Stats: 3,190,089 members, 7,939,406 topics. Date: Wednesday, 04 September 2024 at 03:08 AM |
Nairaland Forum / Nairaland / General / Business / CBN Seeks Sweeping Powers To Seize Foreign Currency (15117 Views)
Emefiele: CBN Will Seize Private Jets Belonging To Loan Defaulters / CBN Seeks End To Naira Mutilation / Naira Dips To N490/$ As CBN Seeks End To Black Market (2) (3) (4)
CBN Seeks Sweeping Powers To Seize Foreign Currency by tafrica(m): 8:11am On Nov 15, 2016 |
lalasticlala or anyone should please move to the appropriate section if not fit for this section. Thanks The Central Bank of Nigeria is proposing a string of new amendments to the Foreign Exchange, Monitoring and Miscellaneous Exchange Act (FEMM). The act signed to law in 2014 basically liberalized the foreign exchange market in Nigeria allowing for foreign investors to import money into the country and repatriate same freely. http://nairametrics.com/new-law-almighty-cbn-seeks-sweeping-powers-to-seize-foreign-currency-restricts-repatriation-etc/?utm_source=&utm_medium=twitter Download the working papers here http://nairametrics.com/wp-content/uploads/2016/11/Working-Paper-on-Money-Laundering-Legislation-Reform-of-the-Foriegn-Exch....pdf 1 Like 1 Share
|
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by Nobody: 8:26am On Nov 15, 2016 |
This government is always looking for ridiculous powers to achieve nothing. From the top to the bottom, they have nothing to offer They start using force ...when they fail to use their brains 45 Likes 2 Shares |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by Nobody: 8:30am On Nov 15, 2016 |
when you make a pastor your CBN governor |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by Nobody: 8:43am On Nov 15, 2016 |
I am shocked that a law even exists that allows profit made in Nigeria to be repatriated out of the country without restriction. So this is the type of ruinous law that our leglislooters have no problem passing, but helpful laws that would improve our wealth like PIB they have sat on for 8 years and counting ![]() We must unbundle the NASS. 34 Likes 4 Shares |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by Nobody: 8:51am On Nov 15, 2016 |
I strongly need a dislike button for horribly ignorant or dishonest post such as this. A billion dislikes! Axon: 21 Likes 2 Shares |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by Nobody: 9:08am On Nov 15, 2016 |
in response to the bolded comment below from the article, how does being foolish and allow profits from your country to be repatriated out of the country equate to allowing for a market driven flexible exchange rate? There is no connection. tafrica: 1 Like |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by dboss444: 9:11am On Nov 15, 2016 |
i do not the reason why this govt fails to understand that we are no more in d industrial age that we are in d information age. money control is now electronic so its easy for money put in and put out. its happening everywhere in d world there is nothing they can do about it. just make d Nigerian investment space attractive to investors and they would leave their money here. even if they have d law will u strt monitoring interswit ch transaction. its never possible except u want more recession 16 Likes 1 Share |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by EHMIR(m): 9:43am On Nov 15, 2016 |
I tot its only toothpick,match stick that we import ![]() I didnt knw we import money too 2 Likes |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by Donlamzy(m): 10:45am On Nov 15, 2016 |
I'm tired of Nigeria, Infact, I don pack my load, na to zoom off remain, Korea Tinz OMM, here's a pose for my fams... 2 Likes
|
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by nely(m): 10:46am On Nov 15, 2016 |
I domt understand any of this bullsh!t they're saying 1 Like |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by Revolva(m): 10:48am On Nov 15, 2016 |
emefeile is a confused bafoon ....sanusi is much better Dan him 1 Like |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by Nobody: 10:48am On Nov 15, 2016 |
Target is South Africa,India, China and Lebanese companies. Meanwhile Americans, Britons and Netherland businesses are the worst. Useless capitalists. ![]() 1 Like |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by PunterTim(m): 10:48am On Nov 15, 2016 |
Surprised the body dosen't already have that power! |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by ItsawrapOutfit: 10:50am On Nov 15, 2016 |
Mr. CBN, you have more than enough powers already, maximize the use of that power and stop lobbying form more tafrica: Repatriation of 100% capital may be allowed but 100% income repatriation should be discouraged. Persuade FDIs to retain at least 15%-20% of their income to aid economic growth and development. The multiplier effect of such would aid the swift recovery of the ailing economy our Minister of finance stated is only rehearsing recession as to her, recession is just a WORD! 3 Likes |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by yomalex(m): 10:50am On Nov 15, 2016 |
Craze |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by gabrielahamz(m): 10:53am On Nov 15, 2016 |
The question to ask is this, will this encourage FDI or not? Will it keep the few investors we have or discourage them. I often wonder why the CBN keeps digging itself deeper into the sand. Taking a step forward and several backwards. At a time the world is calling for fewer market regulations, we're desperately trying to regulate our businesses out of existence. SMH!! 5 Likes 1 Share |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by tafrica(m): 10:56am On Nov 15, 2016 |
Part of what the bill pans to achieve. To convert all our personal FX to Naira. To Jail anyone who holds FX. Summarily, possession of FX is now a crime. Policy somersault; the same Govt that preaches boosting of FX through agriculture and exportation is also now looking to stop exportation to curb famine. How will investors come into Nigeria when they know after sweating out to earn FX, our govt can unilaterally convert it to Naira? But same investors will not be given FX if needed. 6 Likes 2 Shares
|
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by repogirl(f): 10:58am On Nov 15, 2016 |
CBN has come again with another set of rubbish amendment and policies. Making things more difficult. Replenish the economy and there will be no reason for hoarders to hoard money in order to make profit. The hoarders are even CBN and government staff, so you people should look inward and find the cause of the issues not make stupid amendments that will keep making our economy last attractive to investors. 1 Like |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by OgaTheTop2: 11:01am On Nov 15, 2016 |
![]() |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by aariwa(m): 11:05am On Nov 15, 2016 |
It happened in 84/85 ..history repeating itself again.Will it result in the eventual ouster of buhari after 20 months in power like it happened then?I don't know.Time will tell 6 Likes |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by teemy(m): 11:12am On Nov 15, 2016 |
this request could cause hoarding. its all about dollar availability. hasten the yuan swap deal and watch the dollar fall into place. once the yuan (70% imports is from china) competes with the dollar, the dollar would lose value. |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by kulobyno: 11:13am On Nov 15, 2016 |
Ok |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by Lanre4uonly(m): 11:17am On Nov 15, 2016 |
Well, let's wait and see how it will unfold. I just hope our economy will not be brought to her knees totally in the end by CBN with this policy. 1 Like |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by selfemployed(m): 11:22am On Nov 15, 2016 |
some Nigerians have enough dollars in the bank that can help put an end to the dollar scarcity. but prefer to hoard it. they should be made to pay heavy tax on that or liquidate it to help grow the economy |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by selfemployed(m): 11:25am On Nov 15, 2016 |
hello naijababe ![]() I miss your posts at the forex signals thread |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by Chukazu: 11:26am On Nov 15, 2016 |
CBN wants to turn to EFCC, it's OK they will soon ask for power to seize local currency 1 Like |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by pchukwudi: 11:28am On Nov 15, 2016 |
What do you know about Capital and Return on Investment? Do you think that foreign investors are charity workers? If they are free to invest their hard erned capital into our economy, they should also be very free to take their profit home. And in case you don't know, they only make profit after paying tax and wages to us (which helps to boost our economy). So please quit the silly rant already. This government is anti-capital. And that's the single over-riding reason why we are in economic recession now. Watch it, the silly proposition which you are supporting blindly, will pull the nation into a terrible economic depression faster than you could think. In fact the mere speculation of the ammendment just dashed our hope for increased FDI. It has taken it further away. Seriously this government is ... GenBuhari: 7 Likes |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by grandstar(m): 11:29am On Nov 15, 2016 |
This is sheer nonsense. If you make it easy for people to repatriate foreign exchage, you encourage people to bring it in. This law if it becomes law will simply discourage people from bring it in making the already scarce dollar harder to find. And an way, foreign exchange controls exist to be broken. 1 Like |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by Dee60: 11:40am On Nov 15, 2016 |
I think that quite a number of the people commenting here are spewing rubbish. Try taking out 16,000 dollars out of USA or Canada without full declaration/justification and see what they will do to you? Not only will the funds be seized you may even be prosecuted for money laundering. Those ones are even better. You cannot export 100 dollars out of China or India without full justificatin of what the money is meant for. Here in Nigeria, forex flows freely as if we are jankara nation. In Nigeria, someone is caught with 6million dollars cash at home. A senator was alleged to have lost 300,000 dollars to domestic staff. Millions of dollars were found in judges' homes. Not even a bank in Europe or America is allowed to keep 300,000 dollars in its vault at any time!!! Our currency keeps losing value because embezzlers and bribe takers keep buying forex to keep at home. CBN is right. They must find a way to stop keeping dollars in their houses when banks dont have dollars to sell to importers. They must stop the terrible habit of people moving hundreds of thousands of dolars cash accross the borders. No sane nation allows that to happen. None. People write on NL out of ignorance sometimes. 5 Likes 2 Shares |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by Akainzo(m): 11:50am On Nov 15, 2016 |
dboss444: So you actually believe those scenes in movies where they just transfer monies across borders without issues? Sorry to burst your bubble, that is not how it happens! There are restrictions to expatriating monies out of every developed country. Just try to get to a bank in US and want to transfer $30K out of the country, then you'd understand that it is not like in the movies. Common $5K sef MoneyGram and Western Union go ask you so much tori you go waka away or go to the banks, but for here in Naija, anyone can sit on his laptop and fiam, $30K don waka comot from Naija go US. 4 Likes |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by dboss444: 12:12pm On Nov 15, 2016 |
Akainzo: wow i never knew if it works over there then it should work here too 1 Like |
Re: CBN Seeks Sweeping Powers To Seize Foreign Currency by ilenaira: 12:24pm On Nov 15, 2016 |
Dee60: +1000000 My broda, You dey mind village experts? You never even start ![]() ![]() ![]() ![]() 1 Like |
Bill Gates To Repay Nigeria’s $76m Polio Debt / Free #10,000 From Palmpay App| Real Withdrawal (pictures) / Today's Naira Rates Against Dollar, Pounds And Euro
(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. 49 |