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International Spend Restriction On Naira Card: What Is The Implication Of This? - Business - Nairaland

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International Spend Restriction On Naira Card: What Is The Implication Of This? by intrepid: 7:13am On Dec 20, 2015
I have been wondering.I'm not an economist but I know that it could be either too good or too bad;I don't know.

So please,anyone with good knowledge of how it will drive our economy and how it will affect the common man,should please enlighten us.

What does this spend restrictions mean for me and you?

Thanks.

2 Likes 3 Shares

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by Princecalm(m): 7:28am On Dec 20, 2015
45 people have viewed this thread and couldn't figure out what message the picture is passing. # fact

23 Likes 6 Shares

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by tosine25: 7:52am On Dec 20, 2015
lipsrsealed
Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by Nobody: 8:19am On Dec 20, 2015
The bank on her part seems to be following the apex bank(CBN) directives which is aimed at strengthening the Naira against the dollars. Over the week, the value of our Naira has depreciated to an extent considered to be unhealthy for our already ailing economy. So the strict measures aimed at stiffening the circulation of dollars is aimed at revamping the value of our local Naira and banks were directed to toll the line too.

17 Likes 1 Share

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by mej67: 8:19am On Dec 20, 2015
It means our economy is removed from international world. Nigerian economy is now local. Anything you can't find and buy locally, forget it. Even weave-on, clothes and bread from wheat, titus fish (eja tutu) will soon be out of reach.

This is buharinomics in action

35 Likes 3 Shares

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by DaBullIT(m): 8:34am On Dec 20, 2015
Because Buhari was the one who spent 1.3 Billion on Spiritual purposes ?

mej67:
It means our economy is removed from international world. Nigerian economy is now local. Anything you can't find and buy locally, forget it. Even weave-on, clothes and bread from wheat, titus fish (eja tutu) will soon be out of reach.

This is buharinomics in action

93 Likes 7 Shares

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by Princemilla: 8:52am On Dec 20, 2015
Simple.... : you can't make purchases or transact with your naira visa or master card again. It's been forbidden

11 Likes

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by amanda2013(f): 8:57am On Dec 20, 2015
Nigeria is getting interesting

1 Like

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by Nobody: 9:39am On Dec 20, 2015
What it means is that you can not use your naira denominated cards to make international payments, such as buy things on amazon, ebay or pay for domain names and hosting etc

The reason is that due to the fall in oil prices, the supply of dollars to the Nigerian economy has dwindled..our foreign reserves also which is a basket of FX is also dwindling. The only means now is to checkmate the demand for FX which is what you do when you make international payments with naira denominated cards.

The implications:
1) you can make purchases online that requires FX
2) Importers are in for it
3) i believe, though its unconventional, more as an austerity measure.. its d only available policy option we have.

The volatility of an economy whose destiny is tied to crude oil

22 Likes 2 Shares

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by TheEclectic: 9:41am On Dec 20, 2015
intrepid:
I have been wondering.I'm not an economist but I know that it could be either too good or too bad;I don't know.

So please,anyone with good knowledge of how it will drive our economy and how it will affect the common man,should please enlighten us.

What does this spend restrictions mean for me and you?

Thanks.

It simply means that your sweet one-nigeria is BROKE!

17 Likes

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by Kelklein(m): 10:17am On Dec 20, 2015
It means the first half of 2016 no go funny.

8 Likes 1 Share

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by Nobody: 12:17pm On Dec 20, 2015
intrepid:
I have been wondering.I'm not an economist but I know that it could be either too good or too bad;I don't know.

So please,anyone with good knowledge of how it will drive our economy and how it will affect the common man,should please enlighten us.

What does this spend restrictions mean for me and you?

Thanks.

It's a good thing and I support the President and Finance Minister.

Keep your money in Nigeria, spend your money in Nigeria.

China went through worse 100 years ago but look at them today.

PS: I hope it's okay to support the POTFRON and his executives and won't lead to another ban.

25 Likes 1 Share

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by kay29000(m): 1:20pm On Dec 20, 2015
This is what I understand about it...The Government is trying to strengthen the Naira. The more money you spend on foreign goods and services, the weaker the Naira. But when you are restricted from doing that, you will look for another option, which is patronizing vendors of Nigerian goods and services. In the short run, people would find it very uncomfortable...but in the long run, the Naira will become stronger, people will become innovative within Nigeria, and more jobs will be created, internally...Very good move.

48 Likes 3 Shares

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by unbeat007(m): 1:20pm On Dec 20, 2015
I think it is aimed at strengthening naira against dollar but it can have adverse effect on the citizens who trade in such a manner

1 Like

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by brunofarad(m): 1:21pm On Dec 20, 2015
Oh my............More anti Business policies

This isnot too favourable to trade













We are building a world class company.
Watch out for us in the NEWS sometime in the future.






¤••• FARAD CONTRACTORS NIGERIA •••¤

1 Like

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by Sunnycliff(m): 1:21pm On Dec 20, 2015
It would have been good if our domestic economy is good but unfortunately it is nothing to write home about! Its a sort of currency devaluation but it won't help us presently!

2 Likes 1 Share

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by Sijo01(f): 1:21pm On Dec 20, 2015
DaBullIT:
Because Buhari was the one who spent 1.3 Billion on Spiritual purposes ?



Stop living in the past!

14 Likes 1 Share

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by Big4wig(m): 1:21pm On Dec 20, 2015
Well i heard that d world is $6trillion in debt. Just exactly which planet do we owe it to? Jupiter?

45 Likes 2 Shares

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by saintkel(m): 1:22pm On Dec 20, 2015
henrykelek:
What it means is that you can not use your naira denominated cards to make international payments, such as buy things on amazon, ebay or pay for domain names and hosting etc

The reason is that due to the fall in oil prices, the supply of dollars to the Nigerian economy has dwindled..our foreign reserves also which is a basket of FX is also dwindling. The only means now is to checkmate the demand for FX which is what you do when you make international payments with naira denominated cards.

The implications:
1) you can make purchases online that requires FX
2) Importers are in for it
3) i believe, though its unconventional, more as an austerity measure.. its d only available policy option we have.

The volatility of an economy whose destiny is tied to crude oil
And it all started during Goodluck Ebere Jonathan regime right?

1 Like

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by echelons(m): 1:22pm On Dec 20, 2015
Spend less.

Everybody wants to be importing things into the country. Things that could easily be bought within the country are bought from overseas, increasing the pressure on forex.

Banks are finding it difficult to offset these forex commitments.

Nigerians should begin to look inwards. We must not buy from foreign websites/online stores. Let's start to buy from Naira denominated stores or even from local stores.

Unnecessary travels to Dubai, UAE, Saudi Arabia, Brazil etc just for vacation and shopping should be curtailed. We have good vacation spots in Naija and we can buy a lot better and higher quality stuff here too.

1 Like

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by musicwriter(m): 1:22pm On Dec 20, 2015
That's a draconian military order. Just like a soldier pointing a gun "in your pocket" and telling you not to spend your money.

2 Likes

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by 5moky: 1:22pm On Dec 20, 2015
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Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by gurunlocker: 1:23pm On Dec 20, 2015
Paypal will sort it out..... just hope they can lift this restrictions on Nigeria PayPal.....

3 Likes

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by xender(m): 1:23pm On Dec 20, 2015
it means.....wait lemme check ma econs note of ss3

1 Like

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by SLIDEwaxie(m): 1:24pm On Dec 20, 2015
mej67:
It means our economy is removed from international world. Nigerian economy is now local. Anything you can't find and buy locally, forget it. Even weave-on, clothes and bread from wheat, titus fish (eja tutu) will soon be out of reach.

This is buharinomics in action
is that how u see it?

Sorry, we can't help u..

As the Chinese and Indians how they survived theirs

2 Likes 1 Share

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by Nobody: 1:24pm On Dec 20, 2015
OK
Wait let me ask BUHARI.....
Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by Nobody: 1:24pm On Dec 20, 2015
means apc change. God punish buhari. shege

6 Likes

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by donlarbito(m): 1:25pm On Dec 20, 2015
Wetin be my concern for that one
Bank stilll da work abi
Make dem continue
Na the change wa una want we da see
RUBBISH

1 Like

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by Nobody: 1:25pm On Dec 20, 2015
cowleg:
means apc change
F .. . For FOWL LEG
Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by efilefun(m): 1:25pm On Dec 20, 2015
Sijo01:



Stop living in the past!
All of you come on here to scream stop living in the past like the present situation ain't results of what happened in the past, imaging NOI being paid in dollars throughout her regime like she was working in the USA, so sure you were not blind to the news about someone who took suitcases filled with dollars to dansuki in #Armsgate
If GEJ had perfected everything before leaving power I don't see any reason why it will all start crumbling just months after his tenure.
You better wake up and leave sentiments

26 Likes 2 Shares

Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by Bollinger(m): 1:26pm On Dec 20, 2015
intrepid:
I have been wondering.I'm not an economist but I know that it could be either too good or too bad;I don't know.

So please,anyone with good knowledge of how it will drive our economy and how it will affect the common man,should please enlighten us.

What does this spend restrictions mean for me and you?

Thanks.

The implications you say? Let me help you.

When supply is limited and demand is high, price goes through the roof. Expect the price of the dollar to Naira to be at 400:1 by the end of next year.
Re: International Spend Restriction On Naira Card: What Is The Implication Of This? by bonechamberlain(m): 1:26pm On Dec 20, 2015
we are in trouble in this country.. so I can't spend my money in buying my choice of goods because its price tag is in dollar. this is the most ruthless, wicked, parochial and self centered govt in Nigeria's history.

the buhari led govt is lamenting that the last govt looted Nigeria that's why we are In this suffering state. yet only $2.1 billion is what this govt is still pursuing out of the whole money generated or looted by the past govt for 6 years. according to Apc the looted $2.1 billion is the cause if our present economic woes. money that is not up to a budget of a state. we no longer hear of $10 bill, $20 bill cause such money weren't missing, just like the chibok scam. what apc have been able to figure out is $2.1bill which is still a case in court.

this govt should accept that it is clueless on running the Nigerian economy. only buhari and apc knows their intention for seizing power, cause I strongly believe it's not for the interest of Nigeria. until they achieve whatever mission the wish to achieve, Nigerians should prepare for a very big farmine

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