onatisi:

You cant blame the banks for not giving out loans. Do u know the amount of bad debts or loans these banks have on their necks? The Nigeria environment is a very difficult terrain to do business in and only business vultures like the Chinese and asians can cope because they too are dubious.
There is no concrete database ,nothing!
Many ppl collect loans with the intention of not paying back,I heard about a man that went to a bank and asked for a loan and he actually took his lawyer friend along basically to find loopholes to not payback. Agriculture remains the nations best bet. Very soon u will start hearing stories from and about travelex too

goldtooth:


I dont know when gtb is stopping theirs, but stanbic is 18th which is Tuesday, so i intend to make a payment of $100 via paypal today using stanbic card. Make i enjoy the N320 rate from stanbic before it ends

omotisa:


Yes, as reported on the bank's twitter handle @gtbank_help.

sakalisis:
The rate is 320, I have exhausted my limit for the month

goldtooth:


I dont know when gtb is stopping theirs, but stanbic is 18th which is Tuesday, so i intend to make a payment of $100 via paypal today using stanbic card. Make i enjoy the N320 rate from stanbic before it ends

EnterPRO:


I just read abokifx again.

Seems what these banks are stopping is ATM withdrawals overseas or in dollars.

I don't think they are stopping web transactions because GTB said they will stop theirs on 14th and they announced their N320 rate on the 15th.

onatisi:

Bro,the bitter truth is this fx problem will continue till 2019 and it will get worse by 2018. There is no quick fix to the problem except the nation starts producing. All these cbn policies are just a bloody waste of time. The political leadership has done virtually nothing and I mean absolutely nothing in the last 2 years to give the nation and breakthrough. I really pity the cbn governor because he has to carry all the blame and has to be searching for temporary solutions to the acute deficiency of the political leadership. I said it ,any sensible investor will be buying now and not selling in order to see what plays out next week. The nation is currently been ruled by zombies who are just one way thinkers .

BizBloke:


Word!

goldtooth:


Dear Valued Customer,

Thank you for your continued business.

On account of current market conditions, please note that with effect from 18 October, 2016, you will not be able to use your Naira debit and credit cards for international transactions.
If you wish to carry out card transactions priced in foreign currencies from that date, you can request for a USD card (debit or prepaid) from any of our branches.
We apologize for any inconvenience that may be caused by this decision.We trust that our USD card product will allow you to continue to pay for goods and services that are priced in foreign currencies.
To ensure unhindered access to your USD debit or prepaid card while abroad, kindly notify us of your impending trip(s), preferably before you leave Nigeria.
Please feel free to contact us by email: EbankingQueries@stanbicibtc.com or call our 24 hour contact centre on any of the following numbers 0700CALLSTANBIC, (0700-2255-7826-242), 01-2709676 & 01-4222222

Best regards,
Stanbic IBTC Bank


This is the mail i got from stanbic and the bolded to me means even web transactions are included, as it is priced in foreign currency but i am not c.o.c.k sure till they implement on the 18th

onatisi:

Bros ,i am just chilling and watching as things play out,ppl will understand better with time. Maybe i should even start online card payment services now sef

Lol... it's not a funny something o but... We'll scale through. These short-run measures never pan out well especially in a country that economic policies have failed in from time immemorial.

Start the service, mbok. We can help reduce the pressure.

Things I'm certain about is that digital payments service will peak; imports will continue but only for a select few; exports will be attempted and start kicking in and like you mentioned one time, new millionaires will be created.

I like to think about that as wealth redistribution.

BizBloke:


Lol... it's not a funny something o but... We'll scale through. These short-run measures never pan out well especially in a country that economic policies have failed in from time immemorial.

Start the service, mbok. We can help reduce the pressure.

Things I'm certain about is that digital payments service will peak; imports will continue but only for a select few; exports will be attempted and start kicking in and like you mentioned one time, new millionaires will be created.

I like to think about that as wealth redistribution.

BizBloke:

Lol... it's not a funny something o but... We'll scale through. These short-run measures never pan out well especially in a country that economic policies have failed in from time immemorial.
Start the service, mbok. We can help reduce the pressure.
Things I'm certain about is that digital payments service will peak; imports will continue but only for a select few; exports will be attempted and start kicking in and like you mentioned one time, new millionaires will be created.
I like to think about that as wealth redistribution.

onatisi:

Bros ,i am just chilling and watching as things play out,ppl will understand better with time. Maybe i should even start online card payment services now sef

kingsilly:


BIZBLOKE

Macaulish:


Onatisi
BizBloke ...... Contunuu.... Their is God !!

EnterPRO:


This was what I expected the first time naira was floated months ago.

I was amazed it didn't happen (banks selling at interbank rates) and some people here laughed.

Now that its happened, its a pity it will only last a few days.

priceaction:

I think if the inflow from crude oil sales improved drastically before the mid of next year, things may turn around. Oil price have started to rise and speculations have it that it may shoot up to around 75$ before next year ending. And thank God that avengers have really gone solo. I think many things are happening underground that this government don't want us to know just like chibok girls releases caught many unawares.
My only fear is that if there are steady inflow and disbursement to improve economy,
1. The so called diversifying economy might be neglected
2. Many prices of goods shoot up will hardly come down. It is just Nigeria factors.
Which ever way we are in tough situation

bdavis:


Unless something drastic is done, like CBN making a scape goat cheese a bank, I don't see 9ja banks selling@interbank rates. The mandate from CBN had always been for banks not to sell above 2% or is it 2.5% of the interbank rate. Have they not been flaunting that rule? Has anything been done about it? Gains from card rates are too enticing for them to do that and the regulatory body is all but comatose.

Now that the CBN is enforcing, they all called a bankers meeting and decided to suspend card usage...it's a cabal. 9ja banks na mafia. CBN can't force them to allow international transactions on their cards...not really (I stand corrected though)

onatisi:

Bros ,all I see in post is assumptions and "if's", but the truth is modern day economic policy making has gone beyond if's,it is based on concrete facts . Do you think usa or china will be using if and if to make their economic planning policy for the next 5 years?hell no! The solution to Nigeria problems does not require too much grammar and talking as our dullard government is doing but too much action. The reason why we are too much concerned today about how much the price of dollar is,is because the nation is importation dependent. There is no shortcut,we simply have to start producing. Imagine this government wants to be paying 5k a month to millions of ppl for virtually doing nothing,they want to employ teachers when the nation is starving. Nigeria complex economic problem only requires simple basic solutions . Trying to control fx rate while abandoning local production is like trying to control malaria in a place by taking malaria tablets and not eradicating mosquitoes

AleAirHub:
After much analysis regarding this fx........... Please what is the way out my follow gurus before someone start crying

Cc onatisi

bdavis

BizBloke

Infinitikoncept.

AleAirHub:
After much analysis regarding this fx........... Please what is the way out my follow gurus before someone start crying

Cc onatisi

bdavis

BizBloke

Infinitikoncept.

You that's talking say you'll start crying? We see your daily/weekly transactions so you're part of the solution to importers (you make RMB and USD available at a better rate than that of the black market).

Bdavis posted some solutions on the other thread; Onatisi has been posting solutions like local production, et al.

I'm not a guru but what I've been saying since '13 when I set up my company is that how we do international trade in this country is unfair and a trade imbalance; it's something that needs to be balanced aka export has to be more pronounced in action and not just small talks and dreams here and there.

It's economically right and I think it's morally right too to reverse-engineer the import process if we just don't want the money but wealth on an aggregate level. Yet, priorities differ so those who want to, will find a way to.

BizBloke:


You that's talking say you'll start crying? We see your daily/weekly transactions so you're part of the solution to importers (you make RMB and USD available at a better rate than that of the black market).

Bdavis posted some solutions on the other thread; Onatisi has been posting solutions like local production, et al.

I'm not a guru but what I've been saying since '13 when I set up my company is that how we do international trade in this country is unfair and a trade imbalance; it's something that needs to be balanced aka export has to be more pronounced in action and not just small talks and dreams here and there.

It's economically right and I think it's morally right too to reverse-engineer the import process if we just don't want the money but wealth on an aggregate level. Yet, priorities differ so those who want to, will find a way to.

Singapore1:


I don't think the government are making the exportation of a thing an easy thing, in Nigeria importation is very easy compare to exportation... Take nairaland for instance .. There are many topics on importation, some people even have Chinese contact ( direct contact)
Now how many topics have you seen on importation?
Personally I know there are some goods I can't import but I don't know goods I can or can't export..
We have different logistics company for importation, how many logistics do we have for exportation NONE

While we are blaming the government let's not forget the individuals

BizBloke:


You that's talking say you'll start crying? We see your daily/weekly transactions so you're part of the solution to importers (you make RMB and USD available at a better rate than that of the black market).

Bdavis posted some solutions on the other thread; Onatisi has been posting solutions like local production, et al.

I'm not a guru but what I've been saying since '13 when I set up my company is that how we do international trade in this country is unfair and a trade imbalance; it's something that needs to be balanced aka export has to be more pronounced in action and not just small talks and dreams here and there.

It's economically right and I think it's morally right too to reverse-engineer the import process if we just don't want the money but wealth on an aggregate level. Yet, priorities differ so those who want to, will find a way to.