Central Bank Governor Mr. Godwin Emefiele gave a shocking disclosure on Thursday about the massive dollar treasure in Nigerian banks, as the country goes cap in hand begging for foreign loan.

According to him, over $20 billion is sitting pretty in domiciliary accounts of private individuals at a time when the country is facing foreign exchange crisis and is chasing foreign loans, when its citizens could offer the loan.

The figure of idle dollars is $7.8 billion less than the entire national reserve of $27.8 billion, managed by the Central Bank.

Emefiele’s disclosure, via proxy, was made at a session of the joint committee on appropriation of the National Assembly.

Represented by the Deputy Governor in charge of Financial System Surveillance, Mr. Joseph Nnanna, Emefiele said keeping the huge volume of dollars idle had compounded the forex crisis confronting the country.

“As I’m talking to you, $20billion is in various domiciliary accounts of individuals. Naira is our currency, why are they keeping the foreign currency? From my experience in the international finance, I have never seen a country where its nationals speculate on its currency,” he said.


http://thenewsnigeria.com.ng/2016/03/shocking-20-billion-idle-in-banks-as-govt-begs-for-5b-external-loan/

CHAI

May God see us thru...

Power lies in the hands of few Nigerians. Nawa ooo

warning sign for dollar hoarders, argentina beckons, govt may convert all to naira at prevailing rate, lol

Remii:
warning sign for dollar hoarders, argentina beckons, govt may convert all to naira at prevailing rate, lol

I think ifeanyi uba has a point

Hahahahahahaaaa...


President Buhari don catch dem.

Okay...set up policies to counter such actions that's why you're the CBN governor.

Whats your business if there is dollars in other peoples accounts? If they wish to keep it i dont see why this should be cbns business. They would not look into their own in house problems they are looking at other folks. Last i checked i did not see where it was a crime to maintain national accounts with foregin currencies.

se.un what's the meaning of this and how come no declaration for Christians?

some sets of people ruined this country

What? what is the definition of idle?

Is there not a clause in our Banking Laws that stipulates that Monies left after a certain time idly(hoarding) in the Banks, should be reported to the C.B.N who in turn have the powers to convert it into Federal Government Money? Cant the C.B.N name this owners of this $20 Billion? who are these Nigerians sitting on top of this money?

The Government should identify, arrest and prosecute those Nigerians who are guilty for the slide in the value of the naira by embarking on dollar speculation.

This Government is working.

Na wao

Na so banks dey chop people money

No hating... Life goals I want that kind of money in my account one day...

ok na

it is just glaring that for every hardship being experienced by Nigerians in general, a select few are feeding fat from it.

that is why our problem would not be solved any time soon

but instead of wailing, since the CBN gov knows the problem, the solution is almost at hand

haykay2005:
Power lies in the hands of few Nigerians. Nawa ooo

Bitter truth

haykay2005:
Central Bank Governor Mr. Godwin Emefiele gave a shocking disclosure on Thursday about the massive dollar treasure in Nigerian banks, as the country goes cap in hand begging for foreign loan.

According to him, over $20 billion is sitting pretty in domiciliary accounts of private individuals at a time when the country is facing foreign exchange crisis and is chasing foreign loans, when its citizens could offer the loan.

The figure of idle dollars is $7.8 billion less than the entire national reserve of $27.8 billion, managed by the Central Bank.

Emefiele’s disclosure, via proxy, was made at a session of the joint committee on appropriation of the National Assembly.

Represented by the Deputy Governor in charge of Financial System Surveillance, Mr. Joseph Nnanna, Emefiele said keeping the huge volume of dollars idle had compounded the forex crisis confronting the country.

“As I’m talking to you, $20billion is in various domiciliary accounts of individuals. Naira is our currency, why are they keeping the foreign currency? From my experience in the international finance, I have never seen a country where its nationals speculate on its currency,” he said.


http://thenewsnigeria.com.ng/2016/03/shocking-20-billion-idle-in-banks-as-govt-begs-for-5b-external-loan/

SO.is it your money? ?

Chaii see money..........we need a strong economic policy in this country

Emefiele I expect you to do the needful

one day this nation will borrow from me

HungerBAD:
What? what is the definition of idle?

Is there not a clause in our Banking Laws that stipulates that Monies left after a certain time idly(hoarding) in the Banks, should be reported to the C.B.N who in turn have the powers to convert it into Federal Government Money? Cant the C.B.N name this owners of this $20 Billion? who are these Nigerians sitting on top of this money?

The Government should identify, arrest and prosecute those Nigerians who are guilty for the slide in the value of the naira by embarking on dollar speculation.

This Government is working.

Relax where yoy not alive when the banks begged people to put forex back I to the banks?

Na wao.

Oga transfer one to my account

The govt should ask them the source of this kind money chaii theres God woo

10% Nigerians controlling the wealth of 90%.

na wa o

We are our own problems. Even some people working in Nigeria are been paid in dollars, school fees of some schools are been calculated in dollars. The way we give reference to dollars in this country is quite alarming. I just wonder why the domiciliary acct was created. Does oda countries operate such account?

Oga oo