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Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling - Business (6) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling (38864 Views)

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Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Badgers14: 3:15pm On Nov 27, 2022
I don't understand why dollar is dominant in Nigerian market/ business life.

This should be pretty elementary.

You want to buy goods in China or Japan and the goods cost $100.

You just go to your bank for the transfer... you pay the bank the official exchange rate in naira and your bank sends your counterparts in China or Japan the dollar equivalent.

Same with schooling, go to the bank and pay naira and the bank will transact the business for you.

But in Nigeria, the system is set up to fail.. they make all these policies that are counterproductive.

Why would someone have to source dollars themselves to pay for their business partner abroad or their kids school?

1 Like

Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by unclejb2(m): 3:15pm On Nov 27, 2022
immortalcrown:
After blaming Forex traders, Crypto traders and Bereau De Change? Where are their own children schooling?

Na so dem go dey beat around the bush like the urchins who defend Bubu and Agbado.
it's actually their children that are schooling abroad...
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Golan007: 3:15pm On Nov 27, 2022
CheapHomes1:


what sentiment are you referring? can you expantiate?

what exactly are you defending or condemning? i see dont see the point you are making.

if the average number of students to UK from Nigeria has jumped from 8k to over 500k, who is to blame? is it peter obi? is peter obi in charge of the country or is he the reason nigerians are running away in droves?


The problem is that you are hypocrite.

Why are you mentioning Tinubu when he left office in 2007?

Idiot.

The fact remains 66 thousand people have put an unusual level of pressure on our forex demand.

Strangely enough, UK also realised that 500k immigrants suddenly came into their country in 2022, also unprecedented.
Abi na Nigeria dey reposnsible for the other 400k?
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by miketayo(m): 3:17pm On Nov 27, 2022
Golan007:


Do the stats lie?

Should the CBN not state it as it is?

The other day, UK acknowledged over 500k immigrants were settled into the country in 2022 alone.

People have been schooling abroad for years. The CBN gov and the other economist around him are clueless.

3 Likes 1 Share

Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Nobody: 3:17pm On Nov 27, 2022
Moh247:


A cat in the village won't turn a lion in the city, you people with your Japarian mentality are free to migrate as it's your right.. we the progressive would stay and build this country slowly and steadily with Infrastructure like rail, ports , refinery as witnessed in Tinubu's Lagos master plan
Dreams and illusion, I don't know where I should place your talk. Go and read what led to the drastical change in Türkiye, where over 3.7 million of its citizens Japa within a year. The Turkish government was forced to have a rethink on how to better the lot of its people.
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by buckeyemedia: 3:17pm On Nov 27, 2022
clinician2x:


Nawa. Sorry oo. This one is a clear case of our teacher no come school. No vex
Answer the question na, how much did your state spend on education last year professor?
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by miketayo(m): 3:18pm On Nov 27, 2022
CoronaVirusRelo:


What’s your highest qualification?

You are just a cow
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by arantess: 3:18pm On Nov 27, 2022
Hezmatosky:
Who travel pass Chinese?
Indians are even more in UK than Nigerians, but their currency never dey affected
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Eriokanmi: 3:18pm On Nov 27, 2022
Emefiele must be high on something. So, it's no more Aboki fx, BDCs, causing the free fall of naira again? Were students not paying fees abroad when fx was stable in Nigeria? Were people not travelling abroad? People even travelled more when fx was stable cos flights and fx rates were very stable, unlike now. This man has succeeded in destroying our economy by conniving with the current administration.
I hope they'd not deploy the efcc to the airport to start searching luggage for dollar , since they're now the cause of naira free fall. Useless people
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Nobody: 3:18pm On Nov 27, 2022
miketayo:


You are just a cow

What breed ?
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Golan007: 3:18pm On Nov 27, 2022
miketayo:


People have been schooling abroad for years. The CBN gov and the other economist around him are clueless.

You guys are too sentimental.

The average any given year was always 8k but in 2022, it is 66k.

It is in the report.
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Bigchristo: 3:19pm On Nov 27, 2022
ijustdey:
[B]Central Bank Governor, Emefiele Blames Nigerians Travelling To UK, US, Others For Education For Naira Fall[/b]



https://saharareporters.com/2022/11/26/central-bank-governor-emefiele-blames-nigerians-travelling-uk-us-others-education-naira
They’ve ran out of ideas of who to blame, instead of them focusing on stabilizing Naira to make sure the value is restored they’re busy redesigning printing new money, it’s just like putting same old liquids into new bottle of drink the taste remained the same nothing change.

As for those of you supporting Tinubu, from the bottom of my heart may God punish all of una
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by miketayo(m): 3:19pm On Nov 27, 2022
CoronaVirusRelo:


What breed ?

Ask your dad na
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Nobody: 3:20pm On Nov 27, 2022
miketayo:


Ask your dad na

I won’t join you in that sty
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by thatgirl504(f): 3:20pm On Nov 27, 2022
Moh247:


You have issues with simple comprehension
Ode.
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by CheapHomes1: 3:21pm On Nov 27, 2022
Golan007:


The problem is that you are hypocrite.

Why are you mentioning Tinubu when he left office in 2007?

Idiot.

The fact remains 66 thousand people have put an unusual level of pressure on our forex demand.

Strangely enough, UK also realised that 500k immigrants suddenly came into their country in 2022, also unprecedented.
Abi na Nigeria dey reposnsible for the other 400k?

sorry bro, you didnt answer the questions.

what sentiment are you referring? can you expantiate?

what exactly are you defending or condemning? i see dont see the point you are making.

if the average number of students to UK from Nigeria has jumped from 8k to over 500k, who is to blame? is it peter obi? is peter obi in charge of the country or is he the reason nigerians are running away in droves?
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Moh247: 3:21pm On Nov 27, 2022
[quote author=thatgirl504 post=118724364]..[/quote

May yours rest on the street


.

Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by miketayo(m): 3:22pm On Nov 27, 2022
Golan007:


You guys are too sentimental.

The average any given year was always 8k but in 2022, it is 66k.

It is in the report.

When was the spike in dollars? How much was dollars last year.. when it jumped to 400 was it students too, when it spiked to 600plus was it the students too. They even went ahead to blame a site (abokifx) didn't it continue to rise. Here we are now and he is blaming students studying abroad.

1 Like 1 Share

Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Golan007: 3:22pm On Nov 27, 2022
arantess:

Indians are even more in UK than Nigerians, but their currency never dey affected

Indian receive 46% of all work visas in the UK.

That is over 100k work visas.

I'm sure you can infer what that means.
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by IJEYdiamond(f): 3:22pm On Nov 27, 2022
AntiBshit:
66,000 visas shocked


That's a huge figure within a year!


Wetin huge... india USA inko....

Abeggg
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by CheapHomes1: 3:22pm On Nov 27, 2022
Moh247:


You have issues with simple comprehension

but how come an expert in comprehension like you cant answer these simple questions?

what sentiment are you referring? can you expantiate?

what exactly are you defending or condemning? i see dont see the point you are making.

if the average number of students to UK from Nigeria has jumped from 8k to over 500k, who is to blame? is it peter obi? is peter obi in charge of the country or is he the reason nigerians are running away in droves?
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Golan007: 3:23pm On Nov 27, 2022
miketayo:


When was the spike in dollars? How much was dollars last year.. when it jumped to 400 was it students too, when it spiked to 600plus was it the students too. They even went ahead to blame a site (abokifx) didn't it continue to rise. Here we are now and he is blaming students studying abroad.

Sahara reporters used the word "blame".

The CBN has to state it in statistical terms.

Stop the sentiments and concentrate on the issue.
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by thatgirl504(f): 3:23pm On Nov 27, 2022
Moh247:
May yours rest on the street
I can feel your pains from here. Take heart. grin
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Moh247: 3:24pm On Nov 27, 2022
CheapHomes1:


but how come an expert in comprehension like you cant answer these simple questions?

what sentiment are you referring? can you expantiate?

what exactly are you defending or condemning? i see dont see the point you are making.

if the average number of students to UK from Nigeria has jumped from 8k to over 500k, who is to blame? is it peter obi? is peter obi in charge of the country or is he the reason nigerians are running away in droves?

What Golan007 said doesn't need interpretation for comprehension, if you can't comprehend that then you have no business on a forum

1 Like 1 Share

Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by laiperi: 3:24pm On Nov 27, 2022
Even a repented sinner that wants to change his ways should be given his dues. This is a no win situation for Emefiele.

Rich Nigerians are raiding the Central Bank to send their children to school abroad as if it is a fundamental right.

While the children of poor Nigerians are going to school and working full time abroad to pay their own school fees and send money home to parents, relatives and friends.

Guess who take trucks to black markets and change their hard earned dollars and euro to naira?

All these for educational indoctrination that are inferior to University of Ibadan, Nssuka, Bello etc. Even these uncultured children do not return home except for visits and parents funerals. The parents that stay with them are sent to old people homes as a payback for being stuuppide in the first place.

Africans, wind don begin blow your yash. The Central Bank is getting smart, your medical graduates running abroad don experience fire.

Stay tuned, more to come!

2 Likes 1 Share

Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by thatgirl504(f): 3:25pm On Nov 27, 2022
Moh247:


What Golan0.07 said doesn't need interpretation for comprehension, if you can't comprehend that then you have no business on a forum
..
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Mustiboy(m): 3:25pm On Nov 27, 2022
Badgers14:
I don't understand why dollar is dominant in Nigerian market/ business life.

This should be pretty elementary.

You want to buy goods in China or Japan and the goods cost $100.

You just go to your bank for the transfer... you pay the bank the official exchange rate in naira and your bank sends your counterparts in China or Japan the dollar equivalent.

Same with schooling, go to the bank and pay naira and the bank will transact the business for you.

But in Nigeria, the system is set up to fail.. they make all these policies that are counterproductive.

Why would someone have to source dollars themselves to pay for their business partner abroad or their kids school?

It's not as easy as it seems.

CBN and the commercial banks don't have enough Dollars to carry out these transactions.


Where would they get it from when our dollar inflow from oil barrels could barely serve half of the nation?

1 Like 1 Share

Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Moh247: 3:26pm On Nov 27, 2022
[quote author=thatgirl504 post=118724478]..[/quote

And may yours never find peace

Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by IJEYdiamond(f): 3:26pm On Nov 27, 2022
pinkasso:
No mind them, I have never seen when old men would willing be sacrificing the life of thier youths for thier dirty political games, they are hell bent on forcing us to suffer it's just so annoying, everyone must eat crumbs from their table and it's painful, the Japa never even start self , nah small small people eye don they open, if you fit leave , leave oohh these old men no won give anybody chance .

.
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by thatgirl504(f): 3:27pm On Nov 27, 2022
[quote author=Moh247 post=118724504

And may yours never find peace[/quote] Continue crying. I will come for her burial to piss on her grave. grin
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by IJEYdiamond(f): 3:27pm On Nov 27, 2022
pinkasso:
No mind them, I have never seen when old men would willing be sacrificing the life of thier youths for thier dirty political games, they are hell bent on forcing us to suffer it's just so annoying, everyone must eat crumbs from their table and it's painful, the Japa never even start self , nah small small people eye don they open, if you fit leave , leave oohh these old men no won give anybody chance .
Re: Naira Fall: CBN Blames Nigerians Travelling To UK, US, Others For Schooling by Localordinary: 3:28pm On Nov 27, 2022
What about those politicians that goes abroad for medicals Is the CBN governor and his families studying in Nigeria? If u go collect PVC go vote APC, thunder go strike from above fire you and your generations,Amin

ijustdey:
[B]Central Bank Governor, Emefiele Blames Nigerians Travelling To UK, US, Others For Education For Naira Fall[/b]



https://saharareporters.com/2022/11/26/central-bank-governor-emefiele-blames-nigerians-travelling-uk-us-others-education-naira

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