By Modupe Gbadeyanka

An economist and former presidential candidate of the Abundant Nigeria Renewal Party (ANRP) in the 2019 general elections, Mr Tope Fasua, has kicked against the opening of a domiciliary account in Nigeria for an individual, calling it an abnormality.

Speaking on a Channels Television’s Saturday breakfast show, he said only corporate organisations involved in international trades should be allowed to operate a dorm account.

As individuals who need foreign exchange to transact any business transaction, they should be given a credit card or prepaid card, which would be loaded with the value of Dollars they require instead of giving them cash.

According to him, this would limit the demand for FX and strengthen the Naira in the forex market segments.

Mr Fasua made these submissions while reacting to the decision of the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1,000 notes.

“Personal dorm accounts are mostly unnecessary; only companies that are doing international trade transactions or financial market companies should be able to hold dorm accounts because they have a reason to,” the renowned analyst said on the programme monitored by Business Post.

“When I travelled abroad recently, GTBank loaded by card with Dollars, and when I need to spend where I am going, I just use my card,” he added, stressing that, “If you are an exporter, you have export proceeds coming in, you can have a dorm account.

“If you are an importer and you need to pay your customer once in a while, you can have a dorm account as a company, but if every Tom, Dick and Harry can speculate against their own currency, you will never get it out of crises.”

According to him, “The ease at which people move against their currency in this country is too much; it should not be that easy.”

https://businesspost.ng/economy/no-individual-should-operate-domiciliary-account-in-nigeria-tope-fasua/

This actually makes alot of sense

dipoolowoo:
As individuals who need foreign exchange to transact any business transaction, they should be given a credit card or prepaid card, which would be loaded with the value of Dollars they require instead of giving them cash.

CBN go use exchange rate finish you if you try this. He makes sense but his judgement is not balanced. He didn't mention what encourage insividuals to operate domiciliary accounts. His logic is same as telling Nigerians not to individually import goods from outside Nigeria. When you go through traders who are importers of the same goods, they scapegoat you (give you high price) for the money they pay customs and for the exorbitant rent they pay shop landlords. They may even sell a fake item to you.

The government doesn't regulate rent. The rent makes traders to increase prices of goods. Exchange rate charged by banks discourage Niara-to-Dollar payment. All these compel citizens to boycott the traders and the banks. You are now telling the citizens to be Jesus Christ that will die for the government.

Everyone expects the citizens to help the government when the government is not helping the citizens. After collecting tax physically from you, they will still collect another tax from your savings in the bank. They charge you for SMS alert when you send money. If the transaction reverts, they will still charge you again for reporting the revert.

dipoolowoo:
By Modupe Gbadeyanka

An economist and former presidential candidate of the Abundant Nigeria Renewal Party (ANRP) in the 2019 general elections, Mr Tope Fasua, has kicked against the opening of a domiciliary account in Nigeria for an individual, calling it an abnormality.

Speaking on a Channels Television’s Saturday breakfast show, he said only corporate organisations involved in international trades should be allowed to operate a dorm account.

As individuals who need foreign exchange to transact any business transaction, they should be given a credit card or prepaid card, which would be loaded with the value of Dollars they require instead of giving them cash.

According to him, this would limit the demand for FX and strengthen the Naira in the forex market segments.

Mr Fasua made these submissions while reacting to the decision of the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1,000 notes.

“Personal dorm accounts are mostly unnecessary; only companies that are doing international trade transactions or financial market companies should be able to hold dorm accounts because they have a reason to,” the renowned analyst said on the programme monitored by Business Post.

“When I travelled abroad recently, GTBank loaded by card with Dollars, and when I need to spend where I am going, I just use my card,” he added, stressing that, “If you are an exporter, you have export proceeds coming in, you can have a dorm account.

“If you are an importer and you need to pay your customer once in a while, you can have a dorm account as a company, but if every Tom, Dick and Harry can speculate against their own currency, you will never get it out of crises.”

According to him, “The ease at which people move against their currency in this country is too much; it should not be that easy.”

https://businesspost.ng/economy/no-individual-should-operate-domiciliary-account-in-nigeria-tope-fasua/

Getting a dormicilary ATM is same as having a dorm account

vertueptime:


Getting a dormicilary ATM is same as having a dorm account

Help me tell dem o. Everything na same.

He sounds reasonable until you look deeper and realize he's just dumb.

First of all, majority of Nigerians don't own Domiciliary accounts. They don't care about dollars or exchange rates. Yet they suffer the consequences of the exchange rates.

Nigeria is a country of 200M people with 90M people living in poverty. How these foolish politicians and their cronies want us to believe individuals with Domiciliary accounts rather than their own greed and incompetence are the reasons for the weak Naira is ridiculous.

I lived over two decades of my life without touching a single dollar note. And I'm sure I am not the exception.

They are quick to come after individuals with a few thousand FX needs while ignoring the criminal politicians with several millions stashed away in multiple accounts and countries and physical locations.

Plus, the idi.ot claimed GTB loaded his ATM card when he travelled abroad. The same GTB would refuse to give an average Nigerian the same dollars. They'll tell endless tales about how Nigeria does not produce dollars and how it's so scarce.

Even if they'll eventually give you the funds, it'll be after jumping through a multitude of meaningless hoops. Even then, you're likely to get less than you need.

That said, I'd advise people to stop using Domiciliary accounts because banks are fast becoming criminals unwilling to release your own FX kept in your own account. Find better options and avoid remitting FX through these criminal financial institutions.

Let them realize the consequences of their endless folly.

Tope Fasua has not been sincere in his recent articles after he started campaigning for Tinubu Shettima. Why won't individuals have domiciliary accounts when we have large number of Nigerian individual remote workers earning and bringing billions of dollars yearly into the Nigerian financial system legitimately?how about the annual billions of dollars legitimately paid by Nigerians in diaspora account into the individual family members account? When Tope was into banking, how many Nigerians desired to open a domiciliary individual account - there were very few because it was not beneficial then. But CBN invariably created the huge demand currently for individual dom account based on their policies. They know the right thing to do to reduce this demand. Tope carefully didn't disclose he bought black market dollars to fund his GTB card