Stats: 3,190,598 members, 7,941,282 topics. Date: Thursday, 05 September 2024 at 10:29 PM |
Nairaland Forum / Nairaland / General / Business / $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn (27037 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)
(1) (2) (3) (4) (5) (Reply) (Go Down)
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by grandstar(m): 11:43am On Mar 04, 2016 |
Chartey: 1 billion likes 1 Like |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Niceman4u(m): 11:44am On Mar 04, 2016 |
pinkkystel: Nd u want d naira to appreciates against d dollar wen individuals hoard dollars in d name of dom account only to resell/exchange it @ an exorbitant rate. 1 Like |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Mayflowa(m): 11:45am On Mar 04, 2016 |
angelinvestor: It is a hard calls. The country can't stop just for a few. Go change your dollars now. Policies are being package to convert idle funds in foreign currencies to naira going rate. Americans that work in Nigeria do not send Naira home but dollars. Ita a good thing to repatriate dollars home but so bad if left unused. it encourages speculation and put pressure on naira at the black market. 2 Likes |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by UnimkeAk(m): 11:45am On Mar 04, 2016 |
tt |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by UnimkeAk(m): 11:46am On Mar 04, 2016 |
UnimkeAk: |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by UnimkeAk(m): 11:46am On Mar 04, 2016 |
UnimkeAk: |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by sonssyo(f): 12:11pm On Mar 04, 2016 |
useless people, why not publish their names,of course i know it will be the same set of people. single Nigerian richer than the whole country |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by scachy(m): 12:13pm On Mar 04, 2016 |
MadCow1:Ndo |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by feedthenation(m): 12:35pm On Mar 04, 2016 |
Having these amount of USD in a country like Nigeria is very bad as it will continue to have a negative impact on the local economy. This is where the CBN governor should implement a viable solution to this situation, if he can't Mr Emefiele have no business being the CBN governor. Naira should not be devalued for any reason. 2 Likes |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by menxer: 12:58pm On Mar 04, 2016 |
Mayflowa: The bolded makes sense to me, as domiciliary account don't get paid interest (or does it?). any business transactions it is supposed to pay for would have been finalized within that period else it's kept for speculation or out of fear which drives the vicious cycle we are in. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by lozanni(m): 1:05pm On Mar 04, 2016 |
Blaming these Nigerians with the $20 billion domicilliary accounts is counter-productive as this can cause them to move those funds to foreign banks like countless Nigerians in business, the academia and politics who own many foreign accounts. The Government should work to achieve long term stability in the exchange rate between the naira and other convertible currencies so that these Nigerians can have the full confidence to keep their earnings in naira. The Government can borrow the $20 billon in the domicilliary accounts through issuance of dollar denominated treasury bills, with income far above the current rate earned by domicilliary accounts in Nigeria, wnhich will be guaranteed by major banking groups, like the Paris group of bankers, to guarantee the safety and viability of funds to the owners of the domicilliary accounts. Commandeering the funds, like Argentina did, will have serious long term negative consequences on the economy because the human memory is very long and the Super-rich will not forget this in a hurry as many of them are still lamenting the effect SAP under IBB had on their assets and naira account balances, hence the decision by many of them to hold domicilliary accounts till the present day. 3 Likes |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by stonemasonn: 1:05pm On Mar 04, 2016 |
People are saving their money in dollars and waiting for the naira to crash, it is much better now than buying landed property. The only risk is if the oil price should climb to at least $45. CBN should try to mop up excess naira in circulation, so that we have scarce dollars and scarce naira too, that might help. 1 Like |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by ekpotek: 1:35pm On Mar 04, 2016 |
A lot of commenters here have forgotten that in the pass many Nigerian with access to Forex kept it either aboard or under their bed. The dormicillary account system was setup by CBN to encouraged Nigeria to bring in their Forex into the country. What CBN can do is to set a limit on the deposit in dorm Acc. Banning dorm Acc will not solve the problem. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by teemy(m): 1:38pm On Mar 04, 2016 |
lozanni: Could you please talk more on the argentina thing and SAP actions. Thanks 1 Like |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Nobody: 2:06pm On Mar 04, 2016 |
erico2k2: see mumu. im quite sure if owners are properly investigated 75% of it would be from corruption. 2 Likes |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by 989900: 2:32pm On Mar 04, 2016 |
Isn't this consistent with my assertions all along that hoarders and speculators are the reason behind the BM rates -- further reason the Buhari led government will never cave in! The president will ensure they exchange those dollars for peanuts -- take that to the bank! LoL at those that think the Governor is specific about their 'chicken change', we are talking about people with millions of dollars hoarded -- most of them politicians through corrupt means, some of them BDCs sponsored by corrupt elements in the CBN from way back @N120-N155/$! 3 Likes 1 Share |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Chinom(m): 3:08pm On Mar 04, 2016 |
I cannot open a Naira account in UK, USA or Germany. Why should anybody be allowed to open a Dollar or pound sterling account in Nigeria?. All Nigerian accounts should be Naira based. Period. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by lexyclasy: 4:24pm On Mar 04, 2016 |
redcliff:You are a FOOL 1 Like |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by professore(m): 5:06pm On Mar 04, 2016 |
The people cannot be forced to borrow you the loan,but new policies can make them convert the money to naira if that will help our economy. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Blackkie: 5:30pm On Mar 04, 2016 |
The government CANNOT dictate for its citizens how to use their individually earned money. It is never the business of citizens of a country to loan funds to the nation for free. If the country wants to borrow from the wealthy individuals, they should call them for a business talk. If Nigeria is borrowing funds from international organizations, it is always on interest. Why will they go for individually accumulated funds in private accounts? Today's government is a joke. 1 Like |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by clickwtB(m): 5:41pm On Mar 04, 2016 |
PMB GOVT SHOULD INVESTIGATE WHO DEPOSITED THOSE MONEY,IF BY POLILOOTERS THE MONEY SHOULD BE CONSFICATED. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by wizkidblogger(f): 5:46pm On Mar 04, 2016 |
Oga CBN, don't touch our AdSense dollars in out dorm accts oo. Na God we take beg you oo. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by makonikof(m): 5:52pm On Mar 04, 2016 |
so y did the CBN collect the foreign cash from them? |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by VagileVictor(m): 5:54pm On Mar 04, 2016 |
If you carry out a thorough check, you will conclude your analysis with an abuse on the Hausa and Yoruba powerful dictators as owners of the $20billion to dictate the pace of the economy. This is where I think Bubu of Daura can test his power, to see if he can subdue the cabals or else they will leave no stone in the bid to usurping his Government. Bubu of Daura, arise and work for your promises are yearning for fulfillment after 9 solid months of your globe trotting. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by redcliff: 6:26pm On Mar 04, 2016 |
lexyclasy: Seen |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by olajizz01(m): 7:07pm On Mar 04, 2016 |
redcliff:Cbn business is that they were saddled with the responsibility to monitor all monetary activities in the country and individuals bank accounts were not leftout, i see no reason why people are having dollars in their bank accounts in a country using naira as her currency,now that we are experiencing dollars shortage,prices of all goods have surged up in the market,they are doing it to make life harder for the common men because they are now at the receiving ends, |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by bigass123(m): 7:49pm On Mar 04, 2016 |
He was in China on vacation erico2k2: |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by CHANCEMAN: 8:59pm On Mar 04, 2016 |
Such a move by the CBN will be counter productive. The holders of such funds will just move their monies out of the country. People will hold forex in cash rather deposit them in banks. I am sure now that the CBN has voiced their concerns people will stop funding their domiciliary accounts. |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by janco: 12:35am On Mar 05, 2016 |
I always wonder why Government will nose itself "long throat" into people's private accounts. It would be foolish to assume that the $20Billion in few private accounts is illegal, because some genuine businesses can generate such inflow. The only foolishness I see here is that because forex is now a topical issue, suddenly CBN is awake. let the government generate its own forex and stop nosing into private accounts of genuine depositors. There is a regulation that states that once your account is above certain sum, the anti money laundering unit is intimated. so let them allow sleeping good dogs lie |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by Crownvillar: 2:48pm On Mar 05, 2016 |
Please note, that not all of this $20bn is stolen money. For example, I opened a Domiciliary account on a whim, about 7 years ago when I holidayed in Nigeria. Although I've been back to Nigeria about 3ce since then, I haven't traveled to my hometown where the domiciliary account is held. My Dad also opened a £30k domiciliary account last year to fund a building project. He later discovered that he had enough Naira to complete the project; which was more convenient than withdrawing £ sterling and converting to Naira etc. The diaspora is littered with Nigerians, who work hard to earn a living and who remit savings to their Dom accounts. They do this, in anticipation of the day they will eventually return home for good. Till that day comes, these funds are likely to "lie idle" as CBN Boss Emiefele puts it. I think the FGN via the CBN should introduce, promote and sell $ nominated bonds to Dom account holders at generous interest rates to fund the Power industry and agriculture. A win-win situation in my humble opinion. Another poster on this forum has already suggested that the govt should introduce $ nominated Treasury bills; another brilliant idea in my opinion. Meanwhile, does anyone know whether or not Nigerian banks pay interest on Domiciliary accounts? Any figures or examples, please? |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by erico2k2(m): 6:12pm On Mar 06, 2016 |
rusher14:What would you call a govt that controls or have a say on what its citizens do with their own money ![]() ![]() ![]() 1 Like 1 Share |
Re: $20billion Dollars Idle In Few Individual's Domiciliary Accounts-cbn by erico2k2(m): 6:15pm On Mar 06, 2016 |
Crownvillar:To your last paragraph, NO, regards if funds where stolen answer is No as well, this is another ploy by lazy journalists to promote scare mongering and divert people's attention to the problems we face in Nigeria financially,.This usually comes when the CBN wants to do something fraudulently.Just watch soon they will re announce they are converting all forex in Dom account into Naira,Reason: To force people leaving Idol Forex to invest it more so it will be paid in the official rate circa 190-200. |
USSD: NCC Bars Telcos From Charging Customers / Flutterwave CEO, Olugbenga Agboola, Addresses Misconduct Claims In Email / How To Start Plantain Chips Production
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 59 |