It's a directive from CBN oga

Lol. Bank want to cheat them. Why would anyone want to convert their dollars at this time

WantsandMore:
importing food never solves a problem. If it did. We wouldn't be in this situation

It is a short term solution, many countries import food to augment the ones that they have comparative advantage.

Nigeria government should open the borders and also embark on mass importation of grains

If people like dangote are saving their money in dollars why should average Nigerians not save in dollars

Peter Obi is responsible for the dollar scarcity. When he was busy dishing out statistics to create awareness on how things were retrogresing, It created agitated minds across the populace.

World's Top Performing Currency and Insight for Naira

* Government/CBN should stop the printing 500 NGN notes and 1,000 NGN notes (the use of #200 note should be sparingly) and officially discontinue the use of these currencies!

* Reintroduction of Nigeria coins, 50Kobo, 1 NGN and 2 NGN.

* Focus should be on Local Business and not call for foreign investment; as foreigner will eventually and continually repatriate their profits in USD. (learning from what is happening in China)



Welcome, lets get started by examining the top 10 performing currencies in the world to gain necessary insights before drawing our conclusions.

*.Kuwait Dinar KWD: ( 1 KWD = 4,920.49 NGN )
Bank notes: 1/4, 1/2, 1, 5, 10, 20 Dinars -------------- Highest denomination == 20 Dinars; Coins == Yes
Coins: 5, 10, 20, 50, 100, 200 Fils


*.Bahraini Dinar BHD: ( 1 BHD = 4,021.64 NGN )
Bank note: BD 1/2, BD 1, BD 5, BD 10, BD 20 --------------- Highest denomination == BD 20; Coins == Yes
Coins: 5, 10, 25, 50, 100 Fils, BD 1/2


*.Omani Rial OMR: ( 1 OMR = 3,937.77 NGN )
Bank note: 1/2, 1, 5, 10, 20, 50 Rials --------------- Highest denomination == 50 Rials; Coin == Yes
Coin: 50, 10, 20, 50, 100 baisa and rarely used 200 biasa


*.Jordanian Dinar JDD: ( 1 JDD = 507,65070 NGN )
Bank notes: 1, 5, 10, 20, 50, Dinars ------------------- Highest denomination == 50 Dinars; Coin == Yes
Coins: 1/2, 1, quirsh, 21/2, 5, 10 Piastras


*.British Pound GBP: ( 1 GBP = 2,135.49 NGN )
Bank notes: €5, €10, €20, €50 ----------------------- Highest denomination == €50; Coin == Yes
Coins: 1P, 2P, 5P, 10P, 50P, €1, €2


*.Caymanian dollar KYD: ( 1 KYD = 1,815.81 NGN )
Bank notes: 1, 5, 10, 25, 50, 100 Dollars ------------------- Highest denomination == 100 Dollars; Coin == Yes
Coin: 1, 5, 10, 25 Cents


*.Euro EUR: ( 1 EUR = 1,631.43 NGN )
Bank notes: €5, €10, €20, €50, €100, and €200 --------------- Highest denomination == €200; Coin == Yes


*.Swiss Franc CHF: ( 1 CHF = 1,719.44 NGN )
Bank note: 10, 20, 50, 100, 200, 1000 francs ------------------- Highest denomination == 200 francs; Coin == Yes
Coins: 5, 10 and 20 Rp/cts, 1/2, 1, 2 and 5 Fracs


*.United State dollar USD: ( 1 USD = 1600 NGN )
Bank note: $1, $2, $5, $10, $20, $50, $100 ----------------- Highest denomination == $100; Coin == Yes
Coins: 1C, 5C, 10C, $1/4, $1/2, $1.




Go back to the list once again and check what's the highest denominations of each currency (and population of users of each currency), You will discover that the top performing currencies do not have high face value like we have 500 NGN and 1,000 NGN in Nigeria.

Also, you will notice that the top performing currencies have coins form of currency with denomination of very low face value.


The highest of the denomination is 1000 Franc followed by 500 EUR. 1000 Franc is not in frequent use and the highest Franc denomination next to it is 200 Frank ( not like 500 NGN as we have here in nigeria ). Also the use of 500 EUR was discontinue in year 2018.

Get a hold on history of exchange rate in Nigerian, you will find out that every introduction of new high (face value) denomination currency note has adverse effect on exchange rate.


Why High Denominational Currency Note Is Bad:
1. Increase in prints of currency notes with high face value e.g 1000 NGN makes other lower currency of less important and less useful. This can gradually lead to upgrade of price of goods and services in market.

2. It makes stealing, looting and hoarding of cash easier as larger amount of money value can be packed into a very small space.


3. 500 NGN and 1000 NGN are no money for the common man, go to the market and examine what denomination are most in use.

4. It's in a way opposing the cashless policy by the federal government of Nigeria.


What The Wise Nations Did:
1. United State of Ameria used to have $500, $1000, $2000 currency notes until December 14, 1945, when the high denominational bills were last printed and officially discontinued on July 14, 1969 by the Federal Reserve System.

2. Europian Central Bank announced on 4 May, 2016 that it would phase out the 500 Euro notes by the end of 2018.



Other Factors That May Affect The Exchange Rate Of A Currency Include:
1. Ratio of goods/services importation to exportation

2. Availability of currency and number of complying users.

The Illegal illegal printing of currency by the CBN according to as reported by some news media outlets has a long way to desctroy value on our cash.

3. Inflation rate

4. Government debts and federal reserve.

5. Political policies and stability

6. And many more



My Recomendations:
Nigerian government should permanently discontinue and remove 500 NGN and 1,000 NGN currency notes from circulation. Reintroduction of 50 Kobo, 1 NGN and 2 NGN coins should also be done.

A government fighting corruption will yield to this advice as abundance of lower denomination currency will discourage looters from hoarding and keeping cash in a safe instead of bank.

Caveat emptor:
This writeup is a personal opinion resulting from my many observations. It is not a scholarly work and should not be treated as one. Copy-and-paste bloggers should please reference the link and author of the article.




TOP PERFORMING CURRENCY (UPDATED CONVERSION RATEs)

1. Kuwaiti dinar (KWD)
The Kuwaiti dinar is the strongest currency in the world with 1 Kuwaiti dinar buying 3.26 US dollars (or, put another way, US$1 equals 0.31 Kuwaiti dinars).

Kuwait is located between Saudi Arabia and Iraq, earning much of its wealth from being a leading global exporter of oil. The Kuwaiti dinar was introduced in the 1960s and was initially pegged to the British pound before being re-pegged to an undisclosed basket of currencies.

2. Bahraini dinar (BHD)
The Bahraini dinar is the second strongest currency in the world with 1 Bahraini dinar buying 2.65 US dollars (or US$1 equals 0.38 Bahraini dinars).

Bahrain is an island nation in the Persian Gulf off the coast of Saudi Arabia. Like Kuwait, the country earns much of its wealth from oil and gas exports. The Bahraini dinar entered circulation in 1965 and is pegged to the US dollar.

3. Omani rial (OMR)
The Omani rial is the third strongest currency in the world with 1 Omani rial buying 2.60 US dollars (or US$1 equals 0.38 Omani rial).

Oman sits between the United Arab Emirates and Yemen at the tip of the Arabian peninsula. As with its other wealthy neighbours, Oman is a major exporter of oil and gas. The Omani rial was introduced in the 1970s and is pegged to the US dollar.

4. Jordanian dinar (JOD)
The Jordanian dinar is the fourth strongest currency in the world with 1 Jordanian dinar buying 1.41 US dollars (or US$1 equals 0.71 Jordanian dinar).

Jordan is largely land-locked country in the Middle East. Jordan is less dependent on oil and gas exports than its neighbours and has struggled with sluggish economic growth and rising debt. The Jordanian dinar entered circulation in 1950 and is pegged to the US dollar.

5. British pound (GBP)
The British pound is the fifth strongest currency in the world with 1 British pound buying 1.28 US dollars (or US$1 equals 0.78 British pounds).

Britain is the sixth largest country by Gross Domestic Product (GDP), according to the World Bank. The pound was first introduced in the 1400s before being decimalised in 1971. It is free-floating and thus not pegged to other currencies.

5. (Tie) Gibraltar pound (GIP)
The Gibraltar pound is the joint fifth strongest currency in the world with 1 Gibraltar pound buying 1.28 US dollars (or US$1 equals 0.78 Gibraltar pounds).

Gibraltar is located at the southern tip of Spain and is officially a British territory. The Gibraltar pound was first introduced in the 1920s and is pegged to the British pound (at par, meaning that one GIP equals one GBP).

6. Cayman Islands dollar (KYD)
The Cayman Islands dollar is the sixth-strongest currency in the world with 1 Cayman Islands dollar buying 1.20 US dollars (or US$1 equals 0.83 Cayman Islands dollars).

The Cayman Islands is a British territory in the Caribbean and is an offshore financial centre. The Cayman Islands dollar was first introduced in the 1970s and is pegged to the US dollar.

7. Swiss franc (CHF)
The Swiss franc is the seventh strongest currency in the world with 1 Swiss franc buying 1.15 US dollars (or US$1 equals 0.87 Swiss francs).

The Swiss franc is the official legal tender of Switzerland and Liechtenstein and is seen as a safe haven due to Switzerland’s political stability. The Swiss franc was introduced in 1850 and was later briefly pegged to the Euro before moving to a free-float.

8. Euro (EUR)
The Euro is the eighth strongest currency in the world with 1 Euro buying 1.10 US dollars (or US$1 equals 0.91 euros).

The Euro is the official currency of the Eurozone, being 20 out of the 27 countries that form part of the European Union. The physical currency entered circulation in 2002 and is free-floating.

Related: Euro to AUD forecast

10. US dollar (USD)
The US dollar is the 10th strongest currency in the world, worth exactly 1 against itself. All other units of currency across the globe are worth less than a US dollar.

Created in the 1700s, the US dollar is legal tender in the USA, other US territories and sovereign nations including Ecuador and Zimbabwe.

The US is the world’s largest economy by GDP and the US dollar is by far the most-traded currency globally.

The US dollar is also the largest reserve currency in the world (the currency most held by central banks) and is the currency used to price many commodities, including oil, gold and copper.
https://www.forbes.com/advisor/au/investing/currencies/top-10-strongest-currencies-in-the-world/


My piece of contribution.

thesicilian:

Now that the government needs the money, direct conversation of dollars to naira is possible within seconds. But when poor students need dollars for international fees payments, they will fill forms and wait for weeks and months.
I laugh in foreign language.

What I fear most is that they might begin forcefully converting these dorm accounts to naira if the owners don't agree, or placing illegal charges on the accounts to siphone the money little by little.

mind you it was the banks doing at the time , that is why cbn is sactioninh banks like access, gtb , zenith and Firstbank. They are all in that racket. You as an individual request for money , they wount fly the request on time so the foreign will come to the bank and hoard for black market transactions.

Lol. Access Bank is asking me to convert my USD at N1,100 through their bank app. Thieves.

It's time to pull out my funds from Access Bank.

This is never a solution to the current economic imbroglio,after converting the dollar to naira,There will now be excess liquidity in the system, which will further worsen the value of the naira

Mopping up excess money in circulation, which the next plan of the CBN,it is an achaic monetary economic system,it doesn't have effects anymore .

Government should focus on the oil industry, that's where the issues are and also Nigeria debt profile is neck breaking, which is being serviced with crude.

Nation,propaganda arm of failed Emilokan doing overdrive propaganda.
Banks are inducing customers,yet dollar has moved from ₦1600 just yesterday to ₦1618 today,from ₦1500 less than a week ago

It's been a long expectations from the financial institutions but they never embraced it till this moment.

Dear Nigerian Military the time is now. We beg you to save Nigeria

seborrhic:
Nation,propaganda arm of failed Emilokan doing overdrive propaganda.
Banks are inducing customers,yet dollar has moved from ₦1600 just yesterday to ₦1618 today,from ₦1500 less than a week ago

The naira will continue falling until the right thing is done

thesicilian:

Now that the government needs the money, direct conversation of dollars to naira is possible within seconds. But when poor students need dollars for international fees payments, they will fill forms and wait for weeks and months.
I laugh in foreign language.

What I fear most is that they might begin forcefully converting these dorm accounts to naira if the owners don't agree, or placing illegal charges on the accounts to siphone the money little by little.

The country is a useless one....after looting the country dry, they want to start feasting on people's hard sweat.
If they try it...trust Nigerians to start withdrawing fx from banks and switch to other options

Is there going to be an end to this dollar challenge?The banks have device a dubious way of making money like they do with POS system

thesicilian:

Now that the government needs the money, direct conversation of dollars to naira is possible within seconds. But when poor students need dollars for international fees payments, they will fill forms and wait for weeks and months.
I laugh in foreign language.

What I fear most is that they might begin forcefully converting these dorm accounts to naira if the owners don't agree, or placing illegal charges on the accounts to siphone the money little by little.

I foresee this happening, Emefiele tried it in 2016, that's why we need pull out fund.

Dollars was sent into my account, when I come back to Nigeria, I need that dollar and no stories.

RepoMan007:
Lol. He should come clean and tell us the situation of things.

Most people are waiting for dollar to hit N5000 or N10000 before selling and may not yield to the bank's request.


Cancel petrol, electricity subsidies and import food at federal level. He is doing strong head. Farmer won't double their output overnight in industry dominated by unlearned folks. Never. Import food now or regret it.

how will the people yield, when the banks collude with the govt thieves and put as in this mess.
the banks come and start to beg the people.
are we this gullible...?
dont sell....never

If i need dollar.. you'd tell me to go to Aboki....now, u want to buy mine by force..no be juju be that

Chicagograduate:
Is there going to be an end to this dollar challenge?The banks have device a dubious way of making money like they do with POS system

Capital NO, because we cannot survive, since we imports all our needs not with naira but the dollar.

Seequadry:
10 vessel of forign rice into this economy will balance many things up..... But the power that be must not be touched, let the opoor continue to suffer

with dollar rate? how many can afford it. they should provide security and help farmer to grow and feed the nation. provide electricity, build refineries, build iron ore companies and build train . also put strict rules on corrupt person like death penalty, sign a bill not to have more than 3 children , can't be having children one can't take care of and they become nuisance in the community

I just sent my 1000 euros to naija from Austria through flutterwave 1.68million naira

[quote author=ogawisdom post=128483839]Dear Nigerian Military the time is now. We beg you to save Nigeria [/quote

military u said, hunger go finish everybody.

koyeni:
If i need dollar.. you'd tell me to go to Aboki....now, u want to buy mine by force..no be juju be that

And at a rate set by them.

I opened my Access bank app today and they asking me to sell at N1,100. Dem for carry gun come put am for my head.
Money that I attracted from outside the shores of Nigeria every month as a medical scientist and remote professional, you want to take it by force.

Let me come back to Nigeria and look for those funds. They will see craze.

CBN regulation is not sacrosanct law. I am not paying for their incompetence in that country. Leave my dollars INTACT.

Sctests:
Lol. Access Bank is asking me to convert my USD at N1,100 through their bank app. Thieves.

It's time to pull out my funds from Access Bank.

Pls do...all these banks dont mean well for Nigerians

HateBigots:
... Bulaba came to steal, kill and destroy.
He has achieved the first two.
It remains to destroy

Our legal tender is Naira.

Paraman:
I wander why the Government don't want to import food on the short run... I don't just understand.

way to promote local production
the country wey u want import 4rm how them take get am
buh mr presido no know say insecurity is the major problem

Sctests:


And at a rate set by them.

I opened my Access bank app today and they asking me to sell at N1,100. Dem for carry gun come put am for my head.
Money that I attracted from outside the shores of Nigeria every month as a medical scientist and remote professional, you want to take it by force.

Let me come back to Nigeria and look for those funds. They will see craze.

CBN regulation is not sacrosanct law. I am not paying for their incompetence in that country. Leave my dollars INTACT.

If there's a way u can pull the funds out..good
Or you use the money to buy gadgets and send to Nigeria
Those funny people can come up with stu..pid laws and there'd be nothing an average person can do

[quote author=Geopex post=128484034][/quote]

Yes at least they will conduct a better election in three years time.

Ykc2:
I just sent my 1000 euros to naija from Austria through flutterwave 1.68million naira

The naira is really messed up

koyeni:
If i need dollar.. you'd tell me to go to Aboki....now, u want to buy mine by force..no be juju be that

That is example of corruption we are talking about. See where corruption has done to the economy and is not stopping yet.

ogawisdom:


Yes at least they will conduct a better election in three years time.

Does votes count in Nigeria, Another incompetent person will still enter as your president

Verbtips:
way to promote local production
the country wey u want import 4rm how them take get am
buh mr presido no know say insecurity is the major problem

Food can be imported on the short run while the government keeps on working hard to make sure we can expand production of rice, wheat, cassava, yam, maize etc