₦airaland Forum

ahiboilandgas:
Nigeria is a reflection of the country we collectively deserve while Norway is the country Norwegian deserve ......after filling the drainage with takeaway pack and it rains and their is flood Nigerians will wonder how come it happend ...like wise Nigerians buy up dollars and keep in dorm accounts unproductive and wonder why dollars is scare and why the cost of sardines produce abroad is now 380 naira from 200......confused Nation....

There is nothing wrong with keeping foreign currency in your account

It's your money and you should have a leeway to do what you please with it


What the slowpokes at the CBN, and the dullard in Aso rock should do is to ADDRESS the root cause of what led to that behaviour in the first place

Failure to do that will only make Nigerians find more ways to have their way....


Already someone is advertising to my boss how to open an account in one of these island African countries (wont mention the name)

Less requirements and some loopholes

Mark this

If the CBN tries to drop the ball on dorm accts

Our monies will be flooding there, and other options in the caribbean in no time

9jatriot:
Can you have a naira Dormicilliary account in the US or Europe?

You can't have because Naira is not a medium for exchange in world market. But dollar is.

9jatriot:
Can you have a naira Dormicilliary account in the US or Europe?

If you want to

There are dollar dormiciliary accounts in Britain

There are dollar dormiciliary accounts in Germany


But it does not have much appeal

Because all their currencies carry weight

And at the same time
The difference does no oscillate
Like this failed country in a failed continent..

If the government does not do things right

Prepare for more exodus of funds

Forgive my ignorance. If I were in Germany or any European country, can I walk into the bank and tell them I want to open a USD dom account?
cc:
DexterousOne

Mopolchi:
You can't have because Naira is not a medium for exchange in world market. But dollar is.

Modified
You seem to have responded subject to confirmation from others though

ahiboilandgas:
100 bn was given to rice farmers , 50 bn to rice mills , 50bn covid support, argmis 10m facilities ....what happened? The rice miller and traders Jack up price of rice to 23k per bag ....what happen to 100 bn unrecoverd by the bank of agric or 300 bn unpaid loans by bank of industries.....all this billions have been looted by Nigerians...

Great to hear .

Mopolchi:
So now, what will happen to my unproductive $30 that I have in my credit card now?

Use it to buy crypto.

Nigsrdumb:
They can cut mpr, restrict forex , devalue, which isn't going to do much until they implement a well thought out industrial policy that would allow for the economy to diversify .

Eg how do you lower the cost of producing batteries over the period of 5 years?

Thank you very much
Let Nigerians continue to chase rats

And not face the main issues

ahiboilandgas:
Nigerians by pass smart meters and refused to pay for electricty supplied then wonder why nepa has not brought light ,then nepa people will dish our imaginary bills and imagine mad people should pay why woudnt they pay....nigeria govt sold nepa for 400bn naira as a private firm ..now govt have spent 1.5 trillion on same organisation in name of support ....

How is this possible?

Can you also withdraw same over the counter or you will be given the national equivalent?

DexterousOne:
If you want to

There are dollar dormiciliary accounts in Britain

There are dollar dormiciliary accounts in Germany


But it does not have much appeal

Because all their currencies carry weight

And at the same time
The difference does no oscillate
Like this failed country in a failed continent..

If the government does not do things right

Prepare for more exodus of funds

pluto09:
Use it to buy crypto.

I don't understand how crypto currency works.

OgogoroFreak:
Lest we forget.

Exactly


There is no sentiment or patriotism when it comes to money


If the populace decide to put a foolish man as a president
And cheer useless policy makers to wreck the country
And the currency by extension

What I have laboured to build should not be affected by it


Look at how Dangote networth have plummeted

Even him have had enough
And will be hedging part of his wealth in America

It's a lost cause

CBN better NOT start that war......
It wont end well

DexterousOne:
There is nothing wrong with keeping foreign currency in your account

It's your money and you should have a leeway to do what you please with it


What the slowpokes at the CBN, and the dullard in Aso rock should do is to ADDRESS the root cause of what led to that behaviour in the first place

Failure to do that will only make Nigerians find more ways to have their way....


Already someone is advertising to my boss how to open an account in one of these island African countries (wont mention the name)

Less requirements and some loopholes

Mark this

If the CBN tries to drop the ball on dorm accts

Our monies will be flooding there, and other options in the caribbean in no time

any body residing or doing business in Nigeria is legal allow to deal in Naira and save in Naira ...any body not comfortable are move to other countries...Nigeria cannot be in endless chase of dollars printed at will by trumps America......Nigeians are the root cause ....we are smugglers,duty evaders , election bribers and money laundering and black markets operators ...the cbn does not print dollars so they have to ration the small...

ahiboilandgas:
any body residing or doing business in Nigeria is legal allow to deal in Naira and save in Naira ...any body not comfortable are move to other countries...Nigeria cannot be in endless chase of dollars printed at will by trumps America......Nigeians are the root cause ....we are smugglers,duty evaders , election bribers and money laundering and black markets operators ...the cbn does not print dollars so they have to ration the small...

Sorry
But that is not our problem


We cannot keep our wealth predominantly in a currency that a goat like Buhari can destroy at will due to his recklessness and failed government policies


The behaviour is not ending soon

And like I said
If the CBN takes your advice

What follows after that
.they should take the blame

DexterousOne:
Exactly


There is no sentiment or patriotism when it comes to money


If the populace decide to put a foolish man as a president
And cheer useless policy makers to wreck the country
And the currency by extension

What I have laboured to build should not be affected by it


Look at how Dangote networth have plummeted

Even him have had enough
And will be hedging part of his wealth in America

It's a lost cause

CBN better NOT start that war......
It wont end well

how do u mean? Dollars vs naira has been on decline since 1980 ....at 99 it was 80 naira and by 2007 it was 180 ...that over 100 percent.....list 1 way in which the cbn can earn 20 bn dollars more to the reserve outside oil .?

DexterousOne:
Sorry
But that is not our problem


We cannot keep our wealth predominantly in a currency that a goat like Buhari can destroy at will due to his recklessness and failed government policies


The behaviour is not ending soon

And like I said
If the CBN takes your advice

What follows after that
.they should take the blame

list 1 way in which the Naira should be preserve assuming u are the president and it urgent..outside oil price which buhari and u dony control.

DexterousOne:
Exactly


There is no sentiment or patriotism when it comes to money


If the populace decide to put a foolish man as a president
And cheer useless policy makers to wreck the country
And the currency by extension

What I have laboured to build should not be affected by it


Look at how Dangote networth have plummeted

Even him have had enough
And will be hedging part of his wealth in America

It's a lost cause

CBN better NOT start that war......
It wont end well

They should not start the war with their useless policies. I was even thinking of what need is a bank to an individual, if a savings account does not yield interest and loan is hardly given.

Mopolchi:
How is this possible?

very ..over 30 meter was installed in our area only 6 is working

DexterousOne:
Exactly


There is no sentiment or patriotism when it comes to money


If the populace decide to put a foolish man as a president
And cheer useless policy makers to wreck the country
And the currency by extension

What I have laboured to build should not be affected by it


Look at how Dangote networth have plummeted

Even him have had enough
And will be hedging part of his wealth in America

It's a lost cause

CBN better NOT start that war......
It wont end well

It is a desperate move for a desperate situation.
It is one of the signs of economic collapse.
Most of the countries that have gone that route tend to get worse.

Look out for yourself and yours, Nigeria as a nation will be difficult to remedy no matter how patriotic one is.

ahiboilandgas:
very ..over 30 meter was installed in our area only 6 is working

Na waa

Nigerians are very amazing people ....Nigerians want to import very thing for their consumptions in Nigeria and even hold their monies in other people currency but yet want the cbn to have imaginary dollars alway at good rate for them ..where will the dollars come from ? .....oil and crash ....so what next......from where? Imf loans ...

A practical solution would not be out of place rather than gutter language.

DexterousOne:
Sorry
But that is not our problem


We cannot keep our wealth predominantly in a currency that a goat like Buhari can destroy at will due to his recklessness and failed government policies


The behaviour is not ending soon

And like I said
If the CBN takes your advice

What follows after that
.they should take the blame

pluto09:
It is a desperate move for a desperate situation.
It is one of the signs of economic collapse.
Most of the countries that have gone that route tend to get worse.

Look out for yourself and yours, Nigeria as a nation will be difficult to remedy no matter how patriotic one is.

Period!


Only if you know the number of regular people

Not politically connected o
.have dollar safes and foreign accounts


Now think of how the number will sky rocket when the CBN goes on assault against those with dorm accounts


Greece predicament will be a childs play


Do your work as a government
If you do thaf

Things will get better
Not doing the wrong things

Then doing "gra gra"

If any of us is adviser to cbn governor or pmb what advice would u give to stabilize the Naira now at this points instead of abuse or just critizing without suggestion....

ahiboilandgas:
any body residing or doing business in Nigeria is legal allow to deal in Naira and save in Naira ...any body not comfortable are move to other countries...Nigeria cannot be in endless chase of dollars printed at will by trumps America......Nigeians are the root cause ....we are smugglers,duty evaders , election bribers and money laundering and black markets operators ...the cbn does not print dollars so they have to ration the small...

Oga sorry i disgree with you.

You generalisation is wrong.

The Nigerian government allocates billions of our hard earned income annually for the Nigerian Immigration to block activities of smugglers.

We have government agencies that it is their duty to collect duties and punish evaders, is that agency doing it's work? Has anyone been fired for not doing their job?

We have government agencies that are meant to track and bring to justice election bribers, are those government agencies doing their job? Has anyone been fired for not doing their job?

There are government agencies that are meant to handle the issue of black markerters
and money laundering are they doing their job.



It is wrong to say Nigerians are bad people, meanwhile they are the most host working people in the world, excelling in all fields of endeavor.

awesomeJ:
Well, it depends on who you're watching.

More importantly you can't be building something and tearing it down at thesame time.

I remember you or someone else has referred to my comments about the economy as only patriotic. That's true.

I love my nation. Where else would I love? And I'm actively involved in turning the fortunes of this country around for good spiritually.

So I'll be deceiving myself to even consider speculating or any such thing that may sabotage the progress I pray earnestly for.

I have ample supply, I'm not desperate!

But how?

Mopolchi:
I don't understand how crypto currency works.

It is better you learn o.
Many had already envisaged this move by CBN and they have moved on.
The interest in crypto in Nigeria is massive.
Crypto market is getting bigger and bigger everyday, arguably now bigger than NSE

The single biggest consumer of our forex is fuel importation


How can a Nigeria

That God blessed
Be importing tens of millions of litres of petrol alone PER DAY!

That is a single biggest contributor to the draining of our forex (there are other contributors as well, but this is the biggest!)

Deregulation of that sector, disbanding the refineries , selling NNPC and perpetual tax holiday for local refiners of petrol will see the naira strengthen in a way you wont believe

But will they do it?

Dum20:
Oga sorry i disgree with you.

You generalisation is wrong.

The Nigerian government allocates billions of our hard earned income annually for the Nigerian Immigration to block activities of smugglers.

We have government agencies that it is their duty to collect duties and punish evaders, is that agency doing it's work? Has anyone been fired for not doing their job?

We have government agencies that are meant to track and bring to justice election bribers, are those government agencies doing their job? Has anyone been fired for not doing their job?

There are government agencies that are meant to handle the issue of black markerters
and money laundering are they doing their job.



It is wrong to say Nigerians are bad people, meanwhile they are the most host working people in the world, excelling in all fields of endeavor.

Nigeria customs service u mean....they generate 1 trillion to the Nigeria treasury and dont get funded by the Nigeria state ...it a revenue organistation .....the smugglers are Nigerians while the customs are Nigerians the govt are Nigerians ..no Ghanaians ..

Mopolchi:
They should not start the war with their useless policies. I was even thinking of what need is a bank to an individual, if a savings account does not yield interest and loan is hardly given.

Not to talk of deducting N50 from the recipient of Money

You want to transfer N10k to a cousin or nephew

The person on the other hand receives 9950
Is that not stupidity and foolishness?

pluto09:
It is better you learn o.
Many had already envisaged this move by CBN and they have moved on.
The interest in crypto in Nigeria is massive.
Crypto market is getting bigger and bigger everyday, arguably now bigger than NSE

Where can I learn the nitty-gritty of crypto so I can convert my idle dollars?

DexterousOne:
The single biggest consumer of our forex is fuel importation


How can a Nigeria

That God blessed
Be importing tens of millions of litres of petrol alone PER DAY!

That is a single biggest contributor to the draining of our forex (there are other contributors as well, but this is the biggest!)

Deregulation of that sector, disbanding the refineries , selling NNPC and perpetual tax holiday for local refiners of petrol will see the naira strengthen in a way you wont believe

But will they do it?

Nigerians smuggler over 20m litres daily of those fuel to west africa , who is they? Everbody that has run nnpc are Nigerians...the importer are Nigerians,the vandals are Nigerians the corruption in Nnpc is done by Nigerians ......nb the Nlc is going on strike aginst derugulation...Nlc na Nigerians and tuc

ahiboilandgas:
Nigerians are very amazing people ....Nigerians want to import very thing for their consumptions in Nigeria and even hold their monies in other people currency but yet want the cbn to have imaginary dollars alway at good rate for them ..where will the dollars come from ? .....oil and crash ....so what next......from where? Imf loans ...

From using the owners of the dollars i.e the Americans to do dollar money rituals.