obailala:
Its okay.
The fact is that if we have a full understanding of the current situation of things, we would understand it has nothing to do with buhari. A man who earns 100k and finds it hard to feed his 5 children, imagine what will happen when his salary is cut to 30k? I'm sure you would agree with me that such a man would hoard the little he has to ensure the house doesnt run out of food (every other need would be termed 'luxury' and would be made to wait).

Now there is a major scarcity of forex in the country ocassioned by the fall in oil prices. The cbn is simply hoarding the few dollars it has to ensure we would have just sufficient to meet what it terms 'essential commodities' such as petrol, food and raw materials. Buhari is not trying to force anyone not to go to school abroad, it is the economic situation of the time that has led to this and the cbn thinks that food is more important than foreign school fees. Can you imagine the humanitarian crisis that would bedevil the nation if forex reserves run down to zero?... no fuel, no food.

You get sense jare bro.

magicminister:
I only have 2,000 naira on my zenith bank account and i made a 5 dollar transaction only to be charged 1700 naira.
This implies that zenith bank sold each dollar at the rate of 350 NAIRA.
Yet, the central bank sells dollar to these banks at the rate of 190-199.

This is crazy and greedy!!!!

Yours was better, the same bank charged me 391/$ yesterday, I later settled for GTB that charged 320

I no dey try use my card for any foreign transaction again cos na heart ache go kill person when he saa alert.

magicminister:


Really??
so, the cbn sell to the black market in order for the banks to buy from the black market!!...
tell me somechin!!

The Central Bank and commercial banks are just making mockery of the Nigerian people.The so called exchange rate disparity is as a result of sharp practices by them. They channel the dollar to the black market while they sell within themselves at 197 the money is moved to the black market whereby they sell at N370.

Now I ask, why is it that when you send money to Nigeria, through western union or money gram, you are been paid at the bank rate which is N197. That money is moved to black market and sold at N37O.
That was why they had to stop giving people their money in hard currency which is an exploitation.

olamonsor2:
Bro, sometimes in January I paid to Alabama university, ($60) uba deducted 17,625. I burst into tears.. To be sincere, I have loose hope in this government .

Ola monsuru my brother, na Chaji we dey enjoy so.

magicminister:


besides, i heard cbn stopped selling to bdc's.
so, if they don't sell to bdc's and banks, biko who dey deplete our reserves??

i know its not me and my 5 dollar transaction sha.

Of course they sell to those in power!

They are making big bucks why their zombies chant change and believe all the lies.

What I heard from banking sources over last two weeks is shocking. People are making a killing.

It is good to be well-educated and be all-rounded to run a country.

If you're not, when you bring tough policies, those around you quickly see the flaws and exploit it behind your back.

Especially if you're the type that is allergic to advice and set in your ways.

chinchum:
I was charged 78,500 naira for a 322 canadian dollar transaction on thursday. i made a great mistake using zenith card for that transaction, Gtbank would have charged me less if i had used their card.

Brother, I think I was charged even more by first bank just yesterday. I withdrew $CAD 340 and got charged over 246. That is Canadian dollars and not USD. I think we should stop deceiving ourselves that Naira exchanges for USD at 199.

pacino26:


Continuing Professional Certification courses are all paid in dollars which you can't get in naija. Industry related courses at M.Sc level like subsea engineering, pipeline integrity management, reservoir dynamics and a host of them. What is offered in Nigerian universities is just a scrap of every junk possible.

Institute of Petroleum Studies in UniPort is trying to bridge the gap but then you're almost paying in dollars though the naira equivalent. M.Sc Offshore Engineering for 2million duration 12 months. It's possible the price has gone up.

Except furthering your cert.,

I tink d Nigeria education system isn't d problem- d problem that shud be rectify in d nigeria education system is making entering higher institution easy

But d main problem is dat, there aren't enuf job to go around for graduates, and individuals that can start our own IBM, FORD, BOMBADIER, FACEBOOK e.t.c which will lead to an industrialise nigeria where we can export our re Nowhere

End time banks

time 2buy shares

sonofananimal:
did you just said this with your anus

is there anything like astrophysics in Nigeria?

is there anything like marine biology in Nigeria?

bros! there are over thousands courses we don't do here.

I wud have love to insult u bck But i won't!!

All does course u mentioned, are there institution in Nigeria where it can be practice

ANTONINEUTRON:

I wud have love to insult u bck But i won't!!

All does course u mentioned, are there institution in Nigeria where it can be practice

INSULT yourself. what do you mean by marketable?

Very simple .go to court

obailala:

Who dey deplete our reserves?... it is you and I who prefer to buy 'made in UK' handkerchief with $5 instead of the one made in Aba for N50.

The nation is presently suffering from what is termed a 'negative balance of trade'. Before now, let's assume the total amount of forex leaving Nigeria per month was $10billion (this amount includes money spent importing fuel, food, clothes, foreign school and medical fees, you $5 handkerchief etc), this forex outflow of $10bn is balanced by a forex inflow of $10bn or more mainly from oil sales. Today the proceeds from oil sales has fallen by 70%, but our taste for foreign goods has obviously not changed. So today we are getting inflow of only $3bn but still spending $10bn. This is the negative balance of trade which is reducing the reserves.

To manage this crisis and prevent reserves from reaching zero, cbn has totally stopped releasing forex to banks and BDCs which help people like yourself who want to buy a mere handkerchief; except you can prove that you want to purchase an essential commodity like import fuel or rice etc, the cbn will not release its scarce forex to you. So the forex which your bank sold to you for N350 was not gotten from cbn, it was from the blackmarket. The blackmarket guys get their forex from diverse sources (including raw cash from people who return from diaspora). The scarcity of forex in the open market is the reason why it sells for up to N350 or N400.

Cc: olamonsor2

I hope people will read this. It is easy enough to understand. Personally, I believe that banning specific items from the CBN forex fund list is the way to go. Ultimately, it encourages local manufacturing. With time , people would rather buy the locally made "handkerchiefs" and co, thereby sustaining someone's employment than buy foreign goods.

pendusky:


People like you should be flogged,


Months Back you opened this tread

Reasons Why Nigerians Must Reject Jonathan And The Pdp.... by
olamonsor2 : 3:45pm On Mar 11 , 2015

www.nairaland.com/2190893/reasons-why-nigerians-must-reject


You rejected 200 per dollars then and now it affecting you 350naira per dollar and ur saying ur loosing hope on which government, If I hear

If u ever open ur mouth again on this govt u will be flogged

Sharrrap and move on.

When I read comment like this, I just feel we still have a long way to go as a country, especially in the aspect of basic knowledge of governance and economics.

Are you aware that GEJ government had to devalue Naira from 166 to 199 when the oil price dipped from the 110-140 range to $70 per barrel? If yes, then, how do expect a GEJ who couldnt maintain naira-dollar rate at 166 with oil price at $70 to do any magic with oil price at $28-$32?

Mind you, Buhari, has not even devalued at all, he has only ensured that "those who want luxury pay for their luxury". You want a foreign app, pay for it. You want a foreign education, pay for it. You want to go on vacation, pay for it. You want foreign medical check out, pay for it.
On the other hand, exchange rate on critical imports remain same.

On a broader perspective, this stringent austerity policy would force more and more people to patronize made in Nigeria Products, which would invariably boost local markets.

Hahaha .... Op might have other accts nao

tolugar:
Op according to your closing balance,


YOU ARE BROKE

tolugar:
Op according to your closing balance,


YOU ARE BROKE

. you wan make hin lie to you ;

tolugar:
Op according to your closing balance,


YOU ARE BROKE

. you wan make hin lie to you

obailala:

Who dey deplete our reserves?... it is you and I who prefer to buy 'made in UK' handkerchief with $5 instead of the one made in Aba for N50.

The nation is presently suffering from what is termed a 'negative balance of trade'. Before now, let's assume the total amount of forex leaving Nigeria per month was $10billion (this amount includes money spent importing fuel, food, clothes, foreign school and medical fees, you $5 handkerchief etc), this forex outflow of $10bn is balanced by a forex inflow of $10bn or more mainly from oil sales. Today the proceeds from oil sales has fallen by 70%, but our taste for foreign goods has obviously not changed. So today we are getting inflow of only $3bn but still spending $10bn. This is the negative balance of trade which is reducing the reserves.

To manage this crisis and prevent reserves from reaching zero, cbn has totally stopped releasing forex to banks and BDCs which help people like yourself who want to buy a mere handkerchief; except you can prove that you want to purchase an essential commodity like import fuel or rice etc, the cbn will not release its scarce forex to you. So the forex which your bank sold to you for N350 was not gotten from cbn, it was from the blackmarket. The blackmarket guys get their forex from diverse sources (including raw cash from people who return from diaspora). The scarcity of forex in the open market is the reason why it sells for up to N350 or N400.

Cc: olamonsor2

You are a very smart man. Not sure I have wrote that about anyone since I have been on Nairaland.

ANTONINEUTRON:

Mention just 5 reasonable/highly marketable course that are not offered in Nigeria

sonofananimal:
did you just said this with your anus

is there anything like astrophysics in Nigeria?

is there anything like marine biology in Nigeria?

bros! there are over thousands courses we don't do here.

Well, to be fair, he did say highly marketable... I doubt astrophysics or marine biology are applicable to the current labour market in Nigeria

nextstep:




Well, to be fair, he did say highly marketable... I doubt astrophysics or marine biology are applicable to the current labour market in Nigeria

just study this two and see if job won't be looking for you here in NAIJA without stress!

marine biology work in oil company ALOT! I do have a friend there.

as for the astrophysics! well. as far there is physic in that astro, is also marketable here in NAIJA too

Hellooooooooooo my fellow Nigerians you should please embraze change for once, we are work in on something. Very soon we will technically stabilize the :onaira.

olamonsor2:
Bro, sometimes in January I paid to Alabama university, ($60) uba deducted 17,625. I burst into tears.. To be sincere, I have loose hope in this government .

*Lost*

obailala:
CBN doesnt sell dollars to banks anymore, zenith got your dollars from the blackmarket.

Permit my ignorance.

If they bought from the black market at say 300 and sell at 350. why then do they pay 198.5 to us receiving money from AdSense? Is that not dubious? They will be making gain of over 150 per 1$

sonofananimal:
just study this two and see if job won't be looking for you here in NAIJA without stress!

marine biology work in oil company ALOT! I do have a friend there.

as for the astrophysics! well. as far there is physic in that astro, is also marketable here in NAIJA too

You and I know this isn't true. Just dey deceive yourself. Astrophysics ko, Marine biology ni.

Kingzy4pep:
You and I know this isn't true. Just dey deceive yourself. Astrophysics ko, Marine biology ni.

will just come here and be lying!

you need to open your eye to the real world.

tolugar:
Op according to your closing balance,


YOU ARE BROKE

lol is that the issue #focus

SegunAdewole:


Ola monsuru my brother, na Chaji we dey enjoy so.

How far boss ?

magicminister:


For crying out loud, some of the biggest successes from Nigeria were all trained abroad.

You lie there name one trained abroad and i will name five trained in NIGERIA

this same mentality is why the dollar will continue to rise

chinchum:
I was charged 78,500 naira for a 322 canadian dollar transaction on thursday. i made a great mistake using zenith card for that transaction, Gtbank would have charged me less if i had used their card.

bro thats 243...kinda fair

tempest01:
Zenith charged me 503 naira to a pound yesterday. I was shocked. Not doing any transaction using my local card card for now.

U see life and if I tell u 500 to 1£ u no go gree oo

obailala:

Who dey deplete our reserves?... it is you and I who prefer to buy 'made in UK' handkerchief with $5 instead of the one made in Aba for N50.

The nation is presently suffering from what is termed a 'negative balance of trade'. Before now, let's assume the total amount of forex leaving Nigeria per month was $10billion (this amount includes money spent importing fuel, food, clothes, foreign school and medical fees, you $5 handkerchief etc), this forex outflow of $10bn is balanced by a forex inflow of $10bn or more mainly from oil sales. Today the proceeds from oil sales has fallen by 70%, but our taste for foreign goods has obviously not changed. So today we are getting inflow of only $3bn but still spending $10bn. This is the negative balance of trade which is reducing the reserves.

To manage this crisis and prevent reserves from reaching zero, cbn has totally stopped releasing forex to banks and BDCs which help people like yourself who want to buy a mere handkerchief; except you can prove that you want to purchase an essential commodity like import fuel or rice etc, the cbn will not release its scarce forex to you. So the forex which your bank sold to you for N350 was not gotten from cbn, it was from the blackmarket. The blackmarket guys get their forex from diverse sources (including raw cash from people who return from diaspora). The scarcity of forex in the open market is the reason why it sells for up to N350 or N400.

Cc: olamonsor2

Buhari is the chief perpetrator of the bolded, so he's the major culprit since he's the commander in chief too... Also, remember he'll be importing BMWs too right?

Sadly, we import cattle too