isArray:
What if I need to go on vacation 🤔

You can always change it when you’re ready to travel.

Rolings:


See them
Because them no succeed put their man there ...then nobody else can do it.
I keep telling you the biggest lie you tell yourselves is that ONLY AN IGBOMAN can make Nigeria great.
How can a people that elect disasters as governors give anybody any lesson of governance

When they’re done with your dollars and they go after your naira , you’ll still be praising them
.
Hope you’re still paying the 50 naira tax for every naira cash deposit . The one Buhari introduced . Be a good citizen and don’t complain

hansomb:
No be only we in Nigeria go suffer alone. You can't be abroad work small get 1000 dollars , send it here and boom you are now a millionaire, come still dey abuse Nigeria economy. To me that's cheating, or short cut to success.

Everyone seems to be fraudulent in the country both legally and illegally

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.

You know things like this

And you didn't contest for election

It's those aboki that they are thinking about the next share of money per sit

And how to take care of their spoilt kids and concubine with public funds you believe will do think about this



Nigerians are not ready for change in the next 20yrs sef

Turn on your TV to other make sense countries and see the people that are actually in power

They are the BEST AMONGS THE CITIZENS

In Nigeria The most Illiterate is governing The PHD and professors

Just Watch NTA and see those we put our lives in their hands and ask yourself can this people think about anything good for you?

hansomb:
and you think that is happening ? Most people sending in money , sends it into the unofficial market for aboki to change thereby making big profit at the expense of Nigeria economy. They have industrialized the unofficial exchange industry. Nigerians with our unofficial way of life

Nigerians like fraud

Earthquakes:


Did you say good for the economy??
Okay my type will totally stop sending money to my dom account in Nigeria and leave the money in American Express or so.
Because you don’t have USD you think it is good?
Let’s see how it will go in coming days when dollars stopped coming in to Nigeria.
Those guys will keep their money abroad, only people with illegal stay will be willing to send money to Nigeria going forward because my type and few will stop immediately.

Stop since u are of no use to the country anymore

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.

God bless you and your entire generation for this comment of yours. An average Nigerian is an hypocrite. If they are not part of the people eating the yam they call it looting but if they partake in eating the yam they call it connection.

ryusufu:
The rate is fair, I just received monegram at 1480 today at access bank

Was the money sent directly to your naira account or you were sent dollar which the bank converted for you at the counter?

BitterTruth01:


Wetin concern you with dollars that I sourced from abroad and sent by wire transfer ?
Did I beg CBN to give me dollars ?
Why you dey shook eye for money from a legal
hustle ?

Oya keep running the economy your own way nah

It's money from a legal hustle ofcourse.

Now the country don't want you to spend another man's currency here.

Will you allow your neighbour to control your household because he's more mature?

You can send Dollars or Pounds here but it will be paid in Naira not Dollars.

Miyachi:


Last time China devalued their currency they did so on their own volition. This was because they were battling an appreciating currency that was making exports expensive. China still intentionally pegs it currency lower than it's actual value to encourage exports.

The United State's strong currency discourages exports. Why do you think almost everything is made in China?

Our Nigerian problem is a peculiar one, we have a highly devalued currency that should make our exports competitive but we don't have anything to offer. That should be what the present administration should be working on. They should be pondering on how the can shore up foreign reserves and stop borrowing. Cutting unnecessary government expenses but no, they prefer to slap band-aids and carry on business as usual - the business of looting the treasury dry.

And everything you listed in your last paragraph is done within 6months?

Answer this question;
1. Some10yrs back, I paid some school tuition in dollars... I bought dollars, paid into my dom account then transfer to school account. Why did i not pay in Naira so that US CBN or the monetry policy system in US would convert same to dollar for the school? Why did i have to pay in dollars?

2. Show me any online store in US that accept that you buy and pay with the buyer local currency, so that the monetry policy system would convert to the vendor acct in dollar.

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.

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.

Yea
Nobody can box me

theredaddy:



Stop spewing gibberish ! How many world leaders are Business men

Leadership is all about directing "People" and regulating the affairs relative to people ...

You seem to be ignorant about many things, there are traders and there entrepreneurs .... traders are limited to market, buy and selling commodity while entrepreneur compasses invention, job creation, selling of goods and "Services"
Except you are high on cheap weed you can't tell me your side has more entrepreneurs than SW, google is there but regardless

Leadership and business acumen are on different pedestal, people learn trading but leaders are born and chosen

Lastly you hardly see countries run purely socialist economy, in a country with full blown greed and get rich quick syndrome Nigeria is not matured for "capitalist", for instance Dangote expliotation is a good example we can't go capitalist.

A mix economy is capable of upscaling production where there is intent and willingness

Actually you don’t know anything

You are talking countries and world leaders
There’re only one country you should look at and that’s the United States. Your socialist European countries have looked up to the United States since the 1870s TILL DATE. So who are you ?

We can’t look at China as that’s a communist state with centrally controlled corporations and government-controlled market

Talking about the USA, go and check the leaders of the America from 1777 till the 1950s . Starting from the Founding Fathers who wrote the constitution . And those who most influenced decision making from the reconstruction till the golden age

But your myopic mind would probably be looking at more recent presidents like Obama and Biden forgetting that America was not built today . Infact , these recent administrations of the past few decades are actually just managing the success of the previous generations and they’re not even doing a good job of it

Nigeria is only 60 years old. There’s still time to tear up the legacy of the British and rewrite a path forward . You’re still managing and patching things together . Keep managing .

Oghene86:


And you guys think all that is the problem with the FX and the economy, when we have refused to set up a plan to see we are massively producing and exporting, the reason for the problems we are having this issues is because no dollar earnings is coming in at the moment, our only source of dollars earning which is crude sales is at moment not bringing any money because Buhari administration sold and collected money into the future whatever crude being produced now is to fulfill that contractual agreement.

Some of us even read somewhere, abi is Alh Atiku even exposing them, saying that the crude we so much rely on to the get more dollars had been sold already even before extractions.. They have sent the money since nineteen kokoro.. hmmm Naija 😥

Why was auxiliary 3rd party dollar tansaction platform like paypal created? What was the essence of using paypal if it was possible to pay with any local currency in US account so that the system will handle the convention for you automatically?

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.

Connected1:

It's money from a legal hustle ofcourse.

Now the country don't want you to spend another man's currency here.

Will you allow your neighbour to control your household because he's more mature?

You can send Dollars or Pounds here but it will be paid in Naira not Dollars.

They can do that . I’m talking about wire transfer not moneygram or western union.

Go back to my original post

I was responding to a guy who said wire transfers should be taxed and forcefully converted to naira

seunmsg:


You can always change it when you’re ready to travel.

Okay, from a BDC shop or the bank?

I just wish to wake up and see that the dollar has fallen to 1$ to 700....fair enough. The nonsense plunging must stop

That's good....

BigIyanga:

But it’s their money.. you cant be hating from outside the club. Go and hustle. There is still time to go buy Jamb in order to study Medicine or Nursing/IT /Engineering lol

Dude, I studied engineering in Nigeria and also did further studies in same Engineering in foreign schools.

I earn dollars and I have a Nigerian domiciliary account and foreign bank accounts in whatever country my multinational oil job takes me to.

I do not have any reason to complain about the terrible exchange rate as it is to the benefit of people like me.

That being said, Nigeria is very foolish to allow a poor country like itself be subsidising education and providing infrastructure for UK and US schools.

I know how much people like me cough out to pay a session fee abroad, when we have refused to pay a tithe of it in our own local education.

We need to stop the bleeding.

10yrs embargo on foreign education with funds earned in Nigeria, will only help our own economy and our education sector.

Anyone who wants to study abroad should find his/her way there and work and use monies from that economy to pay for the education they require.

UK ensures that the bulk of the money foreigners make in their economy, stays within their economy.

But we Nigerians that are opportune not to be suffering like the masses, are still pouring out the Nigerian funds into West.

The government need to wake up and employ commonsense but humane policies that will help turn the tide.

All I have said is for the love of my country. There is nothing to gain for me, as I would even be one of those to lose my advantage.

Make I accidentally get to power in Nigeria, una go know say Wike no wicked.

All those crying that they want change, they want reform, but in reality they are just unhappy they are the ones left out of a corrupt and loose system they still want to persist, na formatting I go dispense to everything and everyone.

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

You dey mind them? Mere traders dey talk about economy ?

Coldspice:


As at then, official and parallel markets had a wide gap. Now, both are the same rates.
If you don't know that, you shouldn't be contributing to this conversation.

so your consolation now is that the official rate is almost at par with the parallel market rate trading at it’s all time high of $1/N1,500? I am very sure you are a juvenile because if you were sensible to know when this same policy was initiated during Soludo era when official was 130/1$ and parallel market was 137/$1 , you wouldn’t be spewing balderdash.

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

And it failed. So will this one be.

kowalsky:


Lol. Monkey you will suffer and die a pitiable death. As you've refused to learn, your type and their tendency to be daftly stupid will be the end of this country and your lives first.

There's no country where this policy has ever worked. There are countless examples of countries who've tried. Heck, the last government dipped their toes then retracted their steps with cash back for dorm FX inflows to incentivise people to receive more FX in their domiciliary accounts.

Now fool, If liens are placed on Dorm accounts and you want to buy something abroad how do you buy it since banks have been starved of FX to fulfill local card transactions.
When last did your Naira card work to buy something online on an international site? Now assuming you're desperate, say your kid is in his/her final year in school in the UK and is about to be deported. What will you do fool? Have you ever tried sourcing for USD at a regular bank?
What will this kind of demand do to anyone who has USD to help you pay and ergo the price you pay for said USD.

The downward capitulation of the Naira is more linked to failed monetary policies and the looting bastards you struggle to rationalize every fvcking day.

The Naira is being printed like a crypto shitcoin. Politicians continue to loot your collective wealth while banging your daughters. Every regime makes it a point of reference to borrow as much money as they can under your noses (in USD) for White Elephant projects while diverting said funds to fuel their opulent lifestyles at the detriment of your wives and daughters pvssies.

Bastard each 'significant' politician drives a US made LX 570, each retailing for over 300 million Naira bought with USD. In your myopic mind you think your measly 10k USD in a dorm account or that of others is the cause of this catastrophe.

You're a fool. Your type and their ability to give birth to more fools is why this country will never unravel from the grasps of the maniacs you call leaders.

we can all disagree and argue our points for or against an issue , that is what civility means .

All this monkey , bastard and all you are calling yourself thinking you are calling me is non of my problem.

I have fairly been critical of policies I think won’t be beneficial or helpful and likewise will say what I need to say when I think a policy seems okay. We can disagree . But that is the beauty of public discuss.

I am very certain this policy will affect me more than you. I do remittances to Nigeria often and I benefit when my family can sell it and get more value. I have a dollar account with money in it. But I see the loopholes in all this banking practices . It might benefit me or others but the nation is bleeding.

Do I need dormicilary account to make payment to USA , China or where ever ? Purely no! I do international payment from where I am to other places … I don’t need to create a special account for that. I only fill a form and specify the recipient currency. You think this policy will affect you the most ? No!

If well implemented it will affect the corrupt politicians and bankers who for many years have been poorly supervised by cbn and therefor making forex availability so difficult or non existing for those who genuinely need them for whatever purpose.

charlsecy:
How could that be?

You no hear say Tinubu worked as a taxi driver in the US before he saved funds for his education?

Let them work and use the money of that foreign economy to pay for their eduction there.

Imagine if the billions that Nigerians spend on foreign education over the last 20yrs had been spent within Nigeria on Nigerian education?

Yet that money came out of Nigeria for the benefit of good academic facilities and good pay for faculty over there.

Stop the bleeding.

Ibrahimcoomasie:

The richest in Nigeria are still from that two sides. Don't mix up petty trading with entrepreneurship. They are the captains of industries and now the modern IT industries.

In addition, you complain of socialism and welfare state when all the current government has done so far is to break the habit of welfarism i.e. backing the naira with dollars to defend the naira and removing subsidy of fuel. What welfare can be greater than those... Governorment was giving you money to buy gas for cheap so you can drive multiple cars and V8 engines vehicles.

Government was subsidizing the naira so that you can go on foreign trips for cheap and import goods from abroad for cheap.

Captains of industry ?
You consider CEOs of banks , multinationals and blue chip companies to be entrepreneurs ?
No they’re not.
They’re employees who rose through the ranks over the years.
They lack that tick, the adventurous spirit that an entrepreneur makes.

Yea there’re true entrepreneurs there but how many ? You’re just looking at the top 0.0000001% of that population . The remaining 99.99999% fall into a certain category .

Hausa people are also entrepreneurial but their drive is tempered by an inherent lackadaisical nature and it prevents them from reaching their full potential.

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.

Very good points but I blv the govt need to look much more towards entrepreneurship, wealth accummulation, skill acquisition and youth development much more than ever.

As the salary earners are complaining due to inflation, their skilled/entrepreneural counterparts aren't.

As a salary earner u are operating under a salary cap irrespective of your input or the profit margin of ur employer.

'Chinedu' who (at the age of 10) enrolled to do
8 years apprenticeship ('Nwa-boy') with his Oga is already established by the age of 20 while his 'educated' counterpart who spent (at least) 16 years (6-3-3-4) under d guise of acquiring 'western education' only to graduate and be roaming the streets (into his 30's) looking for scarce jobs only to be offered a meagre sum which can't take him home.

Hohaiiiode:
we can all disagree and argue our points for or against an issue , that is what civility means .

All this monkey , bastard and all you are calling yourself thinking you are calling me is non of my problem.

I have fairly been critical of policies I think won’t be beneficial or helpful and likewise will say what I need to say when I think a policy seems okay. We can disagree . But that is the beauty of public discuss.

I am very certain this policy will affect me more than you. I do remittances to Nigeria often and I benefit when my family can sell it and get more value. I have a dollar account with money in it. But I see the loopholes in all this banking practices . It might benefit me or others but the nation is bleeding.

Do I need dormicilary account to make payment to USA , China or where ever ? Purely no! I do international payment from where I am to other places … I don’t need to create a special account for that. I only fill a form and specify the recipient currency. You think this policy will affect you the most ? No!

If well implemented it will affect the corrupt politicians and bankers who for many years have been poorly supervised by cbn and therefor making forex availability so difficult or non existing for those who genuinely need them for whatever purpose.

Please tell them.

The arm chair critics who actually don't want anything to be done.

As if the country can suddenly start exporting more products than importation over a few days or month, yet the policies that can immediately help to reverse the downward fall is still being criticized.

CoronaVirusPro:
That’s a good measure.

Foreign transfers should be received in Naira.

I concur

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

Oga you’re talking state run enterprise .
Still buttressing my point . This is exactly what obtains in modern day China . A communistt country of the leftist-socialist ideology . Their biggest corporations are still state-owned

That is not what I’m talking about .

Rolings:


See them
Because them no succeed put their man there ...then nobody else can do it.
I keep telling you the biggest lie you tell yourselves is that ONLY AN IGBOMAN can make Nigeria great.
How can a people that elect disasters as governors give anybody any lesson of governance

who else? Is it not OBVIOUS?

STYCNig:
Answer this question;
1. Some10yrs back, I paid some school tuition in dollars... I bought dollars, paid into my dom account then transfer to school account. Why did i not pay in Naira so that US CBN or the monetry policy system in US would convert same to dollar for the school? Why did i have to pay in dollars?

2. Show me any online store in US that accept that you buy and pay with the buyer local currency, so that the monetry policy system would convert to the vendor acct in dollar.

I believe the issues you have raised lie with the CBN. If CBN would effect the policy as it used to exist and without any cap on the amount, then you would be able to pay for any foreign fee using a Naira debit card.

I do not claim to know the specifics, but it was obtainable during the Jonathan regime when I did not have a domiciliary account, yet I used my Naira card to pay for foreign school fees, and also buy goods while in the UAE.

So it all boils down to if the CBN is willing to pay up the funds for the foreign transaction Nigerians make.