Fibonacci88:

Yeso but it comes with it's own risk. U don't want ur acc frozen one day that u received fraudulent inflow. My guy spent more than 2 weeks in police custody cos the money he exchanged on binance the sender acc was flagged to have been used as a conduit for money laundry.

Damn!

So what were they doing before? This country is not serious o. Will America allow another currency into their system or they'll give you the dollar equivalent? How do we allow nonsense and start complaining? What do you want to do with dollars in Naija when we spend Naira? Good move. Now implementation matters.

Babathanks:

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

This is why no one a road. Ought this idea of dollar account in a Nigeria bank in the 1st place.

nairalanda1:


Well, people are angry because dollar remittances are often times the only way some people can earn extra money and survive, and even grow their earnings. Denying them the right to earn in dollars (while the elite continue to do so with impunity) is enough to annoy a lot of people

Plus what government is doing does not fix the problem of Nigeria not earning enough, which is the real koko.

How will this not affect the Elite?

And what do you suggest they do?

femicyrus:

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

Wrong. You're blaming rashes while ignoring the Aids that is in the blood. BDCs have no "mechanism" for rates. Naira rates are determined by market forces.

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.

But you won't have no government to blame when the unofficial platforms cart away your dollars.

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.

The receiver money will be converted to the current Official rate.

todugo:

Do you know that ministers, senators governor's and even the president and his vice are paid in dollars and not naira. They should stop recieving their allowance/ salaries in dollars and use the foreign currency we gain from foreign exchange to diversify our economy and boost local production.
The government officials are the ones hoarding this money and the ordinary citizens will be the ones to suffer.😡

They are paid in Naira. Bring the evidence that they are paid in dollars!
All these laws will affect us all.

Favourchris:


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

Tell your elders at home that they lack brain

Nonsense CBN. You receive fx and they force you to accept CBN fx rate but at the same time, they are using black market rate for clearing of imported goods Is that not chronic wickedness … anyway who uses Nigerian banks to receive fx again? They are not ready yet.

NzogbuNzogbu:
tinubu is supposed to be the first class master strategist here, why is he now confused

People would rather be using btc and getting it at #1500 than sending to worthless banks that would be giving you 1000

Another home goal for tinubu

Continue your BTC!
You can teach Obi what BTC is so that he won't fumble when asked.

Hopium:


Lol. Most of them know nothing. Lmaoo

It's a wonderful move. They are creating demand for the naira.

Pls What's the current bank rate?

OmoOshodi:
The government should grab the bull by the horns and declare the black market illegal and put jail term penalty there...both seller and buyer....shikena

Do you know that if you want to go to abroad or if you want to do anything in embassy you would need dollar and it is only aboki that can provide you. The bank would never give you. This inhuman policy is just meant for the poor and masses

You these things, Tinubu supporters, are very disrespect, badly trained and badly behaved. I have not met just a single one of you that is not.

OlujobaSamuel:

You are referring to those older than me in your household

Babathanks:

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

The person you quoted knows he's lying but they'll always spew bullshit to cover the flaws of their trial and error government

004gist:


The same politicians will go to the banks and buy the dollars.

How many Nigerians can get access to dollar from the bank. They will frustrate the person with only option to aboki.
If the government can service everyone that comes to the bank then no need to buy from aboki

I think that's the major fear, but I believe with this, CBN won't give banks fiat FX note again, meaning they won't even have the cash to give the politicians or big men

JuanDeDios:

Wrong. You're blaming rashes while ignoring the Aids that is in the blood. BDCs have no "mechanism" for rates. Naira rates are determined by market forces.

What is market forces?
Hoarding and reselling at higher rates?
Or you are paying school fee in Chicago from Nigeria and you are denied payment at the bank?
Or you want to import legit and the banks turn you back to BDC.
What is forcing you to get dollars?
Tell us if not for profit by hoarding and reselling

Paraman:
I don't hoard dollars but I do get dollars from close family members abroad. If the gap between the black market and official rate keeps on expanding, why will one want to exchange at bank rates?

You're not supposed to be getting hard currency in Nigeria. You're supposed to get the naira equivalent. That's how it's done so over the world.
So much for defending govt yet you're part of those benefitting from the rot.
I make a lot of dollar payments from Nigeria and I know for a fact that when our exchange rates a stable, I used to make payments using naira equivalents.
Cardoso is proving to not be patch patch cv after all

Namaster:
Tinubu and Cardoso have made another HUGE mistake.

Fools are tightening the noose around banks receiving Forex inflow when there are LITERALLY tons of other ways to receive your money.

No one will use banks to receive money with their nonsense exchange rates when there are better options out there.

Cardoso is a prime example of an extremely inspired idiot.

Imagine creating more hurdles for receiving Forex when the country is already groaning about NOT receiving any Forex in the first place.

That's like pouring MORE water on a drowning man.

Tinubu has no idea what to do with Nigeria. He's too proud and too nepotistic to get people who can help him out of the mess he's created.

/

The biggest problem is the overdollarization of the country that one would think that Nigeria is the 51st State of USA. Not in Europe. Not in Asia nor any other country would one see such public over dependence on US$ even though it is the reserve currency.

/

money121:
Update

Your head dey there👍

OlujobaSamuel:

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

Since the economy of nations become global. Things have fallen apart. People are trading consistently with other nations.

Economy is driven by greed. These greedy people always find a way to upset the system. The government suppose to find a way to increase in flow of foreign exchange.

We should forget about crude and focus on other goods. We have other natural resources outside beside crude.

Can anyone answer this question for me?

If I send money abroad, will the receiver get the money in naira? Sincere answer please

Julius1995:
You these things, Tinubu supporters, are very disrespect, badly trained and badly behaved. I have not met just a single one of you that is not.

If you don't insult me first, I won't respond to you in kind. When you speak, think about the person you are speaking to.
You are not the only one that quoted me.
Brainless, unreasonable, never do well, etc are not greetings in my home

Simple

Just shift to crypto currencies where government earns nothing in return

Policy don capside.

Didi2d:
Can anyone answer this question for me?

If I send money abroad, will the receiver get the money in naira? Sincere answer please

That is what the article is saying!

So yes.

Then you have not really floated the dollar.

Nigeria has the most confused president and Central Bank regulators.

You floated the naira against the dollar and still want to determine how people will take their dollar inflows sent in from abroad at a rate determined solely by you. That's crazy.

So you can wake up tomorrow and say 1 dollar in the bank is now N100, when market reality says it is N,2000.

Namaster:
Tinubu and Cardoso have made another HUGE mistake.

Fools are tightening the noose around banks receiving Forex inflow when there are LITERALLY tons of other ways to receive your money.

No one will use banks to receive money with their nonsense exchange rates when there are better options out there.

Cardoso is a prime example of an extremely inspired idiot.

Imagine creating more hurdles for receiving Forex when the country is already groaning about NOT receiving any Forex in the first place.

That's like pouring MORE water on a drowning man.

Tinubu has no idea what to do with Nigeria. He's too proud and too nepotistic to get people who can help him out of the mess he's created.

So what would you have suggested they did instead?

This is long over due and should not be respecter of anyone as such this will strengthen our naira and discourage people keeping it

Beautifulday:


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

Many of you on this forum are jesters. Go and learn why the needs for bank in the first instance. What you are talking about is just barter and you don't think about the stress and danger of losing money.

warrenweste:


Where can I check it

online rate is bank rate...

AntiChristian:
I see many abusing the government without just one solution to the imbroglio we find ourselves in.

There's actually no solution that we Nigerians won't find a way to bridge!

Nigeria go better!
May Allah guide our leaders and us the led!

We didn't find ourselves in this problem. Some of you and your leaders dragged sane Nigerians into it.
Don't talk as if many others didn't know it will come to this.

APC always fails. This is not their first time.