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agabusta:
Why is the PDP kicking the air like an angry frustrated He-goat over a policy meant to protect the naira?? Is it because you are stuck with your stashed dollars??

The game is up! All the cash u guys looted is trapped now in your vaults at home. All of you have no option than to take it to the parallel market to change. This will go a long way in stabilising the naira and making it stronger in the parallel market.

You may decide to leave it at home and do a gamble on who will get the dollars first btw:

- dare devil robbers, who can sniff dollars from miles away.

- Police, DSS and EFCC who has been given renewed vigour by PMB and eager to please him by looking for any opportunity to catch anyone catchable.

-wayward children, who will steal it to live a high life that may cause their death.

- evil domestic staff, who are ready to behead and strangle anyone even if it's just for one $100 bill

If u guys try anything funny by trying to smuggle the cash out; woe betide anyone Buhari catches. By then, I hope their silly supporters on nairaland will not come and cry 'witch-hunt'

Now it seems i'm beginning to like Emefiele.

This is not a PDP issue.

The CBN 's policy flies in the way of sensible economic policies. Its ban n 41 products is insane.

Emefiele is a good banker but a lousy economist. Central banking is a mixture of the 2 especially the economic side. The man s ruining the country

menxer:


no mind them! I do online transactions in dollars and they charge my Naira mastercard , why all the noise if 'they' don't have any illegal intentions?

Abi? its PDP and their own bankers, it obvious they re broke.!!

I guess this is bad news for Yahoo-Yahoo boys too.

To strengthen manufacturing, the federal government (not the central bank), I must admit, must fix power, improve roads and infrastructure, while the Central Bank of Nigeria (CBN) itself must lower interest rates to reduce the cost of capital. The problem here is that, it is the structural defects on the fiscal side that have forced the CBN Governor, Godwin Emefiele’s hand to take some rather drastic but long overdue measures to save our fast depleting foreign reserves. Unfortunately, this good intention has drawn attacks.

[b]Now, how does this appear when the total forex used for the importation of the items that were excluded from accessing the interbank forex market stood at – $3.37 billion in 2013, $6.99 billion in 2014 and $2.73 billion between January and May 2015? A further breakdown shows the amount the various items gulped in 2013; rice accounted for $752.8 million, sugar-$464.6 million, wheat-$1.5 billion, fish-$1.3 billion, furniture -$31.7 million and textiles-$17.4 million. In 2014, importation of fish accounted for $1.02 billion, rice-$291 million, toothpicks-$2.71 million, milk-$960.7 million, furniture-$63.39 million, and textiles-$15.51 million. Whereas in the first five months of this year, importers of fish procured- $374.04 million from the forex market, rice-$220.3 million, toothpicks-$1.32 million, milk-$375.67 million, furniture-$20.39 million and textiles-$6.49 million.

Aside these excluded items, the elephant in the room which consumes a chunk of our forex are the government-subsidised fuel imports. In 2014 alone, the import bill on petroleum products gulped $10.4 billion.
[/b]
Imagine for a moment if the refineries were functioning in a sector completely deregulated. All that huge revenue spent on subsidising the importation of petroleum products will become available to government for its infrastructure development, and that will help to conserve our foreign reserves, thereby making the naira stronger.

http://www.thisdaylive.com/articles/is-the-economist-stupid-/215780/


We import fish, chicken, and toothpick to pick our teeth after dinning . . . ummm well planned.

FrontPageLawyer:
Why castigate PDP when APC are the loudest wailers concerning this policy. They all have millions of dollars stashed somewhere and they know how to channel it through the banking system. I will never trust APC and its change vision. It remains business as usual unless those crooks surrounding PMB are all jailed.

Lest I forget, have they (APC) ever requested for your trust or for u to believe in their change vision?

princdebola201:
it doesn't affect them..Cbn have already profer a legal way of going through legitimate business, which enhances business men to go through Legal process ..

The CBN’s Foreign Exchange Rules
have many windows for accessing foreign
exchange for legitimate business as well as for
personal commitments including payment of
medical bills, school fees, mortgages, demand
notes and other bills.
If you have legitimate business to fund, follow the
proper channel.

my brother some people don't know how to read.
everything to them is political when policies to progress the nation are gradually put in place.
don't worry they will forever be behind.

Please can someone break this policy down using simple terms. Normally I source for dollar at high cost from the hausas, deposit it into my DOM and initiate a transfer to my merchant. Does it mean I can't do this again ?. If yes, I understand I can use mastercard (if it is still allowed by CBN) but not all merchants accept this window of payment (especially the chinese), so what else can I do ?. Then at what rate will the transaction be done, is it the CBN official rate or mastercard rate or what ?.

On a curious note, how will those people dealing with the items that have been banned from sourcing for dollars from the CBN do their transactions, especially now that DOM is blocked ?. What will happen to the parralel market in the long term ?.

Please let's leave politics out of this discource and let's concentrate on how this policy can benefit us and the nation. Anyone that brings PMB or Jonathan into this issue should be considered a political bigot.

agabusta:
Why is the PDP kicking the air like an angry frustrated He-goat over a policy meant to protect the naira?? Is it because you are stuck with your stashed dollars??

The game is up! All the cash u guys looted is trapped now in your vaults at home. All of you have no option than to take it to the parallel market to change. This will go a long way in stabilising the naira and making it stronger in the parallel market.

You may decide to leave it at home and do a gamble on who will get the dollars first btw:

- dare devil robbers, who can sniff dollars from miles away.

- Police, DSS and EFCC who has been given renewed vigour by PMB and eager to please him by looking for any opportunity to catch anyone catchable.

-d children, who will steal it to live a high life that may cause their death.

- evil domestic staff, who are ready to behead and strangle anyone even if it's just for one $100 bill

If u guys try anything funny by trying to smuggle the cash out; woe betide anyone Buhari catches. By then, I hope their silly supporters on nairaland will not come and cry 'witch-hunt'

Now it seems i'm beginning to like Emefiele.

I only read the first and last paragraph of your comment and concluded that you are a fool.

All these na cheaP propaganda. Did you read that part that says legitemate businesses can access the Forex market?

The reforms have started bro, let's make it happen. Cheers!

arm4u:
PDP is very right.
Only kids and those who wait for monthly handouts will jubilate over the madness of Buhari and his CBN.

They are choking life out of international business.

Let me educate you folks.


We have a service which we procure from overseas,
we have a client in Nigeria who needs the service;

We pay our vendor in Dollars, so our client has to pays us in Dollars.

The business is transacted in dollars, We am not thieves.
We have nothing to do with oil let alone oil money.
We are not laundering any money for any body.

The policy has barred our client from paying using dollars.
Yet, Ir must pay my vendor in dollars.
Those of you who are haling it should explain to us how we can continue our business.

This archaic and myopic policy will simply snuff life out of my genuine efforts.

It is like banning cars because armed robbers use it to operate.

You can force Naira to improve in value, but you cannot force the economy to grow,


Well, am I surprised?
Didnt Buhari jail Fela for coming into Nigeria with Dollars he earned from handwork.

Do I blame Buhari?
Has he ventured into any business?
What does he know about money?
Did he not despise the business men when he visited the US?
Like somebody said, we have a celebrated illiterate as President.


Al I can say is, shame.

MasterMinister:


I only read the first and last paragraph of your comment and concluded that you are a fool.

why u dey abuse me na. You seem so pained. Are u among those adversely affecting the value of our naira?

datz all?

barcanista:
He should constitute Economic team.

noted


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989900:
There are still other positive measure that should be taken. And, I hope the CBN enforces a 'band' on the gap between CBN, Bank, & BDC rates.


You can't have CBN @ N197, while banks charge you N208-N225!

Bros, dis policy is d 1st step in dat and so many oda good directions.
I think we all knw dat banks and bureu de changes are partners in crime. They both rip us off our naira while arm-twistin dollars frm us so dat they can use in forex speculation to have more naira profits wc they use in enjoying their lives.
If cbn closes all these illegal channels and monitors whia and who is buyin dollar and hw much it was exchanged (enter bvn) they'd be able to call d banks to order to sell d dollar at just above d cbn rate because beliv it or not, banks must make a profit!

Exchange rate as at this morning is N215 to $1. PDP can cry me a river for all i care. this policy is here to stay!

MasterMinister:


I only read the first and last paragraph of your comment and concluded that you are a fool.

Wetin dey pain you for body like dis? Pele ooo. No more dollar for rogue activities. Live with it or port to Togo!

...The future is bleak for Nigerian youths judging from comments on Nairaland. Youths are now repeating the mistakes of their fathers.

The mental slavery in Nigeria is alarming! When able bodied men and women now believe it is their grandparents that will determine their future, then the future is not only bleak but a mirage.

Am not a supporter of apc but I love this policy by the cbn. I was getting scared that we might see dollar at 350 to the dollar at this rate.

policy against dollarisation is a way out of dollar slavery. Nigerians has in d past embraced dollar to d extent most of our big men dont even mention naira any more. This is a country where our currency is naira. It is neva d attitude of a developing nation to drop his own way of live n wear another country's own. Road to change.

If this action will yield positive results . . . .I am all for it . . . . . .

ydass:
Going too far with this money laundry policy don't forget there are genuine Nigerian business persons who needs DOM acct. for their business.

I think the government should rather focus attention on creating identity for every Nigerian to enable traceability of any money laundry act.

Yes there are, these constant intrusions shd force them into thinking of import substitution.
Even if it'll initially be at some discomfort to themselves.

Moment wen one big boy/man sprays u dollars for party and you u be like" bros....spray me naira too na"

vicadex07:
lol...buharis clampdown on the election dollars

PDP feeling the heat...no wonder they announced that they are broke recently

Because PMB has put stern regulations to control the abuse of the forex window which was only favouring them and other PDP sympathizers, they are now crying wolf. What benefit did the forex window do to Nigerians economy under GEJ other than to enrich the cabals. I'm sure Metuh is now crying because dollar is no longer available to him to gallivant with or maybe he's doing so on behalf of his cohorts. Yeye dey smell

Buhari working silently, steadily, slowly and effectively

How did buhari put it, don't get me wrong I love the policy but last time I checked CBN is an independent organ of govt, kudos should rather be given to emefele the CBN gov not buhari that isn't even aware of what is happening to the economy as a result of his sluggishness in choosing minister.

bayulll01:


Good policy paid 146 to a dollar for online stuff last week,the likes of wailers barcanista and co shld go and die

Really? Was it paypal? And through which bank? I need to know cos I want to pay some online fees too.

In a way, I think this action is similar to what Buhari did when he was a military leader : he changed the Nigerian currency to frustrate those who have embezzled money and keep it in their houses.

Only now things have changed, the medium for embezzling and stashing money at home now is in dollars. The medium for them to launder the money is in dollars.

It seems Buhari is really serious about blocking all loopholes. Those that hundreds of thousands or millions of dollars of privately stashed dollars - the dollars are now trapped in Nigeria.

This may bring some pain, but I think Buhari knows what he is doing.

barcanista:
He should constitute Economic team.

That'll be a good step in the right direction, but an economic team does not a robust economy make.

A good look at GEJ's last Economic team shd teach this lesson.

There's no way his appointing the team will not be inundated with ethnic, religious, regional etc.

You wonder why cement which is cheaper outside than in Nigeria was banned when Dangote was a key member of the team. Since
profits come first to a businessman.

If he'll need to clear some clutter before installing ministers. Then let him do it.

Though might be apt to mis-interprete his "procastinations" as cluelessness too but one has to try to not believe he never had a comprehensive ministerial list prior to winning the elections.
And that his moves so far are not real-time decisions.

bankylan:
...The future is bleak for Nigerian youths judging from comments on Nairaland. Youths are now repeating the mistakes of their fathers.

The mental slavery in Nigeria is alarming! When able bodied men and women now believe it is their grandparents that will determine their future, then the future is not only bleak but a mirage.

You care to explain this your statement?

agriboom:


Yes it will, but over time the legitimate ones will make themselves known by finding and going through the legal ways and the illegitimate ones will hide away. And maybe just maybe the honest ones will be dealing at the bank rate you always see at banks but can never get.

Let's hope the banks (who I suspect to be complicit in this Naira-Dollar imbroglio) will be willing to play by the rules (albeit the reduction in free-money) this time around.
It'll really help the economy.

Buhari or whatever he calls himself only wants to frustrate Igbo merchants buhh thank God in any blockade, there must be way. God is with us!

I hope this policy will not prevent me from receiving the £4 million I won from the UK lottery I played last week