In Nigeria, Dollar shop is close. What do I mean by this? It is now not allowed for any nigerian, it does not matter the kind of your business, from the big importers and those that have to spend few dollars to pay through their dollar denominated debit card for services, training, domain name, hosting, products etc. There is dollar road block.
That’s the new policy of Central Bank Of Nigeria. Henceforth, no commercial banks must accept foreign currency deposit on the counter. Even in banks, your naira cannot be converted to foreign currency. Only your hard currency if you have any, could only be converted to naira.
If you’re not yet loaded and have reserves, the way of meeting your commitment is closed for now till the government revisit and amend the policy.
This regulation came as a hard knock of the CHANGE we asked for, though quite unfortunate for those of us who have small small commitment to make here and there. But no one can question the wisdom of the government on this. We should just give them time to sort things out.
The decadence in our financial sector is staggering. Imagine ex -secretary of government parastatal nabbed at the Airport with $1m cash on his way out!
That’s the time we found ourselves. It is not yet fully comprehended the effect of the new policy but which ever way it goes, nigerians will learn to live by it.