Chartey:


The govt can't decide how individuals use their own money. They earned their money through hard work. What Seun said is the exact situation of things and I'll advise every reasonable person to save in dollars because the Naira will be eventually devalued. If you like, leave your life savings in Naira and watch it amount to nothing very soon. Emiefele is fighting a lost battle.

pinkkystel:
Emefiele face your Work and leave other peoples Life alone. Watin concern u with how much they have in their accounts.

angelinvestor:
Emefiele! Emefiele!! Emefiele!! Please don't even go there o. The last time I checked, banks charge dorm account holders and also use this idle dollars to trade forex. So please, leave our dollars for us.

UnimkeAk:


pls oga cbn no chook eyes 4 my money

UnimkeAk:




pls oga cbn no chook eyes 4 my money

MadCow1:
Hahahahahahaaaa...


President Buhari don catch dem.

Mayflowa:


These are genuine reasons bro but with Nigerians, trust to expect widespread financial shenanigans. That is the bane of our country such that high level economics doesn't work and Nigeria continue to defy theories that have successfully turn other mundane countries around.

What the CBN refers to are idle funds. These funds have been lying fallow for years on end. This amount is near the country's entire wealth and could stimulate development for Nigerians and the owners if invested. If you receive and keep funds in your domiciliary account with the intention of changing at black market rate at favourable times, you are as well guilty.

As a control during this harsh time, All forex earned should be converted to the Nigeria currency after 3 months. And you will see how our Naira will pick up both at the official window and the black market. The only reason foreign governments don't bother about their BDC, is because, there exist slight margin with the official window. BDCs are not profitable! so you don't find them anywhere except in airport maybe where they fleece travellers. Here BDCs are hugeeee (in Donald Trump's voice) business in which you sell currencies with no products attached. That is the beginning of a dying country.

lozanni:
Blaming these Nigerians with the $20 billion domicilliary accounts is counter-productive as this can cause them to move those funds to foreign banks like countless Nigerians in business, the academia and politics who own many foreign accounts.
The Government should work to achieve long term stability in the exchange rate between the naira and other convertible currencies so that these Nigerians can have the full confidence to keep their earnings in naira.
The Government can borrow the $20 billon in the domicilliary accounts through issuance of dollar denominated treasury bills, with income far above the current rate earned by domicilliary accounts in Nigeria, wnhich will be guaranteed by major banking groups, like the Paris group of bankers, to guarantee the safety and viability of funds to the owners of the domicilliary accounts.
Commandeering the funds, like Argentina did, will have serious long term negative consequences on the economy because the human memory is very long and the Super-rich will not forget this in a hurry as many of them are still lamenting the effect SAP under IBB had on their assets and naira account balances, hence the decision by many of them to hold domicilliary accounts till the present day.

erico2k2:

SO.is it your money? ?

redcliff:
Whats your business if there is dollars in other peoples accounts? If they wish to keep it i dont see why this should be cbns business. They would not look into their own in house problems they are looking at other folks. Last i checked i did not see where it was a crime to maintain national accounts with foregin currencies.

lexyclasy:
You are a FOOL

redcliff:
Whats your business if there is dollars in other peoples accounts? If they wish to keep it i dont see why this should be cbns business. They would not look into their own in house problems they are looking at other folks. Last i checked i did not see where it was a crime to maintain national accounts with foregin currencies.

erico2k2:

Relax where yoy not alive when the banks begged people to put forex back I to the banks?

rusher14:


Seun, why would the government want to restrict the inflow of cash from abroad?

In fact, isn't that what they are attempting to encourage?

The only thing I gained from this expose is that the government is concerned that such idle money isn't being put to use locally and wonder how they might encourage this.

Crownvillar:
Please note, that not all of this $20bn is stolen money. For example, I opened a Domiciliary account on a whim, about 7 years ago when I holidayed in Nigeria.

Although I've been back to Nigeria about 3ce since then, I haven't traveled to my hometown where the domiciliary account is held. My Dad also opened a £30k domiciliary account last year to fund a building project. He later discovered that he had enough Naira to complete the project; which was more convenient than withdrawing £ sterling and converting to Naira etc.

The diaspora is littered with Nigerians, who work hard to earn a living and who remit savings to their Dom accounts. They do this, in anticipation of the day they will eventually return home for good. Till that day comes, these funds are likely to "lie idle" as CBN Boss Emiefele puts it.

I think the FGN via the CBN should introduce, promote and sell $ nominated bonds to Dom account holders at generous interest rates to fund the Power industry and agriculture. A win-win situation in my humble opinion. Another poster on this forum has already suggested that the govt should introduce $ nominated Treasury bills; another brilliant idea in my opinion.

Meanwhile, does anyone know whether or not Nigerian banks pay interest on Domiciliary accounts? Any figures or examples, please?