₦airaland Forum

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

Where do you buy dollars when you need it? That's the place to start... make it easy to get dollars.

Foreign remittances alone was more than our dollar demand in one quater in 2024

Bunch of jokers.

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

Come arrest me na....stupid people.....I have learnt my lesson. I have dollars stashed outside the banking system......which saved me from stress from those useless banks in Nigeria....

By December, I will be traveling to the UK for Faaji......I don't need any yeye stress before getting foreign currency....

Salewa97:
Smart move by the government

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

Which panic mode? Lots of people have dollars stashed in their various houses......and there are numerous channels to access FX ...which government cannot trace or know......
Sometimes, when I want to travel out of Naija . I only go with $500 or €500 cash.......all my spending have been transferred, before traveling.

phineas:
Where do you buy dollars when you need it? That's the place to start... make it easy to get dollars.

Foreign remittances alone was more than our dollar demand in one quater in 2024

You don't seem to get the question I asked. Listen again... How do you demystify a scarce resource?

Do I take it that your argument is that Nigeria's total dollar supply exceeds its total dollar demand? That's obviously false. Market realities clearly show the opposite.

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.

So, are they planning to stop BDC business? BDC mallam's dont often do FX transfers. The cost is always too much.

What is wrong with this people?

Treadway:
Awon weere. My dollar stash stand gidigba.

Go fvck yourselves!

Dash me 10 na 🤲🏽

FG dey threaten to thief am after 9 months o and you know say na barawo them be.

They hide money in pits and underground in Africa among evil elite both politicians and business people,they are all monkeys ,America digital dollar is coming and ya paper dollar soon be useless.

FG wants to finally remove food from aboki's mouth. We are getting there.

lionshare:
Saudi can afford to dollarize* her economy we are not on the same level in terms of dollar liquidity flows.

I never said anything about Saudi Arabia. You claimed that in Saudi Arabia people had no need to stash dollars, and I said that if you went to the same Saudi you mentioned, you would still find people who have dollar stashes of their own. Foreign currency is not banned in the country. 🤔

Kobojunkie:
I never said anything about Saudi Arabia. You claimed that in Saudi Arabia, people had no need to stash dollars, and I said that if you went to the same Saudi you mentioned, you would be bound to find people who have dollar stashes of their own. Foreign currency is not banned in the country. 🤔

Not only you logic but your grammar dey give me migraine

tete7000:
■ 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

That seems to be the only way these Nigerian Kakistocrats can operate, by making stewpid laws to waste the people's time and collective inheritance with. I wonder if in 9 months the government will start raiding private homes looking for foreign current stashes that may not be in the banks.😥😥😥😥

2. Indeed!

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

So, I am to blame for whining about the detailless-and-guidelineless statement made by a Minister of an entire nation? 🤔

Kobojunkie:
So, I am to blame for whining about the detailless-and-guidelineless statement made by a Minister of an entire nation? 🤔

Is waiting or being told to wait blame?

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.

Partner I have been way ahead of regarding Edun. Right from jump I knew the guy was as dumb as a doorknob. In fact this whole administration has been dumb. This was expected when someone with a single-digit IQ was installed as the President.

PARADIZEPRIEST:
They hide money in pits and underground in Africa among evil elite both politicians and business people,they are all monkeys ,America digital dollar is coming and ya paper dollar soon be useless.

Here's one thing to be sure of. If and when American digital money supposedly arrives, people — all over the world, including right there in Nigeria —will not need to panic or be alarmed in the way they are caused by this announcement from a Nigerian minister of Finance. Right from the start they will have all the necessary details and guidelines to help them figure out what to do, where and when should they decide to convert over to digital money or whatever it would be then.

So nah ppl wey dey keep dollar dey make naira become useless abi

Kingbuhari:
So nah ppl wey dey keep dollar dey make naira become useless abi

No be Binance fault again!

advanceDNA:
Since when did it become a crime not to keep money in the bank....this is what nepotism causes.....using na we we to run economy of a nation....

It was like this in the old order during the military regime when all of us claim that our currency was strong.

Ask Fela. It was IBB's regime that brought about this liberalization.

🤔😳

Ttalk:
You won't be allowed to deposit dollar into your acct after 9 month

this man is a dunce. is it a must you must use dollars

designking:
Why 9months.?

So that the thieving politicians hording dollars can have enough time to offload or launder them.

I doubt if the policy is well thought out because key considerations include putting up a framework to ensure dollars don't stay outside the banks for long, forex sources can be easily traceable for Anti-Money Laundering purposes, bureau dey changes are properly regulated and citizens see little reason to patronize the BDCs due to a uniform exchange rate and banks processing forex transactions without delays or inconveniences to customers. The approach needs to be more holistic than simply telling people to bring in their dollars and then giving a ridiculous timeframe. The Government appears not to be ready to really tackle the issue.

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.

Brilliant comment

So is this how they have depleted our excess crude account & others & even posted it in naira to look big?
Has emilokan & his gang return their own dollars to d bank?i have $1bn let them come & borrow it @ 20% intrest rate.

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.

Who is the "we" in your comment? All these online louts with aggravated importance. Can't a Nigerian open a business in a foreign country?
The dollar is not Nigerian currency hence you can keep it with a foreign stock broker and do your trading all your life. It doesn't make sense for the Nigerian government to intrude into making rash financial policy.

Vision101:
It was like this in the old order during the military regime when all of us claimed that our currency was strong.

Ask Fela. It was IBB's regime that brought about this liberalization.

What kind of lie is this? What did you just smoke before commenting? What did you just say?

Starting with the bullion van in ikoui

Deposit your money to forex broker and trade with it.

Kobojunkie:
No be Binance fault again!

E remain make them blame God

lionshare:
Well, you have the option of depositing into a dorm account. You can easily open one with any bank. There are currently over $20 billion in dorm accounts owned by Nigerians. Even if your money is from an illicit source, it will still be accepted during this nine-month amnesty period.

I'm talking about when the deadline is passed. We have to go to neighboring countries to deposit our moneys?

P1PrinceKT:
I'm talking about when the deadline is passed. We have to go to neighboring countries to deposit our moneys?

You dey mind dem for Nigeria?

SmartyPants:
You don't seem to get the question I asked. Listen again... How do you demystify a scarce resource?

Do I take it that your argument is that Nigeria's total dollar supply exceeds its total dollar demand? That's obviously false. Market realities clearly show the opposite.

Then you don't know Nigeria, the higher proportion of dollar in Nigeria is not even in the official system, and majority of Nigerians access dollar needs through these unofficial sources. That's where the problem is,it's artificial scarcity due to individuals deliberately hoarding available dollars sometimes to make the dollar rate go high. There's data by the way that says up to 90 percent of dollar in Nigeria is not in the bank... Can't confirm the exact percentage but I recall it was ridiculous