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Nairaland Forum / Nairaland / General / Business / $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn (27036 Views)
Cheques Can Now Be Paid Into Savings Accounts – CBN / No Deposit For New Accounts: CBN Gives Approval / 20bn Idle In Nigerians’ Domiciliary Accounts –CBN (2) (3) (4)
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Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Godson1996: 10:53am On Mar 04, 2016 |
Just imagine how many industries this huge amount will establishe here in Nigeria. This is just what we have with CBN, imagine what are in private volts in houses and some banks. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by ibnzubair(m): 10:54am On Mar 04, 2016 |
thagift:Phone settings >> display >> fonts |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by demola2100: 10:56am On Mar 04, 2016 |
kachnov: This country self.... want to be an exporter of foodstuffs? see our signature. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by igwegeorgiano(m): 10:57am On Mar 04, 2016 |
thunder fire all the crooks wey get those accounts even cbn wey dey yarn nonsense get their own share of d thunder strike. idiotbotic elemtum |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Nobody: 10:59am On Mar 04, 2016 |
ibnzubair:. see wetin show
|
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by davide470(m): 10:59am On Mar 04, 2016 |
haykay2005:This alone is what is killing our currency. The Greed of Nigerians! 1 Like |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by rusher14: 11:01am On Mar 04, 2016 |
Chartey: Perhaps you don’t understand my post. The government has 27 billion dollars in relation to 20 billion dollars sitting in private domiciliary accounts in Nigerian banks. Government is actually thinking of ways of getting these individuals to "invest" this money one way or the other within the local economy. 1 Like |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Mayflowa(m): 11:01am On Mar 04, 2016 |
donephi: Bro, it is not up to 0.5% of Nigerians than owns that money. Let me help with the figures:@0.5%, you get: 0.005 * 180000000 = 900,000 Nigerians. So the percentage is most likely around 0.005% which amount to 9000 Nigerians. Get the drift? |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by winkmart: 11:03am On Mar 04, 2016 |
thagift: kuku type seun |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Ladycloud(f): 11:04am On Mar 04, 2016 |
God help Nigeria.. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by ibnzubair(m): 11:04am On Mar 04, 2016 |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by bookface: 11:05am On Mar 04, 2016 |
Just when you think the bar for incompetency couldn't be lower, Emefiele does the unthinkable, he sinks even lower. Emefiele has lept from one foolish policy to another. First he banned commercial banks from accepting foreign currency deposits - the result is simple, the banks run out of foreign exchange and can't perform their primary role as an intermediary. The result? the economy suffers. Second he continued to sell the country's foreign exchange reserves at highly subsidize rates to individuals who sold it to Nigerians at black market rate. He claims "devaluation is evil". The result? Well it didn't make any difference whether he chose devaluation or not, the currency is already de-facto devalued, given that more than 90% of the forex needs are being met at the devalued rate. The only people that benefited from this are the BDCs and bankers who simply bought our foreign reserves from the central bank at 190 and sold it back to us at 350. The economy suffers. Third he continued a misguided policy of a loose monetary policy by keeping interest rates low and effectively putting a huger amount of Naira in the circulation. Simply economics of demand and supply implies that more Naira is now chasing after few goods. The result? Inflation rises, wages stagnate and the economy suffers. Fourth, talking about money chasing after few goods - whoever thought restricting foreign imports is the solution to Nigeria's woes must have either skipped economics 101 back in the day or is simply painfully ignorant. Simple maths - if we all have 100 naira to buy Vegetable oil. If foreign Vegetable oil imports are banned, it simply means that there will be shortage of Vegetable oil, and the price of the available ones will simply skyrocket - Even the woman selling Akara will have to increase prices given the higher cost of production she now faces. If prices are rising and wages are not rising, the result is simply a collective decrease in total wealth. Now, Mr Emefiele is talking about targeting individual's domiciliary account. This is not just foolish, it is unbelievably foolish. 5 Likes |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Babalegba(m): 11:07am On Mar 04, 2016 |
redcliff:People like you should be legally hunted for sport.The greedy bastards you are defending are causing havoc to the Nigerian economy 1 Like 1 Share |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by teemy(m): 11:07am On Mar 04, 2016 |
honest hard working people have kept their money in banks without fear of wrongdoing and it is reported as 'shocking' to some journalists. i wonder o. currency speculation is a business line in itself and the cbn governor should get his basics right. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Xano(m): 11:10am On Mar 04, 2016 |
HungerBAD: Nice way to spin it. The domiciliary accounts are legal. Interesting also, "The Government should identify, arrest and prosecute those Nigerians who are guilty for the slide in the value of the naira by embarking on dollar speculation.", I guess you need education on banking laws. The Deputy said, these individuals chose not to help. Their decision, their money and none of your business. 1 Like |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Nobody: 11:12am On Mar 04, 2016 |
ibnzubair:touchpal 2015 |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Xano(m): 11:15am On Mar 04, 2016 |
HungerBAD: I leave with this quote: Seun: |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Nobody: 11:15am On Mar 04, 2016 |
ibnzubair:touchpal 2015 |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by teemy(m): 11:16am On Mar 04, 2016 |
as designed dom accounts are meant solely for foreign currencies and cbn and its BDCs was the source of inflow of most of that deposit into personal accounts. is it a crime for citizens who have shown better management of resources to keep them here? |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by mistymoon: 11:16am On Mar 04, 2016 |
haykay2005:No wonder there is this loud cry to devalue the naira. Thank God PMB understands the intent and has remained firm. Remember, its not you and I who own those dorm account, a huge chunk of that $20 billion surely belong to our greedy and selfish elites, politicians and good-for-nothing political beggars who in the last 2 to 3 decades turned our country to 'their' ATM. Nigeria can attain greatness only if we, her citizens change our ways and attitude to public trust and aspire to do the right thing wherever we find ourselves - be it as teachers, traders, artisans, head of the family, civil servants, service providers, etc. Citizens of the developed countries like America, UK, Germany, Canada etc will not come to salvage us and give us a better country or services, it is our duty to build the country of our dream that future generations would be proud of. 1 Like |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by omozu1(m): 11:20am On Mar 04, 2016 |
That is why we have a gov. That is why we voted for a change. You people at C B N should come up with a law that will discourage that. Very simple to do. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by redcliff: 11:25am On Mar 04, 2016 |
ikukuhero: the only reasonable thing should be that there should be no account operated denominated in any other currency except for the naira.. Thats simple as that. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Mayflowa(m): 11:28am On Mar 04, 2016 |
Seun: These are genuine reasons bro but with Nigerians, trust to expect widespread financial shenanigans. That is the bane of our country such that high level economics doesn't work and Nigeria continue to defy theories that have successfully turn other mundane countries around. What the CBN refers to are idle funds. These funds have been lying fallow for years on end. This amount is near the country's entire wealth and could stimulate development for Nigerians and the owners if invested. If you receive and keep funds in your domiciliary account with the intention of changing at black market rate at favourable times, you are as well guilty. As a control during this harsh time, All forex earned should be converted to the Nigeria currency after 3 months. And you will see how our Naira will pick up both at the official window and the black market. The only reason foreign governments don't bother about their BDC, is because, there exist slight margin with the official window. BDCs are not profitable! so you don't find them anywhere except in airport maybe where they fleece travellers. Here BDCs are hugeeee (in Donald Trump's voice) business in which you sell currencies with no products attached. That is the beginning of a dying country. 2 Likes |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by ibnzubair(m): 11:28am On Mar 04, 2016 |
thagift:Thanks amma check it out |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by chekasforchekas: 11:28am On Mar 04, 2016 |
HungerBAD:CBN do not have the right to publish names or prosecute any individual because you have a dom account, my dear it's for interntaional transactions not local savings or current accounts. My point. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by redcliff: 11:29am On Mar 04, 2016 |
AreaFada2: Thats exactly what I am saying. I dont get the point where they tell us 20 billion dollars is staying idle in Nigerian accounts denominated in dollars. What is the purpose of this news? Are they expecting that because that amount of money is there and given the dollar problems we have at the moment, then they should distribute it back into the economy so as to reduce the scarcity of the dollar? |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by omozu1(m): 11:29am On Mar 04, 2016 |
mistymoon:The truth is nigerians will not change. The people will not change all you need to do is change the system for the good of all and the people will have no choice but to change their ways. Just make a law that nobody should have more than 1000 dollars in their account or the gov. Will size it. I tell you the truth you will not see any money in those accounts. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by redcliff: 11:31am On Mar 04, 2016 |
Fury007: Lol. Its funny how you threw jibes at me for no reason without giving arguements against my opinion. I wonder who sounds more ignorant between us both. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Rekeb: 11:32am On Mar 04, 2016 |
All these argument about the $20billion reminds me of King Solomon and the baby judgement. I just dey siddon look!!!! |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Famofamo: 11:36am On Mar 04, 2016 |
Femi Falana was right then. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Nobody: 11:36am On Mar 04, 2016 |
The problem in this country is we take a fire brigade approach to problem solving, we always reach for the low hanging fruit, we are reactionary, rather than pro-active. 1) it is not illegal to hold foreign exchnage 2) citizens preference for holding foreign exchange is a reflection of a lack of confidence in the Naira and events have proven the citizens right. 3) Every citizen has a right and a duty to himself to to protect himself financially through legal means. 4) If these monies are legally acquired, it's not government's business what a citizen does with his money. If some of these monies are illegally acquired, then it's actually in the govt's interest that the money is stored locally because it means they can get at it easier. 5) Failure of past govts and lack of confidence in the future is the reason why people scramble for the dollar. Govt should focus on regaining confidence in the govt, the economy and by extension the Naira. 6) victimizing people for being smart with their money will only cause more capital flight...people will still seek dollars but instead store their money in foreign banks 7) if govt does it's job (for instance fix refineries, stop the import of PMS which drains so much FX) the Naira will strengthen, people will scramble to convert their money to Naira 2 Likes |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Faith111: 11:42am On Mar 04, 2016 |
HungerBAD: You are very funny...Who told you it is a crime to safe your money in foreign currency? People who are economically inclined do that to retain the value of their money when the value of the Naira is unstable and depreciating. Can you imagine what will happen to their cash in Naira if our currency is devalued... If you got some millions in your Naira account you will understand what this concept means. The CBN governor should stop starring at its Citizens pockets but rather look inwards and come up with policies to strengthen our Naira... Does he want to say that he doesn't have some dollar lying fallow in his domi accnt? |
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