Coldspice:


Then, if they don't send dollar home, how do they get Naira to spend in Nigeria? By coming here to do bricklaying?

That dollar, they will exchange it one way or the other. The CBN knows this, that's why they allowed bank rates to be the same with parallel rates.

By the way, What is the current parallel market rate?
What is the exchange rate in banks?
They are about the same thing.

So, why will they now patronise 3rd party providers when their rates are the same with bank rates?

They are Nigerians that have naira that need dollar. The one who has dollar send them dollar, they send the people naira.

For instance, foreign student.

The people who have dollar send them the dollar in the dollar economy and the students refund the aggreed amount in naira in naira economy.

These monies didn't cross the both economy.

The one who has the dollar determine the price. As demand increases, the black market price is upset again.

Economy is driven by greed. Until economics understand this, their policies will fail. You factor human greed into economic policies

jmoore:
Can't the government be sued for this?
Person send dollar, you are forcefully converting it to naira at your own rate, not the rate of the receiver.

Legal robbery!

The clueless people that brought this idea will end up pushing many people to other platforms that can't be captured officially.

It's like giving a driver passel to drop and the driver converted the item/gadget to the rice equivalent. What if they don't want agricultural product and they need the gadget for work?

femicyrus:

The unification tinubu did last year, didn't you people bastardised it with further devaluation of the naira so as to continue your wicked profit making without sweat?

1. I'm not sure what's biting your bom bom, but I hope you get better soon.
2. I don't know what you mean "you", but it was the CBN that bastardized unification by halting the policy the day $ exchanged for N800. But I'm happy they're back on track now.
3. Nobody "devalued" the naira - that was caused by economic pressures on the currency - due to our chronic failure of governance, which continues today.
4. I have always supported unification and I continue to do so.

Realdeals:
It's a good policy to bolster the Naira, IMTO fund is different from inflows to Domiciliary acct. But, the bank that convert my USD to NGN, should be able to provide me with USD if the needs arises, especially for basic online transactions. Maybe it is time to reactivate USD transaction on Naira card.

Are you saying they won't touch inflow to dorm account?

Hopium:


Lmaooo. He said there's never a floor. You will soon learn.

Mark this post. Zimbabwe is a case study. History is on steady repeat for those who don't learn.

Bobloco:
Another trial and error policy from the patch patch CV CBN governor

This will work very well

Just watch it

Zero Tension

Hopium:


Gibberish again.

I'm a crypto trader and investor. I literally make and lose money in dollar every single day.

Again, you lots are irredeemably sick.

You are a crypto trader that's exactly why you can spill out rubbish..


That policy doesn't affect you..as you can earn your fx and take it to black market to change...

If you mean so well like Ur druggie..

Why have you not been taking Ur Fx to banks to change ..
But you support those who have to receive theirs through the banks to change directly there..

slowpoke

Beautifulday:


Mark this post. Zimbabwe is a case study. History is on steady repeat for those who don't learn.

Zambia ni. Lol

Tranquility2345:


I’m tempted to call you an idiot. But make I control myself. You are just too dull that I feel like giving you a konk on your bald head. I swear!

What you never experience before always look like mystery. Tinubu is a living example sha

It would have been good if CBN has the power to fix dolla exchange rate.
If not this will make naira devalue more.

ruggedtimi:
the bank rate is high too..on same level with blackmarket

which bank and how?

eddynaira125:



This will work very well

Just watch it

Zero Tension

How?

Do you mind explaining?

BennyDGreat:


It's because you are not directly affected.
Imagine someone sending you 10kUSD only for the money to be converted to naira at whatever rates the CBN likes....you are calling this robbery a solution...so sad

So what do you suggest they do?
Are we not the enemy of ourselves?

Tranquility2345:


Brighter Grammar highly recommended for you sir!

Your problem sir..English is the least of my problems..you that know better can not contribute anything meaningful to the thread..

I just answered the guy's question..
Anyone could always withdraw his fx in naira through the banks
.

You are very silly, where are you getting to. It is always you 'never do well people'. How is this a news any hardworking individual thay value his/her own future should celebrate. Your slave masters are destroying your future and those of your generation unborn, you are saying Better. Shame on you.

OlujobaSamuel:
Better, we are getting there

pocom16:


You are a crypto trader that's exactly why you can spill out rubbish..


That policy doesn't affect you..as you can earn your fx and take it to black market to change...

If you mean so well like Ur druggie..

Why have you not been taking Ur Fx to banks to change ..
But you support those who have to receive theirs through the banks to change directly there..

slowpoke

Lol

Hopium:


Usdt rate, bank rate, and black market rate are almost the same. Rest. Lol

Ibrahimcoomasie:
Access, GTB, UBA, Zenith Others To Pay Customers Money Sent From Abroad in Naira, Give Exchange Rate



https://www.legit.ng/business-economy/money/1577735-come-passport-nigerian-bank-announces-internation-money-transfer-operation/

Waste of time who sends and recieves dollars in Niheria any2ays?.The banks will only give winch mkney lile 300dollars try ask them flr 5000 Dollars U go explain tire.We been wiring mo ey via apps since to be laid naira at blk mkt rate since God knkws and these guys just came out to announce this craaaap.

OlujobaSamuel:
Better, we are getting there

Most of una lack brain... And u think with this policy, people will send their Forex here... Forex we don't even have and badly need.

No worry, e go clear for una eye, dollar go jump enter 5k

Beautifulday:


You are not getting anywhere. You will see as it will back fire. People will stop sending dollar home. They will do the exchange from there.

There is no decision that won't have its own effect. As long as we can't increase earnings, the best is to manage the earnings we have.
I still advocated for something similar yesterday. There is no reason for anyone trading a foreign note
If you have reasons to hold a FX, it should be electronic fund and should be given only when needed at mkt rate, not something to be kept for speculative reasons

BreconHills:


Which rubbish rate?

They sometimes have better rates than street. The spread or arbitrage between both rates is very small. They knew what they are doing when they allowed NGN to fall.

You’re lying. I have domiciliary account with access bank. There was a day I wanted to convert an $100 there to naira because I needed money in my naira account. There rate is so ehn. Is not even up to 75k ooo. Something wey aboki will do for me 110k ooo

ruggedtimi:
have you seen the new bank rate now

Where can I check it

VeeVeeMyLuv:

Why can't CBN go to digital platforms and create restrictions for Nigerians only. Liaise with binance and that's all.

This particular policy what will happen to the Forex mopped up from inflows from diaspora abroad and from remote workers.

Won't the banks give it to BDCs again to continue round tripping?

Won't politicians buy them all up with their looted billions of naira and stuff/stash them in their bunkers?

Easier to attack and criticize ooooooo.


Bye.

SmartMen:


I have not used my domiciliary account for more than 5 years now... yet I have been receiving dollars and pounds payment every month. they are wasting their time.

Please how have you been receiving dollar payment?

Bobloco:
Another trial and error policy from the patch patch CV CBN governor

....ok what do you suggest

Hopium:


Lol. What are you saying? When most of them are already closing shops. Lmaoo

Bdc won't be killed but the CBN will limit their influence on the exchange rate. FYI, they are now required to have $1m as capital. Fintechs are going to take big market shares from them.

BDCs, Fintechs, whatever, people will just want a place to trade currency at its true VALUE as long as there's a DUAL rate. I'd bet my bottom naira that BDCs will start becoming Fintechs.

Anyway, the joke is on you if you think those guys that stand on the road at Ojodu Berger or Allen need $1m or any amount to do business. It's called "black market" for a reason.

Ibrahimcoomasie:
Access, GTB, UBA, Zenith Others To Pay Customers Money Sent From Abroad in Naira, Give Exchange Rate



https://www.legit.ng/business-economy/money/1577735-come-passport-nigerian-bank-announces-internation-money-transfer-operation/

If this fully enforced, not only will BDC be starved of firex, they will completely fizzle out of existence. Because they thrive on dollar cash brought to them by IMTO customers. Only source of dollars for them will now be people entering Nigeria with dollar cash. They are very few indeed.

JuanDeDios:

1. I'm not sure what's biting your bom bom, but I hope you get better soon.
2. I don't know what you mean "you", but it was the CBN that bastardized unification by halting the policy the day $ exchanged for N800. But I'm happy they're back on track now.
3. Nobody "devalued" the naira - that was caused by economic pressures on the currency - due to our chronic failure of governance, which continues today.
4. I have always supported unification and I continue to do so.

Say it in plain terms
"Economic pressure" is BDC profit making mechanism not minding the resultant consequences on the naira and the Nigerian economy

Hopium:


Lol

Give it time .....this policy will create a large margin ..

The bank should will willing to cater for the demand for FX for Nigerians now...cuz it is foolish to steal their FX and give excuses when they need it to buy from foreign markets

Julius1995:
You are very silly, where are you getting to. It is always you 'never do well people'. How is this a news any hardworking individual thay value his/her own future should celebrate. Your slave masters are destroying your future and those of your generation unborn, you are saying Better. Shame on you.

You are referring to those older than me in your household

pocom16:



You must be very stupid...I am certain...you are foolish idiots who doesn't earn a single dollar..



You supported the stupid president when he decided to float the naira especially when there is a supply issue...how do you float a currency you fully know can not sustain itself with supply and demand..


Buhari and Emifiele and a thousand times better than this you, cardoso and Ur daft president..

If then ..dollar influx were not coming in..but that government knew how to stabilise rates and only reduce value slightly when the burden of maintaining the rate goes beyond bearable..

They also knew how that removing fuel subsidy when you are still importing is bogus and doesn't make sense... You worsen the pains of the people when cost rises...and you can't guarantee supply because you still import..

This is why the government at that time postponed it twice..


You druggy came in without critical thinking and messed everything up..
Has the supply of dollar increased since he floated it.
Lagos now has fuel scarcity..

You are crying bitterly, seems you are doomed.

pocom16:


Your problem sir..English is the least of my problems..you that know better can not contribute anything meaningful to the thread..

I just answered the guy's question..
Anyone could always withdraw his fx in naira through the banks
.

Nah so dem go.dey drag English up n down lile English teacher.who English help sef .no mind am jooor

Macphenson:
Nnaaa mehn, I thought Tinubu is a master strategist, I never knew he is a trial and error strategist.

On this issue of dollars scarcity, stop corruption and looting by our politicians and civil servants and trust me we will have enough dollars in circulation.

When they loot in Naira, they use their loots and by up the dollars in circulation and store in either their bank accounts, or their vaults at homes or use it to buy properties abroad.

Most of these estates in high brow areas in Lagos and Abuja with tight securities have so many vaults stashed with dollars.

If you have a child that's kleptomaniac, will it be easy for you to stop him?


If you say the government can stop stealing through capital punishment.

Does that means you can stop your child from stealing by applying the sharia law on him anytime he steals?