Because of how our naira falls yakata to dollar over the years up till now, some of our Nigeria citizens don turn am to be business wey dem go open domiciliary accounts ordinary with the agenda of storing up dollars for profits nothing more. Although we get genuine Nigerians wey d store up dollar for personal reasons best known to them.
Because of the huge amount kept in a domiciliary account by Nigerians, ranging from about 30 billion dollars, the Tinubu government wan look into am. To know wetin the sub for that area of why Nigerians d like open a domiciliary accounts for banks. Whether na for salary payment, foreign exchange revenue, or for individual purposes. This situation must be addressed says our minister of finance, Wale Edun
Because of the huge amount kept in a domiciliary account by Nigerians, ranging from about 30 billion dollars, the Tinubu government wan look into am. To know wetin the sub for that area of why Nigerians d like open a domiciliary accounts for banks. Whether na for salary payment, foreign exchange revenue, or for individual purposes. This situation must be addressed says our minister of finance, Wale Edun
Basically, Nigerians believes in making use of what is available when the desirable is unavailable so I don't blame them for turning Naira devaluation into some kind of business and moreover is it opening domiciliary accounts in other to store foreign currencies that is causing the devaluation of our currency? Inasmuch as I know that devaluation is being caused by trade imbalance in the foreign exchange market however, the government plays a major role in Naira devaluation because our imports are higher than our exports thereby giving value to other countries products more than our own hence their currencies gains more strength against ours.
Let it not look as if I'm digressing from the discussion, regardless of the fact that the current government have issued directives to banks to sell off foreign currency in their custody, is it really gonna solve the problems of devaluation? Okay even if the banks sell off the foreign currencies in their custody, how about individuals that stored their foreign currencies in exchanges and other platforms that can't be identified by the government, how would dey also persuade those individuals to sell off their foreign currencies in their respective accounts. Until the government focus more on the things that is always bringing about the devaluation of our currency over the years, then the better our currency would be valued so I don't actually see any difference in the decision of the government.
If there is any difference then anyone is free to enlighten me
