Topic: Operation Rescue Naira (Read 281 times)

What i just understand about Nigerian government be say if them wan start to wicked her citizens them go first do the things the way e go favor them so that e no go affect them, see before them accept to dey do all these things them don already go create foreign account wey no attached Nigerian bank moved all their funds down there before them start this operations, so if anything happened now e no go affect them okay make i shock you. Do you know that almost all the top politicians has account with one of those foreign countries where they send their savings so that you and I can't discover how much dollars they have in their possessions.

So e dey very easy for them to start frustrating the innocent Nigerian wey dey try to survive with just this little dollar increase, since dem no gree create work opportunity for us. Tinubu wey we know spend money for hard currency during him campaign in fact almost all the people wey come out as presidential aspirant spent in dollars now dem wan victimized her citizens.

My thoughts is that, this shouldn't be the government problem, instead they should focus on providing the right equipment for every facility in the country, by so doing creating jobs for citizens to prevent Japa

Why do our government always focused on things that wouldn't benefit the Nigerian economy rather of there selfish interest. It might surprise us to know that move by the government is just based on a selfish reason

There are so many things of economic relevance and importance that the government should focus there energy on not some of this things that does not improve the Nigerian economy

What I noticed in all these is that our government are confused, without any idea of how to rescue the economic decline and Naira free fall. I say this because it has become clear that some of their policies do not make any positive impact on our economy rather it worsen the situation. How can you increase import duties by 43% and expect it to scatter the economy in a country where we import more than we export. We are not even talking about border closure and the restriction of FX access to people doing businesses in many categories.

Now this one! They have succeeded in discouraging diaspora remittance that was our major source of dollar. I think it is even good news for crypto because people are increasingly looking for alternatives and cryptocurrency is the new darling in town. Crypto such as USDT and BTC have been trending in X for a while now ever since they made this announcement.

This government knows the actual cause why our currency is depreciating on a daily basis and they have left to address the main issues and start chasing shadows. Fix our refinaries, build more industries, make good economic policies and see if the naira will not gain value against the dollar. I don't see how dollars in domiciliary accounts are contributing to the fall of naira. Things became so bad the moment the fuel subsidy was removed, that's to tell you that this country is in desperate need of refinaries so that we can process our crude here, to lower the cost of transportation which has drastically affected the price of everything in this country. To me cracking down domiciliary accounts won't be of any positive effect to the naira.

I agree with you on this point you raised here, our leaders lack leadership qualities and they don't know what to do in other to help the sinking currency called naira, how many local content signed by the government is been implemented, I tell that there is none, how will you invite a foreign construction company to handle all the construction in your country and most raw materials that you even have here are imported so what do we expect in this aspect, many hotel here receive their payment in dollar where does that happen, it is a problem, naira value is nothing to right home about, Nigeria government poor economic policies is the reason for our currency downtrend and less value.

We all dey I his country and we de see how this dey go@Y3shot quotes the problem is mismanagement from our politician.the government are the problems they spend our money In large outside the country no investment here.there are this that should never be imported cause we are capable of handling like rice.for example look at ebonyi state can't the government invest drastically instead of we importing rice with dollars we do everything here and buy from our own productions.even the politicians, government will no want to rescue the naira because you go spoil there money laundering business.

It is very sad to know that most of the policies of the government has been centered on frustrating the effort of her citizens to cope with the current predicament that is ravaging us as a nation. What's wrong if after looking at the the rate at which the naira is losing it value to the dollar I now decide to change all my money to dollar?

This is one of the major limitation of using fiat because you can never keep your money and use it the way you want to.

They regulate how much you send a day, they monitor how much you're earning and will question you regarding your source of income even when they are not providing employment for you. Those one's is not enough for them and the only thing that is in their mind is to frustrate people the more right? Wouldn't it be reasonable that seeing the rate at which the naira is losing it value they look for ways to depend more on out Local commodities and avoid unnecessary important so dollar price won't affect us? So what they are trying to do in essence is that because I am earning in dollar now and and the price of naira has reduced to shit, I should convert all my money to naira when I'm not ready to use it right?

We play too much in this country.

Please edit: I believe you mean the fall of Naira in your statement because that has been the only subject of discussion here, now back to the subject of discussion, we don't expect the naira to stabilize again or to be equal to the dollar since we import almost all the things we use in our daily life's in Nigeria, let's talk less of the crude oil that we export then import again from another country when they are done with the refining and we pay everything in dollars too bad. Talking about the looting by our politicians, they loot in our currency then convert the local Naira to dollars, pounds and Euro how do you expect them to think of a possible means to make the Naira to equal the dollars? Until Nigeria experience restructuring, resolution and good representation we can't have a good value of the Naira.

Let me come in through the front door on this with an explicit question assuming am talking to the minister of finance: How does this move reduce the daily increasing cost of livelihood like rice, beans, yam, transportation, garri, fuel, etc?

Do the FGN want to tell me that there are no Americans who have foreign accounts in euro currency living in the US? Why hasn't the government of the US come up to say it's due to holdings in foreign currency accounts that has been the reason for a dwindling effect on the value of the dollar to the euro. Rather their government is always hitting the ground running making sure all sectors are absolutely functioning optimally.

In essence what am saying is that no amount of pushing the blames on the citizens will bring to fruition the value of the Naira because from where I stand this move by the Nigeria government in forcefully converting domiciliary accounts to Naira immediately the currency is credit into the account is an act of coercion and intimidation on the citizens who are even in the face of hardship in the country are still finding means to legitimate sources of income to build their finance yet the government has bend on making life a living hell for them through irrational unproductive policies.

It is for this attitude about centralized authority that we are encouraged to move to a fully decentralized financial system of holding our finance and BTC is the alternative solution to it. Maybe this is an opportunity for you out there to talk to someone about holding his money investing it in bitcoin to save himself and the value of his money from this pro inflationary action of the FGN concerning their domiciliary accounts.

As for the solution to Nigeria's Naira devaluation problem it is found in the revamping of the agricultural sectors robustly nationwide, renovation of our refineries to fully functioning, and the restructuring of Nigeria.

This very leg wey our government dey try bring so na one tin wey go push many into adopting crypto (i.e stable coins like BUSD & USDT) as an alternative means of storage rather than leaving their money in our traditional banks as our Naija government propose, because the sad thing is that our govt knows what to do to help regulate the recent fall in the value of our Naira currency by industrialized the country to be a producer nation, rather than a consumer nation which we are today, but yet those in politics will never look into such area, since they are gaining from the fall in the value of naira to dollar.

So for me, the only advise I can give people is to convert there money into USDT or BTC, as Naira will keep on losing it's value to almost #2000 per $1 very soon

Omoh for me ehh make government leave to dey deceive us make them look into how to grow our economy and improve the value our dear naira make e no useless pass like this the bottom line is if the naira is appreciating on a daily people will be afraid of hoding money in dollar
Even if they implement it they will only investigate the genuine ones so make the government commot eye for people and focus on growing the state economy
My point of view anyways

I simply can’t understand why people are unhappy over Nigerians profiting from devaluation of Naira it’s not their fault they’re simply using what they have to get what they want it’s simply an opportunity they’ve capitalized on the same way some of our fore fathers sold their brothers and sisters to Europeans back in the day, As for this move by the government I’ll remind you all that this current government do not make laws to suit the ordinary man like you and I they come up with all these strategies to destabilize their political rivals.
I’m sure most of us can remember how naira was scarce prior to elections we later heard and some witnessed how this current government officials started using dollars to bribe their way through the elections now they’re in power just in time to block the same way they used to profit themselves so others can’t do the same.

Nigeria as a whole needs rescuing the naira is just a tip of the iceberg, What we need is good governance practice a new system of government that’ll make politics undesirable for power hungry and money drunk politicians convert to a parliamentary system of government place benchmark of money allowed in the accounts of sitting politicians, pass a law that keeps all their children in Nigerian schools and all their medical treatments be done here take for example South Korea First Lady Dior bag scandal she’s a spouse and received a bag gift from a pastor they’re currently calling for her husband’s resignation because of this issue.
We have a long way to go as a Nation....

The truth of the matter be sae, our FG no wan agree say them don fail their citizenry and em d do them like film, upon their wealth shared among themselves em no fit influence our economy to be good but rather worst.

As for, them don do everything within their power and reasoning to stabilize and control the naira free fall over dollar, em no d work for them. They come think of a hard way to the begin to the seize people funds wey d stay for domiciliary account. If this one no come work for them, I wonder which strategy dem go come out with, in the future cos Tinubu government don gets as em d be ''bad unexpected hardship implementation''. Let's see how far them go go with all this

We have been proven right once again that Bitcoin is the way to go. I feel this will be a huge boost to Bitcoin in Nigeria as many people will now understand the power Bitcoin have against activities of the authorities. It's just unfortunate that at this time and age, we still have a government that have been hijacked by people who lack the knowledge on how to run a functional economy. People who just want power they don't know what to use it for. The frustrating part is that there is no hope in sight, all they decisions and policy is sinking Nigeria into deeper mess. How can you close borders, increase import duties and taxes when there is hardly any basic amenities for local production to thrive? We are not even talking about insecurity that is ravaging the country thereby discouraging a lot of companies from investing in Nigeria. Shell is leaving same with ENI, Exxon and others. The future of Nigeria is truly bleak.

This thing way them wan plan to do nah yo robe the citizens for broad day light cuz them wan force person do something out of him own will for rate way no go make sense at all, them go only put fear for people body and this fit even result to disaster way fit pass the way the dollar they fall now, make them look other means go better the country economy if the economy they do well the rate go go down by in self no be all this there drama, make we they watch they see nah if the country get better lawful system that bill no go pass voting for them to pass am into law.

This we country matta self tire me because now person no fit operate on foreign account again?
Why e be say our own things dey always go left left all time, this small thing wey be say people dey carry survive dem wan come just change am to fall people hands. Like this the only alternatives na to go buy dollars move go any non custodial wallet store am there rest maybe anytime person want am she sell am send naira to bank account than to dey go save dollars for account wey this people con dey frustrate people life like this.

I don't know who is advising the CBN governor on this particular measure he is taking, there is no crime in people storing up their money in domiciliary account in the first place, my Dom account can be to save up some dollars should in case I want to travel for an international trip, and there are so many reasons why people open them or is wale edun saying there shouldn't be Dom accounts again in Nigeria?

So if I deposit a dollar in my Dom account, they will automatically give me  a naira equivalent of it and which is in CBN rate and not in the parallel market rate which is big but CBN rate that is small. Funny enough if wale edun goes ahead with this plan, a lot people will withdraw their money and save it in another means that their currency will not be affected by some of these policies, they can as well change it to USDT and save it in one xchange wallet and collect it whenever they need it.

All this policies wale edun is bringing wouldn't strengthen the naira, a high level of production and  export is what we need to strengthen our naira, this thing is not rocket science na.

This is people's money and the have the right to keep it in whatever form the want. We need to ask ourselves these questions, are the $30B naira in domiciliary accounts responsible for the free fall of naira? If the government should convert this money to naira, will it help revive the naira?

Personally, I think this is a dumb move by the tinubu led administration, if the naira was doing well against the US dollar, people would not have stored their money in foreign currencies. The government should leave people's money alone, they should come up with better policies to revive the naira.

Anytime I dey see topic like dis in dis forum dat related to naira and dollar dey change my mood to find way to leave dis Naija country because, some people don turned d matter to business issues which it will b difficult for our naira to increase higher than dollar again. Even dis new government self wey dey form like new administration wey carry d solution of our country full body, I no think say dey go fit rescue naira again because d people dey put for d central bank to find solution to things like dis in our country are d ones using it to do business to enrich themselves, just imagine, $1 to naira is  #1,444 what a shame to those behind dis mess.

This idea can not bile judged just yet because of the intensity of the debate it will come up with. Many will be happy this move of the federal government while some will still not be happy because it will really affect their means of sustenance or source of income. The fall of Naira to dollar recently is very alarming and it is necessary for the federal government to find a way to solve that. I always assume their are other ways this can be solved and not directly enforcing some laws on the citizens that they won’t be happy with. For the sake of the citizens, the federal government can do anything but at the same time, it should not be detrimental to others while doing it.  I still believe their are other ways to caution this asides from this method. The news still remain a speculation to me until when done; I will just regard it as rumor even though it is coming from a legitimate source.

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

The problem of the fall of dollar is not because of citizens dealing with foreign currency or cryptocurrency, this is not why naira is lossing value . The problem of the fall of dollar is due to mismanagement from our politicians,  looting of money. This has been the problem of the economy. No investment in the country but we depend on importation.  The crude oil that we have , normally it is something that is supposed to be refined here and politicians steals plenty money in the process of sending it out to be refined.

It is good to learn about wallets, exchanges, bitcoin and stablecoins. Stablecoins can depeg. But what option left when we can not store up money in foreign currencies? People should learn and have knowledge about digital assets, or they can prefer to just hold naira. If federal government make this possible, domiciliary account has no use for me again, at least for now.

Thanks for the reminder. I forgot to include the link sha

Yeah, we no get problem but em get our people or friends wey no dey into crypto, remember? The only thing wey dem d do na to store up their money for dollar currency only for gains cos dem know sae dollar go increase.
This news go come as shock to them and them no go d happy about am

It is better if you include the link next time.

https://punchng.com/operation-rescue-naira-fg-considers-converting-30bn-domiciliary-deposits-to-naira/?amp

They have come up with a plan to convert money idly sitting in domiciliary account to naira by force. Even if citizens do not want that, they got no option.

Crypto users got no problem. I think you can understand me as I will not fully explain myself.

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

The thing now become sae(the idea wey d FG come up with) the moment wey your dollar money drop for your domiciliary account, the bank go automatically change am to our local currency, equivalent to naira value to dollar at that time, and banks are go credit to your bank account immediately in naira.

Wetin be una take for this matter wey d FG come up with, concerning domiciliary account?

As for me na for peso to move em funds from domiciliary account to trust wallet after you don convert am to USDT.

I sae make I drop this information for here cos I believe sae em go be of help give many Nigerians.