NavierStokes:


Now is the time to stock-up before we start queuing up with special I.D's and on particular days to get even simple commodities like milk. They said J.P morgan's delisting was inconsequential, they threatened and scared away oil tankers with discomforting requirements for crude lifting, they placed an unrealistic fine on mtn with their zombies cheering them on without knowing the resultant effect on the economy, resisted world bank advice on subsidy removal (as evident in their stand during their time as opposition with a knack for mobilizing zombies against any policy from the govt. Of the day) and devaluation and funny enough they will fall back on that as a last resort after all these trials and errors approach that we warned about, fai. Like the "proverbial fly when no dey hear word" this administration is hell bent on pursuing her vindictive agenda on the Nigerians that rejected them thrice at the polls.

A few months ago ( August I think) the issue was too much dollars in the system, and they ordered everyone to stop depositing or receiving forex, forgetting that in 2014 alone Nigerians abroad remitted over 20billion dollars (Osibanjo during canpaigns). Five months later the wailing is about dollar scarcity. How confused can the head be.

Everyone is now wailing, home based, diaspora, banks, foreign media outfits. The lying liars better come up with another term.

Caracta:


Which bank gave you PTA in the last 3 months? The only group of people considered slightly were those on holy pilgrimages.

Or do you want me to show you CBN circular on suspension of PTA/BTA?

obailala:
... A lot of Nigerians obviously do not know what is going on, a lot of people have absolutely no idea how close Nigeria is to a total economic collapse and the CBN and FG obviously isnt communicating maybe in order not to cause panick.

Economics 101:
The nation is import dependent which means there's a high forex outflow. The main source of forex inflow is oil and oil prices have crashed massively to an 11-year low (even though expenditure has increased massively). Right now the nation spends more forex (via importation) than it earns (oil export) and consequently, the stock of foreign exchange is reducing drastically.

These checks by the CBN are simply to prevent Nigeria from becoming Greece or Venezuela. The CBN is struggling to prevent a situation where the foreign reserves are depleted on ebay businesses as you say, or by people going on leisure holidays abroad and then in a few months, the country wouldnt have any forex left to import food to feed its populace. This is no longer about the CBN trying to save the value of the naira, it is about the CBN desperately trying to save the nationfrom crashing and this is certainly not the time for people to be going randomly on leisure holidays. If only the CBN and the government would just communicate more properly and let the people know how bad things really are, how close the nation is to total collapse, maybe we wouldnt have people complaining of 'no funds for holidays' anymore. People would rather be more concerned about feeding.

Just incase you didnt know before now, I'm sure you should now understand the picture better with my explanations above and you should now understand why the CBN is desperately trying to prevent the outflow of forex; it is to save you and I from the Greek / Venezuelan situation which is imminent in a few months if oil prices don't come up.

Cc: Caracta, icecomrade, dabriggs, kenny987, kennyman2000, ugolance, seggzz, 2sex, zuby77, jaid23, erico2k2, ecel, Iko5000, musicwriter, ifyalways, godoluwa, NavierStokes

Now this is another disturbing development. Things are actually worse than it seems, yet some people still complain they dont have forex for xmas holidays.

Excellent7:



Accidents just don't, it is a sequence of events and actions.
I think they goofed when they stopped banks from accepting dollar receipts.
The guys imaginary or real they were hoping to stop, we were told packed Dollars, will be able to make huge profits now exchanging them for Naira.
That decision and subsequent ones must have negatively impacted diaspora remittances in my opinion.
I am waiting for data on that by Q1 2016
With the present situation, I expect the diaspora remittances to "by-pass" the CBN; more peer to peer transactions at arbitrary exchange rates guided by parallel market rates.
Some people are saying so we do not become like Greece and Venezuela, but I say we are already there. What we have is a time-lapse in perception for the general populace. After Q1 2016, it will be clear for all to see, when some commodities start becoming "scarce".

Bestbeelieve:


Its until their 70k monthly take home pay can buy a bag of pure water only that reality will set in.

dapsonlou:
Some People will come here and start Screaming Dullard. The previous administration Looted all our Dollars. Even the Election was paid for in Dollars

o42austino:
I understand ur point but, will u use because ur nose is bad and cut off ur head?, for the fact that some schools and businesses takes USD as payment will not make u to weak up one day and say no one should keep dollars in his account. The best thing to do is to punish offenders and leave the Good people out of it, now u can see how low we are.


Welcome to capital flight

tefund:
one reason against forex deposit but is that enough reason?

Sheggy13:

Especially the incompetent CBN governor, Emefiele appointed by your hero GEJ,who comes up with these laughable policies.

Icecomrade:
Dollar is already 280.

Cut this channel out even when banks cant pay dollars to customers courtesy of cbn regulation.

That will be more pressure on black market bereau the change.

Dollar exchange will hit the sky .

Did this clueless buhari govt appoint a minister of finance who was suppose to manage this economy better than okonjo iweala.

APC = CHAIN

Demmocrats:
To withdraw all the money before 2016.

2pointsonly:
anything concerning Nigerian banks books won't work... Provided You have Your neteller atm card..that should work.
(I stand to be corrected doe.)

OlujobaSamuel:

I thought you will be sane enough to point out how it was the cause of the finance minister actions or inaction in office but I can see that you just want to use every means possible to drag the finance minister to a monetary policy issue.
I have no issue with you criticizing a policy, but you need to know the quarters to direct it to.
You are trying to portray yourself as someone responsible, your post says otherwise.
Also, don't be a critic for the sake of it, you can point out your alternative opinion.

Liamm:
like funding of neteller account using master card(of some Nigerian banks). Is it still possible?

obailala:
The point is that, the dollarisation of the economy by allowing banks to accept currency deposits other than the naira, the dissadvantages and damage to the economy far far outweighs the economic benefits. There's a reason why no serious nation allows that.

o42austino:
the way forward is to devalue the Naira, that we help halt the Naira decline but, his currently measure will only put pressure on the BDC chanel for Dollars and will force the Naira to reach #500 against the dollar before next year runs out.

2pointsonly:
that's the whole essence of this thread. You can't make any payment(funding) with international merchants(foreign currencies).

erico2k2:

This is Sunday abeg I nor fit shout.we are dealing with adult.don't let us think you are not one.how can U say such a thing.if you don't understand the subject matter ask and it shall be explained.this is not about spending do laws in Nigeria but outside ie go to Ghana and use ur atm and go to Germany to use ur atm garrit? ??

Fawklicant:


Grow some brains and stop blaming the previous administration for everything like your daura master. He did the same thing in 1983/84 when he took over. He blamed the previous government for everything and introduced austerity measures claiming Nigeria was sinking fast. It has always been his method. Doomsday economics. But alas, IBB took over Jan1st 1985 and everything started turning around fast. Infact he started 3rd mainland bridge the same year and started building Abuja 1986. Where did all the money come out from? Yes, the same 'so called battered economy'.

Some peeps here are too young and never experienced what we saw under the daurafool in the 80's. We tried to warn you, but you didnt listen like the proverbial fly. Well enjoy your CHANGE. IT WILL ONLY GET WORSE FOR YOU PEEPS, NOT BETTER.

Anyway you look at it, it is inevitable that Buhari will make history twice, in ignominy. I'm waiting for that 'aha! I told you so' moment.

i think blocking forex inflow into account a major source of forex for nigerians over $20usd billions is an error... i had to bypass cbn, compelled my foreign partner to send perfect money recently

erico2k2:

Yes solution is devalue the Naira.Germany did it.the US did it.China did it.and it worked.

obailala:
... A lot of Nigerians obviously do not know what is going on, a lot of people have absolutely no idea how close Nigeria is to a total economic collapse and the CBN and FG obviously isnt communicating maybe in order not to cause panick.

Economics 101:
The nation is import dependent which means there's a high forex outflow. The main source of forex inflow is oil and oil prices have crashed massively to an 11-year low (even though expenditure has increased massively). Right now the nation spends more forex (via importation) than it earns (oil export) and consequently, the stock of foreign exchange is reducing drastically.

These checks by the CBN are simply to prevent Nigeria from becoming Greece or Venezuela. The CBN is struggling to prevent a situation where the foreign reserves are depleted on ebay businesses as you say, or by people going on leisure holidays abroad and then in a few months, the country wouldnt have any forex left to import food to feed its populace. This is no longer about the CBN trying to save the value of the naira, it is about the CBN desperately trying to save the nationfrom crashing and this is certainly not the time for people to be going randomly on leisure holidays. If only the CBN and the government would just communicate more properly and let the people know how bad things really are, how close the nation is to total collapse, maybe we wouldnt have people complaining of 'no funds for holidays' anymore. People would rather be more concerned about feeding.

Just incase you didnt know before now, I'm sure you should now understand the picture better with my explanations above and you should now understand why the CBN is desperately trying to prevent the outflow of forex; it is to save you and I from the Greek / Venezuelan situation which is imminent in a few months if oil prices don't come up.

Cc: Caracta, icecomrade, dabriggs, kenny987, kennyman2000, ugolance, seggzz, 2sex, zuby77, jaid23, erico2k2, ecel, Iko5000, musicwriter, ifyalways, godoluwa, NavierStokes

Now this is another disturbing development. Things are actually worse than it seems, yet some people still complain they dont have forex for xmas holidays.

Activa:


Please show me the cbn circular. Thanks.

magicminister:


Very intelligent contribution.
I am very curious to know why the cbn sells forex tobthe parallel/black market but not to the banks.
The major leakages are from bdc's and online trading.
Online trading leakage has been plugged but the cbn still sells minimum of 10, 000 dollars on a weekly basis to bdc.
I dont think they are serious yet.

Caracta:


I'm in transit. The CBN website is not navigating properly but let me direct you to the 3rd paragraph of the first post here: https://www.nairaland.com/2505146/cbn-bans-deposits-into-domiciliary

“The CBN advises individuals that wish to source foreign currency for eligible and legitimate purposes such as BTA, PTA medical, mortgage, school fees, goods etc. to do so through recognized channels with the use of Form ‘A’ for “invisible” and Form ‘M’ for “visible” transactions.”

As soon as i download the circular, expect more.

Activa:


This is not a ban.

They're only trying to make sure that only genuine requests for fx are met.

Thanks

josh4ever:



Shut up! So punishing the majority for no fault of theirs is the way abi? Grow some cerebral tissue please