₦airaland Forum

lionshare:
✓ Are we on the same page? This 9-months policy will only affects dorm accounts!
✓ We have no business with dollar in Nigeria; the currency is naira. If the rates were stable do you think anyone will care about holding usd?

Kobojunkie:
1. Where did you get this information that what Edun said there only applies to domiciliary accounts?

2. Are you insinuating that I have no business having my $2500 cash in a safe somewhere?!

Namaster:
The more I read about Edun, the DUMBER he sounds.

First of all, THREATENING people to bring their USD to the bank is STUPID. Adding a deadline makes it even MORE stupid.

He did NOT specify a punishment after the deadline because there is practically NO way to enforce the order.

Dollars outside the banking system is Dollars you DON'T know about. So there's NTHING he can do if people refuse to bring it in.

Only result of this SILLY policy would be another ASTRONOMICAL increase in the price of USD. Which is in line with other FOREX policies implemented by Tinubu and this fool.

Plus, NOBODY will trust banks with a reasonable amount of money.

Firstly because Nigerian banks are USELESS. You put your money in the bank and they accept it EAGERLY. But to withdraw same money would be like plucking teeth from a Hot lion.

Secondly, KNOWING the desperation of Tinubu and Edun and the rumours flying around since last year; there is a possibility that your USD would be FORCEFULLY converted into Naira.

Point is you can NEVER trust Nigerian banks with your FOREX.

Finally, 80% of Nigerians have NEVER seen or touched a FOREIGN note. 90% of the USD outside the banking system are held by POLITICIANS.

And there's NO way they'd submit their Ghana-must-go bags to ANY bank.
Otherwise, pepple like Ganduje would have a lot to EXPLAIN.

Ttalk:
✓How will you spend it after 9month or you just want to turn it to artifact in your wardrobe

Okoroawusa:
All I have to say to you is that you keep your dollars outside the bank after those 9 months to find out the consequences.... please do that, okay?

We no dey make noise. This is not a joke.

Kobojunkie:
Ban dollar deposits...why not restrict people to certain amounts rather than instituting what seems like an all-out ban? Even China has yet to attempt any such.

Kobojunkie:
1. Where did you get this information that what Edun said there only applies to domiciliary accounts?

2. Are you insinuating that I have no business having my $2500 cash in a safe somewhere?!

Namaster:
The more I read about Edun, the DUMBER he sounds.

First of all, THREATENING people to bring their USD to the bank is STUPID. Adding a deadline makes it even MORE stupid.

He did NOT specify a punishment after the deadline because there is practically NO way to enforce the order.

Dollars outside the banking system is Dollars you DON'T know about. So there's NTHING he can do if people refuse to bring it in.

Only result of this SILLY policy would be another ASTRONOMICAL increase in the price of USD. Which is in line with other FOREX policies implemented by Tinubu and this fool.

Plus, NOBODY will trust banks with a reasonable amount of money.

Firstly because Nigerian banks are USELESS. You put your money in the bank and they accept it EAGERLY. But to withdraw same money would be like plucking teeth from a Hot lion.

Secondly, KNOWING the desperation of Tinubu and Edun and the rumours flying around since last year; there is a possibility that your USD would be FORCEFULLY converted into Naira.

Point is you can NEVER trust Nigerian banks with your FOREX.

Finally, 80% of Nigerians have NEVER seen or touched a FOREIGN note. 90% of the USD outside the banking system are held by POLITICIANS.

And there's NO way they'd submit their Ghana-must-go bags to ANY bank.
Otherwise, pepple like Ganduje would have a lot to EXPLAIN.

lionshare:
✓ Again if you know the rate is stable like you’ve in UAE its makes no financial/economic sense to hold USD.
✓ Obviously folks with $2500 ain’t the target but those that have enough to influence market trends with volumes.

Okoroawusa:
All I have to say to you is that you keep your dollars outside the bank after those 9 months to find out the consequences.... please do that, okay?

We no dey make noise. This is not a joke.

lionshare:
Keyword: Ban cash dollar deposits. Meaning you can’t deposit raw cash into your dorm account—only bank transfers or transactions with traceable history.

Kobojunkie:
So, if I have $2500 in a safe somewhere and if I don't move that money into a bank within 9 months the law would come after me. Why? How? What for?

Okoroawusa:
All I have to say to you is that you keep your dollars outside the bank after those 9 months to find out the consequences.... please do that, okay?

We no dey make noise. This is not a joke.

tundegan:
This is a very welcomed development.

It will help stabilize the forex market and bring down the rates.

IamaNigerianGuy:
Wale Edun is mad.

Salewa97:
Smart move by the government

Those who have been hoarding the dollars are in panic mode now

lionshare:
Keyword: Ban cash dollar deposits. Meaning you can’t deposit raw cash into your dorm account—only bank transfers or transactions with traceable history.

Bobloco:
https://www.vanguardngr.com/2024/10/forex-fg-gives-9-months-grace-to-those-keeping-dollars-outside-banking-system/

DeLaRue:
Nigeria can run itself the way it chooses. We are not China.

After the expiration of the 9 months grace period, cash deposits at bank branches should be limited to a maximum of $100 per person per week. Anything more than that can only be deposited at a single CBN - designated bank in each State.

Dollar cash withdrawal should also be limitedl to $100 per week per person. Since dollar is not our legal tender, it is even questionable whether anybody should be allowed to withdraw dollars in cash. To do what? Buy tomatoes?

Those who need to make foreign payments should obtain dollar Atm card with a maximum spending limit of $1000 per month.

Possession of more than $1000 cash should result in automatic forfeiture to the government and prosecution for money laundering.

The government should then set out a 2 year plan for phasing out individual dollar accounts. After the 2 years, all existing individual dollar accounts will close and banks will not be able to open new ones.

Only companies involved in import and export should be able to open and operate dollar accounts.

lionshare:
They only need to ban cash dollar deposits across all channels and I suspect this is a precursor to that. Even if you choose to cross border you’d have to concede some losses with a chance of losing your cash because if any LEA finds you with cash around the border OYO.