Truth234:
@Adesiji77 According to a CBN report, about $20 billion is sitting idle in various domiciliary accounts. This is almost $23 billion of the entire foreign reserve of the nation, the problem is, as long as you have such amount sitting idle, the Naira will continue to struggle while the parallel market thrive due to the gap in foreign exchange rates.

So, the CBN is struggling to get an autonomy to effect changes to individual/company holding of dollars, including repatriation. It is all to control activities of saboteurs and further inject liquidity into the market.

Though, there are certain things to be removed from their demands, but this move seems necessary if we really want to curtail the illiquidity issue.

ercel:


Imagine,someone with his/her money you say he/she is spending frivolously!
BTW,the $20bn dollars he claims is lying in dom accounts is not the money the CBN is trying to make laws on,the CBN is talking about cash (dollars)-
"Authorities should be able to jail for as long as two years anybody holding dollars in cash for more than 30 days, or fine them 20 percent of the amount, according to a draft amendment to Nigeria’s Foreign-Exchange Act."

basilo102:
Draconian laws. once a dictator always a dictator. You can't defeat market forces

talktimi:
RUBBISH you said frivolous spending and spending over stipulated limits. You can't spend over stipulated limits on card transactions while SS1 economics has destroyed the myth of frivolous spending i.e. it's not your business what people do with their money besides you don't even know what they do with their money for you to call it frivolous spending. My president wears $600 Ferragamo loafers as at last check, it's not my business, his wife wears $30,000 Choppard wristwatch it's not my business. Many Nigerians go to India for life saving treatments with their hard earned forex and it's nobody's fúcking business so you're not to swallow every rubbish this govt tells you hook, line and sinker instead you're to use your power of deductive reasoning to decipher fallacies and propaganda for what they are except you're amongst the paid internet lapdogs

BjDreamchaser:



Typical Ipob youth.. No respect whatsoever for their elders. Demented beaver!

googlepikins:
we have zero respect for illiterate President

talktimi:
does the CBN have a spiritual calculator to determine how long I've kept the dollars in my wardrobe ? Will the CBN burst into my apartment to check if I'm actually keeping forex ? They should stop making foóls of themselves and instead implement relevant policies to boost the economy. There's a petition going round right now saying banks are being forced to sell forex at 315 even when foreign investors are ready to trade at 390. The only bank Emefiele allowed to sell at 390 is Zenith bank. Float the naira properly and see if it forex crisis won't be a thing of the past

Truth234:
@Adesiji77 According to a CBN report, about $20 billion is sitting idle in various domiciliary accounts. This is almost $23 billion of the entire foreign reserve of the nation, the problem is, as long as you have such amount sitting idle, the Naira will continue to struggle while the parallel market thrive due to the gap in foreign exchange rates.

So, the CBN is struggling to get an autonomy to effect changes to individual/company holding of dollars, including repatriation. It is all to control activities of saboteurs and further inject liquidity into the market.

Though, there are certain things to be removed from their demands, but this move seems necessary if we really want to curtail the illiquidity issue.

basilo102:
Draconian laws. once a dictator always a dictator. You can't defeat market forces

Truth234:
Nigeria plans to give the central bank more power to control capital flows and prevent foreign-exchange being taken out the country, including jail times and fines for offenders as authorities battle against a shortage of dollars.

Authorities should be able to jail for as long as two years anybody holding dollars in cash for more than 30 days, or fine them 20 percent of the amount, according to a draft amendment to Nigeria’s Foreign-Exchange Act.

The proposals were published on the website of the Nigerian Law Reform Commission, which reviews legislation, this week. Regulators should also be able to prevent money being repatriated “in accordance with the terms and conditions as may be prescribed by the central bank from time to time,” the draft said.

The existing law is “narrow in scope” and “prohibits the seizure, forfeiture or expropriation of imported money by the government without providing for exceptions,” according to the document. The amendments are necessary “for effective monitoring and control, and to ensure probity in foreign-exchange transactions in Nigeria.”

Nigeria has increased capital controls since oil prices started crashing in the second half of 2014, reducing government revenue and export earnings.

Central Bank of Nigeria Governor Godwin Emefiele pegged the naira for 15 months until June this year, a move analysts blamed for causing investors to flee the country, the economy to contract in the first half of the year and the inflation rate to rise to an 11-year high.

The latest move will further worry foreign investors, according to Lagos-based SBM Intelligence. Last week, the intelligence service threatened to arrest black-market money-traders if they exchanged the naira at a rate weaker than 400 per dollar, compared with the existing street-rate of around 460. The currency’s official exchange rate, which analysts say the central bank is still manipulating, is 315 against the greenback.

“The CBN wants to take its regulatory onus to frightening proportions,” analysts at SBM said in an e-mailed note Friday in response to the new draft law. “The move smacks of desperation and can only result in negative investor perception and capital flight.”

The central bank’s spokesman, Isaac Okorafor, didn’t answer calls to his mobile phone or immediately respond to a text message seeking comment.

http://investorsking.com/nigeria-proposes-jail-time-fines-as-it-tries-to-bolster-naira-bloomberg/

Billyonaire:
I hope if I walk into the bank to withdraw $1m in cash or wire it out they will allow me to; If not, na to open many USD accounts and be rotating the funds every 25 days, from one bank to another.

Jungle don mature, we warned them, they didn't listen.

unclezuma:


Trial and error economy...

abbas99:
Sighs

Tahtah:
Become a World mathematician! A cyclist cycles for x hours at 12km/hour and y hours at 18km/hour. Altogether she cycles 78km in 5hours. Find x and y

davidif:


WOW!!!! that picture is beyond powerful.

iykedare:




Is there any crime in saving your money in dollars? I worked for my money and so I should decide in what currency I should save it in . Why all these bad Belle sef? Should we all save our money in failed naira?

bashydemy:



Why has dollar become our official currency? Your likes who believe in hording dollars are the reason for the forex problem.
I support CBN on this, Anybody that have Dollars in his/her account for 30days should be seized by the Govt.

basilo102:
Draconian laws. once a dictator always a dictator. You can't defeat market forces

Truth234:
@Adesiji77 According to a CBN report, about $20 billion is sitting idle in various domiciliary accounts. This is almost $23 billion of the entire foreign reserve of the nation, the problem is, as long as you have such amount sitting idle, the Naira will continue to struggle while the parallel market thrive due to the gap in foreign exchange rates.

So, the CBN is struggling to get an autonomy to effect changes to individual/company holding of dollars, including repatriation. It is all to control activities of saboteurs and further inject liquidity into the market.

Though, there are certain things to be removed from their demands, but this move seems necessary if we really want to curtail the illiquidity issue.

drss2:
any policy dat will hasten d collapse of d zoo is welcome
by d time d dullard is done with nigeria, somalia will be a tourist heaven to nigerians.

sarrki:
Wailers tell your Oga dem ooo

If you like shout rule of law


You forget rule of law wet you break the law ?