Not bad

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.

When you're not a dictator

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.

It's a win win for me, my dorm account has been empty for months.. sending the naira equivalent gives me black market rate and less hassle going to banks

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.

Highly commendable from FG

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.

Hope the banks will allow us to pay dollars with naira equivalent?

I used Sendwave and the recipient has not been able to get the money since 3 days now. Is this the reason?

Govt and policy change.

This was how it was before Buhari changed it.
I wasn't using dorm account to receive foreign payments before. They send dollars to my naira account and it's converted automatically to naira and I get alert.
But Buhari changed it and we started operating dorm account, now this one.

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 ?

In all your epistle,you end up saying nothing.

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

NO.
BUHARI AND EMEFIELE HAD NO SUCH POLICY.

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.

When the last CBN governor did same, I hope u said same thing?

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.

Fire brigade gambling approach again, later they will discover this too is killing business in some way and they will begin to think of something else to do. A clear evidence of incompetence and lack of understanding of the rudimentary concept that will address and drive the economy without having to gamble or guess work.

When penalties seem the inevitable decider of our AFCON semifinal, our coach made strategic substitutions to boost our chances, emilokan has decided to keep misfiring ministers in his govt even when they were found to be corrupt. That will set a precedence for other ministers who will be emboldened to do same.

Can someone explain to me the effect this policy will have on the black market exchange people?

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.

/
That's a good news.

Paying out dollars (which by the way shouldn't be a legal tender in Nigeria) is very idiotic. As long as the rate matches the prevailing exchange rates, no qualms.

/

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

He obviously does not have "opolo".

faceland:

They didn't steal the money. They earn it in dollar.

Hope this law doesn't affect domiciliary account or I would have to go other functional west african country to open account.

With which ID will you open?
Mention 3 West African countries where they allow you to open dorm accounts.

Many of you are not exposed. Try the nonsense you try here in other countries and see if they won't wreck your life.

Yes, collect the Naira equivalent which would be dispensed to you at the official exchange rate which doesn't reflect the true value you are supposed to be getting.

You guys keep magnifiying your lack of intelligence and the whole world treats you as a laughing stock.

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.

No wahala, crypto all the way then.

I think it's a good measure.We don't spend dollar in this country yet we keep hearing of dollar to naira exchange rate every now and then.I am certain not many countries have such obsession for the dollar like we do in Nigeria.Moreover ,we have more than 30 billion dollars already in different domiciliary accounts unutilised.
You can remit for the money to be paid in Naira,your currency.

millhouse:
hahaha , watch how much u go buy PTA when you need to travel , and come back to tell us here . Nothing new in this path taken . Go back to statistics of what happened to the naira when previous govts did same . Doing same old habits and expecting new results … I leave you to finish the sentence.

As at then, official and parallel markets had a wide gap. Now, both are the same rates.
If you don't know that, you shouldn't be contributing to this conversation.

The banks now need to make it possible to spend Naira on Naira cards abroad, that way there is reduced pressure to spend looking for $$>

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.

eh hen, weytin you wan take dollars for naija?

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.

how is it good for the economy?

what measure has been taken so far that will save the naira?

who put the naira in this mess that now requires saving?

was there ever a time government didnt have enough dollars for people doing genuine business in need of dollars?

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.

Yes, this is now the case.
Policy quietly reintroduced.
Send FX to Nigeria, you will collect the equivalent in Nigeria
End.

That's rubbish 😞
What about the other route use in receiving dollar like Bitcoin and others, is that route blocked too?
Instead of fixing the economy, you here blocking unnecessary means of receiving money into Nigeria when we have many routes.

YorubaKing:
Use Taptap Send

It gives you a great exchange rate.

Na lie. Bank rates and IMTO rates are the same.
Why should I use Taptap when both official and parallel rates are the same?
Na to send to Naija let them pay Naira to Naija account. Same rates as black market rate.

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.

You cannot be pretending to protect the naira, and at the same time be implementing a free floating exchange rate in an economy that is heavily import dependent, with lots of arbitrage, hoarding, market asymmetry and inefficiency. It would only breed unabated corruption, distorted exchange rates and gerrymandering

Akinpresident:
Govt and policy change.

This was how it was before Buhari changed it.
I wasn't using dorm account to receive foreign payments before. They send dollars to my naira account and it's converted automatically to naira and I get alert.
But Buhari changed it and we started operating dorm account, now this one.

Domiciliary account started before Buhari.

Buhari only became President in 2015.

Thank God for crypto and crypto exchanges, namely, USDT, Binance and Kraken. I receive and send dollars (USDT) faster than any local bank can process them.

azpekuliar:
Cheering news for us crypto lovers. More crypto adoption!

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.

So you guys spend NIGERIAN currency where you are right.....?
Una go dey alright last last.
Send the equivalent in Naira, the person go see am collect.
Abi you send am, Dem no give the person
......?

All these madness for foreign currencies must stop....
Like everybody go well for dis country last last.

Can CBN also direct all schools, hotels and organizations in Nigeria hitherto accepting dollars only as a means of transaction or payments to immediately adopt Naira or close shop?

Also EFCC should search all politician's houses, especially the ones in the North with track record of BDC under dealings to bring out all dollars stacked up at home and in their basements.

They should start from Bourdillon. Tinubu and his family should lead by example!

Here in Nigeria, those who make the rules are the one that flouts its often.