Nbote:


See how you are contradicting yourself. First you started by throwing shades at "flat in headdies" by claiming they'll have something to say but then went further to have something to say. Banks do not give dollars, the CBN does and you get by applying through a bank. Now the CBN has asked them to sell off the ones in their custody and now asking them to pay naira for dollars sent. Isn't that accumulating the same dollars they are forcing the banks to dispose off?

I think the goal here is to discourage black market trade. Ordinarily, people will choose to trade in crypto, but that’s back door trade. I believe if well implemented, it should reflect the true value of our currency.

Greenfaces:
Further creating dollar scarcity

The only person that gets it. People will look for other means instead of using the bank. Now they’re losing more dollars influx from abroad.

lanre9ja:
It's a good things but what's the effects to the economy

It will incentivice offshore conversion. As banks will naturally offer rates lower than the market rate, giving the black market more life

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

Dumbuharii and Emefiele the clueless gorimapa buffoon tried it in 2016, it did not work.

I gave you dollar to keep for me, when I came withdraw it, you say you will give me Naira at a rate determined by you.. That's thievery and economic abracadabra.

This policy will simply create chaos and dollar inflows will drastically reduce into Nigerian dorm accounts.

People will simply go to Benin republic, Cameroon and Niger open dorm accounts there and cash their live dollars, and those countries will gain from Nigeria's loss.

I work with an Institute as an Online Adjunct Professor, I started before I left Nigeria. They still pay my money into my Nigerian dorm account.. Well, I will simply write the school and supply them with my new bank details.

Nigeria's loss..

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

Your bank officials want to defraud you. Ask them their selling rate

Babathanks:

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

That is the reason for diplomatic collaboration.
This embassies are located in Nigeria. Ministry of foreign affairs can engage them on the need to transact in naira or only allow transactions through banks that will help you convert your naira equivalent to the currency you wish to make payments with at the embassy.

Nigeria can survive without BDC operation

Beautifulday:


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.

You are right, we need to expand our earnings.
Roads, power and security are some major factors that any serious govt needs to address, but there is also need to address the current crisis at hand.
If this crisis isn't properly managed, the few manufacturing companies we have will collapse due to increase in cost as a result of FX effect on raw materials and machinery

Keegan:


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.

When goods become scarce, people desperate. When people are desperate, they throw caution to the air.

You no hear that man that was against paying ransom to kidnappers untill he was kidnapped.

The role of government is no stop people from being desperate.

Grammar no dey solve the problem.

BreconHills:


BDC will die. Their activities will be limited to airport and shopping malls as obtains abroad.

BDC can never die and here’s why. Corrupt politicians and bankers will still provide dollars for BDC but now due to all this, it will be at an even higher rate. And most importers will buy from BDCs because they can’t get dollars from bank so why bother.

You can never kill BDC

JuanDeDios:

Are the rates unified now? That's the only way this works.

Not yet but they are converging rapidly. The problem is supply supply supply.

To be honest until Govt addresses inflation, no one will trust naira as a store of value. The large domestic USD holders don't trust the naira and these same people have access to FEC meeting notes.

It's bizarre.

Border should be opened post haste

OlujobaSamuel:

You are right, we need to expand our earnings.
Roads, power and security are some major factors that any serious govt needs to address, but there is also need to address the current crisis at hand.
If this crisis isn't properly managed, the few manufacturing companies we have will collapse due to increase in cost as a result of FX effect on raw materials and machinery

This is crazy when you factor manufacturing into the equation.

Fiscus105:




Easier to attack and criticize ooooooo.


Bye.

I am just showing concern

A stable Forex and economy with single digit inflation is what I desire. It will benefit all and sundry.

e90:

All money sent to domiciliary acct. Will also be converted to naira. You will be requested to provide a naira account to receive the money. I was a victim of this brouhaha yesterday.

Good morning sir. Did the bank convert the money from your DOM account to your Naira account? I meant, did you actually receive the money in your DOM account, but to withdraw, you had to provide a Naira account for conversion? What was the rate sir?

Inspirer1:

That's what they intend to achieve cos if there are no dollars to sell to the black market traders, everyone will go official as you won't want to buy from the black market traders at a rate higher than what the bank will convert to when you're done with your own trades and want to convert back.

Bankers will always sell dollar to BDC no matter what and no one can stop them.

What’s the need of selling to indivifuals when BDC will offer them good rate. Can a banker say no to profit

You all will learn

RepoMan007:
people will simply intercept the forex inflow at a better rate through social media. That way a new black market is borne again and the rates may reach N2500 for a USD then.

When the scamming rate hits a considerable number of people, nobody will persuade anyone to use the official platform. Social media rate ko, Internet website FC ni

ruggedtimi:
have you seen the new bank rate now

Dadigi my Niggi

SenecaTheYonger:


BDC can never die and here’s why. Corrupt politicians and bankers will still provide dollars for BDC but now due to all this, it will be at an even higher rate. And most importers will buy from BDCs because they can’t get dollars from bank so why bother.

You can never kill BDC

No they can't be killed but they can be curtailed.

Why should Governors profit larger FAAC allocations
become a weapon against the country?

You can see what us happening. Monthly allocation to states have increased but no investments in the states because money is going to fx at any rate.

Rates will converge, FAAC allocations will be tracked. BDC's that will thrive let them thrive but they won't be allowed to run the country.

True they have a huge war chest but even that can become a weakness in the right conditions.

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

Not as patchy as obi certificate

Inspirer1:
End of Domiciliary Account.
End of Black market.

Black market cabals will fight back, Tinubu wan close Northerner business just like that

OlujobaSamuel:
Better, we are getting there

Maybe you're not into foreign exchange, Buhari did exactly the same in 2017 at it backfired which is the reason naira/dollar rate jump up with over ₦150 then.

So how is this better?

Definetly, these people lack the ideas to run the economy, it's just like recycling old idea.

With this policy, the banks should expect a drop in dollar inflows..

Other means will be adopted.

Some Igbo businessmen would rather ship goods and ask their relatives to sell with profit.

Just expect the chaos that you asked for.

I sent in dollars to my dorm account, you have no right to seize it and tell me how much you will pay me in Naira. That's stealing and criminal.

You have now effectively killed the Dorm accounts.

Forkthiefnubu:
The aboki jiahadist seems to know more about liberal economics than the fake lagos wiz kids, i have always known that these scare face boys are full of hot air

you can never praise any policy of FG. because of hatred for Tinubu, continue, I know you are seriously paying for his downfall, continue, no wonder good people are soaring higher despite the hardship, while poor people like you will continue to lament, and lastly ur peter obi can never become Nigeria president. So get out

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.😡

Can you show some proof to back this? Until then, you are capping 100%

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.

There is only one exchange rate now so the issue of black market aboki is out the window.
The only reasons anyone would use aboki to source FX is because of the ease and speed pf access but you then have to place that against exposure to fraud and other dangers.

Una don knack head for ground.

Sapiosexuality:
Lol. Crazy times. At what rate? Bank rate? Why would I need a domiciliary account if I can't keep the money in USD? If my money will be converted to Naira why not just send my funds through Geegpay and convert it to naira at higher rate? Lol. Clowns.

They will soon come for Geegpay

garfield1:


Not as patchy as obi certificate

At least I'm happy that you did agree to the fact that he got a patched CV. The difference is that it's not as patchy as obi certificate.

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.

My two cents

Keep cash dollar in a safe location other than. The bank

Only leave dollars in the bank if you are an importer or if you have already planned on how to spend it

The policy is good on paper but Nigerians are good at exploiting loopholes

We can redirect the money to a guy in Dubai then wait till that guy comes to visit Nigeria.

Reliable people for such service still dey.

This policy won't affect the money launderers one bit.

ivolt:

That already exists in various forms from online currency exchangers to IMTOs.
But only the informed and financially literates can use such method.
So, the CBN will gain from those uncles and parents receiving money from their
relatives while losing out from the tech-savvy younger receivers.

So, it boils down to who receives forex inflow the most, the old or new generation.

I quite agree with you.

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.

We don't need dollars in circulation, our currency is not the dollar.

What Cardoso is trying to do is exactly that to remove the need for the dollar and place FX within the CBN to be deployed through the official banking channels

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/

This is a text book approach that works best when you have a uniform exchange rate. Due to the wide disparity with black market rate here, expect people to find ways to circumvent it and likely reduce forex inflow to the banks.