₦airaland Forum

Wisdomkosi:
Source : https://politicsnigeria.com/senate-moves-to-ban-foreign-currencies-in-nigeria-insist-on-naira-only-transactions/

4words:
This as always been my take.

I am proposing the following solutions to mitigate or solve the free fall of naira against foreign currency.

After careful consideration, here is what i propose:
1. The Federal Government (FG) should place a ban and make illegal the presence or utilization of physical dollars(foreign currency) in Nigeria. Any international remittance received should be promptly converted to the local currency (Naira) upon receipt by the recipient or deposited into their domiciliary account.
2. Upon entry into Nigeria, all foreign currencies must be converted to Naira or deposited into the owner's domiciliary account.
It would be deemed illegal to enter Nigeria with any other currency aside the naira.
3. All transactions involving the purchase of foreign exchange for international transactions should be conducted electronically. This electronic system would enable efficient tracking and monitoring of foreign exchange transactions.
4. Individuals with physical dollar(foreign currency) will be given a specified timeframe to convert them to Naira or deposit them into their domiciliary account. Owning physical dollars will be illegal after the stipulated period.
5. Funds held in domiciliary accounts cannot be transferred to another domiciliary account but can be used for international transactions or converted to Naira. The sources of foreign exchange will be documented electronically through banks or fintech platforms, ensuring transparency and accountability in the process.

This, i believe will greatly stabilizer the fall of naira and every regain its strength.

Wisdomkosi:
Source : https://politicsnigeria.com/senate-moves-to-ban-foreign-currencies-in-nigeria-insist-on-naira-only-transactions/

VULCAN:
What a lazily thought out and Draconian solution to a problem that has a most elegant and simple solution.

Name 3 countries doing well economically in the world that have these laws.

You can't because there are none.

The basis of a healthy economy and an affordable exchange rate is NOT snatching everybody's dollars but instead boosting the exports of such a country.

Of course that involves actual work by a serious govt and not a childish knee jerk reaction like you have proposed here.

Germany, China, Malaysia, Singapore, Rwanda, Saudi and Chile did not grow their economies via your brutish means.

Rather, they found what they had comparative advantage and began to push it out and their economies grew, of course at different levels but at least all of them grew.

Whereas, you think like APC, short term and anti-people.

May knowledge deliver you

ednut1:
Senators are among the people who use it the most hahaha

Ijaya123:
Thought it is already illegal to use foreign currencies as legal tender in the country?

Mugu44:
That's how Tinubu & Cardoso said EFEMS was bringing down the dollar to N50.

What happened?
Has it malfunctioned or is Tinubu waiting for Emeka Singapore & Dozie Hong Kong to reduce it further?


Trial and error government of clueless thieves

Mugu44:
That's how Tinubu & Cardoso said EFEMS was bringing down the dollar to N50.

What happened?
Has it malfunctioned or is Tinubu waiting for Emeka Singapore & Dozie Hong Kong to reduce it further?


Trial and error government of clueless thieves

4words:
This as always been my take.

I am proposing the following solutions to mitigate or solve the free fall of naira against foreign currency.

After careful consideration, here is what i propose:
1. The Federal Government (FG) should place a ban and make illegal the presence or utilization of physical dollars(foreign currency) in Nigeria. Any international remittance received should be promptly converted to the local currency (Naira) upon receipt by the recipient or deposited into their domiciliary account.
2. Upon entry into Nigeria, all foreign currencies must be converted to Naira or deposited into the owner's domiciliary account.
It would be deemed illegal to enter Nigeria with any other currency aside the naira.
3. All transactions involving the purchase of foreign exchange for international transactions should be conducted electronically. This electronic system would enable efficient tracking and monitoring of foreign exchange transactions.
4. Individuals with physical dollar(foreign currency) will be given a specified timeframe to convert them to Naira or deposit them into their domiciliary account. Owning physical dollars will be illegal after the stipulated period.
5. Funds held in domiciliary accounts cannot be transferred to another domiciliary account but can be used for international transactions or converted to Naira. The sources of foreign exchange will be documented electronically through banks or fintech platforms, ensuring transparency and accountability in the process.

This, i believe will greatly stabilizer the fall of naira and every regain its strength.

freemi:
so whaat does this mean? Der should cancel the bill?

Wisdomkosi:
Source : https://politicsnigeria.com/senate-moves-to-ban-foreign-currencies-in-nigeria-insist-on-naira-only-transactions/

Wisdomkosi:
Source : https://politicsnigeria.com/senate-moves-to-ban-foreign-currencies-in-nigeria-insist-on-naira-only-transactions/

Mugu44:
That's how Tinubu & Cardoso said EFEMS was bringing down the dollar to N50.

What happened?
Has it malfunctioned or is Tinubu waiting for Emeka Singapore & Dozie Hong Kong to reduce it further?


Trial and error government of clueless thieves