₦airaland Forum

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?

Let's wait for the details and guidelines before whining.

Molineoux:
Why giving them a whopping 8 months? That's way too much. CBNc chiefs are actually clueless

I was wondering too.

I suspect they need a new law, or an amendment to an existing law. That would mean a bill would have to go through the National Assembly. That needs time.

Gbajue cbn governor without sense.

designking:
Why 9months.?

So that it can give birth to $-pain

Okay...we are waiting..... useless people... even FG official get dollars outside pass the citizen....yeyeye people

Politicians including Tinubu and Wike, stash millions of hard currencies in their homes, from which they use in bribing Judges, security agents, other politicians etc, who equally stash these dollars in their own homes.....and the cycle continues.

Then Edun will come here, bereft of any ideas and be spewing thrash.

Ogun kill all of una......

mustyNEMESIS:
This is a very good move. I hope it achieves the aim though… cos for Naija, I fear nothing works… it’s just as if devil sit down gidigba on top our matter…

On another note, people will complain about a problem and also complain about the solution… nah wah ooo…

So is this one of the solutions

Anyiamaka:
Anyone who thinks this will impact on exchange rate is intentionally dumb.

There is no where in the world that it is compulsory for people to save their money in the bank.

This senseless decision is not in conformity with any known economic theory anywhere in the world.

Economic theories that worked elsewhere mostly fail in Nigeria.

This is the only place producing goods and services locally is more expensive than importing such goods, services abroad.

How did Nigeria get into the hands of these gangsters that are bent on destroying on country?

the US dollar is not Nigeria currency. I will suggest a heavy charge on every dollar deposited after the 9 month grace.

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?

Dey play.

When the time comes, na you go first rush to the bank to deposit...that is if you even have one dollar

Dumb policies upon dumb policies...Nigeria is gone

Does this apply to crypto traders?

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?

T-Pain is running all over the place like a headless chicken, with dictatorial tendencies in the absence of any meaningful governance plan.
His failure in Lagos is enough to know that the drug lord is clueless about governance even though he knows how to play politics in our zero principles and no ideology terrain.

Lagos state budget has risen by over 50 times since 1999 but he has failed to employ civil servants to improve government services and utilities by the same rate.

Realdeals:
Jakande @ 90: 9 Achievements of Alhaji Lateef Jakande as Lagos Governor

1. The first governor to present a billion Naira state budget in Nigeria.

2. He phased out the shift system in Lagos schools in three months. He built functional classrooms to absorb those who only attend schools for three hours a day.

3. He opened up what is now known as the Lekki Corridor.

4. He built the biggest Housing estate by a state government at Abesan, along with five other estates.

5. He built LASU, LACOED, LASPOTECH and Technical schools to absorb the products of the free education policy.

6 He built General Hospitals and Health centers in all the five divisions of Lagos. He also upgraded General Hospital Ikeja to the Medical arm of LASU.

7. He created the Agric hub at Oko Oba. He also created similar hubs in Ikorodu, Epe and Badagry.

8. His government’s strict adherence to the party manifesto of Free Education, Free Health care, Rural integration and Housing for all, along with other UPN governors, created the largest pool of human resources in Nigeria.

9. He moved the Lagos State Government Secretariat from PWD to Alausa, which he built from scratch. He also lived in his personal house and drove his personal car throughout his tenure.

Gani Kayode Balogun Jr

https://www.newsheadlines.com.ng/showtime-people/2019/07/24/jakande-90-9-achievements-of-alhaji-lateef-jakande-as-lagos-governor/

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

Between the Minster of Economy and Finance I don't know who's more dumb.

I don't even understand. He doesn't even know that he creating an artificial scarcity within those 9months which will lead to increase in demand and exchange.


Someone whom didn't even get a C in WAEC economics will be put incharge of the Economy of over 250million people.

Daylight robbery...why not yen..rupees or pounds or zimbabwe dollars my dollars will remain in my safe and will bring it out when I am travelling out..cant be queuing for dollars at the bank or being under the mercy of bureau de change shenanigans. Make the country good.. improve the climate for doing business and watch how free dollars flow in...this wuruwuru to the answer no fit work.

mustyNEMESIS:
This is a very good move. I hope it achieves the aim though… cos for Naija, I fear nothing works… it’s just as if devil sit down gidigba on top our matter…

On another note, people will complain about a problem and also complain about the solution… nah wah ooo…

Everything is good for una, instead looking at it critically you resort to blurting out like zombies

Image123:
Let's wait for the details and guidelines before whining.

Is that the same way that you have been waiting for T-Pain's palliative bread to quench your ebiNpawa wailing

Just asking for a curious friend ni o.

Glimpsetv:
A large crowd of Lagosians was filmed in a long queue struggling to collect a loaf of bread. To maintain order, several military personnel were on the ground to control the crowd. This has triggered a lot of reactions online.

Watch the video, share your thoughts in the comments.


https://www.youtube.com/watch?v=zYltMapDyIo?si=0-hO0Vt5C9uBxVd1

IT is better you you didn't say anything, this your action will make people to start keeping the dollar, including me,except the dollar has trackers,

This is a good policy but a cowardly one.

With the current inflation and level of poverty in Nigeria it is safe to say that only 1% of the population hoard their wealth in dollars.

A person earning NGN 1m will have no use for USD 588, in the face of rising cost of living. Now the question is how many Nigerians earn more than NGN 1m monthly?

My questions are;
Firstly, Why can’t the FG prohibit public servants from direct assess to USD from CBN and commercial banks. The governors (Yahaya Bello paid large sums of tuition fees for his kids in USD, Wike once paid USD 300k to people directly), senators, HOR etc do not visit BDCs to acquire USD, they request bank managers to deliver it to their doorsteps just like our president did whilst he was still a civilian.
Issue arrest warrants to bank managers for hoarding USD and round tripping to the black market. Does Mr Edun feign ignorance of this?
Why is this cowardly government always focused on the struggling and downtrodden when the real saboteurs are in plain sight?

Secondly, every USD counting machine keeps track of its serial number, so why can’t Mr Edun trace how previous sums of USD has been moved?

Lastly, what is the travel/flight limit for USD in and out of Nigeria? It is know fact that celebrities and politicians travel with large some of hard currency. Put a limit on this. No one should possess more than USD 1000 cash upon entry or exit from Nigeria.

The ignorant CBN governor claimed that there is minimal scarcity of USD in Nigeria and I wonder his definition of availability.
When Nigeria paid subsidy and defended the naira, Nigerians could use their bank cards abroad, get assess to USD via form A and other measures. Now that we claim to save more, less is available.

Mr Edun get your act right and stop these heuristic nonsense, deal with the real issues.

Oghene86:
It's laughable, because how would they deal with them

We will know in 9 month time

IamtheTruth1:
Between the Minster of Economy and Finance I don't know who's more dumb.

I don't even understand. He doesn't even know that he creating an artificial scarcity within those 9months which will lead to increase in demand and exchange.

Someone whom didn't even get a C in WAEC economics will be put in charge of the Economy of over 250million people.

There may be a competition for the most dumb award among them with Tinubu and Buhari in the lead, while Obasanjo is right behind the duo.

citizenisb:
Former President Olusegun Obasanjo says President Muhammadu Buhari may not do well in economy and foreign affairs, except in military matters.

“Buhari is not a very hot person on the economy and foreign affairs,” Obasanjo said.

The former President stated this on Monday at the third International Conference on African Development Issues — themed, “Driving inclusive and sustainable development in Africa: Models, methods and policies” — organised by Covenant University, Ota, Ogun State.

While reacting to a question posed to him by a member of the audience: “Is there any hope for Nigeria under the administration of President Muhammadu Buhari?”, Obasanjo replied, “Is there any hope for Nigeria under this administration? I came back from Geneva, Switzerland a few days ago to attend a conference titled, ‘Are elections giving democracy a bad name?’ We had an election, we elected a leader and the good thing about democracy is that the power you have to elect a leader is also the power you have to remove him. I am saying this because I said earlier that if you don’t see any leader that has done well in the 56 years of Nigeria’s independence, then let us forget about Nigeria.

“I will tell you what I know and I will tell you what I don’t know. I know Gen. Muhammadu Buhari. He served under me in the military. His characteristics that I know, his behaviour that I know, he has not deviated from them. He was never a perfect man, he is not a perfect man and no leader can ever be a perfect man because they are human beings. But if you read my book, what I said about him is correct. He is not a hot person when it comes to economy. He is not a very hot person when it comes to foreign affairs. But he will do well in matters of military and he will do well in fighting Boko Haram.”


http://www.punchng.com/buhari-not-sound-economy-foreign-affairs-obasanjo/

So the only solution is to share money to people?

Keep your dollar closer friends.

We are entering Bullish season.

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?

This so called minister of finance is a joke. Tinubu assembled a bunch of fools just like him. How the hell would it be a crime if someone decides to keep dollars with him? As long as they don’t transact with the dollars for local purchases or services, the government has no business with it.

Fools!!!

Ikaeniyan0:
We will know in 9 month time

Just as we know nine years later that Tinubu was super dumb to package his 2011 CPC expired candidate as APC messiah of change four years later. Who does not know that they meant shege to develop extreme poverty in our country

Emergingnation:
Flashback: How Bola Tinubu spoke highly of Buhari in 2015, named PDP ‘Poverty Development Party

National leader of the ruling All Progressives Congress, APC, Bola Tinubu had during the presidential campaign in 2015, referred to President Muhammadu Buhari as the only solution for the security and economic challenges facing Nigeria.

During a mega presidential rally, the former governor of Lagos State recalled how some powerful nations in the world returned to army generals when they were challenged, saying “Major General Buhari would revive Nigeria’s economy”.

He named the current opposition People’s Democratic Party, PDP as the “Poverty Development Party saying they had nothing to offer.

His words at the time were; “Every nation has a period of their own challenges, when America was challenged, they turned to one great man, their ex-military general, General Eisenhower. When the French were challenged, they turned to their general, Charles de Gaulle.

“When Britain was challenged, they turned to their general. Today, Nigeria is economically and physically challenged so we turn to General Muhammadu Buhari. He is the right man for the job. If you talk about military experience, he has it abundantly, he has courage, simplicity, he has it abundantly.

“If you talk about great determination, a combination of vision and ability to perform, honesty and integrity, he has it abundantly.

“I laugh when the incapable government, ‘Poverty Development Party’ PDP were talking. They have nothing again to say, they now want to question the qualifications of General Buhari and look for his certificate”.

Following the manifestos in 2015 which projected the APC presidential candidate as a ‘saviour’, Buhari defeated the then incumbent president, Goodluck Ebele Jonathan with Nigerians expecting a total change in security and economy.

https://dailypost.ng/2021/09/01/flashback-how-bola-tinubu-spoke-highly-of-buhari-in-2015-named-pdp-poverty-development-party/

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.

You're intelligent

Very good analysis

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.

How is any of this different from Buhari's naira change in the run up to the election last year

waveman2:
Before it was parallel market dollar rate chasing the official market dollar

A lot of you wailers are so "slow"
What's the price of Aboki and official price in April 2023?

anonimi:
Just as we know nine years later that Tinubu was super dumb to package his 2011 CPC expired candidate as APC messiah of change four years later. Who does not know that they meant shege to develop extreme poverty in our country

In 9 month time, we will know

mustyNEMESIS:
This is a very good move. I hope it achieves the aim though… cos for Naija, I fear nothing works… it’s just as if devil sit down gidigba on top our matter…

On another note, people will complain about a problem and also complain about the solution… nah wah ooo…

MUMUNI, u no get sense. Which aim? Nonsense people.

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.

Gbam.

They're ready at all. They're handling the whole thing with levity. These cbn chiefs are actually worst than their predecessors

DeLaRue:
I was wondering too.

I suspect they need a new law, or an amendment to an existing law. That would mean a bill would have to go through the National Assembly. That needs time.

Salewa97:
Smart move by the government

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

What will happen after your hoarded dollars are exhausted?
Any plans to create jobs, get people to produce and export for new dollar inflows