₦airaland Forum

greenermodels:
please who have seen or heard from Aisha buhari.

You don go find am for other room

Some people's ignorance here is appalling. Why on earth will anyone keep foreign cash proceeds of any legitimate business. Such people either want to exploit the system through forex manipulation or hide illegal funds.

In south Africa all forex earned must be returned to the bank the next working day. India has 90 days to change all foreign currencies and 180 days for drafts, while individuals can only hold up $2000. This amount must have been acquired outside India.

Nigeria is a dungeon where unscrupulous elements hide millions of dollars at home thus making the naira weaker. The economy is dollarised, greed and corruption is all we know.

iykedare:
Good news. Not everyone who has forex is corrupt. Nigerians have the right to save their money in whatever currency they want. Whoever taught of this is stupid.

Gbam!

geobukky:
That cbn guy sha, also proposing tax on fone calls. Hw can u propose to jail someone for keeping his/her money. Nawa o...

I guess the target will be those forex procured legally at CBN official rates. They have the numbers and can tract its movement I guess also. But it will be a tough sell since most culprits are the political elite who have access to CBN forex.

teehay45:
Emefiele is the worst CBN Governor in d history of d country

no he is not the worst. the sanusi before lamido sanusi is the worst.

WinningSun:
no he is not the worst. the sanusi before lamido sanusi is the worst.

things were not this bad during Joseph sanusi tenure

dabossman:
While your point is valid, a loose ended law like the one being proposed is not the answer. If anyone is suspected of stealing public funds, let them be investigated and prosecuted just like the case of the judges who are currently under investigation.

At a point in time Italian Lira was like toilet paper. They had to make drastic laws to stem the influence of the mafia. They changed their currency, leaving a window for people to move cash into the banks. Their currency has now recovered fully. The Senate has not seen the proposed amendments. Nobody has seen a draft. They have just said it is in the works and the objective is to curtail the habit of keeping USD cash in Nigerian homes. Genuine workers and business people have USD cash in dom accounts, maybe they keep on hand as well. But the looters seem to have billions stored up. Is that ok for our country?

Indeed anyone should be allowed to keep his money in the currency he wants. We need to be liberal and to promote enterprise but not to encourage lawlessness and looting. Corruption is so endemic in Nigeria and its killing the nation.

When a patient is sick he must be ready to take bitter pills! Our country is like a patient in intensive care right now!

In the recent Nigerians were screaming to high heavens that they needed a benevolent dictator (like they had in Ghana - and mind you, Ghana is now rising and rising) and now, they are complaining and screaming, they dont want any draconian law. We are running in circles.

A sick patient that complains the pill is bitter and wont take it might find himself where he does not want.

May it not become too late for this nation.

I think people should stop comparing Nigeria with other countries. Nigeria is going through peculiar circumstances which require peculiar measures. One of the major causes of the dollar scarcity we're experiencing is hoarding and speculation. Yes in other climes this is normal and tolerated but in Nigeria's case, people will die of starvation and nobody will be able to buy anything again when the dollar continues to gain against the naira because of this selfish speculation. We need drastic laws to curtail this.
I can understand where the Senate is coming from. The senate President is known to be a serial hoarder of foreign currencies. His security aides once got angry and organised a heist to share in his stash of dollars. His home in Illorin was also famously robbed recently. He definitely wouldn't be in support of any laws to jail currency hoarders and money launderers like himself.

http://saharareporters.com/2016/03/09/dss-agents-attached-senate-president-saraki-go-unprosecuted-role-massive-forex-heist-last

Lets dance for senate

https://www.youtube.com/watch?v=-dids1L67ts

what will biafrogs and co say if this happened in nigeria

http://www.theage.stfi.re/world/india-scraps-500-and-1000-rupee-notes-overnight-20161108-gsl4t6.html

india govt scraps 500 and 1000 rupee ovenight..

Confusional conference

Are you guys unaware that keeping foreign currencies for a long period within the shores of Nigeria is a criminal offence? It's tantamount to hoarding/speculation which is a financial crime. This was why early looters took their loot outside our shores.

It is a crime o to stash away foreign currencies within another country except their law permits it.

Daboomb:
It is only Retardeens like you that are swearing over nothing!
Instead of using your God-given brain to find a solution to your laziness, you are waiting on Buhari to come and feed you with #5,000 per Month!

if you cant see what the President has achieved in 2years, then you really deserve to starve to death, like you are doing now!
Get a cure for your "Flattinosis" head disease.

for the sake of mankind u shouldn't procreate, hv seen alot of re.tarded posts on nairaland but this is on another worrying level

Chiedu4Trump:
You don go find am for other room

buhari have a big signboard on his gate that reads "bar shiga,"meaning don't enter, but rumours said that she's now under purda.

How can answer for this

https://www.youtube.com/watch?v=U7U3fIsT4Tw&t=7s

Toksytoks:
Some people's ignorance here is appalling. Why on earth will anyone keep foreign cash proceeds of any legitimate business. Such people either want to exploit the system through forex manipulation or hide illegal funds.

In south Africa all forex earned must be returned to the bank the next working day. India has 90 days to change all foreign currencies and 180 days for drafts, while individuals can only hold up $2000. This amount must have been acquired outside India.

Nigeria is a dungeon where unscrupulous elements hide millions of dollars at home thus making the naira weaker. The economy is dollarised, greed and corruption is all we know.

So if I am investor in South Africa and I earn in Forex, and choose to keep keep them in safe, are you saying the S.A authority will get me arrested? I can choose to keep the FX as a business person due to speculative motives or precautionary motives, which might pose a threat to my business on a longrun.

Dee60:
I follow your argument. It is just that Nigeria is peculiar in so many respects. We do things that are abnormal and things you wont hear off anywhere else. It is only in Nigeria that a state governor can corner a big part of his state's money, change it to dollars and keep in his house! Or where else will a judge keep one million dollars in his house. CBN is not seizing funds that are kept in the bank. They are just looking to get the dollars into the banking system, not in roofs and wardrobes!

Will moral suasion work? I dont think so.

We have become more of a mafia state, where the rich are very lawless. Miltancy and terrorism is funded with dollars kept in houses.

Of course, the senators will reject it. How else will they keep their 'sharings'?

I think Nigeria cannot afford extreme liberalism. It has not worked and may never work.

No one knows how much of SUD is sitting in homes of Nigerians, particular government workers, leaders and civil servants! As long as we save in USD and keep the USD in homes, our Naira will continue to suffer.

Don't defend madness.

IVORY2009:
So if I am investor in South Africa and I earn in Forex, and choose to keep keep them in safe, are you saying the S.A authority will get me arrested? I can choose to keep the FX as a business person due to speculative motives or precautionary motives, which might pose a threat to my business on a longrun.

Bros why keep money in a safe when there are banks everywhere? In today's world, keeping money under your bed implies criminal intent. You'll go to jail! BTW what kind of business requires you to keep dollars at home beyond 30 days? Are you a politician?

teehay45:
things were not this bad during Joseph sanusi tenure

I could remember we use saw dust stove. even rich men.

Baboon abi wetin be ur name e be like sey u want make I swear for ur generation abi

Daboomb:
It is only Retardeens like you that are swearing over nothing!
Instead of using your God-given brain to find a solution to your laziness, you are waiting on Buhari to come and feed you with #5,000 per Month!

if you cant see what the President has achieved in 2years, then you really deserve to starve to death, like you are doing now!
Get a cure for your "Flattinosis" head disease.

skedman:
I guess you are the dullard here, can you please profer or suggest just one solution to one of our problem in nigeria e.g forex

Ur Fada there

I don't blame dictator buhari but the zombies that elected a dictator without certificate.

BUHARI SACK THIS MAN CALLED EMEFIELE WHAT ARE YOU WAITING FOR - JESUS

SBG04:
Bros why keep money in a safe when there are banks everywhere? In today's world, keeping money under your bed implies criminal intent. You'll go to jail! BTW what kind of business requires you to keep dollars at home beyond 30 days? Are you a politician?

But where there are unfavorable government policies, which might affect your business, why not! the other time, the govt asked all banks to convert all dom currencies to naira exchange, which most businesses where affect largely, and some even have to carry raw cash to transfer in places like Benin republic, Ghana, Ivory coast etc where there govt policies encourage such, even sending monies to kids abroad at as that period one has to travel as far as Benin republic or give cash to someone travelling out to the host country, undermining the risk factor involved.

Can one punish himself?

omohayek:
It's good to see that the members of the Senate have some respect for private property rights, even if Buhari's government seems not to understand what that means. Seizing the funds of private citizens is nothing other than theft, unless it can be shown that the funds in question were earned illegally.

Countries with sensible monetary policies have no need to send security agents to ransack peoples houses for foreign exchange; only in basket-cases like Zimbabwe and Venezuela does one see such things going on. If anyone ever doubted that Buhari is utterly ignorant of economics, this latest nonsensical policy is all the proof one requires. Its only result will be to worsen the shortage of foreign exchange, as now no one will want to take the risk of having their remitted forex seized by the government on a flimsy pretext.

we know the truth, most Senate members deal with dollars, hence such law would affect them. why will a Nigerian working n living in Nigeria save his earnings in dollars know fully well there's dollar scarcity.

iykedare:
Good news. Not everyone who has forex is corrupt. Nigerians have the right to save their money in whatever currency they want. Whoever thought of this is stupid.

how many Americans save their money in Naira or other foreign currency? Africans and Nigerians especially are the root of their problem. You save ur money in a dormiciliary account and neva wil you travel out of the the shores of Nigeria you stackup large volume of dollars in ur home and deprive the economy of forex and yet still blame Buhari, wicked souls. Politicians will neva accept this, they are the main culprit of our national woes.

charliboy654:
we know the truth, most Senate members deal with dollars, hence such law would affect them. why will a Nigerian working n living in Nigeria save his earnings in dollars know fully well there's dollar scarcity.

Even if this is true, so what? If I earn my money legally, I have the right to keep it in any form I want, whether that be Dollars, Yen, gold bars or whatever. No government has the right to seize private citizens' legally earned funds without going through the due process of obtaining permission through the law courts. "Fighting corruption" does not excuse illegalities such as this, and it does not matter whether or not the senators are doing so for pure reasons.

Finally, all of you on here parroting nonsense about how this measure is about corruption are simply betraying your total ignorance of economics. There are 3 main sources of forex for Nigeria, those being oil, foreign direct investment (FDI) and remittances from Nigerians living abroad. Had Buhari allowed the Naira to float, passed measures to ease the cost of business, and embarked on an aggressive privatisation program, the inflow of forex could have easily outweighed the pressure due to crashing oil prices.

Unfortunately, the man in Aso Rock is too stupid and stubborn to listen to good advice: instead he has been pursuing policies that undermine investor confidence, thereby worsening the forex shortage. Which investors would be stupid enough to bring their money into a country where nobody's assets are secure from being stolen by the government in the name of "fighting corruption"? The worst thing of all is seeing so many ignorant half-wits on here cheering this madness on.

franciskaine:
how many Americans save their money in Naira or other foreign currency? Africans and Nigerians especially are the root of their problem. You save ur money in a dormiciliary account and neva wil you travel out of the the chores of Nigeria you stackup large volume of dollars in ur home and deprive the economy of forex and yet still blame Buhari, wicked souls. Politicians will neva accept this, they are the main culprit of our national woes.

What idiocy! Who gave you the right to decide for others what they do with their money? Did you help them earn it? Envious, entitled morons like you in power are the real cause of Nigeria's woes.

Buhari, please make law if i catch you with dollar even if na wan dollar, firing squad straight!
The suffering ee too much.

[size=13pt]The most archaic and criminal policies are the only things Buhari dreams up.

How about punishing Amaechi and Tinubu for shipping our foreign exchange abroad and helping to cause the economic problems?

How about punishing Aisha Buhari for spending our scarce forex on expensive watches and handbags on shopping sprees abroad?

Only God will punish Buhari and DSS for stealing from struggling Nigerians. While they all secretly own & operate fat bank accounts abroad.[/size]