Seun:
Currently, the only way to bypass the FOREX restriction is to operate a domiciliary account and link it to your card and receive deposits from abroad. I guess they will start restricting domiciliary accounts as well soon, after which they will have to forbid Nigerians from opening g foreign accounts to bypass that restriction as well. One stupid decision leads to another. God forbid that we should let the naira find its level in order to incentivize Nigerians to earn dollars legally by exporting their goods and services.

haykay2005:
Central Bank Governor Mr. Godwin Emefiele gave a shocking disclosure on Thursday about the massive dollar treasure in Nigerian banks, as the country goes cap in hand begging for foreign loan.

According to him, over $20 billion is sitting pretty in domiciliary accounts of private individuals at a time when the country is facing foreign exchange crisis and is chasing foreign loans, when its citizens could offer the loan.

The figure of idle dollars is $7.8 billion less than the entire national reserve of $27.8 billion, managed by the Central Bank.

Emefiele’s disclosure, via proxy, was made at a session of the joint committee on appropriation of the National Assembly.

Represented by the Deputy Governor in charge of Financial System Surveillance, Mr. Joseph Nnanna, Emefiele said keeping the huge volume of dollars idle had compounded the forex crisis confronting the country.

“As I’m talking to you, $20billion is in various domiciliary accounts of individuals. Naira is our currency, why are they keeping the foreign currency? From my experience in the international finance, I have never seen a country where its nationals speculate on its currency,” he said.


http://thenewsnigeria.com.ng/2016/03/shocking-20-billion-idle-in-banks-as-govt-begs-for-5b-external-loan/

rusher14:
Seun, why would the government want to restrict the inflow of cash from abroad?

In fact, isn't that what they are attempting to encourage?

thagift:
se.un what's the meaning of this and how come no declaration for Christians?

rusher14:


Seun, why would the government want to restrict the inflow of cash from abroad?

In fact, isn't that what they are attempting to encourage?

The only thing I gained from this expose is that the government is concerned that such idle money isn't being put to use locally and wonder how they might encourage this.

thagift:
se.un what's the meaning of this and how come no declaration for Christians?

redcliff:
Whats your business if there is dollars in other peoples accounts? If they wish to keep it i dont see why this should be cbns business. They would not look into their own in house problems they are looking at other folks. Last i checked i did not see where it was a crime to maintain national accounts with foregin currencies.

FroshGirl:
one of the problem we are facing today...

haykay2005:
Central Bank Governor Mr. Godwin Emefiele gave a shocking disclosure on Thursday about the massive dollar treasure in Nigerian banks, as the country goes cap in hand begging for foreign loan.

According to him, over $20 billion is sitting pretty in domiciliary accounts of private individuals at a time when the country is facing foreign exchange crisis and is chasing foreign loans, when its citizens could offer the loan.

The figure of idle dollars is $7.8 billion less than the entire national reserve of $27.8 billion, managed by the Central Bank.

Emefiele’s disclosure, via proxy, was made at a session of the joint committee on appropriation of the National Assembly.

Represented by the Deputy Governor in charge of Financial System Surveillance, Mr. Joseph Nnanna, Emefiele said keeping the huge volume of dollars idle had compounded the forex crisis confronting the country.

“As I’m talking to you, $20billion is in various domiciliary accounts of individuals. Naira is our currency, why are they keeping the foreign currency? From my experience in the international finance, I have never seen a country where its nationals speculate on its currency,” he said.


http://thenewsnigeria.com.ng/2016/03/shocking-20-billion-idle-in-banks-as-govt-begs-for-5b-external-loan/

redcliff:
Whats your business if there is dollars in other peoples accounts? If they wish to keep it i dont see why this should be cbns business. They would not look into their own in house problems they are looking at other folks. Last i checked i did not see where it was a crime to maintain national accounts with foregin currencies.

ibnzubair:

If you don't mind, what font is that... in the pic you posted

redcliff:
Whats your business if there is dollars in other peoples accounts? If they wish to keep it i dont see why this should be cbns business. They would not look into their own in house problems they are looking at other folks. Last i checked i did not see where it was a crime to maintain national accounts with foreign currencies.