The more I read about Edun, the DUMBER he sounds.
First of all, THREATENING people to bring their USD to the bank is STUPID. Adding a deadline makes it even MORE stupid.
He did NOT specify a punishment after the deadline because there is practically NO way to enforce the order.
Dollars outside the banking system is Dollars you DON'T know about. So there's NTHING he can do if people refuse to bring it in.
Only result of this SILLY policy would be another ASTRONOMICAL increase in the price of USD. Which is in line with other FOREX policies implemented by Tinubu and this fool.
Plus, NOBODY will trust banks with a reasonable amount of money.
Firstly because Nigerian banks are USELESS. You put your money in the bank and they accept it EAGERLY. But to withdraw same money would be like plucking teeth from a Hot lion.
Secondly, KNOWING the desperation of Tinubu and Edun and the rumours flying around since last year; there is a possibility that your USD would be FORCEFULLY converted into Naira.
Point is you can NEVER trust Nigerian banks with your FOREX.
Finally, 80% of Nigerians have NEVER seen or touched a FOREIGN note. 90% of the USD outside the banking system are held by POLITICIANS.
And there's NO way they'd submit their Ghana-must-go bags to ANY bank.
Otherwise, pepple like Ganduje would have a lot to EXPLAIN.
“Forex crisis: FG offers nine-month amnesty for illegal dollar holdings - Punch Newspapers”
First of all, THREATENING people to bring their USD to the bank is STUPID. Adding a deadline makes it even MORE stupid.
He did NOT specify a punishment after the deadline because there is practically NO way to enforce the order.
Dollars outside the banking system is Dollars you DON'T know about. So there's NTHING he can do if people refuse to bring it in.
Only result of this SILLY policy would be another ASTRONOMICAL increase in the price of USD. Which is in line with other FOREX policies implemented by Tinubu and this fool.
Plus, NOBODY will trust banks with a reasonable amount of money.
Firstly because Nigerian banks are USELESS. You put your money in the bank and they accept it EAGERLY. But to withdraw same money would be like plucking teeth from a Hot lion.
Secondly, KNOWING the desperation of Tinubu and Edun and the rumours flying around since last year; there is a possibility that your USD would be FORCEFULLY converted into Naira.
Point is you can NEVER trust Nigerian banks with your FOREX.
Finally, 80% of Nigerians have NEVER seen or touched a FOREIGN note. 90% of the USD outside the banking system are held by POLITICIANS.
And there's NO way they'd submit their Ghana-must-go bags to ANY bank.
Otherwise, pepple like Ganduje would have a lot to EXPLAIN.
“Forex crisis: FG offers nine-month amnesty for illegal dollar holdings - Punch Newspapers”
