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Nairaland Forum / Nairaland / General / Politics / The CBN New Dollar Policy: The PDP Is Right (6492 Views)
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Re: The CBN New Dollar Policy: The PDP Is Right by SIRTee15: 9:10am On Aug 03, 2015 |
PvtParts:so positive trade balance will happen overnight? and until then the govt should wait and watch as its currency turn to tissue paper and the economy is dollarised. every serious govt manipulates her currency as the state of the economy demands. china and south korea are the worst culprit. I dont really get your point about the manufacturing industry because as far as I know, our manufacturers are majorly importers of raw materials and intermediates products. our value chain supply is weak, so most factories rely on imported industrial components to produce finished goods. therefore a stronger naira is beneficial to the manufacturing sector. 1 Like |
Re: The CBN New Dollar Policy: The PDP Is Right by Nobody: 9:10am On Aug 03, 2015 |
olapluto: You fool. It doesn't matter how you convert to forex either electronically or physically the pressure will still be there. I don't expect your 120kb change chanting programmed brain to understand so just shift Abeg. 1 Like |
Re: The CBN New Dollar Policy: The PDP Is Right by Nobody: 9:10am On Aug 03, 2015 |
we can not afford to let the free fall of Naira
Genuine businesses can use official channels made available by CBN |
Re: The CBN New Dollar Policy: The PDP Is Right by Nobody: 9:11am On Aug 03, 2015 |
SIRTee15: That's why I keep telling you Oduastanis to get to work planting cocoa. You can't expect oil to feed 150 million parasites 3 Likes 2 Shares |
Re: The CBN New Dollar Policy: The PDP Is Right by holysina(m): 9:12am On Aug 03, 2015 |
what ever policy that will improve the economy is welcomed, but when it will only strengthen the naira and further kill businesses is a NO for me. we need to first make policies that will encourage local and international trade, that way the economy will boost and the naira will appreciate at it own pace. How can I only withdraw from my domiciliary account and I cant deposit cash into same account. this policy to me will only encourage money laundering. |
Re: The CBN New Dollar Policy: The PDP Is Right by Nobody: 9:15am On Aug 03, 2015 |
IbnSultaan: Try and get it into your brain. Nobody wants your naira. That is the point. When Jonathn wanted to domicile our oil trading from Switzerland and London to Lagos in order to have our oil to be bought in naira through the CBN what happened? Wasn't it that same time a Swiss based organization issued a damning report on NNPC accounting? And in less than a week later Sanusi came out with his outrageous $50 bn false claim? Every aspect of your decision making process has been craftily shilled on you without you even knowing. 4 Likes 2 Shares |
Re: The CBN New Dollar Policy: The PDP Is Right by Nobody: 9:27am On Aug 03, 2015 |
During the precolonial era and trans Saharan trade, the Europeans and Arabs determined the means of trade. In the south it was manilas - worthless brass amulets which had no intrinsic value other than with trading with European merchants. In the north, the Arabs brought overvalued silk garments, pots and kettles from which they exchanged for spices and slaves. Then one day, the British decided that they won't trade in manilas anymore. At that time there where over 40 million manilas in the hands of Africans in the Delta. Automatically the British with one single declaration bankrupted the now import dependent people. From there the thriving business class was poverized over night. It was through such economic hardship that the British were able to wrest treaties from the locals. In a nut shell, the British used economic sabotage to conquer what is now southern Nigeria. They are doing the same thing in the 21st century. Sometimes I want to believe that the black man is really daft. 1 Like 1 Share |
Re: The CBN New Dollar Policy: The PDP Is Right by SIRTee15: 9:36am On Aug 03, 2015 |
PvtParts:my piece of advice to u. quit ethnic bigotry. bigots struggle to attain there full potential. they rarely do well in life. 2 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by Nobody: 9:39am On Aug 03, 2015 |
SIRTee15: I am now a bigot for calling you lazy which you are? I laff. Better start getting used to an end of free oil money. And yes, I will drink it rather than share it with your lazy twerps 1 Like 1 Share |
Re: The CBN New Dollar Policy: The PDP Is Right by uchedydy: 9:40am On Aug 03, 2015 |
BRB |
Re: The CBN New Dollar Policy: The PDP Is Right by rusher14: 9:42am On Aug 03, 2015 |
arm4u: Go to your bank and they would apply one of their various money market schemes to paying your vendor. Were banks not functional before over-the-counter forex transactions? 1 Like |
Re: The CBN New Dollar Policy: The PDP Is Right by uchedydy: 9:43am On Aug 03, 2015 |
arm4u: Bros stop all this ignrance...have u eva heard of form M and form A....if u have a legal business with your vendor, please use form M and if you have school fees to pay, please use form A. At least be informed before u type rubbish...this is not politics. 4 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by hinwazaka: 9:47am On Aug 03, 2015 |
Its sad that Nairaland lacks people versed in theories of economics or with a knowledge of Monetary and global finance. The fact is that the CBN has taken us back to the doldrums with this law. I can recall a lecturer of mine making reference to this law back in the days. When he was a student back then he was operating two accounts: foreign and domestic. He was picked up by the DSS and questioned till he was forced to close the foreign one. He was just a student not a politician neither was he a freedom fighter. The reason for the fall in Naira is simply the drop in the price of oil and the fact we run a somewhat Mono economy. These policy will only affect our economy in the short run but will lose its capability in the longrun . Its simply a cosmetic and not penetrative change to the economy of Nigeria. The only supposed change will be the freedom of Nigerians. I have repeatedly said that the APC will try to destroy our Laissez faire economy and close our country off. In the end they will fail and all of them will be jailed or executed. In the end the PMB government will indirectly give PDP its 60 year rule 2 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by ayindejimmy(m): 9:48am On Aug 03, 2015 |
arm4u: I know that the dollar is an international currency but in desperate time, desperate measures need to be taken. Something drastic, in the short term, needs to be done for the naira to gain ground. To the masses, this is a welcome development. The CBN is trying to weaken the strong to strengthen the weak. It's a two edged sword 4 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by Nobody: 9:58am On Aug 03, 2015 |
hinwazaka: Now someone is talking. I believe this government will apologise to Nigerians at the end or before it ends with tears in their eyes and openly admit of taking us backwards. Again, I strongly believe. 2 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by UncleJudax(m): 10:00am On Aug 03, 2015 |
banki: I understand you need LIKES from your APC folks. But I will advice you to desist from defending for the sake of it. You seem to not have come across the terms, demand and supply. How could excess Dollar in circulation (assuming there was) have caused the Naira to nosedive? That is unimaginable ignorance. The economic revolution (you mentioned) should be about steering away from an import based economy to an export based one. We certainly have the raw materials and manpower. What is lacking is infrastructure. Don't dabble into issues without doing your homework. 2 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by uchedydy: 10:01am On Aug 03, 2015 |
hinwazaka: u think u know, while u know nothing....listen, we cant dollarize this economy, there are legal means of doing everything u wan to do in naira. if u want to pay school feels , use form A for invisibles, for goods use form M. If u want to send feeding money to someone abroad, pay into his visa or mastercard with the charges, he would withdraw it reasonably using the restrictions of spending therein. The problem is that we are so used to doing things the wrong ways that we now think that there are no legal means of doing things. I repeat, for your legal transaction, be it car purchase or any other visible good, there is form M, u present documents to back up, then u pay in Naira at prevalent rate. Uncle please lets leave PDP and APC and concentrate on how to make this policy work. It would definilty need some twerking and streamling , but sure is the best approach....It would crash black market. 4 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by olapluto(m): 10:10am On Aug 03, 2015 |
uchedydy:Why not leave him to wallow in his folly. This is the first real effort at saving the naira. I was surprised last time I visited Nigeria and people were asking to withdraw dollars up to 10,000 USD. Given that it was election period, I still thought it was going to hurt the naira so much. Like I said earlier, NO LEGITIMATE BUSINESSMAN IN NIGERIA SHOULD PAY DIRECTLY IN DOLLARS (WITHOUT GOING THROUGH THE BANKS). What we have is the election dollars that flooded the market and made the Naira to slide alot. These dollars will be 'mopped up' by the new CBN policy. 3 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by hinwazaka: 10:13am On Aug 03, 2015 |
AdamsBashforth:The CBN are probably trying to force a Crowding out effect and thus hijak the economy from the private sector which is the greatest opposition to the APC led socialist government. This will hit a brickwall because we have come a long way as a mixed - capitalist economy. It would only lead to the private sector fighting back and winning at the end of the day. When Obama assumed office, many people wanted him to go headon against the top banks like Goldman Sachs and Citigroup. People wanted him to force them to reduce the big bonuses being taken home by their executives. This, Obama tried and failed at. At the end of the day the banks hijacked the markets and plunged the economy into a near recession. That became Obama's albatross. This act will lead our already fragile economy into shock and unfortunately we have no absorbers like the US had. Afterall try you may, but in the end, you can not give what you don't have 2 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by arm4u: 10:17am On Aug 03, 2015 |
olapluto: My vendor is in Demark bro. We must pay in dollars. My client is in Nigeria. I get payment from my client the remit to my vendor. Do you understand? |
Re: The CBN New Dollar Policy: The PDP Is Right by arm4u: 10:22am On Aug 03, 2015 |
PassingShot: Bros, are you saying from experience or you are just speculating? There are so many legit business that you must source for dollar from the local market. Reason? The CBN policy does not cover them for official transactions. |
Re: The CBN New Dollar Policy: The PDP Is Right by arm4u: 10:24am On Aug 03, 2015 |
gists: So many of you saying these things are not directly involved with such financial transactions. And it is obvious that no amount of explanation will suffice. That will tell 1 Like |
Re: The CBN New Dollar Policy: The PDP Is Right by 400billionman: 10:28am On Aug 03, 2015 |
hinwazaka: I agree with you but for now, we cannot allow the naira to fall to N300 to a dollar. Because we want to keep importing toothpick, rice and chicken.. |
Re: The CBN New Dollar Policy: The PDP Is Right by uchedydy: 10:32am On Aug 03, 2015 |
olapluto: I do not see any reason why a Nigerian would have need for dollar...truth is, we can do all do legitimate business without even seeing the colour of the dollar. I repeat, there are legal means of doing any legal business that we wish to do. 2 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by shigoslim(m): 10:36am On Aug 03, 2015 |
One thing about the new crock of PDP is that they address the message with intellectual and fact. They don't attack the messenger......... But here APC always show their muscle as if they are on revenge mission . 3 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by 400billionman: 10:40am On Aug 03, 2015 |
UncleJudax: He said naira was falling due to excess dollar in circulation. I was like LMAO. We have manpower 100%, Raw materials 45%. Guy, in many manufacturing processes the essential chemicals and ingredients are still bulk imported. What we have here are cheap components which give body or volume to the products.. Eg. Calcite, kaolin, dolomite, limestone, coal, mostly products from mining.. |
Re: The CBN New Dollar Policy: The PDP Is Right by 400billionman: 10:44am On Aug 03, 2015 |
uchedydy: Well said, most of the transaction tools we are so used to in Nigeria hardly exist abroad. The law hardly applies here. It's a pity we have so gotten used to doing things the wrong way. 1 Like |
Re: The CBN New Dollar Policy: The PDP Is Right by UncleJudax(m): 10:59am On Aug 03, 2015 |
400billionman:Hahaha. The guy de look for likes Well, the task ahead is enormous. We Couldn't usurp China in one year. We have to lay the foundation, and go from there. Nothing is absolute. Even China, Germany still import....but not Toothpick |
Re: The CBN New Dollar Policy: The PDP Is Right by onatisi(m): 11:10am On Aug 03, 2015 |
arm4u:did cbn say you shouldn't pay your overseas partners? Simply follow laid down rules.visit your bank. 1 Like |
Re: The CBN New Dollar Policy: The PDP Is Right by FearGodinall: 11:13am On Aug 03, 2015 |
banki:. Did I hear you saying the reason the naira is falling is as a result of excess Dollar in circulation? If this is coming from the Buharic economy team then, am beginning to believe that Nigeria might just in onechance# if its dollar that's in excess then how could be naira that would be falling? This could be just another postulation in economic because its contrary to the rules of demand and supply. How can making dollar scarce grow your economy? |
Re: The CBN New Dollar Policy: The PDP Is Right by hinwazaka: 11:29am On Aug 03, 2015 |
uchedydy:Sorry Sensei but I do know, I did a course in global finance, in my final year and even did a term paper on it. The real cause of the fall in naira is not the excess of dollars in the economy but actually our low production capacity. If you have goods and a market for it, excess dollar circulation won't be a problem because you will have an outlet for it due to the fact that the naira will be more in demand in the forex market and so foreign consumers will sell more dollars to buy more naira while we will sell more naira to buy more dollars and so you would have a circular flow. The new CBN practice, though favorable in the short run will be deadly to our free market structure, in the long run. I understand the CBN is trying to implement a tight monetary policy but this goes hand in hand with a robust industrialisation plan. If the latter is left out, then the result will be one step forward, nine steps backward |
Re: The CBN New Dollar Policy: The PDP Is Right by doncaster(m): 11:39am On Aug 03, 2015 |
olapluto:Don't know wht you mean by this. Today I bought 1000euro from the post office here in UK, there are thousands of BDC's littered every corner of central London selling and buying diff. currencies. |
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