ExudeLoveToAll:

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

Hypocrite, tell that to your idiotic kinsman who he responded to.

ValarDoharis:
Its a thoughtless policy. You actually need dollars coming in as thats one of the ways diaspora community helps with foreign currency.

What should be discouraged is diaspora paying themselves abroad and transferring naira equivalent back home

I'm not so big on Economics, please explain how that is different.

If the people in Diaspora pay themselves to send the Naira back home doesn't that create demand for the Naira? Same way we buy dollars back here in Nigeria.
Because, i'll assume they'll use dollars to biy naira and send back home thereby creating demand for the Naira and increasing its value.

In my opinion, i think it's a good policy, let's see.
So many foolish and illiterate Nigerians are already spending Dollars to buy things here in Nigeria.

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 ?

Stick to ur agbero economics wey u sabi from ariara market

true2god:
Yoruba mentality of destruction and no ability to add value.

Yorubas who built empires when your fathers were still living in trees and fighting for bananas.
Chinaza, dey play.

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.

It's a dumb decision. Less dollar inflow will mean scarcity of dollars and further increased rates.

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.

Commot eye for person money, go hustle your own

Omoawoke:
I used Sendwave and the recipient has not been able to get the money since 3 days now. Is this the reason?

Na Naira them go give am.

To make this policy perfect, please allow our Naira visa and MasterCards to be eligible to buy things and services on international platforms instead of running to third party online vendor if we need to buy something online with crazy convertion rate.

Please hear our cries!

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 ?

oga keep quiet if u don’t have what to say

U think running the economy is like managing a 2 by 2 shop?

So we should allow people to have dollar reserve when others need it for day to day activities

If not that u ain’t wise, all those dollars sitting in those accounts without use, how will that help d economy?

Don’t u think it will weaken d naira d more?

Cardi B can also come here on NL and get ideas on how to save Naira too

There is no need forcefully converting peoples dollar balances in the bank to Naira, just let them be

Only raise a policy that you can only transfer or withdraw it in Naira equivalent, that way people either convert it on their own or it remains useless to them in their account.

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.

This is what Emefiele used to bolster usdt inflow. A lot of you don't understand the complexity of forex, especially with these fintechs, sadly CBN don't know any better.

Does this also mean I can send naira to one abroad and it converts to their currency?

Throwback:


That is how it is in many countries.

They don't even have what we term a domiciliary account.

The bank accounts are designed to receive foreign currencies that are either automatically converted to local currency, or that are kept as incoming foreign funds that cannot serve any purpose until it is converted for inflow into the local economy or returned as international transaction outflow.

I love it when people who have never left the shores of Nigeria suddenly become experts in international monetary policies. Even in Communist China you can buy and sell goods in USD and save your money in the bank in USD.

What they should be thinking of is how to clear the outrageous foreign debts taken by the previous administration and generating new sources of income. Instead they go about stealing people's money.

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.

See the way you are talking like you know economics, subsidy removal is good to avoid deficit leading to more debt but tax people for holding dollar is wrong, they should focus on the naira and inflation or the black market would be bigger than it is

Good lord,

It has become very apparent that this country cannot progress when the average individual is this ignorant about financial matters and economics


Some believe dollars is sitting down in bank accounts gathering dust

others believe when Dollars is sent from abroad through banks its the physical dollars that is mailed in

others believe when the govt requires conversion of remittances to naira, it means the banks will actually receive dollars they they will in turn dash the govt or random people asking for USD in Nigeria


Good lord

Didi2d:


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.

If this means I won't be able to send money to my loved ones,why will I support useless law. If security is not fixed nothing will get better in Nigeria

Throwback:


Domiciliary account started before Buhari.

Buhari only became President in 2015.

I know. My point is that, I wasn't operating any dorm account until that change.

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.

The policy was initially used by the Buhari administration. This kept dollar exchange low. Tinubu came, without asking any questions, cancelled all the policy and introduce dollar-naira unification.
Am glad he is just waking up. The next step is to convert all Dollars domicile in Nigeria banks to naira at withdraw. All deposited dollar should be used for school fees and hospital bills request.

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.

Globalization under whose terms, the west? Globalization is a cancer that erodes our sociocultural values and replaces them with western liberalism which always advocates freedom to transgender, consumerism, materialism, and so on. Can you compare the quiet nigeria of the 1960s with what we have today? .

InvertedHammer:

/
That's a good news.

Paying out dollars (which by the way shouldn't be a legal tender in Nigeria) is very idiotic. As long as the rate matches the prevailing exchange rates, no qualms.

/

which exchange rate............oga? the magical official rate or the closer to reality black market! Your obscurantist argument is rather annoying!

Miyachi:


I love it when people who have never left the shores of Nigeria suddenly become experts in international monetary policies. Even in Communist China you can buy and sell goods in USD and save your money in the bank in USD.

What they should be thinking of is how to clear the outrageous foreign debts taken by the previous administration and generating new sources of income. Instead they go about stealing people's money.

Are you talking about the same China that the US has been pressurising for decades to devalue their currency relative to the US dollar?

Those ones use dollars like it is tissue paper and give it any value as they chose to.

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.

You are insane to say this. So I shouldn't go to any school with my own money.

sheeda995:

If this means I won't be able to send money to my loved ones,why will I support useless law. If security is not fixed nothing will get better in Nigeria

Send your money to them.

The CBN will keep the dollars and give them the Naira they need to spend in Nigeria.

Svoboda:


Globalization under whose terms, the west? Globalization is a cancer that erodes our sociocultural values and replaces them with western liberalism which always advocates freedom to transgender, consumerism, materialism, and so on. Can you compare the quiet nigeria of the 1960s with what we have today? .

Bro you dey mumu oh, you think Nigeria is globalised
Globalization is our hope, we should open border to cheaper goods from abroad if our currency is constantly suffering from inflation alternatives must be taken to avoid another story that touches

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.

Ejiotic policy. Foreign graduates are the backbone of Naija FX.. they make good 💰£€ when they graduate and send a lot $€£ to Naija. Naija diasporans send more FX to Naija than our annual budget.. dont be hating from outside tje club when you cant get in lol

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.

With this comment of yours, it is obvious you are not financially stable even to the lowest level.

FYI, that will make the matter wo rse for you and your likes because people will eventually find a way around it and you know what that means.
They won't listen to your stew pead talk because it is not a crime and not even a problem to begin with.

I was expecting you to tell your paymaster and his team to ban foreign medical trips among political appointees and politicians, but no like a slave and master relationship, you won't see any bad in that but in what others choose to do with their money.
You left the real problem and start "shooking" your eyes in what others choose to do with their money and lives, and not what your paymaster and his team are doing with taxpayers money.

Outside Nigeria, people from different countries travel to foreign universities for education and it never affected their countries economies.

What you are suffering from is call en vy, jeal ousy and crab ment ality because you can't get such life, others shouldn't get it.

We've played this game before and we all know the aftermath. Scarcity of dollars, increase in peer to peer fx transactions. A minor strength in the Naira for a short period followed by a massive drop.

An economy that is reactive instead of proactive will sooner than later meet its waterloo......Dey Play!

Ate247:
You are insane to say this. So I should go to any school with my own money.

OAU, UNN, Unilag, Unijos etc.

Make your choice and be ready to pay that Nigerian money you want to carry abroad.

Throwback:


Are you talking about the same China that the IS has-been pressurising for decades to devalue their currency relative to the US dollar?

Those ones use dollars like it is tissue paper and give it any value as they chose to.

It easy to devalue your currency, china does that to make export from china cheap

AshipaEk0:
Good lord,

It has become very apparent that this country cannot progress when the average individual is this ignorant about financial matters and economics


Some believe dollars is sitting down in bank accounts gathering dust

others believe when Dollars is sent from abroad through banks its the physical dollars that is mailed in

others believe when the govt requires conversion of remittances to naira, it means the banks will actually receive dollars they they will in turn dash the govt or random people asking for USD in Nigeria


Good lord

If you had dollar would you take naira, that the CBN and the government keep destroying, no I wouldn't make people remove their hand for my money, na my choice

abbey621:
We've played this game before and we all know the aftermath. Scarcity of dollars, increase in peer to peer fx transactions. A minor strength in the Naira for a short period followed by a massive drop.

An economy that is reactive instead of proactive will sooner than later meet its waterloo......Dey Play!

Thank god you know sef, this would not stop anything, it would only enlarge the size of the black market

CatchMeIfUCanMO:

With this comment of yours, it is obvious you are not financially stable even to the lowest level.

FYI, that will make the matter wo rse for you and your likes because people will eventually find a way around it and you know what that means.
They won't listen to your stew pead talk because it is not a crime and not even a problem to begin with.

I was expecting you to tell your paymaster and his team to ban foreign medical trips among political appointees and politicians, but no like a slave and master relationship, you won't see any bad in that but in what others choose to do with their money.
You left the real problem and start "shooking" your eyes in what others choose to do with their money and lives, and not what your paymaster and his team are doing with taxpayers money.

Outside Nigeria, people from different countries travel to foreign universities for education and it never affected their countries economies.

What you are suffering from is call en vy, jeal ousy and crab ment ality because you can't get such life, others shouldn't get it.

Healthcare is a right and should not be limited.

Tertiary education is not a right.