₦airaland Forum

Good!

Economic treason is the greatest problem that Nigeria is facing.

Treasonous smuggling of commodities that ought to be sold in Nigeria.

Treasonous stockpiling of foreign currencies bought with Naira inside Nigeria.

Treasonous foreign healthcare with Nigerian funds.

Treasonous foreign education with Nigerian funds.

Block everything, so we all die here.

Only then will we come to terms that we only have Nigeria or we all perish.

Ok

History555:
Even locally produced cement using locally sourced raw materials is going up.

We are a crazy forex madness people in Nigeria.

Na Forex also affect cement price?

Make we dey decieve ourselves.

To solve our economic problems, the government should firstly purge Nigerians of our obsession with forex.

jumokeadele:
Just because you know you can't afford to school abroad. Even Americans school in UK and vice versa

Are we at the elite economic level of US or UK?

Do we even measure up to BRICS economies and their infrastructures?


We are talking about saving our own economy.

It is just a 10yr embargo that will stop the bleeding.

Any Nigerian that can source funds from work abroad, can spend it on the schools abroad.

But that N18m to N25m you want to go spend abroad that is earned from the Nigerian economy, you must spend it in UNN or Unijos.

After 10yrs we can take stock of how we have improved our local education sector.

Stop the bleeding.

GeneralDae:
The problem with all these is that the more you ban things the more the black market thrives and begin to depart from the official rate. You don't ban outrightly. You ban systematically.

Put in the legislation that makes forex trading outside of the approved channel a capital offence.

Use a few stubborn ones to make a scapegoat landing in jail just because they wanted to use some back channel to get funds for UK education or just to keep dollars as cash in their village in Kaduna, the rest will sit up.

But you continue watching and dispensing swift justice.

The craze to have dollars or any other foreign currency will die as it should.

Cromagnon:
Not tough but stupid measures
You will just block dollar inflows and price will go up
Emefiele tried and even he rescinded the stupid order

That will always happen when back channels exist.

If water-tight, there will be no other channel except the official channels and the Emefiele scenario would not play out again.

Acidosis:
The children of the "CBN guy" who initiated this policy all attended school in the UK, from the eldest to the youngest.

Why do you oppose allowing the less privileged to follow in the footsteps of their "leaders"?


What is your idea of leadership? "Do as I say, not as I do"? I sincerely hope that you are not a Tinubu or Buhari voter/supporter. You lots have something in common.

We cannot undo the education they have received.

But we can ensure that for 10yrs, no Nigerian is educated abroad with funds derived from Nigerian economy/banks.

If they already have funds or assets abroad that can allow them pay for their foreign education, it is not a concern to the Nigerian economy.

But the 10yr embargo will prevent capital flight from Nigeria and rechannel such funds to our own education sector.

STYCNig:
Answer this question;
1. Some10yrs back, I paid some school tuition in dollars... I bought dollars, paid into my dom account then transfer to school account. Why did i not pay in Naira so that US CBN or the monetry policy system in US would convert same to dollar for the school? Why did i have to pay in dollars?

2. Show me any online store in US that accept that you buy and pay with the buyer local currency, so that the monetry policy system would convert to the vendor acct in dollar.

I believe the issues you have raised lie with the CBN. If CBN would effect the policy as it used to exist and without any cap on the amount, then you would be able to pay for any foreign fee using a Naira debit card.

I do not claim to know the specifics, but it was obtainable during the Jonathan regime when I did not have a domiciliary account, yet I used my Naira card to pay for foreign school fees, and also buy goods while in the UAE.

So it all boils down to if the CBN is willing to pay up the funds for the foreign transaction Nigerians make.

Hohaiiiode:
we can all disagree and argue our points for or against an issue , that is what civility means .

All this monkey , bastard and all you are calling yourself thinking you are calling me is non of my problem.

I have fairly been critical of policies I think won’t be beneficial or helpful and likewise will say what I need to say when I think a policy seems okay. We can disagree . But that is the beauty of public discuss.

I am very certain this policy will affect me more than you. I do remittances to Nigeria often and I benefit when my family can sell it and get more value. I have a dollar account with money in it. But I see the loopholes in all this banking practices . It might benefit me or others but the nation is bleeding.

Do I need dormicilary account to make payment to USA , China or where ever ? Purely no! I do international payment from where I am to other places … I don’t need to create a special account for that. I only fill a form and specify the recipient currency. You think this policy will affect you the most ? No!

If well implemented it will affect the corrupt politicians and bankers who for many years have been poorly supervised by cbn and therefor making forex availability so difficult or non existing for those who genuinely need them for whatever purpose.

Please tell them.

The arm chair critics who actually don't want anything to be done.

As if the country can suddenly start exporting more products than importation over a few days or month, yet the policies that can immediately help to reverse the downward fall is still being criticized.

charlsecy:
How could that be?

You no hear say Tinubu worked as a taxi driver in the US before he saved funds for his education?

Let them work and use the money of that foreign economy to pay for their eduction there.

Imagine if the billions that Nigerians spend on foreign education over the last 20yrs had been spent within Nigeria on Nigerian education?

Yet that money came out of Nigeria for the benefit of good academic facilities and good pay for faculty over there.

Stop the bleeding.

BigIyanga:
But it’s their money.. you cant be hating from outside the club. Go and hustle. There is still time to go buy Jamb in order to study Medicine or Nursing/IT /Engineering lol

Dude, I studied engineering in Nigeria and also did further studies in same Engineering in foreign schools.

I earn dollars and I have a Nigerian domiciliary account and foreign bank accounts in whatever country my multinational oil job takes me to.

I do not have any reason to complain about the terrible exchange rate as it is to the benefit of people like me.

That being said, Nigeria is very foolish to allow a poor country like itself be subsidising education and providing infrastructure for UK and US schools.

I know how much people like me cough out to pay a session fee abroad, when we have refused to pay a tithe of it in our own local education.

We need to stop the bleeding.

10yrs embargo on foreign education with funds earned in Nigeria, will only help our own economy and our education sector.

Anyone who wants to study abroad should find his/her way there and work and use monies from that economy to pay for the education they require.

UK ensures that the bulk of the money foreigners make in their economy, stays within their economy.

But we Nigerians that are opportune not to be suffering like the masses, are still pouring out the Nigerian funds into West.

The government need to wake up and employ commonsense but humane policies that will help turn the tide.

All I have said is for the love of my country. There is nothing to gain for me, as I would even be one of those to lose my advantage.

Make I accidentally get to power in Nigeria, una go know say Wike no wicked.

All those crying that they want change, they want reform, but in reality they are just unhappy they are the ones left out of a corrupt and loose system they still want to persist, na formatting I go dispense to everything and everyone.

airsaylongcome:
What is the problem with storing wealth in USD to retain value? In 2018, I lost my well paying job and was left with a “huge” amount of over 2m in RSA. Today that 2m is worthless compared to what I could have done with it in 2018. There’s absolutely no need to go after foreign remote workers with your proposal. Otherwise, many would hold their money in offshore accounts using apps like Wise or Payoneer to the detriment of the banking system here

What made it worthless?

No be exchange rate and currency speculation?

My proposal will help fight such situation.

Ate247:
Oga it's not by force to study in those schools. There is corruption, favoritism, poor facilities, delay in academic calender, etc. The country has failed it citizens.

Yes it is not by force.

So relocate abroad, earn money from abroad, then use it to study abroad.

Nigerian economy should not be subsidising and standardising UK or Canadian universities.

Let Nigerian money work for Nigerian infrastructures.

BigIyanga:
Ejiotic policy. Foreign graduates are the backbone of Naija FX.. they make good 💰£€ when they graduate and send a lot $€£ to Naija. Naija diasporans send more FX to Naija than our annual budget.. dont be hating from outside tje club when you cant get in lol

We have enough of them abroad already.

Let those still in Nigeria help grow Nigeria.

10yrs is not an eternity.

We die here together.

CatchMeIfUCanMO:
With this comment of yours, it is obvious you are not financially stable even to the lowest level.

FYI, that will make the matter wo rse for you and your likes because people will eventually find a way around it and you know what that means.
They won't listen to your stew pead talk because it is not a crime and not even a problem to begin with.

I was expecting you to tell your paymaster and his team to ban foreign medical trips among political appointees and politicians, but no like a slave and master relationship, you won't see any bad in that but in what others choose to do with their money.
You left the real problem and start "shooking" your eyes in what others choose to do with their money and lives, and not what your paymaster and his team are doing with taxpayers money.

Outside Nigeria, people from different countries travel to foreign universities for education and it never affected their countries economies.

What you are suffering from is call en vy, jeal ousy and crab ment ality because you can't get such life, others shouldn't get it.

Healthcare is a right and should not be limited.

Tertiary education is not a right.

Ate247:
You are insane to say this. So I should go to any school with my own money.

OAU, UNN, Unilag, Unijos etc.

Make your choice and be ready to pay that Nigerian money you want to carry abroad.

sheeda995:
If this means I won't be able to send money to my loved ones,why will I support useless law. If security is not fixed nothing will get better in Nigeria

Send your money to them.

The CBN will keep the dollars and give them the Naira they need to spend in Nigeria.

Miyachi:
I love it when people who have never left the shores of Nigeria suddenly become experts in international monetary policies. Even in Communist China you can buy and sell goods in USD and save your money in the bank in USD.

What they should be thinking of is how to clear the outrageous foreign debts taken by the previous administration and generating new sources of income. Instead they go about stealing people's money.

Are you talking about the same China that the US has been pressurising for decades to devalue their currency relative to the US dollar?

Those ones use dollars like it is tissue paper and give it any value as they chose to.

Akinpresident:
Govt and policy change.

This was how it was before Buhari changed it.
I wasn't using dorm account to receive foreign payments before. They send dollars to my naira account and it's converted automatically to naira and I get alert.
But Buhari changed it and we started operating dorm account, now this one.

Domiciliary account started before Buhari.

Buhari only became President in 2015.

Good!

Let the reforms be total, affecting both customers and the banks too.

We have been practicing a lot of rubbish for too long.

Even those who claim they want a better Nigeria, do not want the rubbish to stop.

Hohaiiiode:
I just pray the rumors are true. We can’t keep doing things the same way. This will go along way to kill the black fx market. No same country allows that. Unauthorized currency merchants breeding sharp practices therefore enabling corrupt politicians . What the hell is dormicillary account. For few years outside Nigeria and traveling I have never heard of such. I can’t even exchange money without an 🆔 card and a limit set on exchanges.

My brother I tire ooo.

I have travelled to many countries and I am always surprised when the citizens tell me there is nothing like a special bank account for locals to keep foreign currencies.

You can't even convert your forex cash until you find your way to the few registered currency exchanges and with international passport as ID.

007kjb:
Shut up people like you never want good men to rule this country

You mean the same Val Ozigbo whose campaign was sharing N400 and Malt in the last election when he ran under PDP with Peter Obi as the PDP leader in Anambra?

Make I show you the video?

BitterTruth01:
Lol look at them

This is why you 9-5 job workers should stick to civil service and farming and let capitalists run the economy .

You people from that side are naturally not entrepreneurs . You have no idea how to run a business , how will you run a country ?

Stick to your salary Jobs, you say no
Stick to farming , you say no
Stick to your carpenters and artisanal businesses. , you no gree .

You want to run a country. But you think a country can grow under a socialist system of welfare benefits , and government patronage and control . A palliative economy while free enterprise suffers .

Instead of turning the country into a production. base , na to dey shook eye for other people money. Is that the best you can do ? I dont blame you tho. You cannot give what you don’t have .

But go and do your research, those countries that went the way of Karl Max and Lenin , where dem dey now ?

What does economic security have to do with being a welfare state?

How can someone pushing for higher fees and promoting the local over the foreign, be termed as anything negative.

You lots are not ready to revive Nigeria from the pathway of doom.

You criticize the leaders for using foreign cars, but you also insist on the use of those foreign cars.

You have universities here in Nigeria, but even the poorest Nigerian is still aspiring for foreign education.

Nigeria is not rich, and Nigeria should stop undercharging for services and underpaying for labour.

Both the leadership and follwership need to get that into their heads.

The next step is to outlaw forex processing for foreign education for a minimum of 10yrs.

Any Nigerian that wants to be educated abroad should look for the money abroad.

We have schools here that can take those huge amounts of Naira we employ to buy forex for UK or American or Canadian education.

We need to jump-start our tertiary education system with better infrastructure, improved quality of education, improved salaries, and improved school fees.

Tough times require tough measures.

CoronaVirusPro:
That’s a good measure.

Foreign transfers should be received in Naira.

That is how it is in many countries.

They don't even have what we term a domiciliary account.

The bank accounts are designed to receive foreign currencies that are either automatically converted to local currency, or that are kept as incoming foreign funds that cannot serve any purpose until it is converted for inflow into the local economy or returned as international transaction outflow.

Very good!

We don't spend dollars in Nigeria. Collect the naira equivalent and spend.

Why government will tolerate that rubbish is quite puzzling.

Nigeria is about the only foolish country that tolerate that nonsense. No sense of economic security.

Next is to ensure domiciliary accounts only get credited with foreign currencies from international transfer to cater for those who work rotations abroad or those who work remotely, and once the account is credited, any amount beyond a certain threshold should be converted to Naira, while whatever is left should be taxed at a monthly rate that ensures that the money is reduced to half of what was left as a foreign currency in the domiciliary account. That will help discourage any plan to retain forex as a means to store wealth in the domiciliary account

This double blow will ensure that those stockpiling forex cash do not have anywhere to offload it within the Nigerian economy.

All forex trading outside of the banking system should carry life imprisonment for economic treason.

I can vouch that 50% of all the forex trading going on in the past 6months, is not serving any economic purpose besides storing wealth.

Musty112:
I don't like double standards. If to say na man now, bullet for don riddle hin body, y e con be say this devil is still hale and hearty at least mend her face small now.

Dem no suppose touch am.

Instead use her as a bait to lead up to the rest of the gang in their hideout, then empty all the police arsenal on their bodies.

Alexis11:
You are not wrong. But guess what? those that started following Nigerian politics after Endsars will attack you.

I can bet this kind of thread will never see front page because Seun and his new set of mods are all Obidients.

This is the same Peter Obi who wants to rule Nigeria with "I will do", when we know what he had already done that was mediocre.

PDPGuy:
Actually, this format guarantees that at least one African team would qualify for the Olympics, because the U.S. have already qualified for the Olympics by virtue of being world champions.
So, the next two teams in the group would also qualify, meaning that two of Nigeria, Belgium, or Senegal would pick the two remaining Olympic tickets

OK that is still fair then.

SoNature:
If these agbadorians no mention Peter Obi, dem no go rest! If Peter Obi solved all the problems in Anambra State, there wouldn't be any need for successors.

Believe it or not, when it comes to values, capacity, acceptability, competence and delivery, Tinubu cannot unlace Peter Obi's shoes!

You no get shame.

yewit37486:
Congrats girls. This week has been a great Sporting week for Nigeria.

It is our turn.

Emilokan everywhere.