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Nairaland Forum / Nairaland / General / Business / Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg (17088 Views)
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Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by PapaBrowne(m): 8:03am On Nov 19, 2016 |
Truth234: Terrible reasoning. The first victim would be the same naira you are desperately trying to protect. Imagine I am an exporter who receives cash in Forex but also uses Forex to buy raw materials for my production. Now because of the volatility of the Naira as well as the difficulty in obtaining Forex from the CBN, I domicile my export earnings in USD waiting for the timing for my next purchase of raw materials which is in 3 months time. With this law I can domicile that amount for a maximum of 30 days or lose 10% or go to jail. In a scenario like this, my best option would be to go to another country, maybe Ghana or say Mauritius with no Forex controls, open an account and henceforth receive all my export earnings. That way Nigeria looses all the potential export earnings that would have been coming in. The second victim is Diaspora remittances. In previous years, Diaspora Nigerians were pushing in over $20 billion yearly. That money was helping Input loads of Forex into our economy and was a major stabilizer of the Naira. With these kinds of control, we would see increased reluctance from the Diaspora in sending remittances back home. We have a government that lacks basic understanding of rudimentary economics. The destruction this government has caused this country in just 1 year and 6 months is just intense. 18 Likes 2 Shares |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by teemy(m): 8:10am On Nov 19, 2016 |
i seem to get a different interpretation to this. the black market is the one pulling dollar rates to higher prices without good reportage of what the monies are used for and laundering runs unabated. they want the money to have bank reflections. |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by talktimi(m): 8:11am On Nov 19, 2016 |
ercel:does the CBN have a spiritual calculator to determine how long I've kept the dollars in my wardrobe ? Will the CBN burst into my apartment to check if I'm actually keeping forex ? They should stop making foóls of themselves and instead implement relevant policies to boost the economy. There's a petition going round right now saying banks are being forced to sell forex at 315 even when foreign investors are ready to trade at 390. The only bank Emefiele allowed to sell at 390 is Zenith bank. Float the naira properly and see if it forex crisis won't be a thing of the past 7 Likes |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by teemy(m): 8:12am On Nov 19, 2016 |
take note that the restriction is to have people not hold dollar cash at hand for more than 30 days. |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by cricifixo: 8:13am On Nov 19, 2016 |
Omo this one don pass draconian law, na "dracular" law this man dey make this days basilo102: 4 Likes |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by bart10: 8:14am On Nov 19, 2016 |
Very sad development. This is the height of desperation. Everything looks like a gun to a Buhari. 7 Likes |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by greenermodels: 8:21am On Nov 19, 2016 |
talktimi:which network are you using? i need to give you a #100 Recharge card for this perfect answer. 8 Likes |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by TonySpike: 8:22am On Nov 19, 2016 |
I think the Nigerian government should copy the South African forex model. You don't find dollars floating around in SA, infact, the places you can easily get dollars are only banks, airport and accredited agents. There is too much freedom for black marketers in Nigeria. The hammer should come upon them first... |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by googlepikins: 8:39am On Nov 19, 2016 |
BjDreamchaser:we have zero respect for illiterate President 2 Likes
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Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by BjDreamchaser(m): 8:42am On Nov 19, 2016 |
googlepikins: Your stupidity is legendary. Just like peak milk, it is in you... 1 Like
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Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by ercel: 8:52am On Nov 19, 2016 |
talktimi: Exactly. I was only responding to that person who quoted you. This approach won't go anywhere in solving the current economic challenge. It's like taking panadol to cure malaria. 4 Likes |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by Emassive(m): 9:00am On Nov 19, 2016 |
You want to use force to make people the money.... Be sure that for the next year's to come and as long as that will come into existence, No Sane investor will bring his money into this Hole that you won't be allowed to repatriate later. 3 Likes |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by Nobody: 9:08am On Nov 19, 2016 |
Truth234: Abeg I dey owe you and Mynd44 one cold bottle of favorite drink... Amazing write-up 2 Likes |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by drss2(m): 9:27am On Nov 19, 2016 |
any policy dat will hasten d collapse of d zoo is welcome ![]() by d time d dullard is done with nigeria, somalia will be a tourist heaven to nigerians. ![]() 2 Likes |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by davidif: 9:34am On Nov 19, 2016 |
basilo102: 3 Likes
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Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by grandstar(m): 9:35am On Nov 19, 2016 |
This is the height of economic illiteracy! ![]() ![]() ![]() ![]() 4 Likes |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by jidxin(m): 9:35am On Nov 19, 2016 |
Truth234:bros its jail term nd not time 1 Like |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by ibietela2(m): 9:35am On Nov 19, 2016 |
Jidetheblogger should be first |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by Nobody: 9:36am On Nov 19, 2016 |
I hope if I walk into the bank to withdraw $1m in cash or wire it out they will allow me to; If not, na to open many USD accounts and be rotating the funds every 25 days, from one bank to another. Jungle don mature, we warned them, they didn't listen. 7 Likes |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by ibietela2(m): 9:47am On Nov 19, 2016 |
Billyonaire: Where have you been? Long time 1 Like |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by davidif: 9:56am On Nov 19, 2016 |
unclezuma: They definitely don't seem to know what to do. 1 Like |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by davidif: 9:57am On Nov 19, 2016 |
abbas99: WOW!!!! that picture is beyond powerful. 1 Like |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by Geds: 10:00am On Nov 19, 2016 |
Tahtah: x=2 and y=3 |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by abbas99(m): 10:01am On Nov 19, 2016 |
davidif: 1 Like
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Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by bashydemy(m): 10:09am On Nov 19, 2016 |
iykedare: Why has dollar become our official currency? Your likes who believe in hording dollars are the reason for the forex problem. I support CBN on this, Anybody that have Dollars in his/her account for 30days should be seized by the Govt. |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by iykedare(m): 10:20am On Nov 19, 2016 |
bashydemy: You are so ignorant. No need educating you. 7 Likes |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by deflover(m): 11:10am On Nov 19, 2016 |
afonjas we thank you oh for the change your amala brain voted for 2 Likes |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by plaetton: 11:51am On Nov 19, 2016 |
basilo102:Only an idiot, a certified dunce from the far past, would ever consider force against the forces of the market. The very very sad thing is that just about 2 yrs ago, a lot of us had thought that Nigeria had long transcended this goat and cow economic management system. 3 Likes |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by plaetton: 12:13pm On Nov 19, 2016 |
Truth234:Complete bullshyte. Keep the blame game going. No one sabotaging the economy, except for the bunch of Fossilized Dinosaurs whose economic worldview doesn't go beyond which grass to chew. It is stuuuupid, confusing and flip flop policies that have been sabotaging the economy for the past 18 months. What is CBN's business with how much money, Naira or dollars, that people keep in the banks for various personal and business reasons ? ![]() Rather than looking lustfully at other people's money, the CBN and the government should be enacting simple policies that encourage people to invest in the economy. By looking enviously at the foreign exchange holdings of the public, the CBN is sending very very negative signals all across the economy and the world,.a negative body language that is 100℅ sure to cause further anxiety among the financial services sector, the public, and foreign investors. Now, tell me, who wants to keep or bring dollars into Nigeria if the CBN and the government has an envious eye on foreign exchange holdings ? Don't you people ever get it ? Which school of upside down economics do you people subscribe to ? ![]() At this very time, the CBN and government should be doing everything possible, begging and cajoling both Nigerians and foreigners to bring dollars to Nigeria. Simple. The economy needs more dollars, more free , unfettered flow of money and CAPITAL, not less of it, certainly not restrictions on the flow of foreign exchange. Duhhhhhhhh!! ![]() 10 Likes 1 Share |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by plaetton: 12:19pm On Nov 19, 2016 |
drss2: It's simply amazing. It's like this government was purposefully sent to collapse Nigeria right back to the dark ages. A ZOO is not descriptive enough of the CHAOS unleashed by this bunch. A zoo is actually organized around standard routines that the caged animals get used to and adapt to. A jungle is a different story. For those who get offended when Nigeria is described as a ZOO, an apology is in order. A jungle is a much better word. 4 Likes 2 Shares |
Re: Nigeria Proposes Jail Time, Fines As It Tries To Bolster Naira – Bloomberg by eplanning: 1:39pm On Nov 19, 2016 |
sarrki: And you think this is a sensible law? In your opinion, anything your bubu says or does is right? Abi? |
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