GerogeI:


I have been saying this since, but this is a half measure. Maybe the CBN governor is testing the concepts.

Instead of calling it delay in remitting usd, Demand that all exports be paid for 50% in naira as a start.
90 days is too short a delay. Investors should repatriate funds once or twice in the year. The impact of those funds circulating in banks for 6 month is huge for the naira.

Instead of the bureaucracy of approving cash pooling every months. Export are paid for 50% in naira( which means a bank would have sold the naira and recieved the USD), banks to process investor repatriation twice in a year, no need for CBN oversight as bank will not err and loose their licence. This also means all oil companies will not be repatriating profits at same time, rather banks will have to schedule them based on availability of USD.

Also note that most of the oil companies export to their own refineries. Exporting in naira means they will start accumulating naira with their parent company to be able to by crude from them selves.

Cardoso and nnpc leadership are too colonially brainwashed to demand payment in naira from their western masters. Only if and when an angry mob burns down cbn offices will they get sense.

GerogeI:


I have been saying this since, but this is a half measure. Maybe the CBN governor is testing the concepts.

Instead of calling it delay in remitting usd, Demand that all exports be paid for 50% in naira as a start.
90 days is too short a delay. Investors should repatriate funds once or twice in the year. The impact of those funds circulating in banks for 6 month is huge for the naira.

Instead of the bureaucracy of approving cash pooling every months. Export are paid for 50% in naira( which means a bank would have sold the naira and recieved the USD), banks to process investor repatriation twice in a year, no need for CBN oversight as bank will not err and loose their licence. This also means all oil companies will not be repatriating profits at same time, rather banks will have to schedule them based on availability of USD.

As far as the oil industry is concerned, our major problem is the NNPC. NNPC is more like an administrative organisation that lacks the technical expertise to run its area of speciality. NNPC is a cash cow for politicians.

For instance, if you prevent upstream IOCs from sending their earnings to their headquarters, like you suggested, they will be forced to exit Nigeria. This is something we have been dealing with for years now - mass exodus of foreign investments. It has enormous economic implications.

If IOCs leave Nigeria, they will sell off their assets. Guess what, the NNPC doesn't have the technical knowledge to do what they do. If the NNPC had it, Nigeria would have used policies to send them back to their countries and grow our NNPC.

nobody will buy Naija oil in naira, oil is in abundance worldwide, and many countries are even boycotting naija oil . so we have to make trading easy for our buyers and that is in dollars. lets wait and see what BRICS will do in a couple of months.

Johnjustice:
Good move, all these things companies do here in terms of remittances, they can't do it in UK or America.

Let's start selling our crude and gas in Naira, this will strengthen naira, when people start demanding it to make payments in international trade.

Falana gave this advice and it makes sense.

onatisi:
nobody will buy Naija oil in naira, oil is in abundance worldwide, and many countries are even boycotting naija oil . so we have to make trading easy for our buyers and that is in dollars. lets wait and see what BRICS will do in a couple of months.

Defeatist mentality. There are plenty African countries that will buy in naira. Middle Eastern partners will as well. It's the European savages seeking to preserve their hegemony that will insist on their currency

SoNature:


As far as the oil industry is concerned, our major problem is the NNPC. NNPC is more like an administrative organisation that lacks the technical expertise to run its area of speciality. NNPC is a cash cow for politicians.

For instance, if you prevent upstream IOCs from sending their earnings to their headquarters, like you suggested, they will be forced to exit Nigeria. This is something we have been dealing with for years now - mass exodus of foreign investments. It has enormous economic implications.

If IOCs leave Nigeria, they will sell off their assets. Guess what, the NNPC doesn't have the technical knowledge to do what they do. If the NNPC had it, Nigeria would have used policies to send them back to their countries and grow our NNPC.

They don't hv the technical knowledge after how many years. The nnpc leadership hv inferiority complex and laziness. Nigeria graduates petroleum engineers every year. The technical knowledge isn't hard

Nonybb:
What are these people talking about! Address the antecedent of the naira fall which is that Buhari and his nephews printed trillions of naira illegally which prompted the note to be access. Until Buhari that Son of perdition, is arrested with Emefiele, the Fulani idi@tts that did this havoc with Buhari can never be unraveled

Hmmm

Smartguyboy:
Non of his policies have worked the naira keep falling soon it will reach 2000 all because you want your tribeman to be there .

Stop this nonsense of accusing people of wanting their tribesmen. Did any candidates tribe alone give them the numbers they got?. We after all knew the tribe who gave their tribesmen 99% votes. No other tribes did that. Abeg park well..

So many issues, so many discrepancies ignored by previous administrations have also being clogs in the works of our development overtime. Things would take a sharp turn to glory and greatness if we don't stop correcting the anomalies and putting in place the right system. With time, with resilience, we'll finally come out of the woods.

GOD BLESS NIGERIA

GOD BLESS WESTERN NIGERIA ENORMOUSLY TOO

WE RISE!

Electricity and security is the key to bring back investors.

The policy is bound to backfire. The free repatriation of forex is an enticement for Foreign Direct Investment.

What's the certainty the IOCs will get their fx in 90 days with the present fx shortage? None.

I

Faiththatworks:
This is a very good move by the CBN, anything to retain some foreign exchange in Nigeria is a welcome development.
I even expect the CBN to go a step further and mandate all these IOC to retain at least 10-20% of the foreign earnings in Nigeria.
Although the NNPCL is supposed to retain Nigeria's share of the earning,but we all know most of the funds is paid into the Consolidated fund and shared by FAAC,and some remitted to our foreign reserve.
Il believe the CBN should go the whole hog and make the law,the continued milking of Our resources to cater for some foreigners must stop.
I want to use this opportunity to applaud Nigerians on Nairaland who have continued to use these hard times to proffer great solutions to the Government.
I keep repeating it, Nairaland should be the bastion of intellectual discourse online.
I'm very happy for all those who keep giving suggestions despite the hardship,I read of the person who gave suggestions on a thread some day ago on the BTA some days ago and now Government implemented some of his suggestions.
I will continue to advocate for Nairalanders to keep making useful suggestions to Government,don't ever feel your advice is not seen,I'm sure someone somewhere will read it.
We will not allow the hardship blunt our thoughts,this is time to come together to overcome this hardship with suggestions and ideas.
God bless Nigeria

This is one of the reasons I will forever hate APC and their supporters. So they had practically nothing upstairs about running a country yet they used tribalism against Ndiigbo in the last elections now they are looking for ideas on nairaland 😂😂😂😂😂😂😂 shame to APC and their supporters.

SoNature:


As far as the oil industry is concerned, our major problem is the NNPC. NNPC is more like an administrative organisation that lacks the technical expertise to run its area of speciality. NNPC is a cash cow for politicians.

For instance, if you prevent upstream IOCs from sending their earnings to their headquarters, like you suggested, they will be forced to exit Nigeria. This is something we have been dealing with for years now - mass exodus of foreign investments. It has enormous economic implications.

If IOCs leave Nigeria, they will sell off their assets. Guess what, the NNPC doesn't have the technical knowledge to do what they do. If the NNPC had it, Nigeria would have used policies to send them back to their countries and grow our NNPC.

I am in no way suggesting that foreign investors are prevented from repatriating profits. Am saying its should not be done monthly and at will. It should be done once or twice a year without limits. That way, the profits stay in Nigeria for a while.


Also note, that IOCs are more like colonial investors, most have recovered their investments long before you were even born. Everything they are taking out now is pure profit, with insignificant royalty tax.

Hope you are aware that other industries in Nigeria cannot repatriate profit at will.

onatisi:
nobody will buy Naija oil in naira, oil is in abundance worldwide, and many countries are even boycotting naija oil . so we have to make trading easy for our buyers and that is in dollars. lets wait and see what BRICS will do in a couple of months.

This is not true. Buying oil in naira is simply asking your bank to buy naira from a Nigerian bank and pay. It does not add any hurdle to buyers, but allows us to have foreign demand and negotiation for naira. Instead of CBN doing it at the back door and screwing all of us up.

It's just like when you want to buy usd, aboki or bank wants to make some money off you, so will add a spread or margin of say N5. They keep trying to get more on that spread. Which is what weakens the naira. If foreigner wants to buy Naira, the bank will also add a spread on USD, and that's what will try to weaken the USD. The two trends will cancel each other to create an equilibrium exchange rate. When one weakening trend is missing, the other will go into free fall, which is what is happening to naira today.

Tomorrow another policy will come up 😂😂

onatisi:
nobody will buy Naija oil in naira, oil is in abundance worldwide, and many countries are even boycotting naija oil . so we have to make trading easy for our buyers and that is in dollars. lets wait and see what BRICS will do in a couple of months.

Let the market judge, it's all about needs and pricing, you are just one keypad jobless kid typing on his phone, you don't know what people will do. It's funny how people of low IQ jump to conclusions on issues concerning the world, from their small one room apartments.

Why won't people buy in naira when it's cheaper than dollars?

Do you know Nigeria crude quality is among the best in the world, the Brent crude, this quality is irresistible that is why till today people rush our crude.

In trade, it's all about quality, efficiency and pricing... people don't worship dollar like Nigerians do, dollar is not gold or treasure, it's just a currency. You made no point...give me two reasons why people won't buy in naira?

Let me test to see if you know what this issue is all about...

BigBashiru:


Defeatist mentality. There are plenty African countries that will buy in naira. Middle Eastern partners will as well. It's the European savages seeking to preserve their hegemony that will insist on their currency

No mind the brainless weak kids, they just come out and talk nonsense, most of them are enemies within, they hate the land they are from and want it to run aground either that or they are very dull, and just say whatever comes to their empty skulls. We must keep pushing the right narrative and teach these kids. Nice one brother.

Countries in BRICS are trading in their local currencies and the clown is in his small room suggesting what he knows nothing about.

Why won't people buy in naira when naira is more cheaper to buy than naira?

Nairaland politics need to have an IQ test button.

Johnjustice:

Let the market judge, it's all about needs and pricing, you are just one keypad jobless kid typing on his phone, you don't know what people will do. It's funny how people of low IQ jump to conclusions on issues concerning the world, from their small one room apartments.

Why won't people buy in naira when it's cheaper than dollars?

Do you know Nigeria crude quality is among the best in the world, the Brent crude, this quality is irresistible that is why till today people rush our crude.

In trade, it's all about quality, efficiency and pricing... people don't worship dollar like Nigerians do, dollar is not gold or treasure, it's just a currency. You made no point...give me two reasons why people won't buy in naira?

Let me test to see if you know what this issue is all about...

Nigeria worship dollar due to deeply ingrained colonial brainwashing, colonial mentality and inferiority complex. This is why Nigeria let's western Europe extract crude oil via their corporations send to Europe for refining. When will the black man hv sense

Faiththatworks:
This is a very good move by the CBN, anything to retain some foreign exchange in Nigeria is a welcome development.
I even expect the CBN to go a step further and mandate all these IOC to retain at least 10-20% of the foreign earnings in Nigeria.
Although the NNPCL is supposed to retain Nigeria's share of the earning,but we all know most of the funds is paid into the Consolidated fund and shared by FAAC,and some remitted to our foreign reserve.
Il believe the CBN should go the whole hog and make the law,the continued milking of Our resources to cater for some foreigners must stop.
I want to use this opportunity to applaud Nigerians on Nairaland who have continued to use these hard times to proffer great solutions to the Government.
I keep repeating it, Nairaland should be the bastion of intellectual discourse online.
I'm very happy for all those who keep giving suggestions despite the hardship,I read of the person who gave suggestions on a thread some day ago on the BTA some days ago and now Government implemented some of his suggestions.
I will continue to advocate for Nairalanders to keep making useful suggestions to Government,don't ever feel your advice is not seen,I'm sure someone somewhere will read it.
We will not allow the hardship blunt our thoughts,this is time to come together to overcome this hardship with suggestions and ideas.
God bless Nigeria

The IOC are leaving the country on the premise of insecurity.....
CBN should also be made to Control all other regulatory agencies like Custom,....They should be uniform accounts for this .....All Duties should go electronic and should be given a code ......
Nigeria should have devised a system of Uniform revenue accounts paid through the internet .....
We should also promote Ideas from simple people stop killing people's minds by placing unnecessary bottlenecks on the Basis of qualifications, Connections, Tribalism, Privileges And disability....
Once we have a Single sense of Purpose to make it work ...Nothing on earth can Stop Us

BigBashiru:


Nigeria worship dollar due to deeply ingrained colonial brainwashing, colonial mentality and inferiority complex. This is why Nigeria let's western Europe extract crude oil via their corporations send to Europe for refining. When will the black man hv sense

You are absolutely right bro, God bless you.

Fiscus105:
This what you guys supposed to have done long before now, but Nigeria with fire brigade approach.


In America and other advance nations, they allow you to operate and possibly making billion of dollars profit in their territory, only tiny of such money would be allowed for you to move away from their territory.

With this, even wen u make so much money, which is personal to you, the Money will not leave the land, hence others would continue benefiting from it, by way of loan or other areas.

TODAY, ELON MUSK IS HAVING HUNDREDTH OF BILLIONS DOLLARS IN AMERICA BANKS, BUT HE CAN ONLY ENJOY IT LARGELY IN AMERICA SOIL. THEY WOULD NEVER ALLOW HIM TO MOVE IT TO SOUTH AFRICA, HIS ORIGIN. EVEN WHEN THEY SERIOUSLY IN NEED OF DOLLARS IN THEIR ECONOMY.

which kind yeye talk be this? How do you know they won’t allow him to move it to South Africa? You think the US government is as useless as your government, you this emilokan?

tollyboy5:

You just dey post rubbish up and down

I'm not the one behind your hunger, son.

Faiththatworks:
This is a very good move by the CBN, anything to retain some foreign exchange in Nigeria is a welcome development.
I even expect the CBN to go a step further and mandate all these IOC to retain at least 10-20% of the foreign earnings in Nigeria.
Although the NNPCL is supposed to retain Nigeria's share of the earning,but we all know most of the funds is paid into the Consolidated fund and shared by FAAC,and some remitted to our foreign reserve.
Il believe the CBN should go the whole hog and make the law,the continued milking of Our resources to cater for some foreigners must stop.
I want to use this opportunity to applaud Nigerians on Nairaland who have continued to use these hard times to proffer great solutions to the Government.
I keep repeating it, Nairaland should be the bastion of intellectual discourse online.
I'm very happy for all those who keep giving suggestions despite the hardship,I read of the person who gave suggestions on a thread some day ago on the BTA some days ago and now Government implemented some of his suggestions.
I will continue to advocate for Nairalanders to keep making useful suggestions to Government,don't ever feel your advice is not seen,I'm sure someone somewhere will read it.
We will not allow the hardship blunt our thoughts,this is time to come together to overcome this hardship with suggestions and ideas.
God bless Nigeria

You are right.
I also expect our foreign reserves to be invested into a sovereign fund the way Norway, Saudi Arabia, Qatar, Switzerland etc do.
By investing in companies like Apple, Microsoft, Amazon and other fortune 1,000 companies, we will earn more from our foreign reserves.

What Norwegians get, yearly, in return from their sovereign fund alone is enough to run the country.

Ours is just there, sitting in foreign accounts like ewedu basket for the oyibo banks to be using them in making money for themselves.

Our state governors too are du;mb a:;sses. They are always after what they will stea1. No state in Nigeria has sovereign fund outside Nigeria.
Only Lagos, Akwaibom, some Oodua states, and may be Delta or Rivers has/have a few investments in some companies in Nigeria.

Most states in Nigeria don’t know how to create wealth. The little they make from 5-days market and motor park receipts, that they call IGR cannot spur people out of this abject po-verty.
They are too reliant on FG and they don’t want to invest for another governor to come and stea1 it. They rather prefer to stea1 everything.

Nigeria can’t get out of this mess unless we totally change.

Faiththatworks:
This is a very good move by the CBN, anything to retain some foreign exchange in Nigeria is a welcome development.
I even expect the CBN to go a step further and mandate all these IOC to retain at least 10-20% of the foreign earnings in Nigeria.
Although the NNPCL is supposed to retain Nigeria's share of the earning,but we all know most of the funds is paid into the Consolidated fund and shared by FAAC,and some remitted to our foreign reserve.
Il believe the CBN should go the whole hog and make the law,the continued milking of Our resources to cater for some foreigners must stop.
I want to use this opportunity to applaud Nigerians on Nairaland who have continued to use these hard times to proffer great solutions to the Government.
I keep repeating it, Nairaland should be the bastion of intellectual discourse online.
I'm very happy for all those who keep giving suggestions despite the hardship,I read of the person who gave suggestions on a thread some day ago on the BTA some days ago and now Government implemented some of his suggestions.
I will continue to advocate for Nairalanders to keep making useful suggestions to Government,don't ever feel your advice is not seen,I'm sure someone somewhere will read it.
We will not allow the hardship blunt our thoughts,this is time to come together to overcome this hardship with suggestions and ideas.
God bless Nigeria

And you wonder why foreign investment is running away from Nigeria. God has already blessed every country but when you vote for evil men, how can you receive the blessings.

How long do you think that should take? We've been working on our exports since God knows when. Or do they just wave their hands and Boom: we start exporting?How long do you think that should take? We've been working on our exports since God knows when. Or do they just wave their hands and Boom: we start exporting?...

Why was this ever an option? I know it was implemented during Abacha’s regime or the military administration as a whole — a far cry to a time when illiterates supremely ruled the country. Let those bastards keep some money back to build our banks. Yes, the common man won’t directly feel the outcome, but our economy will. A win is a win either way.

you are a very dangerour person.
most likely you are an illetrate peson.
everything you mentioned is a joke. if implemented, will officially turn us to mumu country.

UncleAyo:
World's Top Performing Currency and Insight for Naira

* Government/CBN should stop the printing 500 NGN notes and 1,000 NGN notes (the use of #200 note should be sparingly) and officially discontinue the use of these currencies!

* Reintroduction of Nigeria coins, 50Kobo, 1 NGN and 2 NGN.

* Focus should be on Local Business and not call for foreign investment; as foreigner will eventually and continually repatriate their profits in USD. (learning from what is happening in China)



Welcome, lets get started by examining the top 10 performing currencies in the world to gain necessary insights before drawing our conclusions.

*.Kuwait Dinar KWD: ( 1 KWD = 4,920.49 NGN )
Bank notes: 1/4, 1/2, 1, 5, 10, 20 Dinars -------------- Highest denomination == 20 Dinars; Coins == Yes
Coins: 5, 10, 20, 50, 100, 200 Fils


*.Bahraini Dinar BHD: ( 1 BHD = 4,021.64 NGN )
Bank note: BD 1/2, BD 1, BD 5, BD 10, BD 20 --------------- Highest denomination == BD 20; Coins == Yes
Coins: 5, 10, 25, 50, 100 Fils, BD 1/2


*.Omani Rial OMR: ( 1 OMR = 3,937.77 NGN )
Bank note: 1/2, 1, 5, 10, 20, 50 Rials --------------- Highest denomination == 50 Rials; Coin == Yes
Coin: 50, 10, 20, 50, 100 baisa and rarely used 200 biasa


*.Jordanian Dinar JDD: ( 1 JDD = 507,65070 NGN )
Bank notes: 1, 5, 10, 20, 50, Dinars ------------------- Highest denomination == 50 Dinars; Coin == Yes
Coins: 1/2, 1, quirsh, 21/2, 5, 10 Piastras


*.British Pound GBP: ( 1 GBP = 2,135.49 NGN )
Bank notes: €5, €10, €20, €50 ----------------------- Highest denomination == €50; Coin == Yes
Coins: 1P, 2P, 5P, 10P, 50P, €1, €2


*.Caymanian dollar KYD: ( 1 KYD = 1,815.81 NGN )
Bank notes: 1, 5, 10, 25, 50, 100 Dollars ------------------- Highest denomination == 100 Dollars; Coin == Yes
Coin: 1, 5, 10, 25 Cents


*.Euro EUR: ( 1 EUR = 1,631.43 NGN )
Bank notes: €5, €10, €20, €50, €100, and €200 --------------- Highest denomination == €200; Coin == Yes


*.Swiss Franc CHF: ( 1 CHF = 1,719.44 NGN )
Bank note: 10, 20, 50, 100, 200, 1000 francs ------------------- Highest denomination == 200 francs; Coin == Yes
Coins: 5, 10 and 20 Rp/cts, 1/2, 1, 2 and 5 Fracs


*.United State dollar USD: ( 1 USD = 1600 NGN )
Bank note: $1, $2, $5, $10, $20, $50, $100 ----------------- Highest denomination == $100; Coin == Yes
Coins: 1C, 5C, 10C, $1/4, $1/2, $1.




Go back to the list once again and check what's the highest denominations of each currency (and population of users of each currency), You will discover that the top performing currencies do not have high face value like we have 500 NGN and 1,000 NGN in Nigeria.

Also, you will notice that the top performing currencies have coins form of currency with denomination of very low face value.


The highest of the denomination is 1000 Franc followed by 500 EUR. 1000 Franc is not in frequent use and the highest Franc denomination next to it is 200 Frank ( not like 500 NGN as we have here in nigeria ). Also the use of 500 EUR was discontinue in year 2018.

Get a hold on history of exchange rate in Nigerian, you will find out that every introduction of new high (face value) denomination currency note has adverse effect on exchange rate.


Why High Denominational Currency Note Is Bad:
1. Increase in prints of currency notes with high face value e.g 1000 NGN makes other lower currency of less important and less useful. This can gradually lead to upgrade of price of goods and services in market.

2. It makes stealing, looting and hoarding of cash easier as larger amount of money value can be packed into a very small space.


3. 500 NGN and 1000 NGN are no money for the common man, go to the market and examine what denomination are most in use.

4. It's in a way opposing the cashless policy by the federal government of Nigeria.


What The Wise Nations Did:
1. United State of Ameria used to have $500, $1000, $2000 currency notes until December 14, 1945, when the high denominational bills were last printed and officially discontinued on July 14, 1969 by the Federal Reserve System.

2. Europian Central Bank announced on 4 May, 2016 that it would phase out the 500 Euro notes by the end of 2018.



Other Factors That May Affect The Exchange Rate Of A Currency Include:
1. Ratio of goods/services importation to exportation

2. Availability of currency and number of complying users.

The Illegal illegal printing of currency by the CBN according to as reported by some news media outlets has a long way to desctroy value on our cash.

3. Inflation rate

4. Government debts and federal reserve.

5. Political policies and stability

6. And many more



My Recomendations:
Nigerian government should permanently discontinue and remove 500 NGN and 1,000 NGN currency notes from circulation. Reintroduction of 50 Kobo, 1 NGN and 2 NGN coins should also be done.

A government fighting corruption will yield to this advice as abundance of lower denomination currency will discourage looters from hoarding and keeping cash in a safe instead of bank.

Caveat emptor:
This writeup is a personal opinion resulting from my many observations. It is not a scholarly work and should not be treated as one. Copy-and-paste bloggers should please reference the link and author of the article.




TOP PERFORMING CURRENCY (UPDATED CONVERSION RATEs)

1. Kuwaiti dinar (KWD)
The Kuwaiti dinar is the strongest currency in the world with 1 Kuwaiti dinar buying 3.26 US dollars (or, put another way, US$1 equals 0.31 Kuwaiti dinars).

Kuwait is located between Saudi Arabia and Iraq, earning much of its wealth from being a leading global exporter of oil. The Kuwaiti dinar was introduced in the 1960s and was initially pegged to the British pound before being re-pegged to an undisclosed basket of currencies.

2. Bahraini dinar (BHD)
The Bahraini dinar is the second strongest currency in the world with 1 Bahraini dinar buying 2.65 US dollars (or US$1 equals 0.38 Bahraini dinars).

Bahrain is an island nation in the Persian Gulf off the coast of Saudi Arabia. Like Kuwait, the country earns much of its wealth from oil and gas exports. The Bahraini dinar entered circulation in 1965 and is pegged to the US dollar.

3. Omani rial (OMR)
The Omani rial is the third strongest currency in the world with 1 Omani rial buying 2.60 US dollars (or US$1 equals 0.38 Omani rial).

Oman sits between the United Arab Emirates and Yemen at the tip of the Arabian peninsula. As with its other wealthy neighbours, Oman is a major exporter of oil and gas. The Omani rial was introduced in the 1970s and is pegged to the US dollar.

4. Jordanian dinar (JOD)
The Jordanian dinar is the fourth strongest currency in the world with 1 Jordanian dinar buying 1.41 US dollars (or US$1 equals 0.71 Jordanian dinar).

Jordan is largely land-locked country in the Middle East. Jordan is less dependent on oil and gas exports than its neighbours and has struggled with sluggish economic growth and rising debt. The Jordanian dinar entered circulation in 1950 and is pegged to the US dollar.

5. British pound (GBP)
The British pound is the fifth strongest currency in the world with 1 British pound buying 1.28 US dollars (or US$1 equals 0.78 British pounds).

Britain is the sixth largest country by Gross Domestic Product (GDP), according to the World Bank. The pound was first introduced in the 1400s before being decimalised in 1971. It is free-floating and thus not pegged to other currencies.

5. (Tie) Gibraltar pound (GIP)
The Gibraltar pound is the joint fifth strongest currency in the world with 1 Gibraltar pound buying 1.28 US dollars (or US$1 equals 0.78 Gibraltar pounds).

Gibraltar is located at the southern tip of Spain and is officially a British territory. The Gibraltar pound was first introduced in the 1920s and is pegged to the British pound (at par, meaning that one GIP equals one GBP).

6. Cayman Islands dollar (KYD)
The Cayman Islands dollar is the sixth-strongest currency in the world with 1 Cayman Islands dollar buying 1.20 US dollars (or US$1 equals 0.83 Cayman Islands dollars).

The Cayman Islands is a British territory in the Caribbean and is an offshore financial centre. The Cayman Islands dollar was first introduced in the 1970s and is pegged to the US dollar.

7. Swiss franc (CHF)
The Swiss franc is the seventh strongest currency in the world with 1 Swiss franc buying 1.15 US dollars (or US$1 equals 0.87 Swiss francs).

The Swiss franc is the official legal tender of Switzerland and Liechtenstein and is seen as a safe haven due to Switzerland’s political stability. The Swiss franc was introduced in 1850 and was later briefly pegged to the Euro before moving to a free-float.

8. Euro (EUR)
The Euro is the eighth strongest currency in the world with 1 Euro buying 1.10 US dollars (or US$1 equals 0.91 euros).

The Euro is the official currency of the Eurozone, being 20 out of the 27 countries that form part of the European Union. The physical currency entered circulation in 2002 and is free-floating.

Related: Euro to AUD forecast

10. US dollar (USD)
The US dollar is the 10th strongest currency in the world, worth exactly 1 against itself. All other units of currency across the globe are worth less than a US dollar.

Created in the 1700s, the US dollar is legal tender in the USA, other US territories and sovereign nations including Ecuador and Zimbabwe.

The US is the world’s largest economy by GDP and the US dollar is by far the most-traded currency globally.

The US dollar is also the largest reserve currency in the world (the currency most held by central banks) and is the currency used to price many commodities, including oil, gold and copper.
https://www.forbes.com/advisor/au/investing/currencies/top-10-strongest-currencies-in-the-world/


My piece of contribution.

d real issue wey dey on grand no one dey talk be dat our politicials be thief
na dem dey hoard d dollars inside swiss bank inside dem matress
efcc na their own pet dog so where is where we b

Russi:
i wish you understood how much IOCs hate dealing with the Nigerian government. NNPC/Nigeria hardly ever fulfils their part of any deal. THEY ALL WANT TO LEAVE, MANY ARE TRAPPED. THOSE REMAINING DEEPLY CORRUPT LOCAL MANAGMENT. For FDIi its over

why will dey not leave..are we special? or is our oil different from angola oil? na angola dem dey go

sboga:
you are a very dangerour person.
most likely you are an illetrate peson.
everything you mentioned is a joke. if implemented, will officially turn us to mumu country.

Your attacking me (calling me names) and not focusing on critiquing and analysing my writeup show that you're very intelligent, highly educated and not dangerous. Your spellings of words is another indication.

Now, I challenge you to offer a solution, at least one, to the overwhelming challenges of Nigeria.

I gift you the benefit of doubt to prove your great intelligence and insight...

I'm very sure you're not one of them that have nothing upstairs but are always fast to condemn ideas of others without nothing to offer as a solution.

david22uu:
This is a very bad PR for the country, You just scared away any real investor

So i invest in your country ad you tell me i have to wait for 90 days to pull out the remaining 50% of my profit not for any reason but to boost Liquiduty ... This is MMM

A lot of you just talk without even reading up on things. Why are we so confident with spouting information when we do not have an understanding of it? Almost all countries have “exempt surplus” (“ES”) when it comes to funds repatriation to parent companies. Even some have extra level of taxes to discourage you moving such funds and keeping it local.

The only qualm I would have with this new CBN guidelines is the inconsistencies it creates in the markets. Businesses love stability in rules and regulations especially when it comes to finances. Cashflow is a big deal and lots do have multi year projects that such funds finance. To have such changed in such a short time is a big issue.

Yusufisraelj:


This will buy time for internal usage. 3 months no be play.

That 90 days gives green light not necessarily when you can send.

Hope they would be able to give it to the IOC's after the 90 days?

onegig:


A lot of you just talk without even reading up on things. Why are we so confident with spouting information when we do not have an understanding of it? Almost all countries have “exempt surplus” (“ES”) when it comes to funds repatriation to parent companies. Even some have extra level of taxes to discourage you moving such funds and keeping it local.

The only qualms I would have with this new CBN guidelines is the inconsistencies it creates in the markets. Businesses love stabilities in rules and regulations especially when it comes to finances. Cashflow is a big deal and lots do have multi year projects that such funds finance. To have such changed in such a short time the rules is just the only issue.

They say desperate times calls for desperate measures. CBN is looking for dollars everywhere to support the naira.