barcanista:

This will cause more harm to the naira. Anyway, this is an overflogged issue. Time will tell

barcanista:

This will cause more harm to the naira. Anyway, this is an overflogged issue. Time will tell

conyema12:
From the look of things, the new CBN policy is not a naira strengthening approach rather an anti-money laundering tactics.
The fact still remains that the strength of naira is quite feeble. Few weeks from now, the amount of dollar in circulation mostly from BDC operators will be spent, and scarcity of dollar will commence. I foresee a situation dollar will hit 280 per naira due to its scarcity, and it will mostly be sourced from neighboring countries and travelers.

ERODEDEAST:
@Activa Stop Blabbing and spewing poo, The fact that I don't buy into ur view should not get you exasperate, Jack!

menxer:


tell me how someone will go through these processes and go import fake or substandard goods?

Asuokaa:


See en...most of your points bring out tribal issues not that ur trying to bring up tribal issues but most times it flare up ...see for example u make a comment on buhari, some group of ibo guys see it has an opportunity to become tribalistic which is wrong.. Buhari is a good man but in the wrong party direct it to the party more often not the man in charge u can't deny he is not trying
...
The likes of nmandi kalu I can bet come on nairaland to read comments or how can someone living in uk no more than we dat r living down in nigeria even femi adesina will always be on Nairaland.. Hope u get..so be more constructive bro... Nigeria is a country dat musnt fall I lost friends in this country dey payed with their life for it not minding their region at all... Soldiers r paying a price the politicians from the whole nigerians bought for us... Eg a captain and a lieutenant lost der lives this 2015 b4 buhari entered der first born were just 3months and 2weeks respectively.. We in the military r d one feeling the heat ...breakup is not something we want to see... And mind u am sure u knw BH was a political thing not religion that dey r bringing up nw
While many see him travelling a lot there r somethings he is doing dat most nigerians don't kwn..eg he travelled round troubled countries guess wat he discussed in summary "u guys just block BH from running while we destroy them".. But see we both knw dat this countries want glory not the end of BH, now it is biting dem hard


Like I said target the party not the individual

barcanista:

This will cause more harm to the naira. Anyway, this is an overflogged issue. Time will tell

barcanista:

This will cause more harm to the naira. Anyway, this is an overflogged issue. Time will tell

atlwireles:


Most importers already use this process. The people this will not work for, are the little people trying to make a living.

atlwireles:
Thousands of Nigerians living outside the country send products to their business partners and family members to sell on their behalf, thereafter return their monies back to them. This policy is going do damaged to these group of people. Many small import businesses have already been excluded from the forex market, even though their products are not prohibited, how will they make payments for products around the world?

This is another knee jerk reaction from the CBN, which will do the Naira and the economy no good.

dvee2:
how about people that receive share dividend in Dollars into my Domiciliary account?

bejeria101:


dont mind them,so every deposit into a dom a/c is money laundering? The vaults are full? Yet pmb goes to borrow $75m,who is fooling who,abeg minus yahoo boyz,pple use those a/c for their legit biz spare us the drama

owobokiri:


NgeneUkwunkita the village economist. What do you want to do with a "strong naira"?? This is not another political kiriji war. It is basic economics. I thought the APC wants to stimulate an export economy. . How can a powerful naira drive export? Lecture, sorry, humour us. .

mavinc4u:
How would people coming into the country from another country be able to change their currency since nobody would be accepting it here?

Why is bank card rate going up instead of coming down like parallel market and why is official rate still stable at N199? I still find it difficult to understand the joy in this news.

atlwireles:


You hit the nail on the head, this pretty much puts them out of business.

dvee2:
how about people that receive share dividend in Dollars into my Domiciliary account?

menxer:


little people can use their naira mastercard or PayPal (yes, linked to ur GTBANK mastercard)

YerYer:
Naira won't appreciate due to this, it will only cause an abundance of dollars which will result in a pseudo depreciation of dollar.

atlwireles:


You people should acknowledge the fundamental problem here and stop fixing a capital flight problem with more capital control. The Naira is going down, there's nothing anyone will do to stop another 20-30% devaluation of the Naira before December. Nobody wants to be caught holding assets that is going lose 20 or 30 percent of their value in another 3 months.

Leave the small importers alone, they are not your problem.

menxer:


tell me how someone will go through these processes and go import fake or substandard goods?

mavinc4u:
How would people coming into the country from another country be able to change their currency since nobody would be accepting it here?

Why is bank card rate going up instead of coming down like parallel market and why is official rate still stable at N199? I still find it difficult to understand the joy in this news.

menxer:


the BIG importers can go swim with all the forms A - Z,

NgeneUkwenu:


Yes through Form A or Form M! That is exactly what CBN wants to achieve with the new policy.

emorse:


What then would be the fate of small scale importers who import from aliexpress and their likes?

ERODEDEAST:
. @Activa, funny enough I discovered the sexuality section is where you take your refuge circus clown, besides you are talking about conduct and ignorance spreading. Who is being foolish now the moment one has a different opinion from you Masturbators the next thing is to rush and call such fellow names. Why won't boo.hari be called names its glaring he is a "Blocked Head" ... Still waiting for 1$ = #1.

Joe50:
last week i ordered for goods at aliexpress and i hope this policy won't affect the goods because it has not arrive yet. i used free shipping.

this is my first time to order from aliexpress with a test of $50.40

please how long will it get to Benin city. thanks.

Boss13:


Actually if you read the directive you will observed that it was initiated by banks and not the CBN. The CBN only welcomed it since banks, on their own, stop receiving foreign currency deposits.