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

No, Emefiele's policy was that the IMTOs could only pay dollars for foreign currencies sent to Nigeria and not naira. This drove some of us to using other means (including barter). This is a good move by the CBN. Perhaps I may start using the "official" channels again.

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
Do you think ppl will send money home when govt is stewing 10%
It will just make dollar scarce and price will go up
Use your noggin and the free education you got

USDT that he will even lose some of it via fees before sending...thereby reducing gains....unlike USD straight to naira.

GeneralDae:

The exchange rates at the Banks are not that far off from the black market rate. So you just they stress yourself.

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 ?

don't worry
Give it a month
They will cry blood enemies dollar goes higher
They will learn basic economics by force

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.

Not tough but stupid measures
You will just block dollar inflows and price will go up
Emefiele tried and even he rescinded the stupid order

Throwback:


Dude, I studied engineering in Nigeria and also did further studies in same Engineering in foreign schools.

I earn dollars and I have a Nigerian domiciliary account and foreign bank accounts in whatever country my multinational oil job takes me to.

I do not have any reason to complain about the terrible exchange rate as it is to the benefit of people like me.

That being said, Nigeria is very foolish to allow a poor country like itself be subsidising education and providing infrastructure for UK and US schools.

I know how much people like me cough out to pay a session fee abroad, when we have refused to pay a tithe of it in our own local education.

We need to stop the bleeding.

10yrs embargo on foreign education with funds earned in Nigeria, will only help our own economy and our education sector.

Anyone who wants to study abroad should find his/her way there and work and use monies from that economy to pay for the education they require.

UK ensures that the bulk of the money foreigners make in their economy, stays within their economy.

But we Nigerians that are opportune not to be suffering like the masses, are still pouring out the Nigerian funds into West.

The government need to wake up and employ commonsense but humane policies that will help turn the tide.

All I have said is for the love of my country. There is nothing to gain for me, as I would even be one of those to lose my advantage.

Make I accidentally get to power in Nigeria, una go know say Wike no wicked.

All those crying that they want change, they want reform, but in reality they are just unhappy they are the ones left out of a corrupt and loose system they still want to persist, na formatting I go dispense to everything and everyone.

The problem with all these is that the more you ban things the more the black market thrives and begin to depart from the official rate. You don't ban outrightly. You ban systematically.

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 ?

Nonsense what does capitalism have to do with FX and its use and abuse in Nigeria.

What exactly is the enterprise of the people "from that side" other than importing substandard goods, damaging local industry with the collusion of their foreign partners and other illicit activities!

Acidosis:




The children of the "CBN guy" who initiated this policy all attended school in the UK, from the eldest to the youngest.

Why do you oppose allowing the less privileged to follow in the footsteps of their "leaders"?


What is your idea of leadership? "Do as I say, not as I do"? I sincerely hope that you are not a Tinubu or Buhari voter/supporter. You lots have something in common.

We cannot undo the education they have received.

But we can ensure that for 10yrs, no Nigerian is educated abroad with funds derived from Nigerian economy/banks.

If they already have funds or assets abroad that can allow them pay for their foreign education, it is not a concern to the Nigerian economy.

But the 10yr embargo will prevent capital flight from Nigeria and rechannel such funds to our own education sector.

Cromagnon:

Not tough but stupid measures
You will just block dollar inflows and price will go up
Emefiele tried and even he rescinded the stupid order

That will always happen when back channels exist.

If water-tight, there will be no other channel except the official channels and the Emefiele scenario would not play out again.

.

Coldspice:


Why will I send it to an exchanger in the US when I can send it to Naija and get paid at the same rate with the black market?

Use your head to think

The black market and official rate will never be thesame. They will always be willing to offer more than the official rate. Use your head to think!

GeneralDae:

The problem with all these is that the more you ban things the more the black market thrives and begin to depart from the official rate. You don't ban outrightly. You ban systematically.

Put in the legislation that makes forex trading outside of the approved channel a capital offence.

Use a few stubborn ones to make a scapegoat landing in jail just because they wanted to use some back channel to get funds for UK education or just to keep dollars as cash in their village in Kaduna, the rest will sit up.

But you continue watching and dispensing swift justice.

The craze to have dollars or any other foreign currency will die as it should.

Just because you know you can't afford to school abroad. Even Americans school in UK and vice versa

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.

Dollar scarcity will only make the price go up
Go collect from those sharing during party primaries lol

jumokeadele:
Just because you know you can't afford to school abroad. Even Americans school in UK and vice versa

Are we at the elite economic level of US or UK?

Do we even measure up to BRICS economies and their infrastructures?


We are talking about saving our own economy.

It is just a 10yr embargo that will stop the bleeding.

Any Nigerian that can source funds from work abroad, can spend it on the schools abroad.

But that N18m to N25m you want to go spend abroad that is earned from the Nigerian economy, you must spend it in UNN or Unijos.

After 10yrs we can take stock of how we have improved our local education sector.

Stop the bleeding.

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.

The issue with this is: Are the official and black-market rates the same? With this, those in power will "buy" (or, should I say, snatch) dollars from you ad the official rate, and sell to those who want to buy at the black market rate.

tollyboy5:

Those importers are the ones that will be badly affected. And it's good for Nigeria economy

You mean thesame importers who will transfer the cost to the poor masses who have no locally produced substitute? Dey play.

didymario7:


You mean thesame importers who will transfer the cost to the poor masses who have no locally produced substitute? Dey play.

Their substandard importations can be closely monitored tracked.

Annie2059:
Does this also mean I can send naira to one abroad and it converts to their currency?

Unfortunately no. This is why the policy is not likely to make a difference.

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.

Now if Parents in nigeria are sending school fees to their children abroad, is there provision for them to get the dollars outside black market?

shortgun:
[b]Tinubu minions have flooded this thread with their biased and trash analyses again just as they did when naira was devalued by Tinubu and plunged Nigerians into deeper poverty.
Tinubu and his cronies don't have the nation's best interests at heart; their primary focus is to mop up all incoming foreign currency for themselves, which ultimately harms the value of the naira.
Basic economics details how scarcity will increase demand.....
Nowhere in the world does a government forcibly convert citizens' currency, especially when it's been declared.[/b]

It took me a while to realise this. I was wondering how come so many craze people just land of First page at the same time.then I realised its a bot thread. Lol. I'm still enjoying the reading so far.

Tendd:
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 kept in the banks.
You can remit in Naira, it's your currency.
.

Let them remove the discrepancy between the dollar and the naira and nobody would give a shit about the exchange rate.

I'm surprised they have not mentioned paying out only receiving.

tollyboy5:

Their substandard importations can be closely monitored tracked.

Closely monitored and tracked?? I don't think you live in Nigeria.

AshipaEk0:
Good lord,

It has become very apparent that this country cannot progress when the average individual is this ignorant about financial matters and economics


Some believe dollars is sitting down in bank accounts gathering dust

others believe when Dollars is sent from abroad through banks its the physical dollars that is mailed in

others believe when the govt requires conversion of remittances to naira, it means the banks will actually receive dollars they they will in turn dash the govt or random people asking for USD in Nigeria


Good lord

You suppose don know say crash full this country. When dem say illiteracy is high you think say na joke.

I just dey look dem. Someone said tax dollars sitting idly in the bank. I nearly get heart attack.

VanuatuWycombe:


I don’t think you know what they call globalization. Does globalization include shipping and spending another countries currencies in your country?

Go and learn more about globalization.

Okay. Lecture me.

What is globalisation? Do you know any Nigerian that was arrested at any point in time in the UK or US for holding Naira in cash?

There's hardly any Nigerian studying in the UK today without a Nigerian bank account, so what are you people saying sef? I'm asking you again to please define globalisation.

Secondly, does this policy and ban on international remittances in $$ affect the sharing of dollars by political parties??

People like you never learn. Unfortunately.

All these will be counter-productive if Nigeria remains a consumption focused country.

Strong policies only work when the production line is active.

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.

justmondris:


story story.

If other Nigerians are still sleeping, Igbos don wake

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.

Is storing wealth a bad thing?

I mean in a county like Nigeria where people embezzle government funds and store for generations to come, I can understand your point.

But what about hard working citizens who work hard and might want to use foreign deposits as a means of investment.

I used to buy USD when I could and store in my account and over the years I had enough investment to pay for my medical bills ( which I didn’t even know I would need).

I’m all for stringent measures to help tackle the economic crisis, but some of these policies are just plain stupid and will only make like harder for the ordinary Nigerian. Those big politicians will always find a way around these things.

That is a good move, we should behave as if we are a sovereign nation for once. I don't know if it is possible to receive Naira from any bank in America. Why would someone collect dollar from bank and go to aboki to change it, is that tidy in any country?

I think you got this wrongly. The dollars coming from abroad will go to the CBN/Commercial Banks and it will be used to support genuine FX Needs. That's what this policy is all about. E.g your brother/Sisters in USA takes $1k to an IMTO in USA, the IMTO in USA sends it to say Access Bank, Access Bank credit you the equivalent in naira while the USD with Access Bank is used in International Trading by Genuine Users. I do hope it works as it is intended.

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

You are not getting it.

Dollar is coming in, the government collects it from you and give you Naira. Govt now decides to use the dollar in the best way they deem fit. Shey you understand now.

Yes you are right 100%. You have the right perspective and clue to National Economy & Monetry Policy... So i can relate with you.

The Problem is CBN. The rise and fall of National Economy and Monetary policy kf any Nation starts and ends with CBN. CBN is the conduit to all financial Fraud and Loopholes in Nigeria monetry and fiscal operations. NOTE: We don't have a banking system yet in Nigeria... if they was an era we had a fairly transparent and competitive banking system of banks doing globally accepted banking businesses, it ends with Sanusi... what we have now are Manipulative Money Exchange and Trading System. One Bank Account is good enough to handle any form of transaction to any country in the World and its easy to track corruption and money laundering.

The policy is a another crooked and manipulative concept at the "back end" but its design to look like a transparent policy from the "front end".

From a deep point of view as a Strategic Management & Planning crew... I can summarize that its another conduit of corruption policy packaged to deceive the shallow minds.

Throwback:


I believe the issues you have raised lie with the CBN. If CBN would effect the policy as it used to exist and without any cap on the amount, then you would be able to pay for any foreign fee using a Naira debit card.

I do not claim to know the specifics, but it was obtainable during the Jonathan regime when I did not have a domiciliary account, yet I used my Naira card to pay for foreign school fees, and also buy goods while in the UAE.

So it all boils down to if the CBN is willing to pay up the funds for the foreign transaction Nigerians male.