NewStats: 3,263,471 , 8,180,231 topics. Date: Friday, 06 June 2025 at 05:58 AM 35q1c

Breaking News!!

The Federal Government is considering a policy that will result in mandatory conversion of foreign currencies in domiciliary s of citizens to naira to stabilise the national currency.
 
If the plan succeeds, the government will order the conversion of foreign currencies sitting in individuals’ and corporate organisations’ domiciliary s to naira at a rate to be determined by the Central Bank of Nigeria.
 
One of the Presidency sources told Punch that the problem of forex scarcity and the naira fall was an elite issue, adding that the Federal Government would not fold its arms and continue to watch some individuals hoarding foreign currencies at the expense of the naira.
 
The source told the publication, "The problem of dollar scarcity is an elite problem. You will notice that this happens at the end and the beginning of a new month. That is when the exchange rate goes up. Invariably, that is when governors collect FAAC (Federal Allocation Committee) allocations. Whatever the connection, we don’t know.
 
"There is no country in the world where people open domiciliary s to keep dollars. It happens only in Nigeria. This must be addressed. This is not only a political issue, but it is also an economic issue that must be addressed. Genuine demands driven by economic activities can’t bring this huge pressure. By June, dollar demands are supposed to have gone down when Dangote Refinery must have started.
 
"Nobody should keep a domiciliary if they do not have legitimate foreign currency earnings like salary or getting foreign exchange revenue, either as an individual or as a company. Even if you have foreign exchange inflow as a result of your work, immediately after the money lands in your , the banks should automatically change it to the local currency and your local currency will be credited with the equivalent value.
 
"In Nigeria today, there are over $30bn in domiciliary s of individuals. It is in the CBN . The records are there. It is not right. These are issues we will have to deal with. In other countries, dollars are not meant to stay in peoples’ s."

Edun said Nigerians have huge funds in domiciliary s and hold large sums abroad, which can be deployed to rejuvenate the economy, adding that his team was working to provide the needed environment to attract such funds into the local economy.

More…

https://dailypostngr.com/2024/02/fg-explores-converting-30bn-foreign-currency-deposits-to-nigerian-naira/

But,,,is it really possible and legal?

Tinubu get brain abeg.

I foresee people using other medium like virtual foreign Banks to store up their money. People are not dummies

We can already see the PR along this direction among so called influencers. May this trial by error economics by Tinubu istration not aggravate the situation

That would be a betrayal of trust.

Nigerians would then seek alternative means of securing their funds in other jurisdictions.

They better think through all the "unintended consequences" of such actions before implemention.

: To every ACTION, there is an EQUAL and OPPOSITE reaction

https://nairaland.unblockandhide.com/7989594/operation-rescue-nr-fg-considers