obailala:
Lol.. the nation is currently in a major recession as the reserves of forex we have is dwindling rapidly and we dont have enough inflow of forex due to oil price crash. If measures are not taken to curb the outflow of forex, in just a matter of months, there would be no forex to buy essential commodities such as food and the nation would be plunged into a major humanitarian crises with people standing on 2-days long queues to get a bowl of rice to feed their families. The CBN and FG is struggling to manage and prevent this situation from happening and you think they are the "most ruthless, wicked, parochial and self centered govt in Nigeria's history" all because you want to buy choice goods?

I suggest you save your money and stock your barns with enough food because 'winter is coming,' in fact, winter is already here.

charlsecy:
Banks hardly have Dollars to settle the obligations that using a Naira-based card on a Dollar-based online resource will produce.

echelons:
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.

DaBullIT:
Because Buhari was the one who spent 1.3 Billion on Spiritual purposes ?

kay29000:
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.

efilefun:

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

efilefun:

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

kay29000:
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.

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

DaBullIT:
Because Buhari was the one who spent 1.3 Billion on Spiritual purposes ?

Bollinger:


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.

mployer:

This is what you get when you vote in illiterate as president.


Is Nigeria the only oil producing country, why are adopting all these crude approach?

Cmanforall:


That's bad! I noticed Skye bank withdrawal with master card also stopped, abi na only me e affect?

lonelydora:

When oil price was at 110 dollars per barrel, other countries were investing it wisely while our government was sharing it among themselves. Now the chip is down, we need to explore other methods to survive. Blame 16 years rule of PDP and not the present government.

signz:


No sir forget about PDP. When NOI spoke about savings, our Governors from both major parties said rejected the idea. Soludo recently said that PDP left Nigeria better than they met it.

For those who keep on insisting that we should buy Made in Naija goods, what do we even produce in Nigeria? Those saying that China and India did it, go and check both countries had stable power. It's not possible for majority of Nigerians to buy made in Naija goods and services. At this rate in 2 years, Nigerians will start asking for another election.

Solution is simple, devalue the naira. It took the new argentine president less than an hour to devalue peso. Now world renowned economists are hailing him.

2ndly, Buhari must devolve powers to the states. Soludo said that that's the only way to unlock Nigeria economic potential.

Princemilla:



No not only u...

charlsecy:
Banks hardly have Dollars to settle the obligations that using a Naira-based card on a Dollar-based online resource will produce.

DaBullIT:

You can pull a house down in 30 minutes But if you employ 1000 hands, you can't build it back in 2 weeks

GEJ pulled Nigeria down, Buhari is trying to build it

Dereformer:
How do I pay for My ACCA exams next year?

Cmanforall:


And they never sent an email. Nawa o.

What's the way forward?

saintkel:
And it all started during Goodluck Ebere Jonathan regime right?

TeOwl:
Instead of restricting it completely, why cant they limit it to $500 per month on each BVN number... completely restricting it is bad news... what happens to people that need to pay for domain name registration and hosting?

charlsecy:
It is indeed bad, but that should tell you how deep in mess Nigeria currently is in.

AkinPikin:


Let me try to educate you small my brother.

1. For every $10 a Nigerian spends, $9 comes from crude oil sales by the Federal Government or the national reserves.

2. OBJ left over $70 Billion for Yar'Adua when he left office in 2007. Average oil prices under OBJ was about $65/barrel.

3. Yar'Adua left $65 for GEJ when he died in 2010. Average oil prices under Yar'Adua was about $45/barrel. Remember oil fell to as low as $38/barrel in 2009? Most of the $5 to 7Billion that Yar'Adua spent was to defend the Naira during the global crisis of 2009, save the banks that fell into trouble in 2009, and fund the amnesty programme for the Niger Delta militants. Notice again the difference between what OBJ and Ya'Adua made from oil.

4. GEJ on the other hand, left $29Billion for PMB. Average oil prices under GEJ was $92/barrel. There were months when oil sold for as high as $130/barrel. For 3.5 years (2011 to June 2014), GEJ sold oil for over $100/barrel. For your information, GEJ presided over the richest years in Nigeria's history, yet he ate what we were to have saved and even ate what was handed over to him.

I have told every one who had ears that whoever takes-over in June 2015 was going to see hell - whether it was GEJ or PMB.

I am at least glad that we have removed the bastard that brought our dear country to this sorry state.

PMB can only work with what he has been handed with. That is why he is chasing corrupt people, looking for money to fund the budget and meet his electoral promises. Government is a continuum. The problem we have now was handed over to us by GEJ and his band of rogues. You think we would be where we are today if his government had saved $100Billion in reserves?

I am no ethnic or religious jingoist. I voted for GEJ in 2011. I deeply regret doing so now. I have friends that have lost jobs because of the man's stupidity since late last year.

As they say, opinions are free, but facts are sacred.