luvinhubby:

And has the naira not taken a massive nosedive since then, 245 to $1.
Investors are scared stiff of this administration rudderless policy direction & are yanking off the funds from our economy hence the free fall of the naira.

Its crazy maine.
This current admin has no economic direction.
Nothing!!

The poor and middle class are getting tortured with no mercy.
Gej was weak but atleast I didn't have to worry about waking up one morning and realizing that I can't transac with my debit card outside the country.

Its so embarrassing.

magicminister:


I am really trying to make some sense out of your write up.
How come when good things happen people credit buhari but when its bad, all blames must go to GEJ.
When power supply momentarily increased, folks attributed it to buhari's body language.
Now, we neither have power nor fuel and somehow folks find a way to blame GEJ.
please lets Be objective.

I am one of those that didn't support GEJ during the last election but i must confess that things were far better financially during the time of gej.
Business was done with ease and the market forces determined the exchange rate. That is how its meant to be.

All these draconian policies cannot improve the lot of nigerians and Nigeria.
Students outside Nigeria with accounts in Nigeria will have a hell of a time soon!

let me help u make sense out of it.

do you honestly believe that the 16year mess of PDP can be wiped out in just 6months?

I will continue to say this, we were willing to give gej the support he needed for the 6years he ruled, why can't we extend the same to buhari for 4 years and let's judge him then?

God himself does not judge a man before the expiration of his life, why should you judge buhari as failure just 6months into his tenure?

at the end of his four years, if buhari fails woefully just like gej( God forbid), will u be able to say with all honesty that you gave him your support yet he failed?

Nigeria was on a path to being a pariah nation, with all countries treating us like dirt, having diplomatic row with nations on a constant basis, yet you guys can't see that God saved us from PDP.

I am not saying that buhari is a saint, neither am I saying that he is the messiah, all am saying is let's be patient with him and support him to succeed.

'nuff said.

Ioannes:

let me help u make sense out of it.
do you honestly believe that the 16year mess of PDP can be wiped out in just 6months?
I will continue to say this, we were willing to give gej the support he needed for the 6years he ruled, why can't we extend the same to buhari for 4 years and let's judge him then?
God himself does not judge a man before the expiration of his life, why should you judge buhari as failure just 6months into his tenure?
at the end of his four years, if buhari fails woefully just like gej( God forbid), will u be able to say with all honesty that you gave him your support yet he failed?
Nigeria was on a path to being a pariah nation, with all countries treating us like dirt, having diplomatic row with nations on a constant basis, yet you guys can't see that God saved us from PDP.
I am not saying that buhari is a saint, neither am I saying that he is the messiah, all am saying is let's be patient with him and support him to succeed.
'nuff said.

You are reducing the OP's complaint to his political stand. As a matter of fact many of us are going through similar pains as the OP's.

The appalling thing about some of the current government policies is the obvious lethal effect on businesses - yet the FG has refused to address questions being raised nor made effort to safe businesses from dying - but consistently harping on how to earn more IGR from the dying businesses.

Why would a policy make it difficult (in some cases impossible) to pay school fees which are usually structured and hardly more than tens of a thousand of dollars. The real stress on naira has always been from the same politicians (not common people) in government now who ship millions of dollars for their various exotic interests.

For your information people complaining here worked and voted for PMB whil many loath GEJ and his footprints but that is not an excuse to watch their little live being sniffled by the same government they put so much hope in.

QuotaSystem:
Its basically to minimize excessive demand of USD which would further affect the value of the Naira adversely.

We understand the need to protect naira but the ultimate need remains food in our belly. If the government had made provision, for instance, for foreign transactions to be payable in naira the uproar would not have been this raucous.

Taking away the only means without providing alternative is devoid of logic.

QuotaSystem:

The govt's policy is to stop the Naira from going into a free fall by protecting it from market forces at this time.

This should not include stopping people from paying school fees, hospital bills or other common essentials. Has the same government provided a platform for people to pay in naira?

QuotaSystem:

Only those ignorant of the positive correlation between our level of foreign reserves and the value of our currency (like the poster below) are spewing tripe all over this thread.

Issue under discussion here is real - it is affecting real people on daily basis. What a responsive government needs to do is to rise up to people's complaints.

There are a number of options open to them:

** Why can't they provide a platform to make all dollar transactions possible in naira - this will help them achieve their aim of keeping a watch on naira strenght at the same time allow people to go about their normal businesses without problem.

** Fees, bills, and other payments to the west are usually structured. For instance school fees can only be paid to the receiving school /account. The government can isolate and protect these essential services from this naira-holding policy.

Ghandi12:


You are reducing the OP's complaint to his political stand. As a matter of fact many of us are going through similar pains as the OP's.

The appalling thing about some of the current government policies is the obvious lethal effect on businesses - yet the FG has refused to address questions being raised nor made effort to safe businesses from dying - but consistently harping on how to earn more IGR from the dying businesses.

Why would a policy make it difficult (in some cases impossible) to pay school fees which are usually structured and hardly more than tens of a thousand of dollars. The real stress on naira has always been from the same politicians (not common people) in government now who ship millions of dollars for their various exotic interests.

For your information people complaining here worked and voted for PMB whil many loath GEJ and his footprints but that is not an excuse to watch their little live being sniffled by the same government they put so much hope in.

look bro, I get what you are saying.

everybody is feeling the pinch of what's going on right now with the economy.
like I have always said on this forum, it's probably going to get a lot worse before it starts getting better.

it's just like a child who fears the sting of an injection, yet that's his only hope of healing.

unless it can be shown exactly why the policies will hurt the economy both short term and long term, then I think we should watch with eagle's eyes and see what PMB is up to.

unnecessary negative and destructive criticisms won't do sh*it.

if you can come up with a cogent argument why his refusal to devalue the naira for a short term relief (but to strengthen the currency long term) will destroy the economy, then I will buy your idea.

for one I think we should be grateful that at least we have a president who abhors profligacy and wanton waste.

if we have ideas let's put them out there in the public space and debate them.

people calling PMB all sorts of names is way too early in this administration and not only shows a lack of maturity but tells us that there is more to it than meets the eye, like pain over an election loss to a Fulani man or something.

Ioannes:


look bro, I get what you are saying.

everybody is feeling the pinch of what's going on right now with the economy.
like I have always said on this forum, it's probably going to get a lot worse before it starts getting better.

it's just like a child who fears the sting of an injection, yet that's his only hope of healing.

unless it can be shown exactly why the policies will hurt the economy both short term and long term, then I think we should watch with eagle's eyes and see what PMB is up to.

unnecessary negative and destructive criticisms won't do sh*it.

if you can come up with a cogent argument why his refusal to devalue the naira for a short term relief (but to strengthen the currency long term) will destroy the economy, then I will buy your idea.

for one I think we should be grateful that at least we have a president who abhors profligacy and wanton waste.


if we have ideas let's put them out there in the public space and debate them.

people calling PMB all sorts of names is way too early in this administration and not only shows a lack of maturity but tells us that there is more to it than meets the eye, like pain over an election loss to a Fulani man or something.

That shows you are not in touch with current Nigeria realities:

- N5.8 billion spent by Buhari on presidential fleet in 6 months
http://pointblanknews.com/pbn/exclusive/fg-spends-n5-8bn-on-presidential-jets-in-six-months/


-Over $4 million spent by Buhari in 6 months on foreign trips.
http://saharareporters.com/2015/11/29/president-buhari%E2%80%99s-foreign-junkets-add-lots-cash

sultaan:


You have no idea how the world economics affects the local economy and what type of damage GEJ had left behind careless spending destruction of elementary sectors of they economy by bans, restrictions and triple taxation now everything has come to a halt no more free money called duty

We ve heard this one, tell us something else

Ioannes:


look bro, I get what you are saying.

everybody is feeling the pinch of what's going on right now with the economy.
like I have always said on this forum, it's probably going to get a lot worse before it starts getting better.

it's just like a child who fears the sting of an injection, yet that's his only hope of healing.

unless it can be shown exactly why the policies will hurt the economy both short term and long term, then I think we should watch with eagle's eyes and see what PMB is up to.

unnecessary negative and destructive criticisms won't do sh*it.

if you can come up with a cogent argument why his refusal to devalue the naira for a short term relief (but to strengthen the currency long term) will destroy the economy, then I will buy your idea.

for one I think we should be grateful that at least we have a president who abhors profligacy and wanton waste.

if we have ideas let's put them out there in the public space and debate them.

people calling PMB all sorts of names is way too early in this administration and not only shows a lack of maturity but tells us that there is more to it than meets the eye, like pain over an election loss to a Fulani man or something.

you really have no idea what is going on do you??
you have been carried away by the whole "change" and "fighting corruption" rhetorics that you have absolutely no clue what is going on.

I am on the field. I work in a field that takes me out of the country as much as 6 times a year and sometimes more.
Conducting business has never been more difficult my brother.

The political class are still laundering with ease but people like us have to go through the system.
I cannot travel with even 20k usd cash without running into trouble. Limiting our foreign transaction allowance to 1000 usd per month and also denying travellers BTA/PTA is just callous and insensitive.

Its almost impossible to survive in europe and america with 12000 dollars per year.a

House rent per month (low estimate) - 500 usd-800usd

will 200 usd be enough to feed and fuel your car or public trans.
even parking permit alone will zap the money.

Ioannes:

look bro, I get what you are saying.
everybody is feeling the pinch of what's going on right now with the economy.
like I have always said on this forum, it's probably going to get a lot worse before it starts getting better.
it's just like a child who fears the sting of an injection, yet that's his only hope of healing.
unless it can be shown exactly why the policies will hurt the economy both short term and long term, then I think we should watch with eagle's eyes and see what PMB is up to.
unnecessary negative and destructive criticisms won't do sh*it.
if you can come up with a cogent argument why his refusal to devalue the naira for a short term relief (but to strengthen the currency long term) will destroy the economy, then I will buy your idea.
for one I think we should be grateful that at least we have a president who abhors profligacy and wanton waste.
if we have ideas let's put them out there in the public space and debate them.
people calling PMB all sorts of names is way too early in this administration and not only shows a lack of maturity but tells us that there is more to it than meets the eye, like pain over an election loss to a Fulani man or something.

You know we have all been suffering in our little corners hoping this government will show a ray of hope soon but the way the President has been, defiantly, frolicking around the globe can only point to something ; our pains mean nothing to him and his government.

The same govt stopping us from earning our daily bread (in the name of currency control) has been alleged to have spent the same dollar (worth N5.8 billion) on presidential fleet in 6 months. So we can continue roasting while he jaunts around the world in dollar-powered Presidential luxury.

I have given two recommendations; it is up to those who have the people's mandate to attend to people suffering:

** Why can't they provide a platform to make all dollar transactions possible in naira - this will help them achieve their aim of keeping a watch on naira strength at the same time allow people to go about their normal businesses unhindered.

** Fees, bills, and other payments to the west are usually structured. For instance school fees can only be paid to the receiving school /account. The government can isolate and protect these essential services from this naira-holding policy.

This is what i am facing now.
My business is about to take a plunge !

P.s. I have surplus balance on my account but cos the total transaction (Tax et al) is over 1000 usd, it wouldn't work.
My french business partners might feel i am playing nigerian 419 if i don't turn up this time around.

i am sad and sickened by this country.
High time i process my dual citizenship cos i cannot continue this way!!

magicminister:


you really have no idea what is going on do you??
you have been carried away by the whole "change" and "fighting corruption" rhetorics that you have absolutely no clue what is going on.

I am on the field. I work in a field that takes me out of the country as much as 6 times a year and sometimes more.
Conducting business has never been more difficult my brother.

The political class are still laundering with ease but people like us have to go through the system.
I cannot travel with even 20k usd cash without running into trouble. Limiting our foreign transaction allowance to 1000 usd per month and also denying travellers BTA/PTA is just callous and insensitive.

Its almost impossible to survive in europe and america with 12000 dollars per year.a

House rent per month (low estimate) - 500 usd-800usd

will 200 usd be enough to feed and fuel your car or public trans.
even parking permit alone will zap the money.

Bros, I do not know what u mean by 1000 dollars a month, as at last week I still have access to spend a 1000 dollars per day on just one of my naira account.

magicminister:


Please educate me.
How does limiting my foreign expenditure to a paltry 1000usd save Nigeria?
That is crazy nah?

The economy has no direction and investors are scared shitless.
The stock market is plummeting and investors are scared.

GEJ didn't do that!
Lets stop throwing blames back and forth and demand the best from whoever is in charge.

as eloquent as u sound, i'm sure u voted for for dis change! So wat y r u complaining? Pls keep quiet and enjoy d change u seek.

kolaaderin:


Bros, I do not know what u mean by 1000 dollars a month, as at last week I still have access to spend a 1000 dollars per day on just one of my naira account.

Bro please which bankndo you use.
I use zenith.
I even called card services. That was how I knew its for a month,
Kfuckk zenith.

magicminister:


Bro please which bankndo you use.
I use zenith.
I even called card services. That was how I knew its for a month,
Kfuckk zenith.

My Fcmb allows 400 daily and my gtb gives 1k daily, I could still cummunate 1400 dollars on those two accts in a day.

kolaaderin:


My Fcmb allows 400 daily and my gtb gives 1k daily, I could still cummunate 1400 dollars on those two accts in a day.

Thanks.
Will work on getting new accounts then!

For those who don't understand economics let us go back to the basics,follow the flow of cash and note what we get for that cash.

We have income and expenditure.

Oil price going to $45 around Obasanjo time was a big relief that enabled the government to save more money and be in a good position to get out of crippling debt (remember they were still servicing debt while making $35 per barrel and running the country) even then OBJ thought it was high time to get the government out of businesses and let companies run things also cut back on government expenditure monetization, due process purge of some government burden.

Income

When oil prices rose to $70+ they(politicians) kept raising the budget bench mark and everything was to be spent no new refineries was planned old ones still not working the country just had enough money to pay oil subsidy. problem

http://www.macrotrends.net/1369/crude-oil-price-history-chart

Politicians and cronies gave themselves licenses to import and nobody would even advise that modular refineries should be put in place for emergency.Those who had $20m govt license to build refineries sat on it waiting for foreign partners and they are still waiting. gaffe

http://www.msn.com/en-us/money/markets/opec-is-ready-to-rumble-over-saudi-output/ar-AAfNsHY?li=BBnb7Kv

Expenditure

Subsidy payment uses the most forex in Nigeria, second to imports. The third is the over bloated government with special and assistant adviser for everything and the redundant civil service that does nothing but collect salary.

Trends

Trading has been a big part of the economy of each region of the country. The decision to start banning imports and focus of customs on the southwest made it more profitable(you can check on density of custom officers in all regions and result will look like a war on importation in southwest)
South westerner started sending their kids overseas for education and income money followed by the rest of the south during the first generation of the lottery.Those winners started sending western union, money gram and used cars*. Everyone with a child abroad needed a used car to should they have made it. Knowing that $4k cash is worth less in Nigeria but a $4k used car is worth more most started shipping used cars in as a way to add more value to their money and every single naira they made from such car sale goes into either taking care of family or building a house (some are never going to live in the house because they may not live long enough to retire) in their village, Lagos or anywhere else so you will find a lot of good houses in villages with almost no one living there.

Policies and Trends

Crude oil prices has been subjected to a lot of speculation and war drums. The US understands that windfall from oil is financing so they are cutting oil import focusing on local production and making policies like C.A.F.E
https://en.wikipedia.org/wiki/Corporate_Average_Fuel_Economy
https://en.wikipedia.org/wiki/Keystone_Pipeline
Russian aggression into Ukraine was the final blow now to reduce Russia's income from oil their was a relaxation of embargo on Iran now there is more oil in the market coupled with factions needing to sell to finance war.

Russian has been involved in Syria from day 2 but with price this low and falling the RUssians had to be given incentive to increase their involvement because US is pulling out.Saudis are trying to bankrupt US local producers buy letting the price fall till they shut down they even paying for shipping and insurance, so how does Nigeria survive in a <$40 barrel world.

Knowing what percentage of used cars was shipped by individuals who are going to keep the money in Nigeria and companies moving profits abroad would have guided GEJ to make better decision.Some people save up a whole year and ship things, cars to help build their own house, pay up to N300k per car and+N1m per container on personal items. Most ship things when coming home for christmas

When Aganga decided to go all out war on shippers who were barely making enough to cover their flight ticket on each car sale then they let their friend get away with waivers now most just sit back and watch the country. The report was 44 ship expected by Dec 18 in previous years there was back up of goods now just 44 ships with most being PMS and rice. I was in South Carolina 2 days ago and fuel was $1.7/ gallon ~N91/litre tax included.This is the time port should be busy no traffic before christmas means a lot of Nigerians are not flying in to take the pressure of dollar and by February things will get a lot worse if price stays low.

No income from oil and duty was the reason they removed the ban on rice and even if they lift ban on used cars a lot of damage has been done. They just have to find alternate means for Nigerians to bring dollar into country.

magicminister:


Its crazy maine.
This current admin has no economic direction.
Nothing!!

The poor and middle class are getting tortured with no mercy.
Gej was weak but atleast I didn't have to worry about waking up one morning and realizing that I can't transac with my debit card outside the country.

Its so embarrassing.

I think u should just quit it.....
if u don't know what's happening to the Nigerian economy, then ask questions.........
not all these ramblings.....
presently, Nigerian economy is in a dire state......
and its seriously bleeding.
it's the consequence of being a mono-economy for a very long time.
even, if GEJ had won, we'll still be in this quagmire....
GEJ practically borrowed money to pay salaries in the latter part of his administration.
so, it has little to do with this present government.

what u're suffering is as a result of this govt effort to prevent foreign reserve depletion and the naira attaining junk status.
Nigerians are known for insatiable consumerism and if left uncontrolled, will wreck the economy.
during the oil boom, it was ok because we had enough dollars to go around and play with......
but at this period of oil glut.....the economy cannot sustain such pattern.
if people are allowed to purchase dollar at will.......
I can assure u, by this time next year.......
there will be nothing left in our foreign reserve...
and dollar will be exchanging for at least #400.
the govt will go bankrupt and the economic team will be left with no choice than to visit either IMF or world bank to beg for financial assistance.
and I can assure u, that's the last thing Nigeria needs right now.
u are complaining now, by the time these people come and implement their draconian fiscal measures......u will be groaning.......
ask Greece.
forget about this so called foreign investors and their dubious ratings.....
they are only interested in putting capitals in stock market for speculations and not in the real sector of the economy.
that's why nobody is taking them serious.

my dear, its a very long road ahead.......
and sorry to say......there's no easy way out.
we're going to pay for our past misdeeds - over dependent on crude oil as main source of revenue and financial recklessness by previous govt.
nobody can predict when this oil crisis will end, the last time it happened, it lasted for 10 years.
this current oil glut may last longer
shale oil is here to stay
there's no way opec will run it out of the market.
Nigeria needs to face up to reality.
buhari is equally not making things easy.....
he's yet to lay down a detailed economic blueprint and long-term fiscal policies that we get us out of this mess.
he's yet to tell us how he intends to stimulate the economy which Nigeria really needs.
his socialist tendencies will not help matters either and someone should advise him to abandon those ideas for now.
nigeria needs to start producing, cut down on spending and create an enabling environment for real foreign investors to come in and thrive.
that's the only way there will be less pressure on the naira and people like the op can then enjoy unlimited assess to the dollar.

That is what you get for allowing GEJ and his team rule for 6years.

They have taken us backward for more than 60years.


Despite selling crude oil the highest price any govt witnessed. They wasted it and stole as much as they can.

Now crude is all time low and Nigeria depends on it as a matter of fact

pedrilo:
as eloquent as u sound, i'm sure u voted for for dis change! So wat y r u complaining? Pls keep quiet and enjoy d change u seek.

It is u are ignorant or mischievous but i strongly biliv it is just ignorance.

dammytosh:
That is what you get for allowing GEJ and his team rule for 6years.

They have taken us backward for more than 60years.


Despite selling crude oil the highest price any govt witnessed. They wasted it and stole as much as they can.

Now crude is all time low and Nigeria depends on it as a matter of fact

Gej didnt do this county any good for 6 years but dont forget gej is actually made things better when conpared to past leaders.
The likes of ibb, abacha and co are the ones that really really ruined this country.

Instead of apportioning blames and counter blames, I feel we should be more concerned on making things work under thos current dispensation.

magicminister:


Gej didnt do this county any good for 6 years but dont forget gej is actually made things better when conpared to past leaders.
The likes of ibb, abacha and co are the ones that really really ruined this country.

Instead of apportioning blames and counter blames, I feel we should be more concerned on making things work under thos current dispensation.

I dnt want to apportion blame too but that is just the truth.

GEJ had opportunity to write his name in gold but he failed.

Budget was done with projection dt crude would be sold and $75 but it went as high as 110 but we have nothing to show for it. Not even a substantial amount in foriegn reserve.

dammytosh:


I dnt want to apportion blame too but that is just the truth.

GEJ had opportunity to write his name in gold but he failed.

Budget was done with projection dt crude would be sold and $75 but it went as high as 110 but we have nothing to show for it. Not even a substantial amount in foriegn reserve.

All tthe nigerian leaders except yaradua had the opportunity to writie their names in gold.
Have you forgotten the oil glut of the 70s.
The problem of nigeria didn't start with gej.
I amm not a supporter of gej but it makes me upset when we try to hang gej instead of focusing on how to tackle our current problems.

Have you forgotten that buhari planned to probe previous leaders till ibb cautioned him
Ibb subtly threatened to expose his jolier than thou attitude for what it really is.

Since then, buhari has limited his probe to gej's admini.

Like I would always say, lets forget gej and focus and solving our problems cos right now, gej is the least of our headaches!!

Thou should read and understand

http://www.msn.com/en-us/money/markets/oil-industry-facing-a-grim-2016/ar-BBo4Nqw?li=BBnbfcN