Ttalk:
Good for the economy.

A government that is bold enough to remove subsidies should not be afraid of any backslash that may arise from any measure to save the naira.

Let all remittances be converted to the naira equivalent so the government can have enough dollars for people doing genuine business in need of dollars.

All domiciliary accounts with idle dollars should be taxed.

yes you are right but they should also make sure dollars staying above maybe 15 days should be taxed . Then remove 500 and 1000 naira from the circulation to reduce crime rate until when everything is normal . import foods to the country to reduce high increase of foods in the market . govt should not look face and make sure that there is more than enough of foods in the circulation until when the price go down
Anybody that will have a shortage should have . they have already benefited more than enough by calling themselves to increase prices of foods .

ValarDoharis:
Its a thoughtless policy. You actually need dollars coming in as thats one of the ways diaspora community helps with foreign currency.

What should be discouraged is diaspora paying themselves abroad and transferring naira equivalent back home

Unfortunately, the bolded will remain which makes one wonders how our politicians think. I have come to a conclusion that they know the truth and just usually deceive us with policies they know the masses will applaud.

See how people out of their jealousy are suggesting people shouldn't keep their money in foreign currencies. They are bitter to that point that they even hope people lose their money.

Throwback:


OAU, UNN, Unilag, Unijos etc.

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

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.

naijaboy756:
Thread for Tinubu supporters to make some noise and breathe small

Before dawn dem go disappear
😂😂😂😂

Keep up with the work of damaging Nigeria patapata

Tinubu would not fold his hands and watch Nigeria turn to Venezuela.

Do you see anyone spend dollars in China or Russia?

At the airport, your dollars are converted to Yuan. After transactions and you're leaving China, you get whatever Yuan left on you converted back at the airport, your point of departure.

It's only in Nigeria that you see dollars everywhere at parties. Obi Cubana should watch it. Dollars is not a legal tender in Nigeria. That's the position of the Economic Team.

Tinubu has a responsibility to protect the Naira, our currency from going into extinction.

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.

Ttalk:
Good for the economy.

A government that is bold enough to remove subsidies should not be afraid of any backslash that may arise from any measure to save the naira.

Let all remittances be converted to the naira equivalent so the government can have enough dollars for people doing genuine business in need of dollars.

All domiciliary accounts with idle dollars should be taxed.

u r only saying that nonsense because u don't have anything not because you love the naira. We know ur kind.

Coldspice:


Na Naira them go give am.

That’s serious

Worldremit exchange rate is good. The problem is if it will even go. Been on it for 4days now and the transaction failed

TechCapon:
u r only saying that nonsense because u don't have anything not because you love the naira. We know ur kind.

I think I agree with him, anything to save our Naira even though I earn in dollars

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.

Throwback:


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.

it also happen like that in Nigeria because anytime my friend is sending money to me from US I will receive it naira equivalent. They know what they are doing . They are intentional doing because I know if that my friend will send to his own account he will send it dollar equivalent.

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.

Source your dollars from wherever and go study anywhere you like but Tinubu would not tolerate forex recklessness anymore.

Hx1x

Are you a stranger in Jerusalem?

I hate the policy as the banks may exchange it at the official rate which is daylight robbery.

I feel commercial banks alone shouldn't be the sole disbursers.

Are we in a communist or socialist country?

quote author=Throwback post=128361809]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.[/quote]

Throwback:
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.

idiotic take!

Throwback:


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.

Last time China devalued their currency they did so on their own volition. This was because they were battling an appreciating currency that was making exports expensive. China still intentionally pegs it currency lower than it's actual value to encourage exports.

The United State's strong currency discourages exports. Why do you think almost everything is made in China?

Our Nigerian problem is a peculiar one, we have a highly devalued currency that should make our exports competitive but we don't have anything to offer. That should be what the present administration should be working on. They should be pondering on how the can shore up foreign reserves and stop borrowing. Cutting unnecessary government expenses but no, they prefer to slap band-aids and carry on business as usual - the business of looting the treasury dry.

seunmsg:


Why do you want to withdraw dollars in Nigeria? Do we spend dollars or Naira? Why are you not satisfied with the Naira equivalent?

What if I need to go on vacation 🤔

saddler:


And the Buhari you supported wasted tax payers money in British pounds accessing medical tourism in London.


The Tinubu you are currently defending is also spending scarce forex to recharge himself in France.


Are there no hospitals in Nigeria? What about the ones they budget and spend billions on every year?

Zombieism is a disease

I just tire for that guy.

Coldspice:


Why will I send it to an exchanger in the US when I can send it to Naija and get paid at the same rate with the black market?

Use your head to think

The same black market their minions are claiming they want to eradicate?

I expect you to be enlightened and educated, and if my expectations are right, why will you want to enjoy the rate of black market when according to some people here that is the main target of the policy?

Think bro, think!

In other words those who are the recipients of the dollars are not genuine, it's fraudulent political business men who will eventually buy the dollars from CBN as always are the genuine people you are referring to.
This just a policy reversal, one question, did it work in the past?

Some of you are just so dump, I am tempted to believe it was a mistake I came into this world as a Nigerian.

Tueh

Ttalk:
Good for the economy.

A government that is bold enough to remove subsidies should not be afraid of any backslash that may arise from any measure to save the naira.

Let all remittances be converted to the naira equivalent so the government can have enough dollars for people doing genuine business in need of dollars.

All domiciliary accounts with idle dollars should be taxed.

nairavibeguy:
Are we in a communist or socialist country?

quote author=Throwback post=128361809]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.

Are you mad, you don't spend dollars in Nigeria don't mean you shouldnt save in dollars

Raiders:
just because your papa non get money to send you abroad to study doesn’t mean others should not be allowed to school abroad

Would millions now be in abject poverty because your Papa wants to send you to study abroad?

Tell your papa to look for ways of sourcing forex for your studies. Certainly not at the expense of others.

Tareq1105:


Source your dollars from wherever and go study anywhere you like but Tinubu would not tolerate forex recklessness anymore.

You dey craze ni, your feelings do not concern other people dollars abeg

Goodnewsforlife:
oga keep quiet if u don’t have what to say

U think running the economy is like managing a 2 by 2 shop?

So we should allow people to have dollar reserve when others need it for day to day activities

If not that u ain’t wise, all those dollars sitting in those accounts without use, how will that help d economy?

Don’t u think it will weaken d naira d more?

It like you are mad ni, what do other people wants concern another person reserves

Hohaiiiode:
this policy won’t stop the inflow of dollar into the economy in all sense of it. It will only deal a big blow to the fix black market .

There has never been a time the CBN fulfilled all its Form M obligations. Do you know that the BDCs (before Emefiele banned them) used to give $ to federal government agencies to settle their fx obligations? Check most paid apps on your phone and laptops, you need a $ card to pay for them. Then foreign education, holidays and medicare; you cant do these without $. There is always a demand for $ in Nigeria, to pay for a lot of things ranging from the legal and illegal matters. Even government offices in Nigeria charge their fee in $, example Nimasa and NPA. Nigerians will not stop looking for $ and CBN can never meet all local demands for $. Moreso, this Policy can be sidestepped by Nigerians opening a fx account in say Ghana and receiving IMTO payments through it.

So, to counter your position, the inflow of $ into the economy will reduce, whereas the local $ demand remains constant or even increase. The black market cannot disappear. No this and know peace. Not that I have anything to gain from their existence, but a lot of Nigerians are global individual, they will always need $ for their day to day business. Its like saying you will phase out POS operators in your street because we have Bank ATM everywhere. I just hope CBN knows what they are doing here. They should sha test the waters and recant if it will hurt the economy further.

boringdraw:
In other words those who are the recipients of the dollars are not genuine, it's fraudulent political business men who will eventually buy the dollars from CBN as always are the genuine people you are referring to.
This just a policy reversal, one question, did it work in the past?

Some of you are just so dump, I am tempted to believe it was a mistake I came into this world as a Nigerian.

Tueh

It would work. China would not allow dollars pass through their airports.

Same goes for Russia and others bcoz they have a responsibility to protect their currency.

Why are you idiots against protection of our currency?

Acidosis:


In Nigeria, tough times require tough measures ONLY against the common man.

Politicians will always have their way. If I may ask though, why are you against globalisation? The world is a global village now. You can't box people.

I don’t think you know what they call globalization. Does globalization include shipping and spending another countries currencies in your country?

Go and learn more about globalization.

Ttalk:
Good for the economy.

A government that is bold enough to remove subsidies should not be afraid of any backslash that may arise from any measure to save the naira.

Let all remittances be converted to the naira equivalent so the government can have enough dollars for people doing genuine business in need of dollars.

All domiciliary accounts with idle dollars should be taxed.

did you say good? they will end up increasing the scarce dollar, we shall see, but wetin I know sef!

Guz: just 5 tots:

1. How does this policy help paucity of forex?
2. The forex inflows from Western Union, MoneyGram, WorldRemit & co drastically affect the dearth of forex?
3. Didn't Buhari & Emefiele try something similar by stopping payment of school fees, but they had a rethink?
4. Is this what renewed hope abi na shege?
5. How productive is Nigerian economy to withstand the multiplicity effects?

Montaque:

There has never been a time the CBN fulfilled all its Form M obligations. Do you know that the BDCs (before Emefiele banned them) used to give $ to federal government agencies to settle their fx obligations? Check most paid apps on your phone and laptops, you need a $ card to pay for them. Then foreign education, holidays and medicare; you cant do these without $. There is always a demand for $ in Nigeria, to pay for a lot of things ranging from the legal and illegal matters. Even government offices in Nigeria charge their fee in $, example Nimasa and NPA. Nigerians will not stop looking for $ and CBN can never meet all local demands for $. Moreso, this Policy can be sidestepped by Nigerians opening a fx account in say Ghana and receiving IMTO payments through it.

So, to counter your position, the inflow of $ into the economy will reduce, whereas the local $ demand remains constant or even increase. The black market cannot disappear. No this and know peace. Not that I have anything to gain from their existence, but a lot of Nigerians are global individual, they will always need $ for their day to day business. Its like saying you will phase out POS operators in your street because we have Bank ATM everywhere. I just hope CBN knows what they are doing here. They should sha test the waters and recant if it will hurt the economy further.

Thanks for your observations.

I'm just in support of any Policy that would save Nigeria from turning to Venezuela.

Abufo:




Tinubu is really falling the little hand I managed to give him!!! If he wants to know how to stabilize the Nigerian economy .......let him stop listening to all these western trained economists and go learn at the feet of Putin the russian president! You cannot halt the fall in the naira without fighting corrupt local oligarchs......these are corrupt business men like Dangote,corrupt niger delta militants working with corrupt military commanders to steal oil, corrupt politicians and of course the ethno religious fulani terrorists who are disrupting agricultural output all over the country!

Tinubu has to get a handle on security...immediately he handed the defence ministry and NSA office to northerners, I knew he was toast! All these security posts should be manned by non northerners....ALL i said..............he has not learnt from jonathan's mistakes abi? They are undermining him already.....................He should bring in mercenaries to clear the fulani bandits,while opening dialogue to end all these ethno religious conflicts all over the place!

If he does this,the Naira will gain value within a period of 6months.

Coldspice:


Dey play. Hope you know Binance has started laying off Nigerian staff in their CS department.

No need for much talk. Just dey look dey go.

Keep playing. Wetin be Binance? I have never ever used them to on ramp/off ramp crypto. Never.