Just got this email from WorldRemit.

Seems CBN has quietly re-introduced their policy where people abroad can no longer send foriegn currency directly to folks in Nigeria. Folks in Nigeria now can only receive the naira equivalent of the money sent.

I've checked Western Union and seems to be the same as well. Moneygram still allows dollars to be sent, but can only be picked up. Can't send to a dorm account any more.

I have checked and haven't seen any news on this.

Interesting

I got the email too. I remember Buhari and Emefiele had similar policy.

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.

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.

That’s a good measure.

Foreign transfers should be received in Naira.

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.

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 carpentry and artisanal businesses. , you no gree .

You say you must run the country. Say you dey sophisticated. 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 ?

Throwback:
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 forex 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.

CoronaVirusPro:
That’s a good measure.

Foreign transfers should be received in Naira.

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.

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.

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

I just got this message too

Throwback:


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.

It’s one thing to ensure that local transactions within the country are conducted in local currency but it’s another thing to go after privately-owned legally acquired funds domiciled in bank accounts

You’re advocating that forex inflows should be forcefully converted to naira and the balance taxed untill it drops to half . That’s your own idea of an economically viable monetary policy.

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

It’s the other way round : The ultimate goal of a welfare state is to provide economic security to its people

You’re conflating issues :
Buying foreign cars vs patronizing local auto is a different matter which is even partly what I was advocating for by saying turning the country into a production base .

That has nothing to with targeting funds in a private account

Being a welfare state is just one of the many aspects of a socialist economy . And this is a key part of APC’s political ideology .

It's a good policy

BitterTruth01:


It’s one thing to ensure that local transactions within the country are conducted in local currency but it’s another thing to go after privately-owned legally acquired funds domiciled in bank accounts

You’re advocating that forex inflows should be forcefully converted to naira and the balance taxed untill it drops to half . That’s your own idea of an economically viable monetary policy.



It’s the other way round : The ultimate goal of a welfare state is to provide economic security to its people

You’re conflating issues :
Buying foreign cars vs patronizing local auto is a different matter which is even partly what I was advocating for by saying turning the country into a production base .

That has nothing to with targeting funds in a private account

Being a welfare state is just one of the many aspects of a socialist economy . And this is a key part of APC’s political ideology .

I think you're contradicting yourself. Removing oil subsidy and floating the local currency is not welfarism...infact it is an uncertain path to capitalism, as no one knows the final outcome.

Hx1x:
Just got this email from WorldRemit.

Seems CBN has quietly re-introduced their policy where people abroad can no longer send foriegn currency directly to folks in Nigeria. Folks in Nigeria now can only receive the naira equivalent of the money sent.

I've checked Western Union and seems to be the same as well. Moneygram still allows dollars to be sent, but can only be picked up. Can't send to a dorm account any more.

I have checked and haven't seen any news on this.

This is very good if and only if it will fix our economy.

🤭

Throwback:
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.

Love this.

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.

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.

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.

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

Throwback:


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 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.

Acidosis:


In Nigeria, tough times require tough measures ONLY against the common and the helplessly senseless 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.

Globalization means you should abandon your currency in your country and start trading with foreign currency.

Mr lecturer abeg don't teach me nonsense

Ttalk:


Globalization means you should abandon your currency in your country and start trading with foreign currency.

Mr lecturer abeg don't teach me nonsense

Have you considered the potential disruptions to international trade/economic growth, or are you simply carried away by the potential significance of just another trial-and-error CBN policy?

You should not be too confident in a country or institution that has consistently failed in effective policy implementation and enforcement.

The people you lot should be preaching to are the very same people you all go out to vote for every four years. They are the very same people you all defend day and night online.

Hx1x:
Just got this email from WorldRemit.

Seems CBN has quietly re-introduced their policy where people abroad can no longer send foriegn currency directly to folks in Nigeria. Folks in Nigeria now can only receive the naira equivalent of the money sent.

I've checked Western Union and seems to be the same as well. Moneygram still allows dollars to be sent, but can only be picked up. Can't send to a dorm account any more.

I have checked and haven't seen any news on this.

In this day and age when you can contact people in America via WhatsApp, they are bringing back this policy that stopped dollar remittances into Nigeria. They have just opened business again for those who would ask you to give them the dollars in America and then they will transfer the agreed naira equivalent to your loved ones in Nigeria.

Ultimately, Nigeria loses on the dollars her people would have sent into Nigerian banks. The dollars remain abroad while the people in Nigeria who need dollars to fund their accounts abroad are merely asked to pay naira into an account in Nigeria and they will credit your account in China! So the dollars never enter Nigeria.

BitterTruth01:


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

See them
Because them no succeed put their man there ...then nobody else can do it.
I keep telling you the biggest lie you tell yourselves is that ONLY AN IGBOMAN can make Nigeria great.
How can a people that elect disasters as governors give anybody any lesson of governance

cjrane:


In this day and age when you can contact people in America via WhatsApp, they are bringing back this policy that stopped dollar remittances into Nigeria. They have just opened business again for those who would ask you to give them the dollars in America and then they will transfer the agreed naira equivalent to your loved ones in Nigeria.

Ultimately, Nigeria loses on the dollars her people would have sent into Nigerian banks. The dollars remain abroad while the people in Nigeria who need dollars to fund their accounts abroad are merely asked to pay naira into an account in Nigeria and they will credit your account in China! So the dollars never enter Nigeria.

I like to believe that the whole idea is to restrict speculative activities and potentially stabilize the Naira. However, for every 1 potential benefit of this policy, there are at least 5 brutal consequences.

If this policy backfires lasan! Kai! But lets stay optimistic.

Acidosis:



I like to believe that the whole idea is to restrict speculative activities and potentially stabilize the Naira. However, for every 1 potential benefit of this policy, there are at least 5 brutal consequences.

If this policy backfires lasan! Kai! But lets stay optimistic.

Right now the biggest source of dollars into the economy is through overseas remittances from Nigerians abroad. So why introduce a discarded idea that even Lamido Sanusi noted that it reduced forex flow through remittances? If he blocks the steady flow of dollars into the economy through the failed policy, he will only open the gate for other operators who would transfer into your naira account at 1,410 if you transfer into their Bank of America account. Everybody took that option because then the money transfer agencies would pay something like 800 or 900 naira to the dollar and still charge you a transfer fee. But the other transfer people will cost you nothing as you merely transfer through Xelle to their Bank of America account and they credit your naira account immediately! Nobody likes wasting money, so once you need to make the transfer, you call them and make the agreed sum and they will credit your naira account instantly. The only thing is that you will know that the dollars would probably go to India or Pakistan instead of Nigeria.

I just wonder why Tinubu would also want to stifle forex inflow by Nigerians in the diaspora by introducing hurdles to make their loved ones get less money. It simply creates all these alternative ways of transfer that in the end, the dollars never make it to Nigeria again. Anyway, they should continue bulldozing Nigeria and experimenting on discarded ideas that turned out to hurt the economy, until the people will wake up.

Acidosis:



I like to believe that the whole idea is to restrict speculative activities and potentially stabilize the Naira. However, for every 1 potential benefit of this policy, there are at least 5 brutal consequences.

If this policy backfires lasan! Kai! But lets stay optimistic.

I have nothing to contribute to this discussion but if the policy will favour us then so be it.
You Monika got my attention, nice seeing old nairalander still contributing.

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 carpentry and artisanal businesses. , you no gree .

You say you must run the country. Say you dey sophisticated. 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 ?

The best person. That ran the economy was Awolowo
Who took us through a civil war without debt and at the end still hadu twenty pounds to dash our rebellious brothers
His economic legacy Odua investment company is still alive today
The parent company of Wema Bank
The Newspaper he founded. The Tribune is still alive as a going concern and is the oldest surviving newspaper in Nigeria and one of the oldest companies in Nigeria

Tell us which company your people are known for that is older than 50 years

cjrane:


Right now the biggest source of dollars into the economy is through remittances. If he blocks the steady flow of dollars into the economy through the failed policy, he will only open the gate for people who would transfer into your naira account at 1,410 if you transfer into their Bank of America account. Everybody took that option because then the money transfer agencies would pay something like 800 or 900 naira to the dollar. Nobody likes wasting money, so once you need to make the transfer, you call them and make the agreed sum while they will credit your naira account.

I just wonder why Tinubu would also want to stifle forex inflow by Nigerians in the diaspora by introducing hurdles to make their loved ones get less money. It simply creates all these alternative ways of transfer that in the end, the dollars never make it to Nigeria again. Anyway, they should continue bulldozing Nigeria and experimenting on discarded ideas that turned out to hurt the economy, until the people will wake up.

The situation is a bit different now since we have a somewhat similar official and black market rate. But if people perceive that their funds will be forcefully converted to Naira at potentially unfavourable rates, then there will be more consequences.

Sometime ago, the same CBN encouraged remittances by paying Nigerians N500 on every foreign transaction in $$. Experimentations are needed since we have failed to address the main issues, lol.

Acidosis:



I like to believe that the whole idea is to restrict speculative activities and potentially stabilize the Naira. However, for every 1 potential benefit of this policy, there are at least 5 brutal consequences.

If this policy backfires lasan! Kai! But lets stay optimistic.

Every action breeds a reaction. At least they are doing something.. That should be applauded. My problem though is we need to produce and explore more. All these measures are short term

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 carpentry and artisanal businesses. , you no gree .

You say you must run the country. Say you dey sophisticated. 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 ?

The richest in Nigeria are still from that two sides. Don't mix up petty trading with entrepreneurship. They are the captains of industries and now the modern IT industries.

In addition, you complain of socialism and welfare state when all the current government has done so far is to break the habit of welfarism i.e. backing the naira with dollars to defend the naira and removing subsidy of fuel. What welfare can be greater than those... Governorment was giving you money to buy gas for cheap so you can drive multiple cars and V8 engines vehicles.

Government was subsidizing the naira so that you can go on foreign trips for cheap and import goods from abroad for cheap.