I suspect Nigeria might be the only country in the world that's doing this...because it makes no sense to me. In their bid to check fraud, The Central Bank of Nigeria placed a ban on foreign currency cash deposits in banks. It was officially announced yesterday by CBN. Read a circular they released yesterday and tell us if you think it's a step in the right direction. I don't!
"The Central Bank of Nigeria has considered the recent
statements by Deposit Money Banks (DMBs) concerning the large volume of
foreign currencies in their vaults and the decision to stop accepting
foreign currency cash deposits into customers’ domiciliary accounts as a
welcome development.
“Therefore, in its continued efforts to stop illicit financial flows
in the Nigerian banking system which aligns with the anti-money
Laundering stance of the Federal Government, the CBN hereby prohibits
from the date of this circular the acceptance of foreign currency cash
deposits by DMBs.
“For foreign currency cash lodgments made prior to the date of this
circular, the account holder has the option to either withdraw his or
her foreign currency cash or the Naira equivalent. For the avoidance of
doubt, only wire transfers to and from Domiciliary Accounts are
henceforth permissible.
“The CBN advises individuals that wish to source foreign currency for
eligible and legitimate purposes such as BTA, PTA medical, mortgage,
school fees, goods etc. to do so through recognized channels with the
use of Form ‘A’ for “invisible” and Form ‘M’ for “visible” transactions. Please ensure strict compliance.”
182 comments:
Dey should just educate Nigerians cos their intentions are good. Linda take note!
Dey should just educate Nigerians cos their intentions are good. Linda take note!
Dey should just educate Nigerians cos their intentions are good. Linda take note!
Whatever!Me i just need a job.
a.k.a EDWIN CHINEDU AZUBUKO said..
.
If Buhari's administration thinks is bad then is bad to me......
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***CURRENTLY IN JUPITER***
If the move will strengthen the Naira, why not? but how sustainable is it? also we should minimize heavy dependence on the $
It's also aimed at reducing the price of dollars to naira Linda
Ubanagum
It does not affect the over eighty percent of the Nigerian poor population.. Next
As long as it is for d best den it's a welcome development.. Seeing dt since it's implementation naira is now appreciating den I think it makes sense
Linda it's a step in the right direction. No country allows foreign currency to be paid into their banks my dear. Wake up and stop being timid. If we need people paying then it should be done through banks and not buying from black markets.
Nothing wrong with the policy in my own opinion. Kindly find out more about form A form M and FX transfers.
If it will make our own currency strong,then theyshould go ahead..
www.glowyshoe.blogspot.com
It is good, to increase the value of the naira too. It may look like suffering for those with foreign transactions to make, but in the long run we will reap rewards! Plus it's an austerity measure and I'm sure it will soon be lifted in due time. God bless Buhari!
Okay
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...the central bank is try to control the continous demand for foreign currency which is having a negative effect on our naira and as well encourage cashless transaction through tranfer.
Lynda who cares if you like it or not,for them to do this they have a good reason to,they have already stated why they are doing it,moreover since this was initiated,Naira has gained value against foreign currencies,so leave people that are working with what they studied in school,do their work.
CBN should better have a rethink.. rubbish!!!
The bank stopped it long before CBN said so.(so no credit goes to Emefiele). Well if it helps the Naira,why not?
CBN should better have a rethink.. Rubbish!!!
Dis is total step in d right direction of which them emphatically stated d reason behind dis new directive. Thumbs up and more power to their elbows. I so luv dis new policy.
Good News ,is only in nigeria that you will their citizens paying and Buying in foreign currency.my President is Working.i live here in Europe nd such Never Never Happen.
It is a beautiful , long awaited , welcomed development.
Nonsense!!!
BEFORE I READ.... LET ME SAY GOD PUNISH CBN GOVERNOR. If he doesn't quit, he will die this year. What nonsense????????? I pay my website host using visa card and I must pay into dom account first then transfer to visa card. They have no other options for me as my Zenith normal card doesn't work. God punish Emelife or whatsoever his name is. What tha hell is this???
BUHARI anu mpam, he knows nothing about ruling
It s a step in d right direction that will help halt d surge in dollars n d attendant inflation of prices of commodities in d market .Nigerians are now deserting our naira and stocking dollars leading to a continous rise in exchange rate.it s a very dangerous trend if not checked. Jyde
Good development.Are u doing illicit business Linda?
Linda,
Can you deposit British Pounds into a commercial bank in the US? Or deposit Naira into a bank in Georgia? Or pay for goods in Russia with the Dollar?
Not everything the CBN has done in the bid to halt this slide makes sense. I think this one does.
it a step in the right direction, this will help to checkmate the influx of foreign currency as well as strengthen our Naira.
I SUPPORT DEM JOOR...TOMJERRYSWIT
There r so many other ways they can check fraud in Nigeria not this..my opinion #okbye
Yes oòo...It is a beautiful step. We must suffer abit fr a greater Nigeria. Anothr beautiful step wld ve been to change d naira and tell peeps to come to d bank to change their old naira then wen those criminals r bringing millions n billions they wld explain where they got such huge sums from and if they r too scared to do dat means all dos money they looted wld b lost. Sai buhari!!
Confused lot
No this is being done in Ethiopia as well. It might not be best practice but they're trying to monitor cash flow and indirectly check corruption. I think it's a good decision
Another indirect system of Corruption...
This is absolute trash. Gosh, I over hate this country, Eishh.
Well am in support
You can never lodge foreign currency in Dubai and china,d ones I know off ,Nigerians need check before they talk sometimes
It is a good step. Even if we are the only country doing it, is Nigeria normal? Why do you think we do not need abnormal measures to sort us out.
It is a good step. Even if we are the only country doing it, is Nigeria normal? Why do you think we do not need abnormal measures to sort us out.
Their reason is valid. Desperate situation calls for desperate measures.
Linda If you need to hold foreign currency then why don't you just open an account in a foreign country? That way nobody will tell you what you can pay in there and what you can't.
Is not good.may God bless sanusi when he was the cbn governo he lead by example.since ibo man become governo of central bank what are we seeing rubbish,ibo people are a big disgrace an problem in any position you put them.
#sad indeed
Is not good.may God bless sanusi when he was the cbn governo he lead by example.since ibo man become governo of central bank what are we seeing rubbish,ibo people are a big disgrace an problem in any position you put them.
#sad indeed
It's a welcome idea nd probably one of d Best tin that would happen to the Nation's financial sector nd it's regulations.
This would no doubt strengthen the Naira but most importantly curb d activities of corupt public office holders to the barest minimum nd thus preventin them from makin a mess of the Naira by launderin stolen funds in Dollars wich is not our currency.
It is appalling, please they should stop the rough play. Anybody that enters there will always bring their own policy, that was how the other one said he want to bring #5000 note
It will hurt but it will be right I agree to this CBN needs to checkmate this. The dollar in circulation in the country is alarming
This is madness!!! Buhari jst wants to cripple the Ibos cos dey didn't give h as much vote!! He knows all their businesses hv foreign currencies involvement. They re traders for God's sake.
I know it. This Buhari tenure will be no good.
So this is part of change too. God save Nigeria
I applaud the CBN for yet again another stringent policy. Nigeria economy is highly Dollarized, an average Nigerian will prefer to be given 100USD than to collect 30k in Naira. In some churches in Nigeria the tag some of their service DOLLA SUNDAY! We pay local school fees, Drinks, shop and even give our girlfriends Dollars. Nigeria's economy is really in a bad shape, we are in for tougher times and we need our apex bank to man up and make yet more stringent policies to pull us out of this mud we seem to enjoy. Tighten your belts my People, there's so much surprises awaiting us all. Do have a great day
Very stupid and backward policy. Are we going back to the stone ages?
Linda..with the volume scale of corruption in our country,
I think its good for the moment, until all channels been checks and fix.
many loop hole.....
I agree to this and totally support this new development from the CBN. A stop, atleast a little will be put to all those organizations that accept payments only in dollars, gradually killing our economy. Shaabamm to CBN.
honestly it is the most stupid thing they have ever done! what of students studying abroad. people are stuck and parents are running helter skelter looking for how to send money to their kids abroad. Develop some other means of fighting fraud without frustrating the hell out of your citizens! the most irritating part of everything is that its normal citizens that will suffer this nonsense, politicians can always find new ways to steal and keep their money... so pissed off right now!
Temporary measures. Welcome development.
My dear is dollar or pounds ur official currency? What do u think is causing the hike? Or u think other countries spend foreign currencies in their country? Besides dat d mode used to transfer egunjes by our corrupt officials
Linda, we are a sovereign nation and do not have to do what other countries are doing. The release says in part "For the avoidance of doubt, only wire transfers to and from Domiciliary Accounts are henceforth permissible." This will ensure an audit trail to check fraud.
Mumus Niger is perhaps one of the few banana countries that have different currencies accounts. Can you go to UK to ask for a Dollar account or go to US and ask for Lira account? Linda just stick to your story telling.
do u know the naira appreciated just few days after this announcement? I think its a right move, because the naira will be sought after now
what do u know Linda please stick to your blogging and stop commenting on rather professional issues you have no idea about
Linda says it makes no sense. Smh.
Thats not a welcome development,its not good for us!
I no get anything to do with dollar oo, don't knw which way better pass lol...
I no get anything to do with dollar oo, don't knw which way better pass lol...
Linda, before CBN banned it, some banks were already complaining of too much foreign currency cash deposits while other banks had to turn customers back with their foreign currencies. Asides from fraud,Many businesses in Nigeria are charging customers in dollars while many others are stacking cash in foreign currencies to hedge against inflation which will eventually worsen the Naira. The ban is an attempt to stop Naira from falling more and to stop those who try to use the black market to enrich themselves at the expense of the economy.
Aint a bad thing.
Some govternment policies might be affecting the well being of people but if it is good for our economy growth its a welcome development after all we all vote for change so nobody should complain Linda.
I am Coonett
Linda u are obviously ignorant of how this works. So before u disagree..seek knowledge pls
I think it is a good idea, its a good development..
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This is stupid. Is d new CBN governor mad or what? What about the contractors and business people that do business with foreign countries? How is she'll nigeria, chevron, etc gonna pay their contractors? Y not fight corruption right, instead of touching certain sectors that won't make necessary impact
Backwards nation that's what this new Fed government is bringing to Nig
why will it make sense to you?do you even have any sense or understand what d economy is saying? you IQ is not beefed up enough to understand complex matters..please just concentrate on buying shoes and bags which you understand and leave this issue for intelligent people.inugo.making money does not equate intelligence.
the day cbn will give you advert,it will make sense to you cuz it is only money language you understand.
E be like greek. What are they saying in short?
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Well Nigeria is the only country in the world where the thievery is at the max height of fuckery. So it's OK. No USD deposits nwanne
If they think it will curb fraudulent transactions, why not? As long as transfers can still be made to and from respective countries.
Right step in the right direction. square peg in a square hold....
I dnt like biko
Anything that can help curb fraud/corruption is well accepted. If this is it, then why not.
#TeamBlessed#
God I hate the this country........ with all the struggle and pain, yet we keep hustling to make this doe. WTF is this make yahoo boy know fit spend hin dollar
God I hate the this country........ with all the struggle and pain, yet we keep hustling to make this doe. WTF is this make yahoo boy know fit spend hin dollar
U don't think it's a step in d right direction Linda? So d last time u were in Paris u saw Parisians paying in Naira n other units of foreign currencies into bank accounts over there? Nonesense!! Don't care what d world does, cos dey don't have d level of corruption we have in dis country. Pls n pls again,Nigeria is not a foreign currency society, its d rogues dat allowed it,n dats why our dear Naira dats meant to be our symbol of great pride seems worthless right now,everybody expects u to spend dollars or u r not "Cool", dar arrant bull! President Buhari has d carte blanche to destroy corruption in Nigeria,even if it means killing person mama. So save ur opinions folks!!! #Anythingagainstcorruption.
I think the move is a very good one as it will help to cub corruption in the public sector as millions of dollars are paid in cash to government officials for every contract awarded as they do not want such monies passed through accounts. with this avenue blocked it will force them to travel with the money as cash and I bet you that the foreign countries will detect such monies. The development will make it very difficult for the corrupt public officers to inflate contracts as they know there is no way to collect all the millions of dollars they collect which always leads to abandoned projects. It will also help in stabilizing naira as the pressure to source for dollars to pay corrupt officials will reduce drastically.
It's painful thou, cos I do foreign business trades. I had to make my Chinese partner to open a naira acct. For me to pay money for my goods.
Buts as painful as it is, its good, cos since the ban on foreign exchange and deposits, our naira currency as gained value in the stock market. Its a painful but sweet experience. Just like riding a bicycle.
Is dat wat we asked dem to do or appreciate d value of naira?
Linda your own don too much, that's the double standard I am talking about. Your readers will flood your blog and spew about how they don't need the west to thrive and now that naija is ready to curb money laundry, affluent individuals like yourself gets the heat. Don't get me wrong Linda, I was as frustrated as anybody would when I wanted to send money through western union and of all the foreign countries, naija was the only one that decide not to dispense in $. However, if you have a better alternative in the right direction please let them know. If you think that going back to the status quo is better kindly explain.
Hello friend,you can always transfer,no country in d world can u deposit a foreign currency other dan d one being used in d country,it is not wise,it Is not right
Ofcourse its a right,sensible and bold step,looters have converted thier naira to dollars,by this the banks have more than enough foreighn currency in thier hands ,and little for the public ,the result now is what we see, d dollar crashing to the naira,the pressure is off the naira now cant we see?????.its just a temporary curtailed measure,economically i dont project it will last but very good way to go
This is one of the best monetary policy Emefielest has pronounced since assumption of office although he contributed to the problem we wre facing today as regards hard currency.The election brought in untold hardship and movement on our hard currency exchange coupled with the dwiddling oil prices.We need to mop up hard currency in the informal sector and work on our Anti Money Laundary policy to be up to date with the international standard.Only legitimate request should be entertained.Although this is a short term approach,President need to bring in Minister of finance for effective fiscal policy that will compliment the monetary policy.Good policy
Mr man, You didn't read this article well. Pple like you are one of the reasons Nigeria is where she is today. PTA, BTA and school fees are exempted. And if you want to deal abroad follow the right channel. If parent is to send money abroad for students as stipend. The account should be credited in Naira and he or she will withdraw the daily limit of $300. Again, Go and meet someone in your street who is intelligent to analyze this issue and explain to you
Attention found. Empty extremist. Go and report to PMB now.
You have a problem that needs spiritual help. Tribal idiat😈
Perfectly said👏
Fuck every body that support this bulls hit....this is no way stop corruption, mind you buruji kashamu and top law makers still spends there money in NEW DOLLARS, Nigerians keep getting dumber
I think some people should read the last paragraph properly before commenting
Are u just daft? Purchase from a or m for ur foreign currency deals....ode ni
I read through some comments and I was laughing at how ignorant people can be, especially those who turned it to a tribe thing, and anti-Buhari people. I believe if you comment on this blog you should be able to read, so if you read the statement of the CBN Governor then I except excellent remark from everybody here, including you LINDA. First of all, the aim of this new policy is to give strength to Naira, you all who are complaining of how bad it is, how it would affect business that transact in dollar, someone even mentioned chevron, if you have travelled you would realise that, no where in the world apart from few countries use foreign currency's to shop, pay bills or whatever in their country, it has gotten too bad in our country that some schools take dollar/pounds as their school fees. This policy would help to stop/curb some of this practice, if you wish to do that pay in Naira.
Linda post my comment
How is that a problem? The kids open an account abroad, the money for their school is paid into that account and they withdraw the money in dollars abroad.
I must commend the CBN for this wonderful initiative because illicit fund flows and money laundering going through the Nigerian financial system contribute to weakening the Naira.
Before you start with the insults, look for an alternative way to make international payments. Have you tried payment options other banks have to offer, PayPal , etc? People are still able to make international payments, even with the restrictions.
No Linda, Nigeria is not the only country where forex deposit is prohibited.
# Vivian you better watch what you said, don't behave as an enemy of Nigeria progress. We are watching all of you
I lik what you did, to ensure he opens a Naira account, we might not see the gain now, but it would come later.
It's a good policy. I'm currently in Canada and I'm using my naira mastercard for transactions without the need to change to foreign currency.
My anonymous Nigeria must survive whether you like it or not. To hell with your visa card, criminals. Nigeria go better
Please people should always say what they're sure of. I live outside the country and I do have both dollar and pounds accounts and i do pay cash into those accounts at anytime without restrictions. Note that these are not their official currency. Thanks
Dear Linda most of the people commenting here wont understand the magnitude of this problem. ask business owners who do legit importation of goods like heavy duty equipments and spare parts, having expatriate staffs u pay in dollars and other hard currencies and a contractor bidding foe a contract in dollar and been paid in naira after and during execution of the project, they will tell u better what this is. its a very BAD and destructive idea.
Must you comment?
We are not the only country doing it, Linda is trying to mislead us, it is a step in the right direction. I affect me but let think about the nation's development and growth above our personal interest
Dear Linda most of the people commenting here wont understand the magnitude of this problem. ask business owners who do legit importation of goods like heavy duty equipments and spare parts, having expatriate staffs u pay in dollars and other hard currencies and a contractor bidding foe a contract in dollar and been paid in naira after and during execution of the project, they will tell u better what this is. its a very BAD and destructive idea.
its a great move to stabilize the naira
My fellow country people I think we all need to be educated and stop all these beef with other foreign currency. I took my time to read all una comment, some nice comments and some just mere illiteracy.
First question to ask is what happened to this form "M" and "A" before. You don't need to stop people that are doing genuine business paying in foreign currency in cash deposit inother to control the value of naira.
I have worked in the bank before and that institution is the most corrupt private sector in Nigeria but w don't know. The MD of all Nigerian banks are billionaires because of what we call round-tripping..
My people if government want to control money laundering there are more than 1million ways to do it. And also banks should be held responsible for not making these money available.
For some people information, all international trade is done in dollars, use oil and gas for example so stop saying other countries don't accept this like some comment that mentioned Russia, japan and china. May God help us in Nigeria because poverty is now a disease that cause loss of ideas for Nigerians.
I support de idea
I live n London and I know o cannot pay $ into my £ account. You can't even have any account other than £. If I need to pay for stuff in ANY currency I pay online and my bank sorts it. It's a fab idea..
Bihari for Ever!
UK Tog
It's not forex, it's foreign deposit
To help clerify something's here... Anyone who has an ATM card that is a master card and has naira in his account can do any transaction he or she wants in any foreign currency... This is a move to checkmate the dollar drive In this country which is the best thing CBN could do to stop this hoarding and dollar speculation. So Linda and all those that think its a bad idea, I think you all are among those that do your businesses in cash and carry dollars about and also store dollars not knowing you are bringing down our economy.... We are in the E-world so do your transactions electronically. Thank you
I agree with CBN.
I don't think you can't deposit pounds or naira in a bank in america.
This will strengthen our naira.
It's a good policy. I'm currently in Canada and I'm using my naira mastercard for transactions without the need to change to foreign currency.
Lols, mumu
Hollup, hollup and Sharrap there. You can pay for stuff in supermarkets, restaurants, bars, etc with the USD or GBP / EURO where I live and it's neither if those places.
So once again, sharrap and gerrarahiar.
Magicblackxxl@gmail.com
Noelle walker!! Spot on!
Magicblackxxl@gmail.com
Linda it appears that that you are also part of the people that does not understand simple monetary economics but anyway you read English in your First Degree,lol.
The restriction is working and it will help to strengthen the NAIRA,The Foreign Exchange market is controlled by the simple Demand & Supply Law,hence restriction/Acceptance of USD from banks,This make usd unattractive and its sources can be effectively controlled and traced. The main reason for increasing NAIRA against USD was attributed to the demand for USD as against Naira,Dependency on imports & reduction in USD receivables from FG,moreso Brokage & effect of money laundery through the open Mrk.
Thanks
Here's my opinion. We have made dollars more relevant in our economy more than our own currency. to me this is the best monetary policy so far. we are no longer comfortable with our own currency. You cant leave or enter the US with more than 10k USD.
About time we start changing things. Hard times are coming and you guys better brace it. those profligate life that you guys live has been plucked. welcome to a new Nigeria!
Bank can't or couldn't have stopped it without a memo from cbn
Swerve,Linda is rich but almost as dimwitted as most of her readers.So long as its not about entertainment,she's not informed.I can't believe she actually asked the question?Her goons have no clue.
I won't bother going into the merits and ofcos demerits of the policy,they won't read it and most probably won't understand either.
You can use Form A to pay for school fees
Dullard I'm sure u must b a 100level stude who's still depending on mummy n daddy 4 pocket money dts y u no sabi anytn *hiss*
I like the CBN new policy bcus it will help our naira. And it will make things more cheaper
Buhari and his agidi pattern! Is corruption the only problem that Nigeria has? mtchew FOH!!!
Thi is nonsense..
This is arrant nonsense..!
What does Linda know? Lmao! Simply because you can't buy your designer bags easily again. Abeg read up before making ignorant statements. Nigeria is not the only country, besides if it will strengthen the naira, why not? People are suffering
Don't mind this artificial yellow pawpaw. She has no clue what's even going on. Maybe she thinks it's cosmetics we are talking about here
Pay into your naira account and instruct them to transfer d dollar value to your dom account. .and go ahead with your transaction.
A very welcome development. We are already seeing dividends as the naira is already appreciating
Whatever idea thats going to strengthen the naira and reduce the exchange rate i will support one million times....Linda maybe you should tell us why you dont like it.... Them send you????
heee linda post my comment. You need to get your information right before you post things for your readers to read. Its a good step to curb all forms of corruption and money laundering. Anything to strengthen our naira whether temporary or permanent the good thing is that they are making efforts.
Linda won't like it because the higher dollar rate is in is the higher her money multiplies coz Google pays her Adsense commissions so the more you keep coming here clicking advert her dollar account increases in figure and she will get more if dollar rate keep increasing and if it decreases she her bank acct decreases. But it's best move by CBN if Nigeria want to get better.
It's a lie, all these transactions you mentioned can be paid for in dollars using money transfer. Please stop trying to mislead people. Nigerians are wiser.
Your comment is too dumb for a reply. Did you graduate from school? Well Dats assuming you ever went to school
Linda you cannot deposit Naira into any account in the UK or the US. I am in support of this policy. Let us all do things the right way.
Dumb ass, Shell and chevron will pay there contractors using dollar transfer. Shut up, you have no point.
You are a dumb ass
The policy is not half as stupid and backwards as you are. Do you have a brain? Is the Dollar the offical currency of Nigeria? Am sure the Rats on your street have more sense than you.
Do you even have a brain?
Do you have a brain?
Apart from dubai, can you tell me where else u can do this?
Hi Linda,
you started this post on a wrong note and someone as exposed like you should know the benefits of the measures put in place by CBN to salvage the Naira from dropping any further.
If you have an account with Wells Fargo or Bank of America, do you get to open a dorm account to save your Naira? Why is that so? Same thing applies in the U.K. As much as Nigeria is import driven, the naira should be protected as other countries protect their currency, and made the mode of exchange for as many things as possible. In fact, the Naira should be the mode of exchange if any West African country intends to buy crude from us. The more Naira is being used the greater its value. Please note that they're not prohibiting the use of the dollar. If you have need for it you can approach the bank for it having the relevant documents.
Pls dont tribalize this matter
It make sense and is what the citizens will benefit from it.
My friend it does and they are the one that wld benefit frm it the most. I wish u can understand.
The real question is where in the world do you deposit another country's currency?. can you go to the UK and have dollar account. can you go to Canada and open a Euro account. where in the world do people will you be using another country"s currency to pay school fees?
this is a good one frm CBN as our banks have become round tripping pipes.
Maybe its a wecome development
But Linda, what's your argument aagainst it besides just not being agreement? Do you have an economic benefit or disbenefit rationale? No just tell us say you no gree.
That has nothing to do with the new policy.
Their intentions are not good.. imagine dey reduced d money u can collect a day abroad to jst 300 dollars.. students withdrawin dia school fees spend days to collect dem all wit huge bank charges.. currently most banks cant withdraw money abroad and all diz dia developments is really affecting ppl abroad especially students.. imagine money in ur acct yet u hungry cos u cant withdraw.. before dey make changes, dey shud tink of ppl it wil affect and atleasr make oda alternative
Man caught with $2.1 MILLION in CASH at MMA and you are wondering why the CBN is doing this?
Banks are complaining that they have upwards of $1 billion in their vaults!!.....we might as well change our local currency to US dollars abi?
I hope this memo is passed into law! But with the caliber of law makers we have in this country, this wishful thinking will need some major divine intervention!
Mr gentle na u mumu pass
Do you blame her?
m not sure there can keep up with this..
linda you are a thief too
I support the CBN though it's a very tough stance but it puts a check to a lot of underground activities. It is probably the best way for now to check fraud in the country. I don't see them maintaining this stance for a very long time but it will be very effective. CBN says the primary reason is fraud. I will go further to say that it gives the CBN a better control on its monetary policies. Many of these illegal transactions occur with physical cash and they leave little or no trace and are then introduced into the economy. I think one of the major challenges of the CBN is actually determining the actual money being circulated in the economy. This is very necessary for controlling inflation, determining interest rates. e.t.c. If they can account for every kobo being circulated, then CBN will most likely reduce the response lags of its policies and ensure better implementation.
Also i believe it is a frantic effort to put the nation's exchange rate under control. The CBN devalued the Naira earlier this year, this didn't stop the crash of the Naira. It only made people "speculate" and demand more foreign currency. The economy will always suffer if there are too many "speculators". So it's a way of limiting the foreign currency being held by people. You will find out that majority of people that received incomes in foreign currency now have it converted to naira. All these efforts are geared to protect the Naira.
That being said, this can only be a short term fix. If this lingers for too long it could back fire in so many ways. A perfect case would be the rising cost of materials used in production which will definitely be transferred to the consumers who will buy goods the for a higher price.
It appears the CBN is on track but it should ensure that its monetary framework is complemented by an effective fiscal policy.
Feel free to converse and engage me on economic and political issues regarding the economy. pothosgiver@gmail.com
Well said.....
Linda that's quite ignorant. On the other hand..Nigeria is probably the only country in the world that allows foreign currency to be deposited in bank accounts. Have u ever gone to the states and tried to deposit pounds sterling?
Hello Linda, can you open a naira account in the U.S.? We need to to make our currency important. If people save in naira instead of dollars, the rate will become more reasonable.
Ovi,you can pay your school fees via transfers.Nobody will collect cash from you anyways.so obviously you aren't in school abroad.Aldi,a legitimate student won't be needing cash of $300/day.For what?
I bet you Linda can never explain this. She even got it wrong by taking sides in her write-up. She's should have been so neutral and see people's comments and learn from them.
Most of those looted money's are in the banks or in foreign currencies
This is so stupid!!!! First of all, the banks will not sell foreign currency to you even when you travel or they make it so hard you rather go to a beauror de change agency. Then when you withdraw dollars from your dom account they will not change it into Naira account. The bank will call a malam who does money changing from outside. Then when you want to put dollars into your dom account, they call the same malam to sell you dollars so you can deposit into your dom account. You cannot send naira outside Nigeria through bank to bank transfer anymore. Western Union is the only hope, the only problem is that banks can now only transact up to N100 000 per day only on westrn union. So if 6 people do western union at the bank and it reached N100 000 nobody else can transfer money that day, unless another bank, but chances are they also reached their daily limit. This government is going to cripple Nigeria.
Dolo use PayPal and stop disturbing pple
Igwe Adaobi that's the direction of CBN..
Did you not read that school fees payments can be made through the right channel using form A???? Why are you withdrawing dollars from atm to pay school fees when it can be transferred to the school???? Stop being ignorant my friend!
They did! Even the circular confirms it in the first paragraph. I wish people would read before talking.
Why should the students withdraw money daily when their parents can fill form A and buy the foreign currency and then transfer to their schools? This will even be at the cbn rate. It's cos the parents cannot explain the source and this can't use legitimate means.
Linda seriously? Is it that u are dumb or bcoss you are rich to afford anything ? Can't you see they are trying to give naira value? The rich people won't obviously like this
Where do you live?
Even the FG does not care for us at least pretend to care for those running businesses as this will only make conducting businesses harder esp. With foreigners involved.
Ovi. Pay with your card mister.
The whole idea is strenghten our local currency.To stop capital flight and chechmate the activities of boko haram sponsors
I think it's a good idea, but put a max limit to cash deposits (maybe $1000) per account per period. This will enable small businesses and individuals function still, at the same time keep the big thieves in check. Anyway you flip it, Nigeria is still a largely cash based society...
But it will affect our international business.
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