₦airaland Forum

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.

We will vote for you. You too sabi

anonimi:
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.

No.

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.

You be fool

Ikaeniyan0:
In 9 month time, we will know

17 months after hitting the ground running, what do you know about T-Pain's promise to crash the price of petrol?
Any clue

Deltafirstson:
Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.

In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.

However, pump price of fuel hit N537 per litre days after Tinubu ended subsidy.

On Tuesday, the price climbed further to N617, a development that the Nigerian National Petroleum Corporation Limited (NNPCL) attributed to “market forces”.

Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.

Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.

At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.

However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.

King Wasiu Ayinde Marshall, a Fuji musician who performed at the rally, interrupted the president’s speech with chants as the crowd cheered.

On the campaign podium with the president were Vice-President Kashim Shettima; Pa Bisi Akande, interim National Chairman of the APC; Femi Gbajabiamila, Chief of Staff to the President; Senator Gbenga Daniel; among other bigwigs of the ruling party.

Tinubu went further to say Nigerians would defy the acute fuel scarcity at the time and trek to cast their votes.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200/N500 per litre. Go and relax, we will crash the prices,” he had said.

https://dailytrust.com/breaking-video-of-tinubu-campaigning-to-crash-fuel-

he had said in the 7th minute of the video.

https://www.youtube.com/watch?v=4JH8CC_JdUA

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?

They are simply ashamed to admit their ineptness.. and don't care if they dabaru everything patatpata while living in self denial.

In Nigeria, public office holders don't admit they don't know and resign.. they just remain there dishing out all manner of policies (even the ones prostitutes whisper in their ears while on their escapades) all in the name of "...na our turn, na we dey there. If e spoil, another person go fix am.."

Backwardness!

I used to think that Buhari was daft and clueless until I met Tinubu.

Edun is cooking something

I have noticed that Nairaland is now filled with Sycophants and Paid online warriors, hence words like "We are ahead of Them", " Keep your dollar and bear the Consequences, " Who are the We here? I pity for Nigeria

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

This is what you get when empty heads and cronies get appointment rather than experts.

All he could have done is to simply encourage dollar savings by introducing attractive interest rates to dollars acs and people including those in diaspora will bring their dollars to the banks willingly. I have a dom ac and I have never received a cent as interest and withdrawer charges is very high. Meanwhile my dollars in my US stock ac generates interest daily.

tundegan:
This is a very welcomed development.

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

Keep deceiving yourself, come my cupboard come carry am na, people who believe in reaping from where they never sowed, lazy buffoons.

How can you be forcing people to keep their hard earned money where they don't want to keep it, clueless mugus.

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…

You cannot track USD outside the Nigerian banking system because the USD isn't even printed in Nigeria in the first place. I thought Cardoso would grow some balls and announce the outright ban of USD bills in Nigeria. No, he won't because these politicians are the ones who carry USD about.

Tinubu and his team are dumb; they have nothing to offer. To even think that the man at the top has a questionable character makes everything he would've done to improve this situation practically impossible! Nigeria is a big mess and Tinubu doesn't have what it takes to fix it.

If dollars is 200 Naira, you don't need to beg anyone before it is returned , if Naira is stable who need dollars.

DeLaRue:
No, he is not.

Trying to find a solution to a self-inflicted problem that has existed for several decades is not madness.

You can't open a dollar account at any bank branch in the UK, nor can you open a Pounds account at a bank in the US.

Why should individuals be allowed to operate dollar accounts in Nigeria. Is it our legal tender

This is one of the factors fueling the current misalignment of the naira.

The government needs to phase out dollar accounts. It should not be possible for any individual to open or operate a dollar account.

Nigeria is not Britain and Britain is not the only example of a fuctioning economy. You can spend dollars in South Africa, Korea, Dubai, Saudi Arabia, Mexico etc. These countries are doing fine, so the problem is not the dollar.
The question we should be asking is: why are people abandoning the naira and fleeing to the dollar and other safe haven currencies ? Would this by any chance be due to government mismanagement of economic policy and spiralling inflation ? Does this current policy make sense and can this this pronouncement be enforced ?

Tinubu himself spent dollars like no man's business to buy delegates during his campaign for the APC ticket at Eagle Square. Suddenly he sees an issue with dollarization. Try as hard as we might, we cannot avoid Gresham's law. The Tinubu government should know this, but it is run on lies, deceit and incompetence.

AFONJAmiracle:
A county of ganduje gandasa


Monkey republic

https://www.reactiongifs.com/r/smhp.gif

For those interest in solano coin

https://www.solminer.info/?r=FQ2nzRu4fbbqMNE6THD2KzLZHNwoaLgfnVfRCUCNct5X

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.

You have an interesting point.

But it is filled with a lot of 'shoulds' which seems to suggest that the effectiveness of the pronouncement made by the minister depends on adherence, to a large degree, of your valid view.

The question I have is, given the antecedents of this administration and its flipflop policies which have seriously impoverished the masses, what is the probability that this pronouncement would have a positive impact for the masses?

Your last statement about limiting dollar accounts to only international traders is also something I find interesting. What stops that window from being abused as it is presently being done? Why hasn't the government investigated what is truly causing the problem of fx?

Initially they blamed banks. Then bdcs, then binance and others. Then importation of pms... I think for that aspect to work, the government needs to look at itself first before trying to stifle others.

Hez143:
Hoarders

Go and hoard your own USD

What is the aim of the policy...? Combat money laundering..?

Well the effc should handle that not the people

These people are never serious

phineas:
Draconian policy here,this cannot be the way to go about this.

Think incentives,think high yielding dollar funds, think easy availability of dollars when wee need it, demystify access to the dollar in Nigeria and make things easy for people,that would be a good place to start.

How exactly does one go about demystifying access to a scarce resource?

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.

So, if I don’t have direct business in Nigeria, but I live in Nigeria. I first need to put my money in a dorm account when returning to Naija, or transfer from my foreign account to my dorm account then in Naija Start looking for who to buy from me by transfer from my dorm.

How about if my business proceeds is in USD, and I source local materials for export. All my vendors must have USD bank account or I have to sell to CBN get naira then pay my vendors, don’t think of people holding 2k usd here. Think of 100s of thousands USD?

How about me as a traveler, visiting Naija for the first time all I have is USD, you mean I can’t give aboki or BDC my 2k USD. And get naira cash? Because BDC will have to think how he would deposit that to the banking system?

Aside from hoarding, we could understand Crypto Ban. But this, right here, is like another Naira Cash Scarcity in the future. But in the USD space.

You can’t stop people from doing business, can’t stop people from moving around, can’t stop people from having their money how they want it. Most of these cripple businesses and economy in retrospect.

Dollar would be more scarce. Exchange rate would grow exponentially.

Cash remains the king. And for an import dependent economy like Nigeria, FX is the emperor, forget the USD is not our legal tender bullshit. Naija, Africa even, spends and breathes USD our politicians made us realize that.

This ban, is a disaster. Just like the ban on the card transactions. People now cut corners to do the same thing. This means more money for some small set of people. Imagine how much passes through Grey.co for things like YouTube Subscriptions, Apple ICloud, Google Drive and YouTube premium. People still do these things, ordinary Amazon shopping, pay for hotel in other countries using our own flutterwave.

You can’t ban people from sending money to a bank account can you? So grey commits no crime. Also, think of what people do with Transferwise, lemonade I can send money to people anywhere, I don’t need to have your USD or go through your bank. People will find means. Now think of travelers, they should send their money to Naija via what? Transferwise, grey, WesternUnion etc? Or just come with cash?

Want to ban people from depositing, fine. You sha can not ban people from holding the Cash, it’s not Cocaine. People would trade it outside the banking system and find means.

Instead of this, they should promote their cNGN stable coin and be creative with it, they should provide means to easily move USD in and out of the country. See naija needs to accept the fact that it is a USD based economy miraging as NGN, same as other African countries too.

Everyday as a Nigerian you live in fear anticipating what used to work will stop working. I wonder how many Nigerians are suffering from one disorder or another due to this frequent disorientation.

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.

So after 9 months what will 'you' or the FG do to those having dollars in their house?
You will start moving from house to house of Nigerians asking them if they have dollars and forcefully collect it from them and jail them for having dollars in their house?
I really do not understand how the brain of some of you who support useless leaders and their policies work.

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.

They should also ban diasporas and white people from coming into the country.

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.

All they can do is order banks & BDC to stop accepting dollars past certain dates. BUT dats OK, this isn't f frist time for dis kind of stup@d policy. BuBu also did and folded eventually. Not talk of these incompetent foreign/IMF stooges. Them go fold 🤣

This is a very funny policy, because even if you have one million dollars at home you can easily change it to naira whenever you want to, from mallams without going through the bank.

Baxilexi:
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.

That is just it.

They keep taking the cowardly route when implementing otherwise good policies and that is because they are protecting thier own selfish interests.

They keep shifting the burden of thier incompetence on the masses and now act surprised when things get worse for the people.

Ttalk:
Nothing will happen to your dorm account if it is credited through transfer, it is only when physical dollar cash is deposited into the account after 9 month that it becomes a crime.

The policy doesn't stops you from earning dollar but your earning must be done through banking system for proper monitoring.

Brother… some important points:

Interbank transfer of FCY is not possible in the Nigerian banking system.

For oversea remittance, you need to buy cash FCY from Aboki and deposit into dorm account to make a transfer.

E-dollar is not available in any of the banks

Direct conversion of the Naira to FCY is not available in any of the banks except through government initiatives like Form A which is difficult to access.

On Wednesday, USD was trading at 1750.. but you can only get the money from Aboki. Banks will give to Aboki at a slightly lesser rate. When you deposit these FCYs to the banks, they turn around and sell these funds to Aboki at parallel rates to cash out.

The wholes ayatem is a mess.

Why can’t I post a transfer request to my bank and let them convert my naira to FCY and effect the transfer? Why is so hard?



-

Banking is becoming useless with self custody usdt. You can always cashout easily when you want from your wallet.

Tell Tinubu to bring out the dollars he has stocked for next election

Question

Ikaeniyan0:
A lot of you wailers are so "slow"
What's the price of Aboki and official price in April 2023?

Look at these people !

Who will come and tell you that they have dollars ?
And do you have Dollar Location Detector ?
What kind of economic policy are these eeedddiiioottt 😡😡😡 pushing on Nigerians 😡😡😡

After the 9months what will they do

The black markets solely exist for that keeping the money out of the banks

Most t of the money outside the banks are mainly in the hands of politicians and BDCs whom the banks have been selling to .....

To crush the dollar demand the primary thing is to turn to a producing country then make dollar available for the SMEs .....I strongly believe making 100-200usd available for spending on your naira card would reduce the surge and also limiting such spendings to only known commercial sites Alibaba,AliExpress,major Chinese e commerce stores ....so dependence on BDCs would reduce and further crash the rate

Ttalk:
Nothing will happen to your dorm account if it is credited through transfer, it is only when physical dollar cash is deposited into the account after 9 month that it becomes a crime.

The policy doesn't stops you from earning dollar but your earning must be done through banking system for proper monitoring.

What you are trying to say is..... You can't be seen with Physical dollar after the 9 months. You should know this is impossible. People that want to Travel Out would still need physical dollars. Those travelling in will still declare physical dollars at the airport. So you are trying to say the Government will ban me from withdrawing my physical dollars from my Dom account after 9 months ? This is not logical.