Emefiele has been the worst CBN governor since the inception of CBN

He needs to resign and go into retirement.

He is too old and unsophisticated for this big job

Revolva:


Bro even if they add payonner you will still transfer from payoneer to ur savings bank at 383 / naira

Even if u transfer to ur dorm acc it's a waste u won't be able to withdraw it in dollars as long as the inflow to the form acc is via transfer not you depositing it by your self

Better put ur savings acc for ur AdSense and forget dorm acc for now

No, you can sell from your PAYONEER account to someone's else payoneer and get naira.
Maybe CBN wanted DOM account owners to take over responsibility of the bureau de change, you can still transfer for purchases outside the country.

All businesses that are not vital to people's health and cannot survive on indigenous goods and services must DIE.

It is the only way African and Nigerian Economy can survive.

This cry about businesses dying because they have no access to foreign money most of which is laundered has been going on for 60 years turning the country into Poverty Capital of the world.

Enough is enough. Die if you cannot survive on local products and skills.

So that indigenous brains, skills and businesses can develop and survive

It is how Oxford and Harvard trained economists plugged us into dumping ground for used and discarded materials under the guise of Liberal Market where foreign unwanted food and used clothes show up as delicacies and fashion in Nigerian bowls and killed our textile industries.

DIE. DIE So that most people can survive!

Please suggest way out for Nigerians abroad sending remittance home (which the experts are saying it is one of the mean by which we are boosting our foreign reserves). Their remittances to love ones are being locked down in various Dom accounts.

Also how should many Nigerians offering their skills as freelancers online collect their hard currencies other than via DOM account.

What is certain is that with these out of reality policies the dollar rate in the black market will be 500/$1 in the next 2 months.

To encourage local production which will lead to strong naira government just need to create enable environment.
E.g stable power supply, security, business friendly tax policy e.t.c

What government is doing is just artificially defending the naira instead of getting the fundamental rights like China and co

laiperi:
All businesses that are not vital to people's health and cannot survive on indigenous goods and services must DIE.

It is the only way African and Nigerian Economy can survive.

This cry about businesses dying because they have no access to foreign money most of which is laundered has been going on for 60 years turning the country into Poverty Capital of the world.

Enough is enough. Die if you cannot survive on local products and skills.

So that indigenous brains, skills and businesses can develop and survive

It is how Oxford and Harvard trained economists plugged us into dumping ground for used and discarded materials under the guise of Liberal Market where foreign unwanted food and used clothes show up as delicacies and fashion in Nigerian bowls and killed our textile industries.

DIE. DIE So that most people can survive!

Even me without nursery school leaving certificate can perceive bubu's incompetence from okpaala ngwa "heirPort"

As for Emefiele, don't bother trying to act smart in this govt, when you survive bubu, I can dash you a gallon of hyppo to cleans yourself of iberiberism from inside out.

Definitely this will kill a lot of businesses, the only SMEs that won't be too affected are those running an FCMB business account online where they enjoy a cost-effective current account and manage their finances online with mobile and internet banking. You too could be amongst them, just get started at https://on.fcmb.com/online-account-business3.

I am not going to pretend as Mr. Know all.

But until we detoxify ourselves and go through hard withdrawal, which will be painful, we will be in the same situation we degraded our economy to from 50 years back.

In the first place, Diasporans should be able to send money home and those making money abroad legitimately should be able to bring their money home.

Our richest companies and billionaires always drain the Foreign Reserve based on need for foreign contents. What foreign contents do sugar and water beverage companies need? Why is a company like Dangote, Otedola or Innoson sourcing or the biggest drain on Foreign Reserve when they should be contributors to our Reserve?

If these companies were bringing profits home with Diaspora remittance and earned foreign incomes like yours; Niara would be in demand outside as it used to to be mostly in African countries.

Instead of looters buying Diaspora dollars and earned dollars coming from outside, their looted money would be invested at home.

This will create surplus dollars and strong naira. If you think our experts do not know that, we are fooling ourselves.

There is too much demand on our Reserve in a poverty stricken country like Nigeria buying garbage outside.

homebase:
Please suggest way out for Nigerians abroad sending remittance home (which the experts are saying it is one of the mean by which we are boosting our foreign reserves). Their remittances to love ones are being locked down in various Dom accounts.

Also how should many Nigerians offering their skills as freelancers online collect their hard currencies other than via DOM account.

What is certain is that with these out of reality policies the dollar rate in the black market will be 500/$1 in the next 2 months.

To encourage local production which will lead to strong naira government just need to create enable environment.
E.g stable power supply, security, business friendly tax policy e.t.c

What government is doing is just artificially defending the naira instead of getting the fundamental rights like China and co

proclinician:
Who cares about the useless FX restrictions and policies of incompetent monkeys in government. Simply run your matter with bitcoins even if it's 1mUSD. Useless things from the dullard in aso rock to the dumb ministers.

Hello bro, pls is it cheaper to use bitcoin to usd?
Can you shed more light on it?

Ventura1:


No, you can sell from your PAYONEER account to someone's else payoneer and get naira.
Maybe CBN wanted DOM account owners to take over responsibility of the bureau de change, you can still transfer for purchases outside the country.

Well that cool but I ain't doing any payoneer to payoneer deal wit Nigerians abeg unless I know the person face to face because so many rippers can make you run mad

Yes CBN have spoilt market for them aboki oo so sad many people are now cut off from those black market benefit .


The best thing is to go and buy dollar and save in your dorm acc

Aboki sells dollar 440 am sure cos seems dose will rise to 500 naira soon

As long as you are the one that deposited it you can withdraw and sell it to aboki back when it becomes 500/ dolla

Don’t let this affect your business, Send or receive money from any bank with zero account maintenance fee. SME I think this is for you jump on it https://on.fcmb.com/online-account-business3

juniorstar:
save ur money in crypto and let those domiciliary account lie fallow. despite the little changes experienced ur money is still intact and in the long run is a better store of value! God bless Satoshi(elon musk?)

Can this really be a solution

Optimist59:

Can this really be a solution

yes! the banks know it, the government know it. the only problem is if ur business partner hasn't evolved its payment system. all those waiting period drastically reduced!

Optimist59:

Can this really be a solution

You shouldn't believe everything you read on the Internet. That can't be a solution

SehgateTeam:
Sincerely, all this back and forth policy will bring more hardship and pains to already struggling citizens

How can you instruct a business owners what to do with their money? How can you tell someone he/ she must sell dollar to bank and go with naira by force.

Sadly, this policy will not only affect business owners or someone doing online business and getting paid in Dollar but will affect every aspect of the economy.

Quickly let me break it down;

Recently buying price of raw sesame seeds in China was 1100usd per ton. This price include buying, Cleaning, logistics, shipping, and import duties to China mainland ports. Meanwhile In Nigeria, the buying cost Is 430,000 per ton at pick up. This price exclude cleaning, Logistics, shipping, and miscelleous.

With crazy logistics cost, high cost of freight, and miscellaneous. How do you expect exporter to sell at CBN rate of 380naira to Dollar and make profit.

Now most foreign buyers shift their focus to other countries with stable foreign exchange. Ethiopia, Ghana, Benin will quote best price for agricultural produce anytime ,anyday compare to Nigeria which is facing a lot of policy challenges.

Hardly to see what the policy is doing to help the economy.

Only in Nigeria citizens were forced to provide everything for themselves.

-No pipe borne water, you have to dig borehole yourself

-No electricity, you have to depend on Generator

- No security, street must have vigilantes, and each houses with personal Aboki as gateman.

- If you order anything online it will take 365days before you get it due to slow and bad Nipost structure.

Recently, primary school pupils where also ask to come with nose mask and sanitizers, then i asked 500naira worth of sanitizer and nose mask is not too much for this children.

I pray we can get things right someday.

So SAD......

I want to write a whole page full of how bleeped up that Sh is but then no one cares! The policy is just as bad as hate speech fine. Even worse!

I mean, this people just do what the f they like and no one is there to challenge them, no one. How can they tell people what to do with their foreign currency. Like what the actual F.

softset:
This is so ridiculous... may God take control

God cannot tak control when pastors have not been remitting his tithes for decades now