a customer receives, the bank needs to get the fund somewhere for him or her, and the go-to person is the CBN

AntiChristian:


How will this not affect the Elite?

And what do you suggest they do?

See my last sentence. All our problems begin with 'We are not earning enough'.

Kukutenla:

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.

SO, since when is saying we are not earning enough in dollars a defence Of APC.?

It is a criticisim of APC, after all they came to power on the back of 'We would diversify the economy, we would raise tax income' in 2015.

Did they do either of that? NO.

How is saying we are not earning enough a defence of politicans? It is like you are blind or so angry that your anger is blinding you.?


And here you are shouting corn up and down.


APC anyway, is not doing well by not diversifying our economy.

Run along now, cornfused man.


FYI....we should be earining in the hundreds of billions of dollars, not 36 bn dollars. Has APC taken us there? NO.

Our economy is in a mess because the government you foolishly think I am defending is not doing what it should do...which is diversify the economy, and increase our source of income.

If you no get am, sorry.

OlujobaSamuel:

You are right, we need to expand our earnings.
Roads, power and security are some major factors that any serious govt needs to address, but there is also need to address the current crisis at hand.
If this crisis isn't properly managed, the few manufacturing companies we have will collapse due to increase in cost as a result of FX effect on raw materials and machinery

Let them collapse. Na rubbish dem dey manufacture before. We would be force to look inward.
Necessity is the mother of inventions. That’s how Japan rose to become world giant. Go and read Japan’s history.
We don’t want to be a dumping ground country any more.
Ordinary erazer, former giant of Africa cannot manufacture because of importation.

Shantyken:


Na in dollars my brother.

So, why are some people criticising the new cbn policy

Didi2d:


So, why are some people criticising the new cbn policy

Greed

thymetraveler:
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.

Policy experts, answer me na abeg
nairalanda1, Hotice085, 004gist

nairalanda1:


SO, since when is saying we are not earning enough in dollars a defence Of APC.?

It is a criticisim of APC, after all they came to power on the back of 'We would diversify the economy, we would raise tax income' in 2015.

Did they do either of that? NO.

How is saying we are not earning enough a defence of politicans? It is like you are blind or so angry that your anger is blinding you.?


And here you are shouting corn up and down.


APC anyway, is not doing well by not diversifying our economy.

Run along now, cornfused man.


FYI....we should be earining in the hundreds of billions of dollars, not 36 bn dollars. Has APC taken us there? NO.

Our economy is in a mess because the government you foolishly think I am defending is not doing what it should do...which is diversify the economy, and increase our source of income.

If you no get am, sorry.

The economy is diversified

Stop making bogus and stale claims not grounded in reality

You say the problem is not that our politicians steal but that we don't make enough to cover for their stealing and our needs.

What kind of obtuse claim is that? Do you mean in a family, if you're not making enough corn to feed yourselves and you see a thief stealing out of the little you have, you'll overlook the thief since you don't have enough anyway?

Who reasons like that?

I have asked you directly. Give a direct answer instead of postulating a need of $100bn that's not grounded in any tangible fact.

If we have a Conservative sum of $36bn right now which is the Conservative estimate of dollars looted by our politicians since 12 years back as you claim, would we be better off or not? Consider the fact that our total reserves sit at $29bn presently and we have a cumulative backlog of $5bn give or take $2bn.

Stop defending thieves!!

INTEGRITYA1:
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.

Banks should not sell dollars
Banks should not sell dollars, what they should do is to increase the limit on naira card for international trades simple.. Why should banks sell dollars when we don't spend dollar im Nigeria?

Hopium:


Can you imagine the nonsense we do in this country?

It's like sending naira to the USA and the recipient withdrawing Naira from Chase or Wells Fargo. It's absurd. Lol

I never knew the dollars aren't being changed. Few years ago I withdrew money from Upwork via wire transfer to transfer and it was automatically converted. That's how I expect things should work, and how I thought things have always worked

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.

.


Who told you we have limited dollars, do you even know how much dollars we have?

Bro the only thing you said correctly is the hoarding of dollars, we Nigerians are not consuming more than the dollars we have.
Out of $7.2 billions forex CBN was to pay out $2.4 is fake, before now nobody knows the total amount of oil revenue we earn except some NNPCL directors, Cabals and the Presidency our CBN NEVER knew how much dollars we make yearly so how come you talk of limited dollars when you don't know what you make?

The former CBN governor Sanusi use to shout that their were Nigerians in the NNPC and their cabals that are Richer than our yearly budget estimates and do you know that the audit report carried out by Deloitte international on NNPCL found out that just the miscellaneous spending of NNPCL in one year is greater than our 2024 national budget on defense?

There is nothing like dollars shortage in Nigeria, aside oil sales the simplest way of making 💰 is currency trade in Nigeria
What we need right now are citizens willing to block all the leakages in our corrupt system first, when we do this together from dollar remittance from abroad and earnings from our non oil sectors we can then truly know whether we have limited dollars or not but I can confidently tell you that if the likes of Madam Deazani can steal billions of dollars that can satisfy a huge percentage of our need I bet you we only need to block the leakages and thievery of our Commonwealth

Hotice085:
.


Who told you we have limited dollars, do you even know how much dollars we have?

Bro the only thing you said correctly is the hoarding of dollars, we Nigerians are not consuming more than the dollars we have.
Out of $7.2 billions forex CBN was to pay out $2.4 is fake, before now nobody knows the total amount of oil revenue we earn except some NNPCL directors, Cabals and the Presidency our CBN NEVER knew how much dollars we make yearly so how come you talk of limited dollars when you don't know what you make?

The former CBN governor use to shout that their were Nigerians in the NNPC and their cabals that are Richer than our yearly budget estimates and do you know that the audit report carried out by Deloitte international on NNPCL found out that just the miscellaneous spending of NNPCL in one year is greater than our 2024 national budget on defense?

There is nothing like dollars shortage in Nigeria, aside oil sales the simplest way of making 💰 is currency trade in Nigeria
What we need right now are citizens willing to block all the leakages in our corrupt system first, when we do this together from dollar remittance from abroad and earnings from our non oil sectors we can then truly know whether we have limited dollars or not but I can confidently tell you that if the likes of Madam Deazani can steal billions of dollars that can satisfy a huge percentage of our need I bet you we only need to block the leakages and thievery of our Commonwealth

NIgeria is a broke country.

RIght now, we should be earining in the hundreds of billions of dollars from a strong diversifed economy. Years of bad economic polices, especially since 2015, are why we are strugling for limited cash.

There is a reason why we should have not voted for APC In 2015. And even last year...but anger towards PDP, tribalisim, and bitterness kept us with a bad government.

Oga, we are broke. The stealing and corruption is making the problem worse. Our bad leaders who won't promote investor friendly policies, and pro-export of other things apart from oil are making us broke. If we were serious, our earnings should be in the regifon of 200 billion dollars per annum. Not the scanty 70 billion, 20 billion from remittances, which are mostly eaten up by debt.

Speaking of debt...did you know our debt was eating up over 90% of our revenue as at AUgust 2022.? AUGUST 2022. If not for the partial subsidy removal forced on TInubu as well as the partial float of the naira, it would have been 130 % by now.

Oga, APC Is useless. The problem is how we agree on how they are useless.

Let us fight corruption, let us stop the corrupt. You won't get any argument from me there....but it ultimately does not solve our problem.

infogeneral:
We all know that people are hoarding USD that is why the rate keeps going up everyday.
For me, the solution is for the banks to start imposing exorbitant charges on the domiciliary accounts.
Imagine the banks charging 1% of total balance of a domiciliary account every month as a maintenance fee, many will be compelled to convert their dollars to naira.
$30billion idle is a lot of money .
Many in Nigeria don't care if the economy is destroyed for their selfish gains.

95% of people in Lekki, Ajah, Ikoyi, VI are on this table. They live large from little conversion they make and can adored to buy tables at shows.
They don’t pray Naira appreciates.

Kukutenla:

The economy is diversified

Stop making bogus and stale claims not grounded in reality

You say the problem is not that our politicians steal but that we don't make enough to cover for their stealing and our needs.

What kind of obtuse claim is that? Do you mean in a family, if you're not making enough corn to feed yourselves and you see a thief stealing out of the little you have, you'll overlook the thief since you don't have enough anyway?

Who reasons like that?

I have asked you directly. Give a direct answer instead of postulating a need of $100bn that's not grounded in any tangible fact.

If we have a Conservative sum of $36bn right now which is the Conservative estimate of dollars looted by our politicians since 12 years back as you claim, would we be better off or not? Consider the fact that our total reserves sit at $29bn presently and we have a cumulative backlog of $5bn give or take $2bn.

Stop defending thieves!!

Economy that cannot earn even 100bn dollars a month, that collects over 80% of its revenue from oil is diversifed.

Oga, good morning. You are too blind to see what I am seeing.

You support this APC. You just don't know it.

As for me, this economy is not diversifed, and it is APC's fault. THey promised, no deliverance. OIl still forms most of our revenue, and we are still in deep shit.

But no, you are too blind.

(FIN).

The policy is very good, just that a lots of nigerians don't want 🇳🇬 to work because of their selfish gains.. BDC operators should be limited to international Airports and some supermarket but its so unfortunate how nigeria economy is dollarize

VanuatuWycombe:


Let them keep it.

If it affects remittances, it affects the sender. Na the sender family no go get money to spend or carry on with the project im dey do back home. Make he hol im dollar.

When im dey go Nigeria and im dey carry more than $10,000 or its equivalence, make im declare am at point of entry and fill a form to state how he take get the money.

The same way you guys jubilated during subsidy removal and also went high during their unification of Naira.

We are watching


. Don't cry when u see the effect

nairalanda1:



Economy that cannot earn even 100bn dollars a month, that collects over 80% of its revenue from oil is diversifed.

Oga, good morning. You are too blind to see what I am seeing.

You support this APC. You just don't know it.

As for me, this economy is not diversifed, and it is APC's fault. THey promised, no deliverance. OIl still forms most of our revenue, and we are still in deep shit.

But no, you are too blind.

(FIN).

Why are you so obsessed with $100bn?

Is earning $100bn a sign of diversification?

Oil does not give us 80% revenue. Revenue from oil is about 45%. It is forex that oil still holds sway. And most of the forex is frittered away in the guise of corruption.

Since 2022, our export value has steadily exceeded our imports value at least according to NBS.

If this does not translate to more favorable balance of payments as you claim nor stronger forex reserves, then it means there's something else we are not accounting for which is the big elephant in the room.

What it is and how to guide against it is what folks like you who claim to be neutral should be after instead of empty verbosity which you're using to cover up main issues.

Kukutenla:

Why are you so obsessed with $100bn?

Is earning $100bn a sign of diversification?

Oil does not give us 80% revenue. Revenue from oil is about 45%. It is forex that oil still holds sway. And most of the forex is frittered away in the guise of corruption.

Since 2022, our export value has steadily exceeded our imports value at least according to NBS.

If this does not translate to more favorable balance of payments as you claim nor stronger forex reserves, then it means there's something else we are not accounting for which is the big elephant in the room.

What it is and how to guide against it is what folks like you who claim to be neutral should be after instead of empty verbosity which you're using to cover up main issues.

We don't have a good enough economy, and this government is responsible in a large part for it.

Simple and short.

If you don't accept that, sorry.

004gist:


The same way you guys jubilated during subsidy removal and also went high during their unification of Naira.

We are watching


. Don't cry when u see the effect

Ask your governors what they are doing with increased monthly allocations, after subsidy removal.
You can’t expect federal government to be spending its own share of increased monthly allocation on your state when your governor has collected and converted over half of your allocations to dollar.
Nonetheless, you will see positive impact of subsidy removal even though it may be at a slower pace because your governor is not helping matters.

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.

Which other way. You people are desperate and killing the economy. Dis you where all these wicked BDC operates in western world?

VanuatuWycombe:


Ask your governors what they are doing with increased monthly allocations, after subsidy removal.
You can’t expect federal government to be spending its own share of increased monthly allocation on your state when your governor has collected and converted over half of your allocations to dollar.
Nonetheless, you will see positive impact of subsidy removal even though it may be at a slower pace because your governor is not helping matters.

Am not in Nigeria.. I see protest everywhere on TV and it's painful people can't afford the mist basic needs. Food.
And yes am seeing the positive effects of subsidy removal.. At least a paint of garri is now 1900 to 2000 and a bag of rice now 60,000.

I won't ask my governors because it was the same APC they came from. They imposed themselves on us through rigging

OlujobaSamuel:

Banks get their notes from CBN
No bank prints note, for every FX fund a customer receives, the bank needs to get the fund somewhere for him or her, and the go-to person is the CBN

CBN don't print dollars. Cbn don't have the capacity to receive funds on behalf if customers. The commercial banks has that capacity.

Hopium:


#1408

Access fx rate is 1100

And gtb rate is 1350 I checked this morning

004gist:


Am not in Nigeria.. I see protest everywhere on TV and it's painful people can't afford the mist basic needs. Food.
And yes am seeing the positive effects of subsidy removal.. At least a paint of garri is now 1900 to 2000 and a bag of rice now 60,000.

I won't ask my governors because it was the same APC they came from. They imposed themselves on us through rigging

I am not in Nigeria, either but I want the best for Nigeria.

All would come down later.

People should protest to governors’ offices and ask Accountant Generals and Auditor Generals, Commissioner for Finance, Commissioner for Works, SSG, Directors at Ministries, All members of Houses of Assemblies.
They are the arrowheads of how people’s money are stolen in states.

You can’t say the way we are running our states in Nigeria is the way they are running states or provinces in the country where you are.

Ordinary policy that could affect LGBQT community or dog owners, you and I know how they come out to protest abroad.
Why can’t we protest against our own government too?

warrenweste:


Access fx rate is 1100

And gtb rate is 1350 I checked this morning

I just called a friend working as a customer care officer in FCMB and she told me that if I want my money in dollars , I will be paid..Well any how GTB want it, if they refuse to pau me in dollars since I earn in dollars, I will surely pull out my funds and still get full value for it as in black market rate.. No be bank i work before? Or naa me spoil their economy for them?

Macphenson:


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.

Hitler had to enter a party to enter government and and he had to change from a protester, a rioter to work out his plans! He hated the party he hated ther ideology but went ahead. Buhari pulled 11 millions votes against Jonathan *an incumbent)on his own and support of the north, a politician will build alliance with such person even if he is d devil as long as people support him, if pdp had been one, Tinubu wont enter. Ajimobi won his second tenure when all d bigwigs wer running for governor against him in oyo state instead of coming together. It is politricks and Buhari bleeped tinubu up twice lol, I have not see anything wrong in his government so far, we should have had refineries since d days of the military, ghana got 24 hr electricity since 10 years ago

SmartMen:


I have not used my domiciliary account for more than 5 years now... yet I have been receiving dollars and pounds payment every month. they are wasting their time.

Seriously?😲😲😲 Bros abeg teach me the biko make this people no put sand for my garri o 😊😊