Dollar Amnesty For Nigerians?

To another space with me, calu Aja, and on the space we're talking money, the economy and of course finance. And this week we have a lot to talk about, but we're going to talk really about the Federal Government of Nigeria's new Executive Order Number fifteen and the title of that order is the Disclosure Depositive, Repatriation and Investment of Eligible Foreign Exchange Assets and Order related Matters. So

Be a good idea if you pull it off.

You can pull the gazette or you can pull up to go to the Central Bank of Nigeria. On that circulars right, you able to see the actual circular that Nigeria, the Central back of Nigeria has now advised banks in Nigeria to then adopt to implement this executive order. But it's a rather strange one. And again I'll try to.

Go to my tweets and repost what I did so you guys can us follow.

It's a very simple executive order and they are about let me see one. Let me just see the chapters there just about one to eight or so you have one to nine one to nine actual should we say chapters, and it's very strange. The first thing is stand up by saying, listen, we acknowledge that Nigerians have.

Illegal right like let me quote them, so I'm no errors.

There are significant amount of internationally traded foreign currency including cash lawfully held by Nigerian's within Nigeria and the DASPRA and themsileth off shore and on shore.

So this that's the.

First day that listen, Nigerians are lawfully holding foreign currency in Nigeria and offshore.

Again, Nigerians are the DIASPRA.

So once you're Nigerian with Nigerian passport holding foreign currency in Nigeria and the DASBRA, this is who they are talking to.

This specified it right there. Then next thing.

I just go into and to say the minister, which minister, the Minister of Finance shot.

Within ninety days from the effective date of this executive order.

This order is dated nineteenth of October, so we say ninety days, that's October November December, so by nineteenth of January more or less, so by nineteenth or January, right, we're going to approve or establish this foreign currency quality disclosion of scheme. And what they're asking us to do, which is you and I ninegerianus that were number one, we should disclose our international tradeable foreign dollar. So they want you and I to disclose our foreign currency. Why

Why am I disclosing?

And again why am I disclosing If I'm going to pay tax on it, if I'm in a dancepor what does the nineteen government have to do with my dollar?

Let's go on?

Then number two is one actually gets men.

They said we should deposit these dollars hell in cash or retain within Nigeria.

We have to take it to the bank.

So, if you're a Nigerian in Nigeria with dollars in your possession outside the banking system, this executive order is asking to take the dollars.

To a bank in Nigeria.

That's gonna go to you. Why should he go to a bank in Nigeria. Why can't I keep it? Why can't I keep it in my own dollar account?

Why?

Why why could I keep to my seat? Why must he go to a bank? It's not legal tender. The niger government does not own dollar. But I've been told repeatedly that the dollars are not legal tendant. And just why is a gentleman asking for my dollars? Did they give it to me? Let's what you can tell.

The tailor is one that actually is very very interesting.

Then now asking Nigeria is that we should repatriate and I'm quoting repatriation of disclosed internationally treated foreign currency held offshore in cash or retain and then I try to form through approved channels.

Why why is the government asking me?

Maybe I work in the UK, but I'm in Nigeria and I work in Canada. Why is Nigerian woman asking me to send my dollars that I've earned to Nigeria. I'm putting the bank in Nigeria. Does this make sense to anyone? Again, I'm trying to understand what where the government is coming from. Perhaps we're missing something, So let me summarize.

Number one. He says that if you are in Nigerian, living in Nigeria.

Or in the diaspora, that's specified school this bill is for this sective order fifteen, it's for Nigeria's living in Nigeria and that's number one.

Number two.

He then says that if you are living in Nigeria, you should take your dollars, your physical dollars in cash or electorality form and take it to the Nigerian bank.

That's number one, number two.

He then says that if you are in Nigeria living abroad, so you're in the diaspora, and you have the say back for America or TID Bank in Canada to take that money from TIDI Bank of Nigeria of Canada and Bank of America and take it back to Nigeria back. Why you know, so I put this up. Folks are asking, oh, maybe they want.

To do.

Why you know, why is it so broad?

And I try so that what I said is that victim simony that works for Napoli to take his euros from the bank where his euros are and bring to Nigeria center it because you conjure of iuela center born it should take that dollars weapase is it? I'm bringing it back to Nigeria. It makes no sense, no sense whatsoever, and look at why it makes no sense. Last I believe it was dollars or so, Nigeria issued a dollar bond, which meant that Nigeria borrowed dollars not from the eurobond

In history of Nigeria.

Each if europe bond wherever europones are, dollars were borrowing outside Nigeria.

So we now putrow dollars in Nigeria.

Does that eurobond is paying about nine percent to the food that bought that eurobond.

So if I was in Nigeria and I bought that eurobond, the federal government pay me about nine percent.

But now the same federal government is asking me to go to my bank in Canada or the US take out my dollars, are paying me four percent in America and bring it to Nigeria and putting their dorma account. O pay me nothing for what reason? What legal right do they have to do this? Why are they doing it? Do they not understand that this.

Is going to scare people that are going.

To go after the dorm account? Why are not continuing with a dollar bond? Why ask Nigerians in the diaspora to go to their bank and repatriate this closed phone that they did not get from the nights? Your government photos don't export us? What is the reason? I don't talk too much. I've got some folks here, Paul, Paul hopping, Can you explain what's going on?

What's your take on what you are reading?

Paul being a go.

Ahead, say you got the floor? Help me out here, Paul, Paul.

Going on, Paul going to because ys neck vast New York hand said that name verse next.

The vast or Thanks for correct How are you doing fast?

Now?

Please go ahead? He help me out here? What's going on? What's your take?

Well?

I just joined you really so I'll see trying to grab Yeah, that's what what I'm saying. Is very simple. That's an executive Order fifteen.

The order says that Nigeria's in Nigeria and it does I should take their dollars in their homes in Nigeria and the banks abroad whenever they have dollars or any foreign currency and take the Nigerian bank. That's a storm of what's going on And I'm asking why and I'm asking what's the reason why. So I see my my friends they heard that isn't from the UK. I see my friends from are on the space. That's what they're saying that you should go to your bank, take the

Okay? Is it bringing it back? I say, sary colar account.

Or nara, It doesn't doesn't matter.

Bring you this for this is if this is the disclosure, deposit repatriation of eligible foreign exchange. That's the name of the detective order. So we are talking about quote unquote dollars. We are saying, if you're in Nigela abroad, get back Ben. What's your take on what's Ben? What's happening? Ben ben our works what's happening.

And everybody calum, Yeah, I just go think right now. I just I'm trying to So what are your requests.

To speaks with the executive I've said it more than four times, Ben, let me say it again.

Right.

The executive order is the Executive Order fifteen.

It says that if you're Nigeria, in Nigeria or living outside Nigeria, got to things. Number one, you should disclose your foreign currency holdings.

So if you have dollars outside the bank disclosed number one.

Number two, if you take those dollars if you live in Nigeria to Nagrian bank. Number three, if you leave abroad and you in Nigeria, you take those dollars from your nights from your broad bank abroad and repatraate it to Nigeria to be put into a Nigerian bank. That's what they're asking to do. Those are three things instormy. So if you don't know, don't, don't request to speak. If you don't, don't don't request to speak to ask.

Right.

The order is on the foot of fifteen. You can google it.

Then you ask me a question point to request the speak to ask me to say it again then, so let's get oxen tech.

What's in your mind? Yes, oh yeah, you doing I'm doing very well.

How are you doing?

What's happens in your mind?

So I'll tell you to.

Look at that.

What I see is, you know, it's an over basically, and.

It's an over decens that they believe or may believers.

Nigeria's all over the place, the Manday Liberians, particularly nas that are carrying their passport.

If you're playing and your passport, that's.

I believe that's the target.

So if you're not, if you're not having an idea passport, maybe you may not be your.

Life saying that as b're saying, that means if you're in Nigeria with American passport, you are still niger as bro.

Yes, I understand that.

So where where I think they borrow that?

Let me say, let me anything where they borrow that, that's what made them wanted to be able.

To do this.

From the United States, where the US is As.

Long as you are American city is in you are you are allowing to pay that to the U S conference?

What are you.

Reside in the US or you you live.

For so so US is eighty in the world allow to play task for the US con except you're not.

You announce your issue.

That's that's it. So that is where I think this thing came from.

So if the government.

Beneath that, you know, they absolutely because that's where what I just said, they will get to that. This is just to test the they will get to the side whereas all over the place and I will now not.

Becompliable to play fast.

The governments it doesn't much have that you need wherever you any your income, it.

Doesn't really matter. So that's where listen is coming from.

So, like I said, it's an overage.

The government is becoming one more desperate.

Now the governments has answered the last I say, maybe the eighty billion dollar. Of course governments has government is stalling income from themselfws they also if you issue the dollar bond, which of course really that's that go on the issue. I believe what's part of their their their effects is to what it is today. So it's just it's just an act of the situation. Right, Okay, that's there's nothing else I can think that it's Suppo said that.

I kind of see. Another points is it's a reported.

Sometimes they go that's the total display accounts for that the deposits all the bound to report they have deposit positions today.

I think they mentioned that the taposes in the Sere.

Account at the time. They think that it was before in your MHM.

So what it tells all, What it tells is governments in the government that said.

They have an on that money.

Now they are trying to see how that money can be kind of county. I don't know how how they want to get that money to work for them. No, I mean over to just like you said, you an access he said, the phones are in.

About in US the books like or euro or g VP, the account that past all. So yeah, yeah they have that. I'm wondering how they will.

Be able to approach you know, they got past say you know that you have this money your your.

Cod you know. I don't know what they want to do.

Yeah, I think it made a good point. Let me us say this life.

So when you pay taxes, you pay taxes on income. So even the US system will not ask you to take your money. If you're a US citizen and you are in Nigeria, the US coming, I'm gonna ask you take all your money from Nige from the US, I'm moving back to Nigeria.

U S would say, pay US taxes. So you and you pay taxes. This this all that is saying.

And I'm courting and I'm quoting. No, I'm not, I'm not miss I'm quoting. I'm not anybody. Repatriation of disclosed internationally in table, foreign currency, held offshore, in cash or written electing from true approved channel. So essentially, if you're in Nigeria, if you are victim or siban and you are any sixty eight million or whatever they paid you as your sign of the fee the government sent, should take that money from the bank and bring it to Nigeria and putting their down account.

That's what they're saying. And so yeah, so I I agree with you, but just saying it just makes makes those.

Sense to me and I hear what you're saying about.

It doesn't seem make sense that the government would ask you to bring your assets wherever your holding the.

Nigeria and deposit like it doesn't make any sense.

Yeah, if you read that cyclear they didn't disclude some of the policies see our center. There's no way objective you're trying to why they are They're telling why.

They are trying to do this.

Some of the regulations, you know why they're doing this is one of these that intentional.

Is not just that they just came out and said, yeah, the center.

Bug is trying to implement fifteen exactly exactly. Good call out because this is disappointing. And that's what I read. I said, it's only nineteen mine mine points, and they go and they just go straight to the point that the first of all, I acknowledge that you are lawfully allowed as in Nigerian to hold foreign currency in Nigeria.

And then that's but they acknowledged that.

The next center simply said win in ninety days, bring them went back Nigeria.

There's no explanation, there is no media. It's just you have the love for.

Right to hold dollars number two, bring dollars back to Nigeria makes no sense.

Let me get dammy in here.

Demmi. Are you?

Are you who we're talking about? Found that the government is asking you. I know you you're having Nigerian name, I know you're living Nineteia. The comment is saying that you should clear out your bank account and bring the money to Ninegerian bank. What are you doing there, demi demis not to speak.

Let's go to abdu Abdu.

I think this politicians.

Yeah, I'll get you real quick. I do it just speaking them and I'll come back to you.

Ahead. Yeah, I said, I think there's politicians. It's simple. They just enjoy making unnecessary laws. So if I live in the US, work, get my pay in best for one K, pay my bills and then whatever I have left, I get to take you to nice year and well I'm living overseas.

No saying that any morning you have in the bank should I'm not saying. They're saying the money you have in the bank should come that is specified. The Since you are saying no, they said, bring it to Nigeria, then you usual Nigerian cannot pay for groceries and costco because that's what they're saying.

I'm really the deal of life for life.

They said, if you are in foreigner, sorry, if you're in the diaspora, you should really portray your disclosed internationals dollar held offshore in cash or retained in electronic form maybe crypto and moving to Nigeria.

So they're saying.

It's I don't know how we implemented. I mean it really really does not make sense. And it's it's like.

They kind of push a lot of us that actually want to.

Do something in nice years.

It's just twice. It's just I don't even know what to make of it. It's true money, yeahsh not true. I don't know. Job.

You see.

Why they're doing is that when you have a law in place, they you can hold people that they did not follow that law. Today, abdull I can't come to you and say you've come to the crime. You're in America. But tomorrow I have you in Nigeria. I can say, well, do you have a bank account abroad?

Yes?

Have you bron out going to Nigeria? And no, you've come down offense.

Wow?

You see.

You see what I'm going to do with this.

So once you set up a law, you don't have to you don't have to follow through with the law, but non compliance puts you in variance with the law, which is where what.

I'm we're holding this space. Have you guys had anybody else holding space on this? Have they even heard of this?

Out of these people, the first three guys that chopped on the space said they have not heard about it. But this is they're saying Nigeria. They don't know specification. If you live abroad, you live in Nigeria, bring your dollars putting back in Nigeria.

It's it's funny.

It's so man. This is is actually getting scary because yes, again some of us are in that middle. You can think about summery time Nigeria. Sorry, if I decided to move based in Nigeria, they could come after me any time. You know, it's a law.

There's a CBS Secular and again guys google it don't follow my good executive order fifteen. If you can't get I go to the CBN, the CUE, the Secular based on this executive order fifteen, say phago order, it will pop up, Dammy with dammies dropped off.

Where'd you go to? Denmie?

Please hop back.

I can get you in here.

Joseph, I don't thank someone Joseph deep some time.

Joseph, Yeah, yeah, thank you guys for you know holding this best.

Actually you know what you gave a message you but you know that executive order.

But the then I say it bout that, I mean impet everybody is giving it's very vallenge.

But first I think we have to look at it in a point that it is an executive order is naturally a law, which means some part of it is probably not going to be impossible. You know, that's a that's a problem that they would have to finish because you know, the president writing an executive order doesn't necessarily mean that's the law of the land.

Right, So.

There's already a Central Bank circular asking the banks on what to do and all that.

Does that count? Just what I'm saying this, there's already a Central Bank what's it called order on this?

And again just a Robert I'm saying what the point I'm making they don't have to implement it as long as that order is out there. If you don't comply, then you are in various on your contralation of an executive order.

So if it's not law, why is the president doing this?

So I'm not sure if you're still back here them take doctor Obi, doctor Obi? How about you, sir, doctor b Doctor Obi? A came please hop in a real quick.

Hope you just gonna hear me? Hey, if you give me a tom can you hear Can you still hear me?

Yes?

Yes?

Look after the after if you want to help and real quick. I'm gonna give you a together. Josef, you dropped off.

Let's get our hams or hams urhams killed up front here? What are your mind? Yeah, go ahead, sir him. Nice to be here.

Thanks for all you on this other I'm just saying I saw one line that says laundry disclosed to my question.

Is it for laundry? Eventually? I think once or twice, Yeah, I just it's for laundry or yeah, telling everybody because I'd stand.

There trying to really phones right to show your reserves.

And low you are patristic, Nageria should give you can play your phones, help reserves whatever, economics and basic country.

It's sense right.

But if it is not voluntary, then that's what I have a problem.

So everybody, the question is the question to you is that if it's why put a law. If it's voluntary today, can't you.

That's what?

So that question is it is beaton switched today, victor. You and I can't take our dollars to Nigeria.

We don't got a government law for that.

So why when you.

Say it is you put the secular from the president, then you put this sector from the Central Bank.

And then you say it's voluntary. I don't know. I don't know. I mean, we know Nigeria. Sorry, we know Aduria.

So I would be careful to say, is soone told me the same thing on Twitter is voluntary?

Then what isn't an order? Where's that other? If you said as a tax?

If you say because I know in South Korea a long time ago, they passed a law that says, if you had to.

Quote unquote, then you put stolen.

When they say that taking money out of the country, if get stolen money and brought the money back to South Korea, they did not ask any questions.

That's where you have this chapel of the kire behind that.

If I was good, we were targeting when they had the military who in the nineteen seventies, the president then I think the General Park said if you bring the money back to South Korea, no questions asked.

But they're not saying that in this bill. This plain is not talking.

About corrupt cruising, not talking about it's saying all my durians. So it is the ambiguity that is making me hop on the space to answer questions, why is it so wild? Why is it so ambiguous? To say all my Genians. They even went as fas as they saying diaspora with men. If you live abroad, you also.

Have to comply. Doesn't make any sense?

Yeah, it doesn't actually and I didn't want so.

Also autocratic like if you really like are you talking to idio?

So like who are you are?

You are working for me?

The way? The way they want is a very strong wordings, so.

Tell me I be president mandating all this.

Stuff of man.

So my worry, Like like you said, I can excuse a lot of things if at the end up d what you're saying is for London. But if it doesn't make sense because I have to tap, we can do that. The potion would not be okay?

As you going to work like I've had a lot of access, would I tell my people now I work, like tell my office or.

Tell my company to begin to pay pay my salary in my Nigeria.

But do that.

Mo that I have to transpire it down to Nigeria then begin to use my car.

That's that.

Feels are almost a basic point that I try to use it.

I have the town card sales.

Like like I don't even I don't put any like I don't account because until I have.

The like working this for this pot was a walk.

So what's the point.

So so why do I don't need to go through all that difficult I get pay dollars, I move it through some.

They alive blow to start with the blow starting the blots those.

I have to go through the then I have the normal transfer that this is like if they ought to write I keep my stity movie throughly.

Glow black as far as that we have here, and those directions domb back, I don't miscaut.

Then take my dollar cars, then that start making my purchases and pain for my groceries.

And all that stuff. Then when I can't aspires how going to get it? How do I bring the totally different conversation to have so it kind of work has had to do. Whatever they're saying is nonsense. It cannot walk. Starting if it's the launchry, like who wants to go through the stress because I'm plotted to the country.

And let's let's let us talk on the other side. Let's talk for what the government will say. They'll say, no, we're being alarmist. That is a for launchry scheme, and that they're saying you.

Can bring the back.

But the point we're making on the space that you don't need a law like this city is voluntary, even if it is volunchary the way you are mandating it to say I should re portrate my currency back to a Nigerian banking. You know, there's no other details. If you look at it, I'm supposedly gonna pull it off. It's just item want. It's the maintaing there. The rest are just minister shall minister ministerial issue, blah blah, all

There is no It doesn't get if there's real rigor done on this. And my fear is this, people.

Will interpret this in a way that is negative. They will say you are going after them accounts. You don't want to have people having on certainty about Nigeria. The largest form of foreignite change, and it's Vanagi is crude oil sales. The second is remittances. If you start to go after admittances, people going to ignore the banks in total and go towards p t b A that private management,

Now you are mandating. You are like you're a beggar, but you're mandating. Doesn't read well. If you ask me, let me get in.

No information, got no information provided by the developer humanly or called type.

You've got the floor. Oh I'm that no information? Go ahead, sir.

How are you doing everyone? Yeah? Very well? Thanks? How about you?

I'm doing very well. Thanks for asking, sir.

Okay, thank you very much, coming for holding this space.

When I saw the executive order, but I did want.

To see the executive order.

What I saw was the persons from the the South Finance and when I compare with your.

Saying when relative executive order and what the Finance minister said, I saw some discreparances that.

They stand out to me.

So what the government is doing is not surprising to me at all.

We've had these clear around dorm accounts for a while and it's normal history gets out a countries that are going through such economic displass.

We will often link towards this option.

When my journey did its Netherlands, the UK, Australia, in the US, many countries in it stuf done is when they're going through economic displace, various approachments on private property.

Would I be season gold, which all of.

Them did, or in season more assets it releally is to World War Why my journey is which.

Is the more instructive example for me, because my joint says in similar agent so hyper inflation.

But what I noticed in the executive in.

The press least from the Finance minister is that while the executive executive or acknowledges that you can legally who usc.

The Finance minister presence is as if we're doing something wrong.

I posted in the thread attached to this space the.

Comments with the link to the article on delibus and if you don't mind, I'm going to read this sneaker service I'm causing from the article now.

On delipus, he said, and they are putting him one elements of the cost increase is the foreign exchange rate, and as is demand and supply. There's going to be a release today in details and the federal governments, through the Ministry and Finance in conjunction with the Central Bank a program starting today the first of October and lasting nine months that will allow people bring in cash that is outside the banking system.

That's defense, but ash.

Outside the banking system. I don't think USD is a property of recip and so whether there's us cash outside the banking system or not should not matter to them.

It's not their business. But the Finance Minister said that he went on and they are quoting therefore it is unsafe, it is.

Unsecured, and it is outside of the legal limits.

Is a quote from the Finance Minister in the daily posts. They will allow for pamens to bring dollar cash. Let me emphasize once.

Again that it is to bring dollars that they are holding outside the system to be able to bring.

Them in and credit them to their bank accounts.

As long as there's not poseds of crime or less money, there will be no openaltea, there will be no taxes, there'll be no questions.

So what I see the presentation is I cannot make it. As see, holding dollars is a crime.

That is holding dollars that that is not documented by a Nigerian bank is a crime it's absolutely it's not. It's private property and Nigerian's well, first, the majority of US holdings in Nigeria and by small poor people like me, they are by politicians and agerance hold dollars not as illegals, and that we don't buy and trade with allards Nigeria. That's illegal durance holding, just as holding other assets.

Where I DeLand gold.

Silver, when I deise, it's just a commodity, a property. So what they're saying can be born into created in the future to apply to any other class of property.

And I find out very distanct it.

Could be applied because it could be applied to cryptocurrency. It's more that could see we have created the federal government called ward It and all Nigerians are mandated to transfer your crypto to the central mark of Nigeria's crypto wallet. Why can't they say that tomorrow? And again you've hit the point of why I'm interesting this in this in that you are saying in one in one part of the gland that this is legal and lawful to hold dollars.

If I am any income abroad, I want to tax that income. Of course, you can go.

Through and doing a joint tax or a double attach not agree with the said country. That is fine, And I earn in America, I can then pay tax in America that it comes to you.

That is completely okay.

But to say I if I work as a as a digital nomad, for instance, and I'm in Thailand, as you disclose.

My dollars to you, why number two?

As you then try answer the dollars from Thailand to you, for what reason? How would I then pay? You say it's voluntarily, it don't mind us. It's bolounchey if it's belunchie. Why are you asking me to do it?

Why not just say okay?

What is stopping me to do from doing it? Why do I need a secular to do it with me?

Is that if you don't do this tomorrow, someone will say, well you ad the contribution of a quote unquote for launtry Disclosure Act. That's where they are going to because otherwise, why was the Central Bank and in present issue.

Something that is quote unquote for laundry makes no sense to me.

And that's starting with the end of it. So now they're also encroaching.

On what you're doing, Sames, what countries like Cuba and our school exactly. They're now owning the young person right, which is to say that whatever enemy, whatever, what do you hold in any place in the world that's in.

Nigerian The federal government has the.

King about it and they can demand that you perpetrated to Nigeria answer the oldership to a Nigerian institution.

And you've hit the nail on the head.

You've hit the nail on the head exactly, and I'm surprised nijas Am not connecting the dots.

You've hit the nail on the head. This is illegal. This is all constitutional with it is noting a financial topic, which to you even suppose this shows the.

Level of maybe I don't know the overconfigures that they have. Then we can put this out there. They're asking diaspora. Let's let's ignore Nigia's for now. Let's say their own Nigeria and they control Nigeria. They're asking the diaspora, and that's partially disclose and then repatraite is what they're asking the law that if you're in Nigerian diaspora you should disclose and okay with Nigerian. If my parents is a Niger's and say Dutch, am I Nigerian? Do I hold

It looks like you are broke and you are good after the dollar results of Nigeria's That's how it comes across. And it looks does not imbarte.

Confidence in the final results of the country for to do this. This is the point where I'm going to you. Are it on a dollar bond? The dollar bond was over subscribed. You are paying those people nine percent? Then you are asking Nigeria to reportraate the lots to you at zero percent or which hows taking from bitter paper or take it from better, take it from bitter and Paul. I'm not being anybody. That's how it sounds like, let's let's probably let's go to.

Them around and let me add about him and.

Just cause it there. So there's there's something the Minister of friend has said when he referenced that he.

Because the rising courses as they used to exchange rates, now individuals holding us the how and negligible effects, the demand that supply from us on the act injuries if the governments which ends the pocal effects Commune to nagin point was doing its job. But the reason why we cannot hold en off usd in our reserves is because of the bluted governments.

The very we've been talking.

About bluesed goverments since and for decent blooted governments to turn around and demand more from the citizens is like the beach state is going bigger, right when we should be shrinking the states more and they are now making they're not looking the man on the citizens to own the citizens.

Yeah, I'm a small goverment guy, you know.

The big I don't like they create the expansion of government and rather than stremely cost of governance, they are expanding their rich. So this is the part I find it most insulting. As a Nigeria Well.

I mean again, we're citizens of the country. The government brings a policy, we can always talk. Like I said, we don't like it the government. I listen to us, call the goverment listen to us.

I have a.

Responsibility and the financial space.

I educate people, and I'm saying that my own issue with this guideline that it damages confidence. I love Nigeria. I want to calling to succeed. This law you are doing is gonna damage confidence. A lot of sec me dms on this loft and this is even a nice.

Version that we're doing.

This is gonna damage confidence in Nirah don't account and they weren't hold in the currency.

Are you liberate a son? Are you hyden i a so kunby? You've got the floor. I I was getting ready.

Let's let's hop into online banker, Online banker.

How are you doing?

So?

Hey, guys, quest to speaky available online batter?

You got the floor? Go ahead?

Yeah, I believe in everyone. It's nice to be honest without anything.

I can hear you go for it, Yeah, believing.

I'm sorry, I'm driving so just in case you get because noises. So the I I got to know about after reading.

After the secular about the Central bat was was released.

So I just followed the trail and you know, to know where this was coming from. And it's just like you mentioned, I was a bit worried.

I got confused the government asking because at first it seemed like they were trying to say, okay, anybody that had illegal funds.

In Nigeria or BRAC. Maybe it's the money before, all right, I just bring it here.

Now, just come come, come, come bringing the money when I'm going to ask you some new questions.

Just the scheme for you, you know, that's.

Why he seemed that first, then I go further and then so that it required repertoration or verign exchange by Nigerian's living outside Nigeria. And just like you have mentioned and other speakers had mentioned, there is no legal back into that. But another thing you should notice is that it's a bit coopon ended. And when he coopon edited in that way, he gives room for ambiguity and then he gives room for a man of interpretations.

On purpose, it looks like it's some purpose A little bit very bland exactly.

So if you're going to make a law, especially as it pertains to finance, you need to tie up every notice.

You don't leave laws. You don't leave laws that have to do with money. It's not It has to be specific.

It has to be specified to the letter because it can be missinterpreted and then if you could lead to financial losses or it could lead to you know, informatigation from.

One party or the other.

So what we have seen, what we are I think from my own perspective is I think it's just been thrown.

Around for.

Forty days at the moment, and you know, I don't know if it's if it's open to be fine tuned, but it love.

That you have to don't know about this.

It's still it's still within the sets of people who heard about it and.

Just moved on.

I go do the video on it on my platform, and then people were asking questions and they were saying, oh, what's this.

It's just a government. I'm not serious about it, but it's a decreased right.

It's in law by the government, and then you as an engineer and you're boundary to this.

So I expect that in the coming months in the coming weeks that they should be clarity on this. If there is no clarity, then the.

Lawyers of the House as supposed to come out to ask specific questions as if it takes today.

Like for example, what the C is saying you're going to open the.

Special accounts that is going to that has like in number of requirements, but they're not going to ask you questions.

And it's a big contradictory.

So I'm going to bring in so you have bringing a million dollars and then I tell you, oh, you know what, just for the Monday, and then you're and it's for that specific purpose.

It's not going to be any for the questions as.

Long as it meets EML and it contract some of it a bit of contract.

Is EML and CFC.

Requirements when because if you do need to ask proper questions as regards to thresholds of funds being deposited, but because you're given that with that, I think you are indirectly out with the CFC and EML as in money not dream.

As your money no dream and.

Yeah, yeah, well said online requirements.

But even at that, the people that are suppor but people the people that have said people that have that are supposed to be the greatest targets of this. Which are which are the in the class and the upper and upper middle classes by the highness?

What individuals? Now? What where are yeah?

Because where the trade?

Where? Where are their treasures? Are their treasures in in in their homes.

In Nigeria as perceived by this, and their treasures in foreign assets?

And are they going to wedate those assets.

To come back home?

Do they feel like you have the stronger.

Backing and for people that who those citizenships across across the world and with as it's even growing. Once they go back into this, and I feel like in the coming months there is going to be a bit of clarity and direction to this. I'm still very because I'm a following Nigerian affeluent Nigerian laws.

A follow Nigerian.

Policies for for for a while, and you know, I've reviewed them.

I reviewed them often, so I I I don't cast tone on them.

I let it let it seem for a.

Bit because most times there's always either every few all clarification. So for now I feel like a lot of things are not figures.

Yeah, yeah, but online, why why bring it out and cost a lack of confidence and then and then clarify, you know, I don't know if you remember, there was a time the Minister of Finance that's form store fans.

I mean she went to the World Bank missing now she said something about the interest rates would be I forget the term she used. She used the term and the whole thing blew up. All the questions were asking that you mean, I have to google the exact term she used. She was trying to say that the government is going to pay interest and she uses you know that term and everyone if you guys know that basically the dw to me. They were asking her to clarify what did you mean by this? And that was the

Love will be when you when.

You induce the law or when confidence goes out, the windows have to bring it back into the window.

Already this this was out a long time ago.

I saw it.

I didn't talk because I taught in the next week they would clarify it. I didn't bring up a space. I literally even tweeted about it. No, I didn't bring it up. But they haven't done anything. If anything, they have gone they before gone more. If you look at what the Minister of Finance is saying, he's saying that holding dollar is illegal.

That's what he's saying.

If you do, and I'm thank you for no information, share that will retweet that he's saying holding dollar is illegal.

How is holding dollar illegal? Just holding it? To having a personal dollar? How is it illegal if you export?

If the government gives you dollars to do business and you are supposed to do relatiz and you don't remit, okay, that's men's dollar. Or if I open up a five HO account, I do work for you in America, you pay me ten dollars? How is the government money? Yes, I'll pay in context, but how is it? How is it the government's business? And how is it illegal room to hold dollar? Even if you say it is a legal room to hold dollar, I agree with you. I'm holding my dollars in a bank in America or Dubai

In city UK.

How is that account illegal? Okay, let's say it is legal. How is it that I am in Nigeria with dual citizenship. Say I'm a Nigerian UK guy, so I'm having a UK seationship in a relationship.

I have a bank account in the UK with pounds in that account.

You are telling me that it is illegal or somehow I should voluntarily disclose my bank account to you. Then I can remit voluntially those pounds to a Nigerian back. It doesn't make any sense. The Minister of Finance, mister Waller do his child is a well known actor.

It's a well known actor, well known actor.

Will his son?

Will his will his kids disclose their bank accounts and move their funds to Nigeria bank? Will he the Mister of Finance also disclose his own personal foreign accounts and move those funds? His wife, his family? Will they all move their phones with a Nigerian.

Bank as well?

Can they do that so that we see it and then we are confident that, oh, the mister has moved.

Will the President's ballardmed To will also disclose his own if he has any foreign assets?

Will his children also disclose their foreign assets because it's not assets, not about just holding currency. So the the currency help by the president's children, will he be disclosed? Will they not be moved to Nigerian bank? So let's see your own action first. Now then you can come and say, well, Calluly Prins has done it, you haven't done.

It, that you are in contrombational.

So kind of just so that I can add to this, you know.

Foreigen of we live in a very latile environment and that's you know, that's part of the reason why we're investors shy away from economics, especially in Nigeria. So if you ask, if you go further pro and you ask certain people, they might tenn is targeted at certain things.

So for example, we have the likes of the golflos that you know that we get the most focused, the assuring, the most focused, most fact is paid.

There is a decline in the value of the error because there is almost that rush for us D. So is this a form of saying, okay, we're trying to put an end to this or is this a form of check meeting it? So if there are so many angles that you could look at it from, especially when you look at what is happening in Nigeria in relation to the USD.

In trying to in trying to catch in mouse, you don't burn down the house. So I am still expecting.

Just like you mentioned, I don't know who are the people that craft from all these Potsay. I think they are really smart people and that you think give are really good to them, educated people that have the conversations.

But I don't know why while they come up with this and why they live who and.

Then I just expect that they will be clarifications or modificators to this.

Okay, and again the thanks to that, I mean, you make a good, great point on that. Again, people are saying it's an executive order, it's not law.

Who said so? Then if it's if executive orders, are you saying you only obey laws?

Are you saying Nigeria unless it's a law, you will not obey it. That if the president says that executive orders say that you should drive on the left had brood, you will not drive because not a law, it's an executive order from the president of the country.

Number one. Number two.

The Central Bank of Nadia has issued a secular to banks in Nigeria to.

Imply men that exective that you said it's not law not but what you say is not this voluntary? If it's voluntary, why is there excive perfunct?

Asked?

Is there that what I said it was? Go to bed, Joseph, real quick, you're in here before. Yes, yes, let me let me hold onsel just you share the share.

Circle on the just people.

Again speak can also see I've.

Also shared the secular on my tweet feed. Go you see tweet feed and thank you for that. Go ahead, so go ahead Joseph.

Yeah.

So the reason why I.

Said it's not law because for my understanding and executive order is that they're putting it doesn't open and stuff so they can use it as a prosecutory weapon.

That's all against upsetting individuous.

So pretty much what the government is doing right now. Some people that implemented or trying to enforce those laws, it's going to affect them at the end because they're going to get off office. The government is going to come in and use that same law to prosecute them.

But they don't know that yet because they're greedy.

The main idea about that is there's a.

Big problem in Nijura there's a lot of people that have emvestled money in the jury and they're dormicide in another country, so.

Technically you cannot tell them to bring the money.

Back into the jury. So he's keeping that open, if you see itself, for ninety days.

So during election, there's an influence of dollar into Najera to manipulate the election or do whatever they want.

To do to get the outcome that they desired.

So right now it's the president is literally asking some individuals in Nigeria that he knows I have a lot of dollars inside.

Abroad, to bring that money back into Nigeria.

You can't put that in writing point blank because a lot of people are going to find other ways.

Like PanAm my paper that came out.

A couple of years ago, we have to go back a little bit. There's a lot of Ninegurias that have shot companies abroad. There's a lot of government.

Officials that have a lot of shared companies abroad, and you don't have access to those countries.

And to answer the question about some people that are in the US working making.

The first of all, the general laws are not enforceable in the United States.

It does there's no way they can you it doesn't need to bring your money back into what they have literally, but they have literally.

That's why it is an executive order. Right. If you see what the government is.

Doing, are you saying that because order, it can be ignored.

Executive order?

Right, This is the direction of how the government is trying to interpret and enforce a particular laws.

So that law that is what they need to challenge. Right, there have to be some part in the durial constitutions on.

Ruling in the past, bankers, secular, the central bank, Yes, the central Bank.

That executive order is challenged in the court, the central Bank circulizing.

But that's not the point I'm making.

We're saying that it's there now.

There's a secular today as we speak today that say that you or I as a foreign as a dispra have to do bringing our money to the Nigeria.

It's there today.

I get the point of our intubation tomorrow, but today, it's an executive order.

Today, it's sitting there today in Nigeria.

Now we can't say it's not mandated because it's an executive order, it's from the president. Then the same central bar has gone further to then say we're an issue is secular on this.

We can't suppert them under the table.

That's what the central Bank is supposed to do. You're working at the head of the president.

When theresident the report to the to the president. The certain does not report to the president.

I think the person that contras the central Bank is actually appointed by the president, but.

They don't report to the President's Supreme Courts are appointed by the president, but they don't report to the president. Don't just report to the president.

I mean as an executive, I mean good.

I'm trying to.

Yeah, I'm not saying to speak, don't I don't Joseph.

Yeah. Detail I'm trying to say is that it's not possible.

One thing I want to point out is there's some underground policies that is going on in Injuria that people are taking note of.

The outdate that is going on in Nigeria banks.

Is for the government to get more access to see what monetary.

Transaction is going on in Nanjura. Then the next step is.

To start telling people to bring their money back into Nigeria.

And you don't have visibility. The government don't have visibility of most of the monetary transaction going on in the injury.

So this right here is going to be something that if they're put it right and the refinement right, they can meet a lot of individuals in Nigeria and say hey, we know you sole money from this country, but where did you keep it?

And you don't have that visibility.

That's why a lot of.

Politician to go out of office and they just returned back whever you can find the niger The rest of the money is abroad.

And only if you send them to prosecute them.

Joseph, Joseph, we know these things you're saying. We're Nigerians, were not try what you are saying. The point we are making, whether they're on the space today is that the law is there. And if you believe this law will not touch you, remember once that law is out there, if you come into Nigeria and you have a foreign account, someone can argue and detain you on the fact that you are in contravention of a Cybian circular and the president is expor and you go to court and argue,

Makes no sense. It's the same. Just so just let's take the room, let me, let me get go ahead. Yes I can, please go ahead?

Yes, yeah, So I agree one of the person what you're saying as well.

I think it's an executive order and you will be implemented.

So I think I'm going to say confuse names.

One is I think.

The intention will.

Not necessarily be too.

To target people's money, but I feel like it's from a political point of view.

I could be wrong, but it's just a view I have. They couple of problems wrong right now.

One is.

The governors are he gains this new tax reform right, so I don't know. I'm just as Jimmy. Maybe it's the way of uh from the city exchange with green bunkers.

But it's also a way of reducing.

The use of park on dollars and exchanging it because that has historically been the primary driver of Nigeria's black market in Nigeria.

So second of all, I think this.

Executive order right will cripple all form of foreign investment in Nigeria or they literally even have left because I think.

It would drive investor confidence as well.

So and see what you said, Yeah, I mean again, manual people are people are to ask telling me that the order will be challenge is a certain order.

That's not the point the point of what you just said in Manuel. When you make this kind of order, you.

Reveal or you show your hand, the market sees what your real intention is. That your intention is to go after private capital of citizens. That's your intention. That the cod simply slaps you back. So people that people then take dressing. People will then be like okay, because it's like this, now I will open an account in the name of my grandmother that is from land to Bigo. So you lose that willingness. Nie, you say want to, but you can't tell people red mix morney to Nigeria.

When I when I it's an advice, when I it's.

A suggestion, When I you you can't put voluntary in in in the act, Then it make me come back and say open another account. Then you have your central bank governor and your CV, sorry, your Minister of Finance saying holding the lights legal. I've shared the guy's article on my twotir feed. He read what he's saying. He's saying holding the dollar outside the banks legal? Why is the dollar should be? We said we should not dollarize the economy, So why are you concern with the dollar?

Why are you concent with that?

If you want dollars, create the environment for dollars to come in, which you have already done and succeeded.

You ish the dollar bond.

And you got over subscription on that dollar bond, So why have you know a bundle dollar bond to go after dollar deposits in America, China and rest doesn't make it a man.

Or? What are the uh is from? People? Are working up.

Two families of Agias abroad. I feel like maybe that has reduced compared to what it was before.

It hasn't reduced. What has happened that has gone to other means.

You know in the past, right when we have remittances, if I want to repeat my to Nigeria, I remitted to my bank or or then my bank, I can go to the bank, take dollar and sell and give nayra. And there was a either you sent dollar and you get dollar, you send dollar, you get it doesn't matter about it. But what happened is that when they went after they went or not when they went after a

But at the official rate.

Folks then went to P T P because on that P two P you can remit at the quote unquote market rate. So the Sylian try to stop P to P they could not. Then they went and said, okay, we're gonna pay you five narer. So every time you Semony three Nindrian bank, the Cilia was subsidizing that transfer. I pay you five now to get folks to leave P to P two banks.

That's what we were before before we had the flute. So right now we have a flute.

And so if you send your money's Nigeria, you are supposed to get the real markets.

There's no more cibing rates. So what they trying to do now is to.

Say listen, even that's market are saying that we want you to send the dollars itself.

They want the dollars. That's what they are leaving focused on.

And what the banks themselves they don't have the they're not promoting any infrastructure for people to use P to P.

Banks can do P T P banks not doing P two P. They're not allowed to. That's what I'm trying to say. The P two B is the non banking. Maybe I'm doing the word P TWOP doesn't mean like how you say no no. In the Niger nigelity technology, the P two P are the non banking receivers and remitters of forests.

So if you want to they can do.

They can create a created company wants to have majority.

No, no, no, they don't don't. Don't they know what to do.

Listen the reason Nigerian banks before we're giving you an official rate, we have the flute. So Nigeron banks are now competing to get your remittances and give you not they can give you dollar, they can give you They.

Are competing with what we call P two P. P two P is the online. When you go online, you can transfer crypto, you can transfer dollar.

It goes from myself to battle to the present directly non banking, not going to the banks.

That has been a big part of.

Found How does EO country Your banks can do transductions.

Like that are missing the point. They can do it, but they are official. The Nigerian government is official. If you go through the Nigerian bank, you are going through official channels. In the past, they made it very difficult to send money is through official channels. So many Nigeria's left official channels to what we call P two P.

Now they have.

Floated the currency. They have made it easier for us to go out to the bank. But I just have to not gone back to the banks. The banks have better technology, for the laws made it harder for them to compete with the P to P. Listen, if you go to binance or whatever they call it, you can semony. It goes to the present instantly, no questions asked for the Nigerian bank.

You open this, you feel this, you do that.

So it's not that the banks can do with the Nigerian banks are the best to do, but they are. They are a couple or they are handcuffed by regulation. So that's where we did. Let me get thank you so much for that. Demie dens in your mind, Demie, how you doing?

Welcome back?

I say you dropped off? All right, DENNI there you go again. Let's get I your so could be?

How are you doing?

Are you're showing me?

Okay, let's get hey, why hey? Why are you gonna take you off?

Hey?

Why let's get you to come in here? Mind and up?

Okay, I just wanted to perspective. Yeah, like what keeps saying.

This is that's not law.

I'm sure you understand.

It's really what I know, say reople that it has.

Been possible law.

He kicked it out.

It is, it is.

Impossible, and as regards it's ready on the back of that executive call.

That so when they keep saying it's not, I really don't know what they're there.

You know, we we don't have a national assenting actually out as this we been sending or the digital move things out.

Then it's really because infemily it out. So if we are parental on getting to toll the.

National affamily to which is when people we can pie this out, then I don't know we are.

I wouldn't be so confident in getting that words because amily.

So we can actially begin to tell this as they are now and begin to.

Know for how to get it off or look for or understand what they're trying.

To write about that this is not endpossible. I think if you want so, if you want to stand on that.

Particular exactly, I mean, I think there are many executives measures that have let that have been inclemented today as law. The President pass President Harry past executive order that says, if you take your tax money and you build a road, the government will give you that money as tax credits.

It's an exective order. Has been implemented today it is happening. So you can't hide behind an executive order.

An executive order in the same game as the law.

I never want to go, I never want.

An exective order.

Is the same thing as a law specifies for your penalities. But now you when the order says you should do.

Okay.

However, however, what I do see in.

Our executive order is that it is an keay complete order. It doesn't specified, it does justify what the penalties.

Are if you do not do what the order says you should do.

I remember when Trump where issud spy different types of incentive orders in the US and and people were challenging some of them in courts and it were defeated because when the other comes, it comes with a penalty for not doing what you said. Having said that, though, I think the government have a problem understanding how the global economy works. A bunch of flaws they are bringing in now is actually as incentive for people to invest in Nigeria right now, well.

Sea, right now, this is a little bit order.

If you've been making it, it is incentive for.

Even people to be the citizens of Nigeria because.

Your government is telling you that if you have money outside the country and you don't bring it into your country, then you have committed a crime and definitional crime. And the government being the type it was set up and now without epinality, they can go for the whole money.

Whatever you have, they can seize it. There are peoples are.

Sets being seized on filmsy excuses before because in Nigeria is a worldwide weste of laws.

And there is impunity of law.

Please don't quite work the way it should work unless you are powerful or you know powerful people.

There was a speaker that was.

Saying that someone can actually be arrested at the airport and then for not for having money outside.

And that's true.

I haven't said that this executive is actually targeted at some people, specifically politicians that the government said that the money they have outside will be a threat to him manipulating the next election. So this is started at the next selection.

But it's too broad.

It puts every citizen of this country to be a potential law breaker.

Yeah, that's the point of the country. That's the point into your country. Yeah, you're coming to your country and being in Nigeria, you've already broken the law.

Because you have a dollar in your house that you have not declared to the government, you've already broken the law.

You have an offshore.

Company that we're running for a thousand years and maybe your great grandfather have this company and you're happen vidim from it. They want you to liquidate that trust trust company. They want you to recredate the trust and bring back the money to Nigeria.

And I kind of need that.

It's only life.

Yeah, there's the point that we can all broke at the same time, so then we can.

All question is you know, like I said, in South Korea, they passed the same law and they were very small.

They were very specific, but it's not exactly advice hold on, let me hold them needs a few guys.

If you're not speaking, mutes, if you're not speaking place mute, Yeah, please go. The point of thinking was that in South Korea they passed the same law, but we were very very specific. This is targeted at those that have these corporations or corrupt folks that are bring the money back in very very targeted. This law is sweeping, It says Nigerian's It even goes about to say.

Diaspora at least diaspora.

So if you are Shaddy, I do Shaddy, I do you are Nigerian Because you are Nigerian, Shade is expected under this law to.

Disclose what she has in her bank account to Nigerian governments. Then she's expected expected.

She's expected to that remait her money from her UK Shall I do to remait her money from.

That you K bank to Nigerian bank.

I mean, it's crazy, but you can't write your laws to make sure that it doesn't.

Exactly law and it's not being I'm quoting the law and I quoted it again for those just joining Number one.

Number one it.

Says the start off by saying that that Nigeria's they are amounts of internationalitud foreign currency lawfully held by Nigerians within Nigeria and the DASPRA. He says it there so that diaspora and Nigerian's lawfully hold foreign currency. Then number two there says within ninety days minister should pass a law. Minister of financially then passes second which has done. Number two he says that all Nigerians foreign and diaspora should disclose their internationally foreign currency.

Held on shore and offshore.

Number two he said that the Nigerians should there remit their dollars they are holding in Nigeria to Nigerian back. Number three, He then says, listening repatriation of this closed international treatable foreign currency held off showing cash or retain or training form.

Through approved time. So do who is Nigerian has.

Never been to Nigeria, does not just Nigeria's expected to go and disclose voluntarily her dollar had pounds by bank account, then transfer her pounds bank account from the UK banned to Nigerian back voluntarily. Guys, don't forget she has to do this voluntily. Why is such a law coming out on the box. The point my ban on is making that it causes a loss of confidence. Why okay, why should I be in Nigerian if my dollar holdings the guy that the guy sold his business to Google for

It makes no sense.

You are consting.

A lot of others are saying, come come to by contract a citizenship like in Ghana, in in whatever Rightwanda, come to the contract Asiship.

You areking me.

If you're a citizen, well I'm gonna take away your bank account. Makes no sense, guys, makes no sense. Man, let me get demi in here. Demi yeah, I'm God.

Wanted to approach this from what was assuming that the government is competent and has a clear strategy behind why they're doing this.

So if we assume that their.

Strategy is economic, then you know, everyone is already established.

It doesn't make any sense. As someone that lives in the United Kingdom.

There is no carrot and there is no stick, right, there's no incentive being provided by disorder, and there's no clear punishment.

So if I'm assuming that this government is is competent, then my assumption is that there's a political angle.

To this and that they're using this law as a.

Precursor to political persecution because it gives you a fairly wide open readmit to persecute anyone that would be suspected of not.

Remitting their their funds to Nigeria. So yeah, that's that's that was my main contribution.

Like I've been thinking through the contributions on the space, trying to make sense of the economic arguments, and it is clear that there isn't one and.

This actually is actually going to discourage investments.

So des for relation, DeBie Dennis an economic argument. The law itself, it's not mut Nigeria yet. It's been done by many other countries in the past. They used to get in, should we say, illicit.

Funds back home.

So if I was corrupted and I've come to Jesus, I can bring my funds.

Back to Nigeria. It's not new.

The point is the way it is written. It's written so broadly and it makes that holding illegal. It doesn't make any sense. You've got to write very very specific law and say this is who we are targeting. This boy is for this kind of Nigeria and if you do this, this is what you get. The way it is written today to say you DEMI are in contribution after ninety days you that's how the story is fitting.

That's the point. And we can have a bit more that it is just broad sweeping, like we can't give anesty and rope everybody else into this, you know, class action. It doesn't make any sense. Yeah, all right, yeah, real quick, real quick, aiet.

But I want to ask. It's just something I'm liking sp sense. He's says that.

This don't just right because I did doctor bat If issued his skill.

Guideline whatever tent twenty four on if before.

So I'm trying to make sense for if the the the tap of the last how come the skin guideline?

And this is just like the question that I can't that's exactly is the guide like back dat, I'm not saying it back to the guy that I have posted almost let me see the date I have on mine is let me get it.

It's November.

The step that's what I happy the space it's really see look at the first paragraph.

He's saying that the.

Minister Finance, committing miss of Economy had issued the foreign currency exclusure.

For incurs exclusures in the profusion and the masking.

Guideless now for on April eighth, swore and so I said to operationalize.

About fifteen, the Wonderable of Finance and Positions of Economy.

Had issued the foreign Currency Exclusion.

Deposit perfusion and Business regardless three twenty four on every twenty four.

So it is saying that your ready issue is being guidelines in anticipation that there's a good.

Become October feeling feeling and twenty five.

Honestly, honestly, so that could be a typo or something. I'm saying, yes, skin on April eight, that could be a typeo because.

When everything was in it is November.

Even the letter you're regally saying, if you look at it, they're saying October twenty fifth. Let's your reading. I was watching the field too, and I'm not sure where April it came from. That's for them to I'm not sure where I was coming from. But it looks like don't want me, that's the title. Let me get doctor, doctor obi, I can I can help. What's your ticket?

What's going on?

Yeah?

But when are you moving your money over? Let's start from it.

Well, you asked me, where am I announcement.

Oh my god, oh this small secular they can't play with you again, Okay, because.

It is actually right.

That was something that I was going to do earlier this year, just like a jump a government the government job that I was going to participate in, and it's like a high security job and it requires me to actually announce my Jazz citizenship.

You know, I can't be and be part of it.

So me, it was difficult for me, and I hope get out of the job because I don't know how renounced my.

Gurance citizenship, you know.

So now we have this.

You know, the people who are running Nigeria, they don't They don't seem to.

Have good intention.

You know, there is there's something that you have good intention, but maybe you ready you are making mistakes, you know, it would be clear. But I don't think that they have good intention. It seems that everything they're doing it's either you know, to correptutly enrich themselves or to target their enemies.

If this was supposed to be.

For public officeholders who must have stolen money, you could have just made it clear that our current and former public office holders should blah blah blah blah, blah, you know.

That would understand it.

But use this with him thing about all Nigerias, like somebody says, you know, now in Nigeria, they put all these laws and everybody.

Will be fine just going around.

But the day they want to target you, they will pull it from their house and use it to Pacaty just like Cubanaci police and Bob Risky was tried for splaying and while everybody's playing that even today, that is Sunday. If you go around in Nigeria, everybody you supposed playing and you see police people guiding them provided security, but alof has already decided to just go to two people and they hold him continue. So it's all a joke

Us some accounts of land and we will build a.

Little city there when we want to the count to Africa and we'll just be there and be looking at the U people in Nigeria because me I know I understand all already investments that we have to be making nine jelia. So this was twenty fourteen. I was in Nigeria, in Conjinia.

Twenty fourteen and I had I had so because I came for.

Some funeral and funeral I decided to leave some money in Nigera twenty fourteen major it was going the upwards where I wantimistic, so I decided to leave some four thousand that left to to in dollars.

I left two in naira. So I opened that I left to in dollar and then I opened another and another accounts I left to.

I changed two thousand dollars in done as at that time I think it was two for if I can remember, so the thing would have been like for gon at eighty thousand, and I put it the git back apparently gy banquet whatever whatever you're supposed to do to give me online access, you know, assigned this documents alute discipline that I just kept tired and I forget and I just left them alone.

That morning found than eighty thousand. It is still there.

You will know.

It is not even what is not even on the five hundred dollars now, but it was a cash off two thousand dollars that I I put.

In, you know, the one in dollars.

What do I taking the money like fees? What happened?

No? No, no, the one and now I is still there found that eighty time.

I'm talking about what it wants. Now the value is now then the one in the inion dollars they'd be taking. They were taking fees from me. They've been taking fees that morning. The last time I checked, it's like one thousand for hundred and something. Because the last time I was in the JR. I would try to to join the money and close the account.

But you know I couldn't.

I couldn't be able to do that.

I went to the bank to they were you know, running around, you know, and it was a day before before I leave.

I just left.

So this is just to say that we personally have decided that you know, guys, you know, like putting an.

Investment in Nageia and doing stuff like that, it's it's.

In waste, okay, you know, Okay. For for for instance, I bought a house in Vegas, this house. I reduced one hundred and thirty thousand dollars to buy this house. As at that time the whole thirty thousand amounted to about sixty eight million.

This should be.

Appreciate maybe about three years ago he amounted to sixty eight million.

There's a friend of mine here.

I was convincing him to be the umpire and let's, you know, let's get the house because I know the person that they can look in the state.

You know. So he wasn't he wasn't ready with money. So I went, I heard, and I bought.

Now, fast forward to today, fast forward to earlier this year, that house has appreciated to nineteen million, according to what they what they're telling me.

And then this kind of.

Mine now was ready to buy.

And you know what happened.

He used about sixty thousand dollars to buy the same property that I bought four hundred and thirty thousand.

I don't know if you understand what I mean.

So by the time he changed sixty thousand dollars and it was enough for him to pay for.

The same property. Yeah. That that's that's so remember that.

Someone who say, my property appreciated from sixty eight million to nineteen million, or if I have pat that hundred and that my pillow today, I'll use it to buy two.

So this hole, this whole, I think you know, like me, if I'm going to I didn't.

Now I'm away with it. Design. You know, we're with the US passport and you know I am.

You know I am not in Nigeria now, I'm in Agilia, but officially as I want, especially with this idea of declay your money whatever, whatever, I want to.

Come as an autist and and go.

Hopefully at some point we.

Start getting to work together.

But for now I'm just.

Looking at them. They then't do what they are doing. When Nia decides to work, we will all play fast back.

All I would say, sir. I mean I can argue with you all.

I I don't forget to do your socials even though if you're if you just don't don't abandon those guys as well.

I'm just saying that one.

As I'm talking to you, I'm using the house in my village. So I'm doing I'm doing my thing. I do. I do Christmas for I do Christmas plieative every year. We're getting ready. So we used to give everybody one bag of flaes. Can you imagine now you're calling for that?

You know we used to my whole Kindred, all the women and my Kingdred I used to do one bag of prize sometimes that aunt fifty Now you know, how can you buy a fifty back of rice.

This time around? You know?

But it is what it is you and you are.

You are saying this because you love Nigeria. You wouldn't come up and I'm talking if you don't care. So you are saying because many people are like you. Many people want to invest in the country and they are they don't like what they're seeing.

You can't.

This law is too sweeping and not a long The law pers Like I said, it's not the first time this law has been passed.

South Korea pasted it.

If you're concert giving amnesty, even the US to give tax amnesty.

But this law is seeing Trump anybody, Yeah, yeah, yeah, yeah, it wasn't.

It wasn't done as if it Trump made it. Deal with Apple and all these corporation that I say, bring it.

We're going to give you the.

Past break Apple, Apple return billions back to the tax.

So I mean just putting voluntears. It means voluntary, but talk. We appreciate you.

Hang on.

Nigeria is going to be better place. Don't hang in thest Let me get a little bit.

And me you joined it.

But we're talking about this is if you about fifteen saying as a voluntary remediance disclosure.

And remittance of funds by Nigeria's it's not exception.

Nigeria's means Nigeans in America and diaspora, people like Sha do and yourself, you should disclose and remit funds from your foreign accounts to the Nigerman banks.

What's your take? A little bit.

Came for my accounts to like young.

You see that it's right there right there's the order section one.

The first one one C one C and I quote repatriation repatriation of disclosed internationally treatable foreign currency held in cash or retained indentally from true approved channels.

That's not.

I think that is excessive. I think it's unapplicable. I think.

I think it's does highlight the problem about this present administration. I got most of the points, but to honest with you, I did not see that closed as I.

Was really shocked when you spoke about it.

You know, can The major problem is the nagerial effects market is mike revenue, but it's in capacity. Is at the lowest level ever recorded in modern history. And if you look at the whole remaions, it's not getting better, if not.

The fact that.

For an exchange all this this is about what's it test too much? I but if you look at the net based on deep Mogan, it's going to be simple tickey because like you, has a lot of commitments.

I do forget that we also have ever the same publication which takes the course of defense, education, agriculture and all together. So probably I think the government is the separate but haunting your citizens are broad. It's not applicable. Now I'll tell you what the Swiss and the Americans were able to do, because I noticed that European banks as planning.

Brands to the land you can, they don't like to open banks for American citizens. And the reason is because Americans they are tax compliunds and the way they get information. You know, Americans are the big tax wherever they are, regardless of where where you're working, so if you're.

In France and America, you're going to pay attacks. So these banks are careful.

So what this is going to mean is that.

The fact that it won't be the Niger you have to go through and I supposed is to open about now with that diective by banks might be beat skeptical, so net positive. Then also you.

Are pushing your You're pushing nagers that don't even have double nationality or don't want to discound their nationality to the extreme, because what it means is that those that defaults get penalty or no incentive for not obeying.

I think they are better ways they can do distance. I don't see it's okay because there's no.

There is no how them national system can capture exchange exposure.

Jay Nagier.

Yeah, yeah, they're correct, and not just their saying is voluntary. But if it's voluntarily, why are you're putting it in.

Voluntary? If it's voluntarial, then it should not.

It should be an incentive.

So let me give it exactly.

Let me get example, so Diffrench for example, they know that a.

Lot of people don't want to pay facts.

People going to pay facts. But when you find your bassing, you.

Get incentives, you get certain things, you get outed, you.

Get half for welfare.

Put that contract.

There's a social contract between the citizens and the government. What the problem is is that there's no social contract between the citizens and the government.

The trust is an old and I think the president and the economity have forgot that.

You see one of the university of cozy Well is not because a person or incompetent or a professional where it is know she had the ability to understand that you have to build a contrast trust contract between the ProPolice and the people you are governing because the law itself is not owpful. What the government is trying to do is encourage that you have to bring involves but you don't put in.

What people out like every right sense business committee who do in each country, is that you speak to your businesses. Look at money Point for example. Money Point has data on high network businesses.

And yours Piggy Best Banks having from how do you see how do you think we.

Can really encourage that you have to bring in for thedaspora, bringing these laws that will just create drama troding encourage because can you see you don't species hundreds a couple of times and you're spoken that until oil production gets to at least to the non virals, city and physical spending because which the new minimum wage and the fact that the governments can not even bunce is twenty four and there was you that the series.

That's why I'm looking at it as I'm the.

Surprised didcause that's biscoing because calub the way genera is under pressure right now.

I'm not looking at the president. I'm looking at the.

Future because to the from strategy, if you look at next year, if you look at the way they're company is moving.

The lookers are becoming very conductive. And you know that to the Trump is not open.

For all that you are as not.

Seed that you is exposed to to put oncessity. The population is largely hungry aggressive. How do you think this polic So I think it's just like you said. I think it's going to be King's dead or river because man agurance and you'll see.

How you can.

Yeah, I hear you catulated.

You know where Nigerians.

So if this order was passed in America, I wouldn't have wake up because I know I need to be killed tomorrow a c LU or one of the Republicans or somebody will just kill it tomorrow.

ISS dead.

But this is Nigeria. This whole idea of voluntary is just the small screen. We know where this is good.

That's why they are still on this space. We know where this is going to.

Because where it's going to that there's going to be if you you cannot hold dollar cash now you're in the past, you could not hold dollar fell I was arrested for having foreign currency and beating going back.

To Yeah, because it's not even that's not even probably because.

Okay, let me give you in from your countries. The discourage you in cash.

So for example, that's friend, but that's different cash cash that's college in America? Is there they disco They discourage you, but if you hold it is not illegal. They are incentivizing you.

Not cash I'm going to do.

I didn't what did you do?

Like what I'm saying is that Ranam saying is cleaninough for you to do that cash because I know what they're going to They're trying to block the.

Market, that black market. Yes, we can't reside.

For example, so if I frans far one on your room, my bound to your bank, the good chat.

If I collect cash from your cal to the busy penalty, So these are things that they can't do. So I don't know why we.

Should always go to canalizing the lections that way.

I haven't have a question for yes, okay, so I chinked. I'm not asking you because you are the president of Nangaia. I say that from two.

Thousands to plants and your administration, Jim average oy I sport was two point two million per viarrel.

Now this was inspite men and the neither theater hostil is.

So I'm sure we'll all remember how how difficult it work work.

I'm nested right, So this this is like two thousand to that. Now almost twenty.

Years later, I cannot even do one point five. What what do you think is the frost?

I think I know, I don't Stories really loves the cur stories that can not and O interms is not micro organism. They're not that spogi this desire. Don't buy lad kill.

It's just like, for example, saying that they're just going of his and the US Navy can't capture.

Notice that, and it's just advancement to country in tety However, you see, however the country has to be we have to be honest with That's why the place, because they don't know how dri is a mono economy.

Let's place the fact even our banks, our banks are just making money from account imperfect and they are treasure for they're not really getting money from the reset.

That's why I say people spoke with that back they are themselves. So the problem is that our institutions are more supported the all industry and investments in the industry as being depleted for a couple of years. So until we get back to that. If you look at the later data, I think it's about one point. I don't see it was getting to you.

Because I had the former empty set that say that if you want to get into your bus the day, you must investative beyond that where it's like you're looking to that money very all the money with since president has been dragged out, I don't think it has got into so you want to do threty concept.

So I think the master will get on.

The first step is one point better, so that's still fortune.

Look to go for that. Let understand dog to go for that.

Sorry responded, let me understand. We me putting billion and our apples.

You know what is when we're doing to come to a million degrees, do that investment too.

I pass that these IOSes come and you know, test this area for all l and then spend their own money to exploit it. What you know. So I'm not I'm not too.

I'm not more but on the A and yeah I thought, but I know that there is more countries that just like just pumping with.

Lets all males are investing from the contes industry because of pollution, the politics, your style in concert.

Look at when old into the pip at that time. You see at that time than were more pooken down to let me Episode two put putting break style.

He suicide. So if you go to your self, if you don't take the right medication, it gets to the point the body collapse and the cost is why he's heavy. So you see why those guys tell you that this is what we need now, it's not that. It's a compilation of the declared in that set. And finally, if you look at the stock market for example, if you look at the stock market for example, it oriagely tells you how bad they always set is.

So my brother, I tell you, we don't need to go back and forth. But now you have to get this right.

He had to start.

His expenses.

We can all support the present policical system and the type of fiscal.

Spending recovered is a dec to semple.

When we start that, then the painful form because.

We have to accept that in a.

Toll look at what America is talking about cutting explaensis and America is a country that there are tax revenues that makes at.

This five because I say, yeah, I said the continent say that brook.

Nigeria cannot make five bigger. However, as and if you look at that is the high clerating machine in Nigeria, in Nigeria because every country that is the highest revenue, so you know, then there are other columns of people. He writes that the Nigeria.

And colon is facing and all realistic fiscal team that thinks that we can only get through out of the stroke by depth. The dept we look at the almost come to whether to be for what's level sic for what I look at work back complaining.

That there was a shortfall of TST in what that project. We all know all this corruption, all do you say?

But the problem that I've said is that Nigeria don't close the system. Because we've seen this, we've seen an accountable problem.

We've also still the fact that the people, the people that can do the are often not that. So that's one of the problems you keep facing.

So I think the dollar things like this dollar that I don't think.

It's that people that'snest. It's not it's not it's not fast.

Don't know.

Maybe color as a plan, but I don't think.

I don't see how government who calgo for example, is a down miles number of banks, number of banks he uses, and we have three managers like that in France, U key, different countries. Are you going to them if we say it's beeple lunch and you said if voluntary the way, there's no incentive for them to want to build their money because just like somebody.

Comparable charges, anytime I lied to all change on my card, I am charged about that? Is that is so I was trying to infect that sometimes I do, like I use my dollar car for just eating in the restaurant for six seven times. That's about fifteen dollars.

It's much bipper than my French the last child that was it want so you can see it's even more explosive for me to put my daughter in the Nigerian back than when I'm using the car. So government house, can you give the goverment twoky if you keep a social amount of.

The money, like the three thousand dollars your bank account, you get three press Okay, that's a lot of them. Okay, I cannot consider okay yet.

Okay even when the charges I can get it, or there's no primal I'm getting so that I.

Don't see it. I don't come to the rest to maybe about yeah.

I mean dog, you know when in nineteens, now we move back to democracy, Passengjoy came with a lot of policy changes, a lot and one of the.

Possig is then that was passed by one. Lookman was this patron industry.

Back then, there was a lot of money coming to Nigeria to invest in the oil gas.

We are able to move we paid for our debt.

We're able to move oil output to two point two about two point twenty five or sub umbrels per day. People who are investing because the laws then was really that we're going to pass PIB or we're going to try to investment. You don't wonder what's going to Nigeria. Things tard to happen. PIB entered voicemail. Then we had we went back into the morasses of the United People, came Avenger as men. All those guys came, blew up stuff and they.

Haven't been replaced.

From If you plot the oil GDB nig year, it's been negative for a long while. As a matter of fact, one of the things that Tinabo has done that you can say has done well for niger year on that table, the contribution of oil GDP to Nigeria has actually gone positive.

I think all true.

Hart was negative. So Nigeria was the contrult of crude oil to economy was negative. I think either not throughout or a large part of barriers administration. But no Madia now positive. So we've had no investments in the oil and gas sector. You know, remember this guy was saying the former Minister of the Chilium from Exone and man what the guy the guy that came from exot He was saying that we lost some billions, some crazy amounts

So this the right were went from one point five to one point.

It is just to unlock what we shut down ourselves because of the oil TAFN.

You just shut down pipes.

So we went from say one point nine to nearly seven hundred because we shut it down ourselves and they mister said seven hundred thousand bucks. But they was shut down, not like it was doing the worldst pipe was shot. What they are doing now is there allowing oil to then flu again. So when I want to recoup what we had before they were stealing, there's thisting able. Listening a bit where we hit the brick wall is where we have now reopened all those pipes that we shot

I asked questions. They will tell you, oh, it's voluntari.

No Nigeria.

You can't bring out something like this and say we just ignore this an ego who were titeing a politician.

It doesn't work that way.

This is interpreted as if you are putting your eyes on them account. You're already saying holding dollar is illegal. It's not the right way to Maybe the idea is sound, but they haven't complicated it properly and that's what they are getting in terms of feedback. And I hope they're taking feedback. If you say we're attacking the government, okay, the next thing, and someone's always saying we're going to bring money back to night about this policy, that's what

Oh it's volunchly, don't worry. Who are you talking to? But voluntarily?

Really?

Come on, man, let's get hey, hey, why.

Yeah, thank you for believing everybody, how are you doing? Thank you?

Thanks for the same beautiful topic and beliveful and looking at this direction, you know, like you like when I said, I think you make.

It very wrong, like the odes to so on.

Some in the office design the policy. The only look into the full details and those straight out of a lot of times they will love for the polic before they not begin to be.

Justice policy and see how they can't fit into the society.

But I think there's just this documentary there's not so hialt enough to also give it full detail of the policy.

Trying to drive out.

I think there should be more robust so that we can actually study in details to know what's really the world to achieve.

However, I also know that like my some of my business and people.

That I do, because I realized that in like in India, once you pee them, I paid them, maybe I give them cash shouting and I give them cash. People US, they don't like to pull it cash and collect it dollers. They have to register it, so you have to sign something.

There in the office. So they told me that it's illegal for them.

Anybody can do put it DOMA accounting in the business, like you just have DOMA accounts India.

The CP that opens them accounts for them. You know. So if you're not doing business, I don't need anything to do with for X.

You know, it's not you don't have the right to keep holding dollars or foreign currency.

And I also think that that should be the way to go because.

In Nigeria, here our our our FOREIGX, it's our foreign policy is very loose.

That's why even governors will get action and converted to a foreign courses.

I think that's very very raw and that's very criminal. So so the goo is. I think it's not really a bad thing for good because if you're doing business and I also get it's the other nine nagers of the business.

People in Nigeria and WA think if you look at this in Nigeria that are non Nigerians maybe foreigners a Nigeria.

The remitia money is to outside countries. And that's why a little of.

You realize that it's this the further governments discipient is final difficult to remit.

All the money is back to where they come from.

And look that comes from the Ninjuria here.

They don't keep all their money in Nigeria. Here booth of their money goes back to the country to come from. So if you look at it from from you know, it's not really bad in the sense of badness in that sense for people to you know, for government to have some level of I also control, but some male of activity around what to go and outside Annginuria. But I was thinking, you know, it's not like if when will come.

To thea to do business, so the country supports them, it gets probably gets some fast from the bank in India or China or the government is funding some of some businesses so they have to try.

To be if it checks through all the process of how to do so. From me, I think we still need to we need some more clarity of this policy. I think.

What was said, I mean I told this is the point again making this policy is to pages they eat or is three pages they secondize about four pages for soon, so monumental.

Again.

You talk about India, the way we're set up in Nigeria and the way the Indians are set up, it's very, very different. India has always pursued this local manufacturing. They don't do import. Their cars are made in India. Everything about them is they want to do everything local, local, local, India in their local. Nigeria is an import quote unquote import dependent nation. If we don't import PMS or food

I'm not giving you.

I'm not giving you a real example of Mephile was going to a butcher to cut down tree so that they you guys, againd dollar will not have shed to exchange dollar so you can may go up in valley who was wasting his time. They tried everything, they band and booky effects the vacuus binance. The issue is that because we need so much dollars, you can't Mandy. You have very careful that if you try to hold dollars

Money from inflation.

But nobody I'm not goody rich people are going to write a house in Lety for a dollar at the very bottom of the ladder. Do you pay for avocada in dollar? Do you buy your your bookers food?

And dollar?

You want school fees?

You go to school and say hey, take I'm not your reach like your school. You're school in Abia. In your in you can't spend dollar there. You still need naira. What people want is a real value.

Of their nira. They don't need a dollar. The black calls in and they can achuse you at the naira price. They are fine.

But they now start to hold dollars today because in fish is about two point three percent every month. So they hold dollar, it holds their value more than if they hold naira.

That's really why India one Nigeria one.

That's what's a bit similar different. But also this policy now it's not a bad policy. I don't think it's a bad policy.

Will say, if you've stolen money or you want to remit money's Nigeria.

Normally you do it terrorism. Where do they get money from? They're saying bring the money in. We're not asking a question. That is fantastic, but don't write something that saves that all Nigerians holding dollar are liable of being an accused of continue crime.

And then it's ver very clumsy.

To say just take your money and remit to Nigeria. It's very clumsy and Luna was shot and I've already recorded that. For you guys, reputation of this bos what are you repatrating? What are you repatrating? You just had a dollar bond that was subscribed massively.

Why not do that?

Why not say we're not gonna pay nine percent, We're gonna pay one percent. So if you want to send money voluntarily, send money voluntially and end one percent. So as a patriotic Nigerian, I will do it the same way. You are doing the same policy. Do the bond impact bond one percent. It's the exact same thing. Why they write this.

Policy which is not become suspicious does it?

Mas are not dumb.

We know how governments does this deal. We're not stupid.

We know that when you write an EO that says this and you tag voluntarily tomorrow somebody who say, and you are back America.

Okay, iving disposed it, Okay, you are liable. We know this state that.

That's why we're all, I.

Would say a bit worried about it. I want the government to rewrite this. I don't think it's a bad policy.

Rewrite it.

Be very specific who you are targeting, be very specifical what you want out of this if it's voluntially, make it clear.

If you do this, you get this say it is not applying to any Nigerian how to do this voluntially if you have in that what will be doing on the space today we want to do anything.

I would't look at the fact that people or how to show.

Your statesment for living, security, social and things like that.

It's not I think because like like you said, even if they are suspective of people, I think those guys are very stificated. You don't want to know. I think what the comments to do.

And that's why I said that really needs to be and the CBS got the this policy where you're taking for.

The societies, you need to be very specific for you that I get it, and I do think that I get in professionals they age do you know?

But how do you know?

How do you know?

How do you know?

Because really it's no smoke with that fire.

People are because they've got that, they've they've got that P two P, they've got black market, so there's.

No smoke with that fire.

Worst thing is that they do not force the major problem allocation because see I said it, if we can.

The liquidity in our system account.

All this casey the best that it's not in ours will not be would be quite unnecessary because see look at the local into black markets.

They not influence in the black market.

Again, of every anytime for conuncations be here.

It tells you that the physical system is compable.

So even if Nigeria decides to click in all the doors, let us similar that you have people decide to loo keep.

There will be.

Yes, there will be liquidity, but it will be temporary because those positioners will suck it out. And that's why I said that I'm so happy that recipient if are they to measure it?

But the problem is that it can only measure it. We expect the president and this econmomity to.

Measures where are all the cartaier wach is coming from car Where are all these expensive moolits coming from we have paid responding there to the fact that they have a danger when he keeps dollar is a crime when the.

Petitioners whos dollar? You know?

And that is why I was so upset when petitioners are using the dollar.

As a form of compatible through the parties.

It was opposie party, but I was used to So how do you win the trust.

But it's not about it's not about that as graphs yet.

The program is that you're going to come back itself as a lot.

Of what we do with this stem.

People don't trust that people. I mean, it's right here, it says voluntary.

I see it right here. Let me even read this. Let me there's no voluntary on the title.

The title says disclosure depositing, repatriation and investment of eligible foreign exchange assets and manners. So why does lager coming Let me see where voluntary comes in? Voluntary comes in on the evil itself alive. There's no voluntary on the title. I'm just looking for where voluntary comes in.

First of all.

Ah, so you see currencyto disclosure, so you see the more one it comes in at the number one point. But the title itself does not have voluntary. But when it're now going now say be established foreign courentry volunchary disclosure.

So they put volunchary in the text headline.

Look at do you think many of the accounts think, yes, there's.

So much problems as the question before them actually going, But when they would saying in the thing that has raised billions as Series A, Series B, I asked that question, is the money on Nigeria, It's in okay, in the US.

So it's now that thing. It's not gonna Will they voluntary? So again let's go forward.

If by October nineteenth nobody voluntarily declares, will they will they now say, okay, we tried, there was no voluntary disclosure, will close the secular and the the evil down is that what will happen is that what people believe that by generally generated nineteen they were now sail Okay, we've tried it.

It didn't work. Well, let's move on. You know it's not going to happen like that.

Now.

You guys know that y're trying to be maybe they're trying to be how they have and they're trying to see you. They're trying to do I think that we want to do any capacity of ucause.

They know that they can well I hear you are limited, but they get them from CBN.

They also get the p to pms from CB They know they have an idea, so they know that.

Because would you would you use this to would you use a voluntree disclosure to the timing word not what?

And is that how you would go about to just say I mean all these words and say it remits like the example I'm giving.

Shady, I do according to the law, shut, I do my be that might be in con traditional the law should they do? Because what this is written this crazy doesn't make any sense. She's like Jimian, She's that's.

It wanted the information. They will tax you.

It's a slip, they will tax you.

So come back to the point the way they're trying to get so then it does get on with and these you know what they're.

Trying to do.

About for example and langs and abroad.

It's not taxed, right, true?

So is that America?

That's so you're said that they want to know. If they know, then they can go back and then write out a tax. They kind write the tax because they don't know. So if they use this information to get okay, Norway has sent one dollar and China has sent two dollars, they're okay.

We're gonna tax Norway like this, it's a bad way to get that. That's my bad to get data. You don't want to get data.

I think there.

I think I think it's worry about Wow. I don't think so.

I know Nigeria very well, I don't think so.

I mean they when they went after after a mooky effects, he eventually went out of binance. There is always a trend. We all know they want the money, but they are going about it the wrong way. When if you the dollar bond, remember two years ago I said you're gonna have ATMs in Nigeria issuing dollar. I said, we're going to issue the bond. I said it on Twitter. It happened because they need the dollar and this is the way you get the dollar.

They've done it. We're not trying to be Southsayers. We know what they want to do, but this is not a good way to do it.

If you want to get money, then get money through the dollar bond, which they have done.

If you want to get.

Disclosure of voluntary admittances, do that. Like I said, South Korea did this and it worked for them.

You don't mix it.

So you don't say if you're Nigerian there sprow. They say, if you're in Nigerian diaspra, you can voluntarily take your money and then portrate it.

What is that?

It's clumsy language, you know, it allows itself to be misrepresented.

Again, I saw this secular a long time ago. I thought they would revise it. I'm doing this space because they haven't revised it. The way it stands, the way it's written, it's a negative. Language can be misconsed, trued. Look at the helen that I just put on Twitter. Now, the newsper says Nigerians have seven months to bank their dollar.

The headline is wrong. He says for X crisis gives Nigeria to nine months to deposit dollar in banks. The headline is wrong. But you can't blame these guys. This is daily put.

You can't blame them because what they are reading allow them to put that sort of hairlines. So if you are in Australia and you see the paper saying you have nine months in.

Your back, what do you then? Do you know?

Perception is very very real. That's why companies have brand managers. You don't just say just take it as you see it. Grapevine is inveritable of communication. You've got to manage the Cory have times we said they have to employ someone that knows about money, about economists and the media team. Look at the banner has one he has almost fourteen almost fourteen media guys, not one media guy there is for money, not one.

Media. Guys, they are almost fourteen day. You're aware of that.

Yeah, there's one on policy, there's a let me give you the day. There's one on on on public communication, one on information, one on public meditation, one on media, one on prince media, one on digital new media, one on publish, one on social media. There's visual comps, there's national values, there's public engagement, there's strategic comps.

There's none an economy.

And that's why the other day the Bio posted something that says we're getting tested billion when they pressed the commitments. How can you say you're getting commut on tested billion? Are you the presidential spokesman? The President went on air and said that he has received tested billion or October one statement on air.

Yeah, that's then he bought. Then he wants to borrow Testician again. But he has got a TEXTI billion and Blueberg will pick that. That is data. That's is that's his data.

The president has said it, but the PRENDT is seing it because his adviser has told him when we pressed them, oh, it's commitments.

It is a commitment. Why is the president saying it? The National Day addressed let's get people.

Yeah, yeah, let's get el grandson, L grandson happening here live.

Then let's hear some other folks. L grandson.

You you and go ahead, El grandson going once. Let's get tall narrow, tall narrow. How are you doing, sir, tall narrow? You're on the fly your hand and stop quad and speaking. Quest to speak Yeah to her, yeah, go ahead, go for it.

Tell her I can't hear you. I can hear the voice like you can hear you.

Tixto all your too, please, I do speak. Audio is bad, Yes, I can go.

Ahead, thank you.

So Actually I wanted to I want to ask education on this thing. I don't know what's Sunday n well from what you're saying so far, and I'm thinking love big.

And I just want to understand if this thing means that Nagias wherever you are have to say in Nigeria, Broad, you don't.

Need the money foreign courage. You have to put the money in the jim bank account.

Why is this being abroad or onto you come to Nigeria, that's where you have to transfer your money.

De clar transorrgy and the Jama.

Let me insert in two ways.

It is saying that once you're Nigerian in Nigeria or the diaspora, you should disclose and transpire your money to a Nigerian bank. But they're saying it for laundry. It's in the text. The title don't say volunteer, but in the text they're saying it's a blount. So that means if you live in Togo and you end, they are saying you should transfer that to a Nigerian bank.

That's what's in the text, but it's for laundry. So have I answid you correctly?

Yeah?

Yeah, volunteer person makes sense because you're.

Well, that's what's the Let read it again. Word for what work forward repatriation of disclosed international issuerable foreign currency held offshore in cash or retained in electronic form THRUE approved channels. So that's repatriation. That means if you live abroad, you repatriate. If you live in Nigeria, it says you deposit, disclose international label foreign currency held in cash or retain in the train form within Nigeria. So both within Nigeria

Thank you for that. It's a topic. Can you buy buying treasure from?

Can I find that treasure?

Yeah?

You can, you can, I mean now you can.

Most of those apps they have all those. I think there are three recent Nigeria. I think there's Carrie Wise, there's what's the name Rise has now bought Shaker, so there's Carrier Wis, there's Bamboo. If you go into those apps, if you look for fixed income, you can see fixed income treasury bills or bonds issued buy the central bands

To be said that as to any foreign currency, yes you can buy them.

Yeah, yeah.

Big for the offer such exposure, that's that's a big boy. If you're a big boy, you can buy direct. I think in if you have two hundred thousand dollars. You can buy your bones directly on it or even though I once, but if you are.

Just a local, it doesn't buy.

You can actually buy the money market phone that gives you exposure to do. I think Optimus it's a it's an itto that not invest allows you. I think I be TC if you allow you to invest, so you can get that. Yet, remember don't look at the coupon. Remember you look at the yields to maturity when you buy a bond, right, you are comparing the yields to maturity, not the coupon.

People make that mistake. You see ten percent coupon, You're not gonna get ten percent. They will pay you ten percent, but.

Your actual yield is to yield to maturity. When you want to buy, look at my choice.

Don't look at the coop one and to sleep. Yeah, text soft, what's your mind? Tax soft? You've got the phone?

Yeah?

Yeah.

The influence is the dollar. The thing that is Yeah, it's something that it's quite very funny.

Like for me now, as an example, I opened a couple of them companies there foreign currency. Well, I used to use my gity dollar campvote. Then the charges are so insane most times. Probably I'm doing maybe two thousand dollar transfer.

Probably this is one thousand or two thousand.

Bank is taking a fifteen dollars from my accounts or let's say twenty dollar from my account just for within to gitt you're charging them aboard.

If I transfer money from.

My accounts here are in pounds.

It's I'm not being charged for any year whatever. I mean, it's kind of very funny.

I've got that.

I also pissed off with their charges. I had to change because I was just thought that I can use any account from a side I can so does quickly change the account like you. I'm using a foreign account because it's me better.

And yeah.

Secondly, I've been just some African countries for some good life projects were paid.

At the end in foreign courrencies. Discovered that, let's.

Say, for the last time I went to Gambia, you could Gambi allowed to a concis, you could use their Dalla scene and we don't you use doland last. It's quite common then a lot of forming as and I think it's quite stable.

The difference is not that modually comes to the inflation in Gambler is a amos.

Given the fact that they have dollar in circulation, it's quite common.

Dollar is not something you finally go to see in Gambia.

But the economy is quite stable, quite stable, quite peaceful, and things go quite small way.

We're telling me then that I call it open. A dollar counts over a dollar, say camp.

They're happy to go for me.

But in Nigeria, the inflation is those it's quite very strange that it keeps on going.

And as you explain, you're absolutely convict.

I try as much as possible not to keep my money in narrow at the moment I have any small sidles really paving like now, I really find a way to convert back to dollars.

So keep just so be able to beat accentriate. So the nat Nigeian why didn't you police see? And how kinds are doing? It's quite very fun me because nobody wants to re.

Lose money and people a lot of people have lost FI in keeping the money there.

When I was in Gambier, even when I traveled to to to Ghana.

It's quite keep up gan I all this changing money back in the stand. So some of my colleagues I travel to India, they are very okay keeping their money.

In the Indian currency where they were living.

The bank quickly converted the money for them to do for the live out, but nothing depreciated.

They still had their money back. If you don't live your money because a few weeks.

Before you know the farmer has gone up as depreciated.

And it's normally encouraging at all.

As someone who ends in from Crency.

Yeah, I mean, I hear you, so I mean Gambia. If you don't know, Gamba has one of the strongest currencies in Africa. I think I think that currency was almost as strong as the dollar, so they don't even need dollar in Gambia, they actually need their own. Lookalt currency's actually strong or very very strong because they have a lot of remittances. In terms of proportion, Gambian sent more dollars home than Nigeria's. We send more volumes, so

It's hard to get.

So that's one on your issue with your working abroad and doing transfers.

Lots of people have that.

If let me give you an idea you can try. Let me me plug these guys in do you know do you know transfer go, transfer go they do they dot me turns this. They do return to nag for free. So if you don't have an account they you might want to come to that doing just Google transfer go, dot com set up and the same things, the same set up that other guys used.

But they do try transfers for free.

I don't know how long they will do it for, but if it's for free, you might you have some send over. It's something you can take advantage of and just send them money now and paying nothing for now at least, so check them out.

Yeah yeah, yeah, as I said recently, foreign account for slide then probably for law.

I can't patronize for this transfer. Initially I was using my layer. Can't boat they charge me like for transactions?

Yes, yeah, this guy, this guys, I'm gonna try. I'm not sure how long.

Like I said, if I won't do any transfers, not for Christmas, I'm hoping here do it.

I'm pretty sure this is like a marketing for them.

Don't do marketing to get that to transfer to know them, So take advantage transfer, go hopping and do it. You can use them after that's your call. They look okay, it's free transfer from I would I would take advantage here. Thanks for watch you guys, And you guys won't bring them tonight, so weldne.

Thanks.

All right, let's get our grandson all Brandon, you're still there? Okay?

Grand?

All right?

Ollik quick one for you. Someone is asking to ask asking is asking them what's your take? Don't try is going to all his full cryptocurrency? Will that be have a positive impact? Okay?

L Grand?

Real quick?

Grand Okay, when I speaking or that you do grand grand Olikay, somebody's asking what the Trump crypto accept as the mean for the incruding Nigeria. He is saying, do you think Nigerian banks or the cypien will change their stands and allow Nigerian banks to to use krypto since the US going to be crypto a legal investment option.

He's asking for your opinion.

Also, this is a big almost that yeah, defense is that.

Money is going to the market, and you said the releasing coincidant thought.

Exists, so that's is.

But INLA is that I don't.

See the produced to multiplobally and this is my reason, so we have make our rules. In Europe, the Chinese are still conservated towards crypto markets In Africa, South African Liberia have a quiet aggressive because of their their currency and the fragianty in the financial market. However, it's possible with future that we see partners shoes are loan.

The technology record that there was a time Web.

Had a kind of relationship with Examp, that's which has a relationship with the customer.

In Nigerian.

Managed company. So yeah, it's possible.

Together with you, the bod.

Language of the NSC presidency and research. Quder that unisity of and origin of Nagera businesses because they were not registered.

Tells you that.

They're still a long group to put.

So my dig is that I think this apple should be taking custalputs trumps. Effect definitely is being filed across those space, but in Dangeria carnomy.

To be honest with you, I don't see much changing except the present change help to present as recited. They only see cluto as in trade to dener. That's the tag they have international for us.

And if you look banks are still don't The fact that there was a kind of official directed that bank should deal with CLO.

Editors registered on that sick.

If not that I've not seen Nigeria's comfortably making their bank account to be.

To be so that that question technical. I think it's to start to school, but only so.

If I get the bitcoin itself, I make money. But you're saying that if I try, nothing will change on Nigerian buying the religious side. But crypto itself was still big money for me.

I say big bit coin, I mean just want to be I understand like if bitcoin is going not in price. So if I buy bitcoin, I make money.

But in terms of the regulatory allowance in Niger to allow banks maybe trade on bits, that's not.

Going to change in your care you render.

The problem I have with the crypto community in Africa is that just are buying critical at this you know, let me give example, really just buy crypto as okay, they they went to cheaper cash an extreme than a black market. They want now ndred car so they're already mans fifteen percent from the papers with already to look at the colors. Don't lookay because the colors almost as computing.

Value is here, but many generals are shortened coming, come out, coming, come out to the issue.

Is that I just pay the price of the government inefficiency in regulations space, but the fact that the age.

They trying to speculate, trying to like sets, you know.

So I think what the government should have done a pertform recognizing.

CP compliss like that. I think what they should have done is that they needed to really regulate to pick players like briers have a relationship. This is okay, the.

Detailed executive asses have a relationship with digital players.

But users can our mother than the publisher of so managers used looker companies with the advent.

Of Practisher and many crytical companies that Nigers.

So the trust is they look companies.

I think deferent.

Government really needs to be aggressive on building that trust onto that and now that would be an easy way for the government to bring young Nigerias.

Because somebody dealers not forgive you all the government because of their anti.

Cryptal stance des by the fact that it has a merit and.

The government was very hardmoturished in making those because if you look at you, for example, you cas do.

Like critical to the U can compet like but what you did you start?

They make searching rules, so you can make those rules if you can meet those rules.

People crypt to drive like it's just there's the time I try to take crypto did that for it?

And the one that if you try this again because your accounts so uh you there are ways you can't do this rather than this outdroid bar and aggressive.

But that's not like, yeah really take that stands so I don't see much. I do. The people very careful and the market is very good than the market.

Let's get all us all us belief, thank you very much.

Yes, yeah, yeah, yeah, thank you very much.

Will my I just have a question for Oda must I know that it is always been one of us.

I follow anytime he's.

Talking about this.

So every year you do something for readers still like red for really talk something for that for gags, the planning in hell, Yeah, that's we can invest.

And so investment this at the time for I know you can do that force given as the stuff that we can invest in.

And also in US I think it so I doesn't want him to just suit the force today if he has anyone.

That can do maybe.

This stuff.

I just said that, Yeah, I.

Think I won't people of people like and that work with them out world, And it is because.

I want those people that are exposing those markets to pick out what you see next.

Because for me, I'm sketching about les and so many. It was just the market is as run to first, and.

The CRUPO market has run to first, the years has run to first.

I think cousin might take place, but it might be wrong, so I won't keep the cal and you know different per that would be late.

But my my final tic is that if you look at the stock market, then Nadia stock market, all the banks from f CMB to starting to all the banks impressively did well despite the win fortas and full inflation as disposable. So what does this telling that opportunities sometimes come from unexpected places, but you have to work with you should and that's why.

You really have to put your ears down. But trust me, at the end of the year.

I'll try to.

Look about it.

Fantastic much. Oh you guys, let's let's wind out.

I think we've achieve the aim today, which was to talk around this policy that Nigeria is trying to Should we say it's the policy, Yeah, it's a book I've called a position and just trying to voluntarily attract remittances to Nigeria using this EEO and of course the Sybian circular that says you can disclose, you can deposit and

So it's fine that they want to do.

This, but we have issues with the language that has been used, especially in the ego it's talking about it's voluntary, but you as a foreigner, so you as in Nigeria locally and in diaspran, should take your funds and remit back to Nigeria.

It makes no sense.

It's realy very very clumsy, and the impression gives to delay observer is that the government wants access to your dollars. That can be good for a country that is seeking the confidence to attract currencies back into the nation. Nigeria just a few months ago did a dollar bond. The very refers to a love bond ever in her history,

They are dollars, not narror. They are dollars for ninety percent.

So all the government has to do is to continue that track, maybe reduce the interest rate. So it's it's cheaper for the government to pay back the debts but not to issue a very very vague secular or ego that seems to suggest that holding foreign currency outside the banking system is illegal and should be transferred to a Nigerian bank. That's how we seem to suggest, and simply putting voluntary in front of the circular doesn't change the tone, intention.

Or how it will be perceived by Nigerian public. I think it's like.

Telling your child what your wife tells you to go out now. She has set go out now, but you go out. So her tone in the case to you that you can have set go out, but if you dare step out, you're in trouble. Set in here we have we need to have our dogs lined up together. The government is blessed with having the largest diaspora of any nation in Africa abroad. It's blessed with having a diaspora.

That means that if you simply go back this asper with the way that they can remisee.

One into Nigeria for free, no questions asked, you can take that rebbittance to fifty billion.

So it's simply saying whatever you were doing, do more.

Even if you say Nigeria will pay the penalty or pay your transfer fees, you can increase your remittances by even two or three percent.

And that's material because come back and dollars.

There's an easy, low hanging fruit for the to chase, not this kind of secular that you can chase those down and get the moneys into the country and avoid looking like they are trying to expropriate the savings and income of folks because they're Nigerian. That's oartake today. Only day you will give a clothing and that will take it from there.

Yeah, I just wanted to add.

So if you look at that domestic.

If we spend, banks are most of the subscribe as well banks investors, So that's maybe probably why they're looking at how they can grab with investors and Nigera's and that didn't stay past that pleasure. Also can best be honest without the cryptal market was not in ex system that you are by now we're eating fifty peogle and that's bad part possibly, but that the.

Cryptoal markets is bad market for Africa and to adapt.

Because when Africa the Central Bank in Africa right, not the year.

Because yeah, because what I said in Africa is because our financial system is not.

Not as integrated as well.

We see you many you gals don't see it for staple coin.

So for example, you know, if you love before they have a UKA, he doesn't know what called you. It doesn't really because he has so many options.

The government pay, whether the accounts they get paid, and the black system that's well you know, to to many and even in many countries this is illegal. So you used USC.

Because you have let you make the requirements. So I think for Africa, prescribed as you are, I think the government rather fighting he lost part too. You can engage and how can.

You engage pigain people that understand the liquity business people like tons me who they found out money points. You know, like I've always said, I.

Don't know why we do make use of our party program.

I don't know what we feel because these guys have the data, don't the CBF.

They have the data to be able to say okay, but I don't really discuss.

Why don't because like your really likes to create the average man in the Southeast is concerned about commerce.

You don't We need to really bringing initiatives. We don't have any program to encourage entrepreneurship.

We don't have any problem to encode technical skills. Just imagine if the government has engineers like five starting serves in its cargo BECALM for free education, free basic education and remote learning through different initiatives or these things.

Would make a different So I think it could go to drive.

Whether you cannot be obed rough and expect the still well, we need to start by leader properly, by investing in basic education, security, addressing the high invasion that has.

Really looked like a many coined in inflation at fifty percent, it's scary, very scary.

Bag of rice are over one ten thousand are It's not something to be happy about.

So and a nice space as usual. I hope the people that have years resting.

Like I said, Nagia really needs to reduce the cost of exces. We are not Africa, we are not Justies, we are not first, We're not UK.

We are Nigeria.

Really to other quotes are calling to the size of our pocket.

True and again if they if they want to get the retailed dollars, they can just simply do it. Dollars savings, But like, like, what do then? IRA, You can simply.

Say you can bring in fifty dollars and get two percent. It's better than keeping the money in America. Servis econ America will pay you two percent and people will be can't.

Even do that, right.

Lots of folks have one hundred dollars ninety and they just have it one hundred dollars dollars.

They don't need that dollars because they can spend dollars, but they're put it in.

The CBNP can mop up all those loose one dollar two dollars.

Mop it up.

It's a billion or three billion, it's something. But simply say this one, this one they are doing is not gonna work.

That's just my take. So there are many ways they can achieve exactly what they.

Want to achieve and sell increase confidence and both the financial system that bring us an ego that is ill advised, ill worded, and ill timed. So on that note, guys, let's call it today. It's gonna be great weekend or great weekday for you guys. Monday comes up next. You guys go out there, hustle, make that money, and God's gonna be with you guys. Yeah, I see you guys, takingod clea of yourselves.

Keep it safe.

I see you guys again till next week when we'll have on that topic to talk about. We're gonna have again our end of year. Don't forget our inter off your review and our bellion of your review. We're gonna bring in, Hey, what's gonna happen twen twenty five?

What where should we be looking at? What sectors? How we pushing ourselves?

Also, we're gonna do our financial planning sort of what we talk about each year. How you should approach a year, the very very basics, how to do a budget, how to look at you expecting so you can set yourself up. If you can't budgets, bro, you can make money in investments, right. If you don't understand how you can.

Create an emergency fund, you can't go and start buying stocks and shares. It doesn't work that way. You're going to do the basics then you can move on.

So I'm going to also do that in the first month of January or even end of December, so you can yourselves ready for December to hit the ground running.

So if I Japanese PA's gonna come out where we do how you can do your fracial health check.

I'm also reviewed you into the four and I look forward to into the five as well. Stay with us, folks were going somewhere. Thank you so much, guys. I appreciate you, all to you and in love you. Guys, take yourselves and buy