₦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?

Make them dey play. This evil people just wan make sure that we become poor. He really wan reduce our purchasing power.

Naira wey dry fall like say dem finish am for coven.

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.

Naija is not UK. Naija exports is insignificant to these country’s export.

Also, the world holds its Reserves in USD why would America need another currency?

You think USD account was meant for 1k, 2k deposits. Not until you start seeing businesses needing to store their FX. Abi if I wan go China go buy clothes and toys, I should go with naira? Or coming back I should convert my money to naira knowing well I still need it when I’m going again?

Stop comparing Naija to even Kuwait, India, UAE.

Naijas problems are unique to it.

We are 220m people and import most of our foods.

China with billion people imports, but to ensure it exports enough too.

Tell me one thing that Nigeria is the major exporter of. Just one, cocoa? Palm oil? Crude?

So it is an injustice to compare naija with US of over 300m people. A world power, major exporter of arms(pun intended), technology. And whose currency everyone trades with.

There’s no country in the world you can compare naija to.

By economic standards Naija is unique.

Location, naija is unique.

Governance, naija is unique.

So thinking what works for A will work for Naija, I think that’s what has brought us here.

Solve problems in Nigeria for Nigerians, please.

You are bereft of what to tell nigerians because of parochial interest,start with Mr President to empty his bullion vans of dollars into the banking system

Na today?

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.

I know it takes a brainless person to be an APC member ....so continue ...you can open a dollar account in the UK as per you are the UK prime minister

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?

How will they know? Are you going to tell them you have such money in your safe outside bank? They simply make laws they can't enforce. All they just need to do is to create an environment people can trust enough, as long as they don't do that, the hoarding continues. By the way, the man talking might even be the biggest culprit, they all keep big cash in their house. No be president used bullion van to deliver money at his burdillon house the other day? They are hypocrites preaching what they don't practice

femarse:
I know it takes a brainless person to be an APC member ....so continue ...you can open a dollar account in the UK as per you are the UK prime minister

For him to even compare naija with UK and US is abysmally wrong.

Naija? We hype this country too much within. 😂

Antichrist coming

As always, when the government open their mouths, you are sure that it is another policy not favorable to the masses.

If you want to restrict USD in private hands, you know what to do to solve 95% of it but no.....

It is the tiny 5% in the hands of the masses you are worried about.

Including yourselves.

designking:
Why 9months.?

Cos a baby in womb for 9mont supposed come out, so your money too suppose come out too

These people are jokers. The dollar people have in dom accounts can be easily accessed. Your own money you can't freely withdraw yet you want the one I keep in my house? Anyways most people are keeping their money in crypto. It's much safer and easier to access that way. Some stupid idiot can't come up tomorrow with a policy restricting access to funds. Liberalize the banking system so that people can believe in the Naira more Mr Edun

They're doing trial and error. 😄

So, after the 9months, you didn't tell us what will happen.
You mean abokis will not be able to hold USD anymore?
Will the banks make it easy for Nigerians to access the USD?
Bankers are more corrupt, after Inec.
Yes. I am correct

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

Just imagine! Edun is dumb and stupid. Nigeria just have silly people in government.

What manner of dumbness is this?

They will render my dollar cash useless in my pocket or what?

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.

I've not been to any of the countries mentioned, but if it's so, I believe it's a great policy

In the first place, why will we even have dollar account in Nigeria, wetin we dey use am do?

I heard some agencies and institutions in Nigeria charge in dollars, isn't that stupidity?

Make everybody keep their money in Naira, allow us to make foreign transactions through our ATM cards, say $500 per month or so... Anyone that wants to do above that will have to go to the bank and fill the Form-**, then the money will be converted from their naira account to the indicated currency and transferred to the country... Is it that difficult?

Stopping transactions on our ATM was one of the things that made people start scrambling for dollars

He is being smart by half. He knows who has the dollars outside the financial system so why bother poor Nigerians?
Besides, is dollars our national currency? If I decide to hold another countries currency in my personal pocket, what concerns you? Was I there when you were making the stupid decision to devalue and tag the naira to dollars claiming it will float and all sorts of big worded financial jargons even you don't understand?

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.

What makes it even strange is the fact that his principal confidently brought out several bullion vans of cash out of his house during Buhari's campaign. Now he is preaching against money laundry.

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

Ok ooo

If you find yourself in the US, keep stacks of cash in your house and see if the authorities don't come after you 🙄

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.

There are lots of apps accepting Naira to create dollar liquidity. There are too many loopholes.

They’re not ready yet.

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.

And what exactly will be done? Raid people's homes? Your above post is not worth the calories used to type it.

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.

Mugu.

No be una principal be the master dollar hoarder?

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.

What about BDCs?
At they also expected to bring all their dollars to the banks or they're exempted
Your actually making noise here
There's absolutely nothing you or govt can do about dollars outside the banking system
Just ask ganduje

Mugu, ewu awusa

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.

I can see a lot of agbado clowns claiming that hoarders are shaking at this news

The idiots forget that their party chair has a babanriga dollar stuffing video
They forget their agbado God invited bullion vans into his house on the eve of an election
They forget that one of their yeye former govs paid almost a million dollars in future school fees
In their foolish minds, APC wants to fight kwarapshun
Hahahahaha

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.

Mumu… anything this useless government does is okay to you.

So it’s no longer binance ?

The earlier you realize that this government is the most inept, most useless and incompetent government in, the better for you. I know you know.

They can never get anything right , because they are criminals.

Ikaeniyan0:
the US dollar is not Nigeria currency. I will suggest a heavy charge on every dollar deposited after the 9 month grace.

Clearly this presidency is like a walking encyclopedia of bad decisions. But You make the village idiot look like a genius.

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…

What makes it a good move? Did you asked yourself how they are going to implement the so called policy? How would they know who have dollars at home and who does not have?

Secondly, most people takes their dollars to Bureau de change for exchange only insignificant dollars are exchanged in the bank. More so, if the 9 months grace expires how are they going to know the hoarders and the current holders and punished the offenders?

Please not everything we hear from government that we accept with hook, line and sinker; sometimes use your brain and think through their statements

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.

Lol, senseless threat

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.

I don't know who advises them on stupid policies like this.

alezzy13:
Ok ooo

If you find yourself in the US, keep stacks of cash in your house and see if the authorities don't come after you 🙄

which US?