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.

Okay since we are all advocating for divine requests right now How about asking the goddam CBN to stop putting dollar rates on customs duties on goods imported into the country? That is primarily the root cause of the inflation issues in that country

Raiders:
just because your papa non get money to send you abroad to study doesn’t mean others should not be allowed to school abroad

That guy is bottling up lots of anger against those who may be privileged. A case of dog in the manger.

occfx:


Gbam... Government against her citizens. We will defeat them

No need for all that. Just send money to Bank direct, you would get in and around 1480.

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 actually depends on how you want to send. There are other means of sending fx directly to folks in Nigeria. But the folks in Nigeria can withdraw the fx over the counter for the most part. So it makes sense if the companies you mentioned don't want to transfer the fx directly since the recipients can't withdraw it.

airsaylongcome:


What is the problem with storing wealth in USD to retain value? In 2018, I lost my well paying job and was left with a “huge” amount of over 2m in RSA. Today that 2m is worthless compared to what I could have done with it in 2018. There’s absolutely no need to go after foreign remote workers with your proposal. Otherwise, many would hold their money in offshore accounts using apps like Wise or Payoneer to the detriment of the banking system here

You can actually store wealth in Fx and there's nothing wrong with it. However you can't withdraw locally and using offshore accounts will not help you except you also want to use the funds offshore.

No be only we in Nigeria go suffer alone. You can't be abroad work small get 1000 dollars , send it here and boom you are now a millionaire, come still dey abuse Nigeria economy. To me that's cheating, or short cut to success.

GeneralDae:

No need for all that. Just send money to Bank direct, you would get in and around 1480.

Hope so... Because I know my country very well. You will start hearing official rate again for 800 per dollar

occfx:


Gbam... Government against her citizens. We will defeat them

How? They have been defeating the citizens for ages.

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.

Dollar has been turn into real gold equivalent in Nigeria.

Good for our economy. Why send 100$ to someone in Naija and d person will receive 100$ note? Why? It should not have been allowed in the first place.

If u want to collect $, open a dom account which is legal ( until stated otherwise by d law).

justmondris:


How? They have been defeating the citizens for ages.

Yes we don wake up small... Everyday for the thief one day na for we

Willie2015:


It is a good policy....
which will affect elites and politicians too.....
I use a foreign app for forex trading ....
They collect Naira via my bank ...
and credit my account with USD for trading...
Same process also at withdrawal...
they convert USD and credit my account with Naira...
I have no business with physical USD cash...
Next policy is to enable Naira cards for global payment

If you think it would affect politicians you better think again, the use of dollars is not the problem, not producing local goods for export is the problem, Zimbabwe completely dumbed their own currency and introduced the use of American dollars in nationally in Zim. Yet their ecomony is still shit.

Why Naigeeria's economy growth would depend on American dollars i don't understand.. even if even people has milions of dollars in their Naigeerian banks or people spends wads of dollars in shops in Naigeeria it shouldn't affect the economy or the value of Naira.


Will this change the prices of commodities in Naigeerian markets or streets i doubt it would most Naigeerian good used in Naigeeria are imported. Importer still needs to pay for good in dollars before importing.

Everything almost in our house is made in China hence China's economy growth, the use of dollars in China would never affect their economy and in China i believe one can purchase good locally with dollars.


Correct me where you believe i am wrong above. I am here to learn also.


Cheers!

Tough times require tough measures. A big bad news for those that have Japaed, those that are about to Japa and those that will be japaying.

occfx:


Yes we don wake up small... Everyday for the thief one day na for we

story story.

occfx:


Yes we don wake up small... Everyday for the thief one day na for we

story story.

Throwback:


Healthcare is a right and should not be limited.

Tertiary education is not a right.

But it’s their money.. you cant be hating from outside the club. Go and hustle. There is still time to go buy Jamb in order to study Medicine or Nursing/IT /Engineering lol

Throwback:
Any Nigerian that wants to be educated abroad should look for the money abroad.

How could that be?

ValarDoharis:
Its a thoughtless policy. You actually need dollars coming in as thats one of the ways diaspora community helps with foreign currency.

What should be discouraged is diaspora paying themselves abroad and transferring naira equivalent back home

and you think that is happening ? Most people sending in money , sends it into the unofficial market for aboki to change thereby making big profit at the expense of Nigeria economy. They have industrialized the unofficial exchange industry. Nigerians with our unofficial way of life

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 ?

Abi o! These people are playing the ostrich, burying their heads in the sand, refusing to stare at the glaring truth that is staring at them. You want to build your country's economy? PRODUCE! Don't eye the paltry sum that people in diaspora are sending, fu****g PRODUCE! Create a conducive environment for production to happen. Don't just create tailors, produce and process cotton! Don't just create carpenters, find sustainable ways to process wood into finished products like MDF and HDF which we consume in large quantities and most of which are imported from China. Meet the needs of your country and export, Africa is a big market, China, India, Europe, America are scrambling for it, beat them at that! That is how currencies gain value.

Raiders:
do you know we have had this policy before and it didn’t help the Naira. The CBN is just clueless. There is also dormicillary account all over the world because US dollar is the international currency for trade. A Chinese supplier will not accept their currency or even our Naira for international trade and they have dormicillary accounts in dollars in china. The solution to help our currency is to reduce demand for dollars by manufacturing our own products and reducing importation to the minimum. We currently import everything and so there will be high demand for dollars which will increase the value of dollars against the naira

The US is one of biggest importers in the world, yet they owned the dollars.

SpiritedCheer:



Health of the economy does not depend on removing flexibility in the use of Dollar or any foreign currency within the country. The effect this policy will have on the economy is like pouring a cup of water into the ocean.
Even if domiciliary accounts are taxed, will the government use the money judiciously? For instance, will they use the money to provide uninterrupted power supply?
I am just surprised that Nigeria has any sort of economic activities without regular and stable power supply. Without stable power here in Canada, industrial activities would come to a halt, and the economy will collapse! The saddest aspect is that Nigerians have accepted unreliable power supply as normal.
A lot of comments here are obviously by young people who do not understand the salient issue.
If the federal government captures and hoardes foreign currencies, it will make foreign currency scarce, and very valuable within the country. This will inevitably lead to smuggling. Also, people who really need foreign currency might decide to receive them in Cotonou and other surrounding countries. Till date, Nigeria has prohibitive laws that benefit the economies of Benin Republic and Togo.
The federal Government is just chasing shadows, just like they have done for 60 years.
Ultimately, the value of Nigeria's currency against the Dollar is based ONLY on exchange of GOODS and SERVICES on the world market; (ie, EXPORT). As usual, the government is clueless, so they are making token effort.
Nigeria's economic structure needs radical restructuring. We have US, Canadian, German models to guide us. Instead, we are practicing the same backward economic system that was started in the '60s, which equalizes all States in the Federation, nationalizes poverty, and hinders advancement. Every succesive administration follows the old structure because it is in the interest of certain group of Nigerians for the economy to remain OVER-CENTRALIZED.
Only restructuring of our economic system will rescue Nigeria from being a failed State. In fact, it is almost too late. We are already seeing the sign of Nigeria's disintegration through economic hardship and insecurity. It will get worse, because Nigeria recently took delivery of massive armaments from the US. Insecurity in Nigeria is a symptom of lack of economic opportunities, and the leadership spent $1 billion to fight symptoms.

God bless you sir!!!

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.

Did you say good for the economy??
Okay my type will totally stop sending money to my dom account in Nigeria and leave the money in American Express or so.
Because you don’t have USD you think it is good?
Let’s see how it will go in coming days when dollars stopped coming in to Nigeria.
Those guys will keep their money abroad, only people with illegal stay will be willing to send money to Nigeria going forward because my type and few will stop immediately.

Keep ur dollar we don't want it in Nigeria again

247man:
Good for our economy. Why send 100$ to someone in Naija and d person will receive 100$ note? Why? It should not have been allowed in the first place.

If u want to collect $, open a dom account which is legal ( until stated otherwise by d law).

Exactly.

It's good, ban dollar spending and usage in Nigeria.

Earthquakes:


Did you say good for the economy??
Okay my type will totally stop sending money to my dom account in Nigeria and leave the money in American Express or so.
Because you don’t have USD you think it is good?
Let’s see how it will go in coming days when dollars stopped coming in to Nigeria.
Those guys will keep their money abroad, only people with illegal stay will be willing to send money to Nigeria going forward because my type and few will stop immediately.

If you are abroad, why do you want to save dollars in Nigerian accounts?

ExudeLoveToAll:



Bigots please allow us read sane comment here, stop spamming the whole place with your bigotry.

He only replied your bigot brother

zuchyblink:
Give Nigerians steady power supply,stop seaport monopoly,stop international airport duopoly,allow state police and more and watch the Naira regain naturally. The Naira cannot gain value if the system is not working.
We cannot be talking about development without electricity and other aforementioned variables.

IPOB TERRORISTS ECONOMICS OF VICTIM MENTALITY AND PERSECUTORY DELUSIONS

Who is allowing those polies?

Goodnewsforlife:
oga keep quiet if u don’t have what to say

U think running the economy is like managing a 2 by 2 shop?

So we should allow people to have dollar reserve when others need it for day to day activities

If not that u ain’t wise, all those dollars sitting in those accounts without use, how will that help d economy?

Don’t u think it will weaken d naira d more?

Wetin concern you with dollars that I sourced from abroad and sent by wire transfer ?
Did I beg CBN to give me dollars ?
Why you dey shook eye for money from a legal
hustle ?

Oya keep running the economy your own way nah

Rolings:


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

Same way ur Governors turned ur region to Dubai.

Kay25:

Stick to ur agbero economics wey u sabi from ariara market

You better go to work before your boss sacks you

77up:
In all your epistle,you end up saying nothing.

Cos you know nothing Jon Snow