ILoveDemMANNA:

What do kids know

If we have more funds come in as remittances, our foreign reserves go up, and when that happens, the confidence in the Nigerian economy will go up

Oga shut up. How does remittances to individual account boost foreign reserve. Do u even know what makes up foreign reserve. Export from crude oil is what makes up majorly foreign reserve for Nigeria. Try schooling urself a bit instead of jumping from thread to thread praising an incompetent presidency.

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Idiotas!

This is what they should have done a long time ago. Let foreign remittances flood the market with US$ and that will drive down the price instead of hoarding dollars creating artificial scarcity. US dollars is weak now against a basket of currencies except shithole currency like naira.

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H

A

ikorodureporta:
Dollar go begin scarce for bank...

Dollar don scarce for bank since, no be today

ILoveDemMANNA:

What do kids know

If we have more funds come in as remittances, our foreign reserves go up, and when that happens, the confidence in the Nigerian economy will go up

What concerns foreign reserve with remittance being withdrawn in dollars. Is it not possible that the remittance can be hoarded

Freelancing part 2 loading....

I don't understand.

The effect of this has already started being felt.

Dollar of yesterday of 500 is now 490. The huge supply of dollars in the black market will crash the rising dollar rate

This is good... dollar would drop to $400 by friday.

Make we kukuma dey use Dollars abeg.

ILoveDemMANNA:

What do kids know

If we have more funds come in as remittances, our foreign reserves go up, and when that happens, the confidence in the Nigerian economy will go up

kids may know nothing but you don't expect them to sit down and sing emefiele praises when the naira keeps loosing value on a daily.
if the naira appreciates it either by 1 or 2 naira but If it falls its always 50% the innitial rate.
the exchange rate as at today is making hardworking Nigerians appear lazy cos I can't imagine hustling a whole full day and going home with 5k yet that said 5k ain't up to $20.
e dey pain when you try to buy goods online.

me I know this move na just Gramma cos I know the naira would never appreciate at most it would stabilize at 460.

emefiele needs to do more cos compared to other cbn governors in Nigeria, he should tag himself as worst..

This sounds like a business thing to me...

Johnrake69:
Well, let's see how the bank complies with this.

This should have been done since. Some people in America now take advantage of this in pushing the rate so high. They buy up dollars from people that want to remit funds back to Nigeria. And push the rate up for people trying to send money to Asia.

after causing dollar holders immeasurable loss over the past 4 months - imbecilic CBN Governor

Is now the best time to sell your dollars?

SenecaTheYonger:
TIme for Naira to free fall to 1000

If you had 360k in savings, which was $1000, now your money is only worth $700.

And it keeps falling until your money is worth less than $500.

Just in case you don’t understand how this is affecting you

you had time to explain to zombies? their mind is blocked until this evil gets to them . Yenefer take note

cliqtips:
This sounds like a business thing to me...

Which is bad for the economy. They offer people #430 and sell #500. Why can't the banks offer same amount?

Banks will offer them #366 and sell at almost at the black market rate

Please can someone teache me does it mean the dollar will go up more or come down, make I quickly sell the dollars wey my cousin give me oo

Prodigee:
E remain small make dem buy naija

who tell you say dem neva buy naija? The discos were bought by them. Tinubu sef get one of the discos, abdulsalaam abubakar too...People wey no noting about electricity...and someone would be telling us to still be following them like mumu. Our mumu don do.

SenecaTheYonger:
TIme for Naira to free fall to 1000

If you had 360k in savings, which was $1000, now your money is only worth $700.

And it keeps falling until your money is worth less than $500.

Just in case you don’t understand how this is affecting you

.
they didn't say they are going to pay us in dollars,. this message are mainly for Western Unionners

Good move to be frank. We have enough reserves BUT stopping us from accessing remittances in USD turned doller into Gold that it is today. Watch as the value of the dollar will start depreciating.
Western Union receivers was forced to take with Naira.
Same for domiciliary account holders.
Access to available USD was limited to importers and only through LC.
This made the USD scarce (Artificial Scarcity), which resulted in high exchange rate as demand kept growing. Poor monetary policy from the onset.

The FG and CBN are experimenting with the Economy and the FX sector is where their perceived indicators are in order to measure their performance. A very silly approach to viewing any economy's performance index.

A Central Bank is supposed to study the national economy and juxtapose with the global economy and design an economic template using permanent FX policies on imports, exports and local FX liquidity flow indices instead of running a country without an Economic Model hence the constant policy somersaults just to control fx rate in a false economy.

Education is not enough if you want to choose a leader. A leader must be the best mind fractal within the spectrum, the best brain with specific knowledge of management and governance.

I kicked against presenting Buhari for leadership not because I hate him but because the man does not enhance his knowledge of governance and worst of it all, he is religious zombie, and was carefully was handed Emefiele, who acts as a houseboy of the 'Presidency' and recommend policy strategies that now makes Nigeria an unpredictable business environment due to constant change in policies. Economic hacks look at economies and tailor their strategy towards profiteering, and you wake up the next day and a new policy makes nonsense of your permutation and you want to have more FDIs? I do not think Emefiele is running the central bank with known policy template. He is just an errand boy for the Economy CrackTeam in Aso Rock who view 'aboki fx' as a means to keeping naira and dollar rate stable. This is called Aboki Economy.

Nigerians need to elect a nerd with brilliance on Macro and Micro Economics to come out of this mess, cos Elon Musk will make Nigeria broke of oil money in the next 20 yrs and you are done if you are on the direction opposite that of dynamics of the New World Order. It is over with Oil for now, but I know that Petrochemicals and Gas wil be much more useful, so Nigeria has a lifeline but needs excellent nerds to steer the country.

Good luck!

Abeg o!!!!!

Make dollar continue to dey rise, so we wey get dollars go cash out big

Why now, they should continue to practice 1842 economic policies. Because you want to catch a thief, you closed your borders for over a year against legal business people transacting across international boarders, why wouldn't you struggle and fall into recession.

Nigerians take every news on face value. Have you ever attempted to collect dollar from any Nigerian bank as an individual?.
Let's not be naive. The banks will forever tell you that Dollar is not available.

After you don wait tire. You go collect Naira to solve your pressing problem.
This policy is only good on paper. The reality is that banks will never 'have' the Dollar to pay out. Not even $100.

Abeg....make person explain in lay man terms for us science students

Systrom:
Abeg o!!!!!

Make dollar continue to dey rise, so we wey get dollars go cash out big

You must be residing in USA, otherwise how else do you get the dollars....oh okay, you are an exporter of products or solutions.

You should be praying for your country's currency to improve in value except you are into some cyber activism that generates dollars.

koning:
Nigerians take every news on face value. Have you ever attempted to collect dollar from any Nigerian bank as an individual?.
Let's not be naive. The banks will forever tell you that Dollar is not available.

After you don wait tire. You go collect Naira to solve your pressing problem.
This policy is only good on paper. The reality is that banks will never 'have' the Dollar to pay out. Not even $100.

It's not available because people moved their dollars to black market and Aboki kiosks. Where will the banks get it from?

Finally the terrorists' patron want to make one dollar to one naira as promised. What a genus!

It is a nice idea but lets see if it will work.

Lets see if foreign remittance can help reduce the rate.

I like the policy because if you hold significant dollars bills you can negotiate price with bdc

koning:
Nigerians take every news on face value. Have you ever attempted to collect dollar from any Nigerian bank as an individual?.
Let's not be naive. The banks will forever tell you that Dollar is not available.

After you don wait tire. You go collect Naira to solve your pressing problem.
This policy is only good on paper. The reality is that banks will never 'have' the Dollar to pay out. Not even $100.

This policy was brought today.

Let it work first before complaining