erico2k2:

If you have ever imported anything you will give yourself a slap,have you asked yourself why they banned importation of bagged cement? and who does it favour?if they lift the ban on importation of cement a bag will cost N1000, so ask yourself who does the ban favours and enrich,i guess you know the answer..The UK even import tooth pick,banana etc, even rice.

Tell them

It's even better been that I don't facilitate banks using naira debit card and naira credit card u know

Ebig22:
I like buhari d best president

Abeg, no vex o, can u elaborate a little. Why him be best president?

owagbeba:
Let me explain the implications here. For an SME seeking to import goods from China; there are currently only two sources of forex to finance his import: black market and naira cash cards. Black market guys are selling dollar at 232/$ -very high! This leaves you with only the naira cash card option. With this cancellation of naira cash card overseas, then the only option is the former -black market.

At 232naira/$, the cost of spare parts, household electronic, electrical fittings, generators, plumbing fittings, used cars etc., will hit the roof in the next few months.

Please, how about new cars? I anxiously await your answer.

BREAKING NEWS!

Buhari's Brainlessness has become as contagious as Ebola and Emefiele has become the first victim

I almost payed some money into my prepaid account to use in the United States. Thank God I didn't .

vimi:
Summary

Subject specifically applies to the use of the various debit cards abroad. Whenever they are used abroad, the merchants have to be settled, even iif iit iis ATMs, the provider, which may be Visa or Mastercard, we will have to be settled in foreign exchange(dollar or euro)

Therefore iit was found by CBN that the merchant settlement fee put a drain on the foreign exchange resources available to finance industries.
because naira has lost iits value against other currencies iit will be on the high side and unwise to be charged iin Naira, for this reason CBN came up with the idea to stop customers from using debit cards abroad rather

Thumbs up CBN although travelers will kinda be affected by this unprecedented quest to miraculously #SaveNaira

Pls does it mean in layman's terms that from now, I can no longer use my Master Card to withdraw money from ATMs abroad?

Wahala Nonsense!!

erico2k2:

If you have ever imported anything you will give yourself a slap,have you asked yourself why they banned importation of bagged cement? and who does it favour? if they lift the ban on importation of cement a bag will cost N1000, so ask yourself who does the ban favours and enrich,i guess you know the answer..The UK even import tooth pick,banana etc, even rice.

Regarding the embolden portion, that was same hogwash Ibeto spewed when fighting for the lift of the ban of importation of bagged cement by his company. He said FG was favoring Dangote and that he would crash the price of a bag of cement to below N1,000. Thank God, a court lifted the ban and gave him rights to solely import bagged cement I think till 2017. How much is he selling a bag of cement presently?

Have you asked yourself, if Dangote and Lafarge had not made Nigeria largely self sufficient in local production of cement, Nigeria would still have been importing all its cement needs with attendant pressure on foreign exchange demand. Think of the ease of pressure on forex demand if Nigeria does not need to import refined petroleum products or rice.

If Dangote succeeds in building his planned refinery now and we stop importation of fuel, some Nigerians with warped sense of reasoning will only see his region and religion rather than the economic benefits to the country.

2n2k:


Regarding the embolden portion, that was same hogwash Ibeto spewed when fighting for the lift of the ban of importation of bagged cement by his company. He said FG was favoring Dangote and that he would crash the price of a bag of cement to below N1,000. Thank God, a court lifted the ban and gave him rights to solely import bagged cement I think till 2017. How much is he selling a bag of cement presently?

Have you asked yourself, if Dangote and Lafarge had not made Nigeria largely self sufficient in local production of cement, Nigeria would still have been importing all its cement needs with attendant pressure on foreign exchange demand. Think of the ease of pressure on forex demand if Nigeria does not need to import refined petroleum products or rice.

If Dangote succeeds in building his planned refinery now and we stop importation of fuel, some Nigerians with warped sense of reasoning will only see his region and religion rather than the economic benefits to the country.

You are a junior student of Naija history. Dangote and Lafarge were given import waivers to import cement before they started manufacuring.. Some of those companies are still importing today!!

adconline:

You are a junior student of Naija history. Dangote and Lafarge were given import waivers to import cement before they started manufacuring.. So of those companies are still importing today!!

You are either being sentimental or not well informed or both.

Up to 2002, Nigeria local capacity for cement production was far below the national demand and as a matter of necessity must import. In order to encourage local production, the FG introduced 'import matching' policy for cement importers/manufacturers in 2002. The policy was that for verifiable capacity of your planned production facility in Nigeria, you were allowed to import matching quantities of bulk cement for rebagging in Nigeria.

Dangote, Larfage, ibeto and others participated. The policy envisaged gradual reduction of import as local production increased. In the course of implementation, it was alleged that ibeto did not have planned or actual facility in Nigeria to produce cement and should not benefit from the policy, the FG therefore banned Ibeto. Ibeto contested the ban in court and won but by that time, local production had caught up with national demand thus other cement manufacturers had either seized or substantially reduced importation of cement.

Since 2012, that was 10 years after Obj started the policy on local production of cement in 2002, the FG had not issued import licence for cement to any other company except Ibeto that is still enjoying the benefit of his judicial victory.

It is the success of the cement policy that GEJ wanted to replicate in automotive industry which copied the same import matching policy but is currently having false starts.

ruggedtimi:
already banned too..

Pls clarify,u mean WU transfer is also banned?

ruggedtimi:
uba mastercard

When Last did you use it successfully.

tsdarkside:


oyy...then we need to start producing them ourselfs...toothpicks.?? realy.....are you people even serious??

you can not even pick your own tooth....soon you will forget,how to clean your yansh!!!!!

You dont have to get perturbed. I believe the policy will not be all the way rigid, we just need to cut down on our foreign spendings. As time goes on, the system will improve, SMEs that need to procure essential goods will be able to access Fx funds. For now, lets spend our foreign reserve on only good that have no local alternatives.

I wonder if emefiele understands what he is doing? They should as well removev visa and mastercard from our bank cards so we know its not an international card, this useless country has left just one fradulent means of gettjng dollar.money laundering,yahoo boys would be reigning now for dollar pick up and sales . Useless policy, useless policy makers, useless country, useless leaders.i wonder if this is democracy, i think we should have been consulted ir even rather these nit wits should have consulted wiide before they make this decree.lastly what happens to using pos machines, as long as clarity is never jn their statements,?

2n2k:


You are either being sentimental or not well informed or both.

Up to 2002, Nigeria local capacity for cement production was far below the national demand and as a matter of necessity must import. In order to encourage local production, the FG introduced 'import matching' policy for cement importers/manufacturers in 2002. The policy was that for verifiable capacity of your planned production facility in Nigeria, you were allowed to import matching quantities of bulk cement for rebagging in Nigeria.

Dangote, Larfage, ibeto and others participated. The policy envisaged gradual reduction of import as local production increased. In the course of implementation, it was alleged that ibeto did not have planned or actual facility in Nigeria to produce cement and should not benefit from the policy, the FG therefore banned Ibeto. Ibeto contested the ban in court and won but by that time, local production had caught up with national demand thus other cement manufacturers had either seized or substantially reduced importation of cement.

Since 2012, that was 10 years after Obj started the policy on local production of cement in 2002, the FG had not issued import licence for cement to any other company except Ibeto that is still enjoying the benefit of his judicial victory.

It is the success of the cement policy that GEJ wanted to replicate in automotive industry which copied the same import matching policy but is currently having false starts.

U are mixing up public sentiments with facts. Ibeto is a small manufacturer compared to Dangote or Lafarge, but they were all grand fathered and Ibeto asked to restore the same grand father clause of " importing bulk cement" to them which was stopped by OBJ..

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This man called emefiele no sabi economic policy at all, so he thought restriction of naira cards will make our naira appreciate of what after which he caused all these mess.

flyca:


Pls does it mean in layman's terms that from now, I can no longer use my Master Card to withdraw money from ATMs abroad?

Ummm literally wat iit means iis that uu should get a Domiciliary(dollar or euro) account and link ur debit(visa or mastercard) to iit or alternatively get a Domiciliary credit card. Domiciliary Prepaid cards can also be accepted
Comprehensive

persius555:
Wrong. Most of the goods u mentioned can not be sourced locally, so CBN has not included it in the list of restrictions. 70 percent of the products that drain our foreign reserve are mainly, PMS, rice, sugar, palm oil, flour,poultry products etc Ask the NPA for datas to confirm. What do we export to balance act? Good old crude oil which has a depreciating value @ the moment. Crude was selling for as low as 55 dollar today. Nigerians dont care, change requires sacrifice.

Despite the fact that these commodities are not in the list of restrictions, most importers of these items ( home appliances, used spare parts, used automobiles, electrical, hardwares and Tools, etc.) are SMEs; And many SMEs in Alaba, Ladipo, Trade fair, Idumota, Ariaria(Aba) and Onitsha market source Foreign exchange through the black market and naira cash card since the closure of Dutch auction at the banks.

I don't know of anyone who have been able to open a form M valid for forex and sourced forex directly from CBN.

As of Monday, UBA have stopped cash deposit of forex into domicilliary accounts. Even Western union outward remittance at UBA is so clogged up that it takes days to remit because they only have a window of 30mins (8-8.30am) to process outward remittances. Isn't that madness?

Please tell me what you think importers can do with all these restriction?

architez:


Please, how about new cars? I anxiously await your answer.

My brother, I don't know o! The whole thing don't tire me.

I was at UBA on Monday to pay dollar into my dorm acct. I was horrified when they said, no more cash deposits into dorm accounts. How do I do transfer to settle oversea manufacturers?

E be like say na Republic of Benin be the only option. At least for seme border, I fit still change naira to CFA.

tsdarkside:

how about cbn direct.... much cheaper.....

Please do you know how to source directly from CBN? Dutch auction is closed.

Wao! I use GTBank card never experienced such. Will be on the lookout.

ruggedtimi:
uba mastercard

What will eventually happen is that business ppl will have to buy dollars from neighbouring countries .

owagbeba:


My brother, I don't know o! The whole thing don't tire me.

I was at UBA on Monday to pay dollar into my dorm acct. I was horrified when they said, no more cash deposits into dorm accounts. How do I do transfer to settle oversea manufacturers?

E be like say na Republic of Benin be the only option. At least for seme border, I fit still change naira to CFA.

Get in touch with me. I'll settle your oversea people while u give the dollars to my people back home.

architez:


Get in touch with me. I'll settle your oversea people while u give the dollars to my people back home.

Interesting. Check your mail.

vimi:

Ummm literally wat iit means iis that uu should get a Domiciliary(dollar or euro) account and link ur debit(visa or mastercard) to iit or alternatively get a Domiciliary credit card. Domiciliary Prepaid cards can also be accepted
Comprehensive

Pls don't give up on me yet. I haven't understood all these. I'm studying abroad and my Master Card is the only way I receive money from my folks from home. So if I can't withdraw, then I will be stranded.

Pls what is a domicilary account. Is the account opened from here or from home country. My host country doesn't use either Dollar or Euro. And they don't give credit cards to foreign students in their country.

Pls explain to me. Thank you in advance.

The Naira is taken a bashing day in day out from left,right and center.Prices of goods especially imported goods has gone through the roof,even the locally sourced ones are not left out, as a result prices have gone through the roof within a very short time.The CBN has reacted by limiting the amount you can spend on your card.Daily limit of $300 and $50,000 . This limit has greatly affected a lot of importers and entrepreneur ,some holiday makers may even find themselves stranded overseas this summer.Avoid this by ......... PM me send a mail.

flyca:


Pls don't give up on me yet. I haven't understood all these. I'm studying abroad and my Master Card is the only way I receive money from my folks from home. So if I can't withdraw, then I will be stranded.

Pls what is a domicilary account. Is the account opened from here or from home country. My host country doesn't use either Dollar or Euro. And they don't give credit cards to foreign students in their country.

Pls explain to me. Thank you in advance.

your ppl in nigeria will have to go to a neighboring country with nigeria and send ur money throught wu or moneygram . Easiest way I think,for now .

onatisi:
your ppl in nigeria will have to go to a neighboring country with nigeria and send ur money throught wu or moneygram . Easiest way I think,for now .

CBN are not stable.

flyca:


Pls don't give up on me yet. I haven't understood all these. I'm studying abroad and my Master Card is the only way I receive money from my folks from home. So if I can't withdraw, then I will be stranded.

Pls what is a domicilary account. Is the account opened from here or from home country. My host country doesn't use either Dollar or Euro. And they don't give credit cards to foreign students in their country.

Pls explain to me. Thank you in advance.

Umm, alternatively outbound money transfers(western union, money gram etc) could be used to improvise the card iif eventually blocked.

Domiciliary account This iis an account that allows you save iin US Dollars, Pounds Sterling or Euro; with your money valued at the prevailing exchange rate. iit facilitates your international business transactions
, iit can be opened from home n diaspora(diaspora banking)

What currency iis used iin ur host country?? We could talk private on this to protect ur financial status