automatix:
it's a huge problem. Most times when you guys talk like this, it's just as if NIGERIA has readily available alternatives.

What is the government doing to encourage local production of varying products and services? NOTHING!

I for one would love to change the meat industry in Nigeria but I can't get the help I need. I had to apply to an organization for grants and I just hope I win the grant.

If we had 1000 of a dangote, Nigeria will be far better than it it's today. If the monies stolen were used to build industries,Nigeria will be leading.

It's simple yet these leaders just make it hard. Sometimes I ask whether it's pure wickedness or outright ignorance.

God bless you my brother!! I don't understand how people think at a times

grandstar:


The present tools government is using is causing mayhem in the economy. They have proven to be blunt and highly ineffective shortchanging almost everyone. The best indicator of this is that a bag of pure water is now 100 naira.

The proper thing to do is to allow the currency depreciate to its real value based on the present forex earning so that the government can provide enough forex to everyone who demands it.

GEJ allowed the currency to depreciate snd that is why is why despite oil prices falling from $118 to $45, the naira fell from 165 to 210.

It is the opposite with PMB who said he won't allow the currency to depreciate from day 1. That is why there is so much bedlam.

If we're not enemy of ourselves what business does pure water have with forex

Please guys....
I want to get something clear here ooo
If I have dollar set to me from abroad to my dom account.. Does that mean my bank will not give me my dollar for me to excharge in d black market by myself or will they give me the naira equivelant at there 197 scam amonut?

Or is there any measure on need to put in place to get his money in dollars?

tijankaba:
Please guys....
I want to get something clear here ooo
If I have dollar set to me from abroad to my dom account.. Does that mean my bank will not give me my dollar for me to excharge in d black market by myself or will they give me the naira equivelant at there 197 scam amonut?

Or is there any measure on need to put in place to get his money in dollars?

Your bank should give it to you in dollars. Back when CBN stopped dom account holders from depositing money into their dom accounts, it was extremely difficult to withdraw dollar out of one's dollar domiciliary account. This has changed however. Now, you can withdraw actual dollars from your dollar domiciliary account and exchange it to naira in the black market.

dasparrow:


Your bank should give it to you in dollars. Back when CBN stopped dom account holders from depositing money into their dom accounts, it was extremely difficult to withdraw dollar out of one's dollar domiciliary account. This has changed however. Now, you can withdraw actual dollars from your dollar domiciliary account and exchange it to naira in the black market.

Thanks
The reason I ask this question is based on what I have read so far on this post that CBN no longer sell dollar to banks again. If that is true than where will the bank get the dollars to give to there customers except from the black market which is very high.

magicminister:


i am sorry maine.
it is the situation we have found ourselves.
Yet, buhari will fly around the world and buy bmw worth billions of dollars!

Choi BMW worth Billoins of dollars ... The motor dey use air/water?

As for me, am not doing any foreign transactions again for now except if it's extremely important... Sticking with my made in Nigeria Verve Card only

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 .

Lmao @ "burst into tears"

Obusekun!

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

What of those that wanna pay for essential things like: international exams....shey forex no fit help?

I just thank God i am not a Nigerian but i am from Rivers state

After shouting " change " " change" !! You are complaining. ntoooorr

coolsix:


Why would you withdraw with your U.S Bank MasterCard here in Nigeria?

bro shut the Bleep up, you ain't making any sense at all, a mofos like you have probably made no online transaction before that's why your typing shit.

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

For real? Wat abt BDCs, how do they get their dollar

datigbogirl:


What of those that wanna pay for essential things like: international exams....shey forex no fit help?

It's a luxury, so black market rate applies.

rflexii:
As for me, am not doing any foreign transactions again for now except if it's extremely important... Sticking with my made in Nigeria Verve Card only

Exactly, that's the rule, only buy what are very essential. Few weeks ago, I needed $4000 for a foreign trip, however, I just couldn't afford to buy at #310. I simply cut my freaking budget to $500 and bought at #300 (i bought the old dollar notes at a reduced rate). I didn't complain much because I knew traveling was a luxury. I was actually surprised and excited that the airlines still charge at $1@#200 rate.

magicminister:


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

my money online keep increase as dollars increases, do i need to sale it now or wait for sometime?

The federal government should provide power for industries to spring up, without electricity Nigeria cant do much.

OP please wisen up. CBN rate is not the real rate in the market. So the banks would charge you at the prevailing rate.

Nigerian banks are armed robbers. Sending money from US directly into my account in Nigeria is always N20 difference.. If dollar is 350 in Nigeria, my agent sends into my account at 330. How they do it I don't know. If ATM is paying you N186 per dollar then that means our present govt is worst than armed robbers, CBN is a terrorist

givemetoto:


bro shut the Bleep up, you ain't making any sense at all, a mofos like you have probably made no online transaction before that's why your typing shit.

grandstar:


Currency depreciations and devaluations do not exist in a void. They are caused by one factor or the other.

For instance, the dollar has been appreciating against the Euro and other currencies in the past 1 year. That means the naira will depreciate against it.

Also, inflation is an implicit devaluation of your currency. If the inflation rate is 10% per year, that means the currency is worth 10% less than the previous year. In the short or long term, such a currency has to devalue.

Countries with very low inflation tend to maintain their value vis a vis countries with higher inflation.

Next, if your currency is properly priced, you can never deplete your reserves!

A good example is India. In 1991, it had only $1b in its foriegn reserves. It was in very desperate situation. It now allowed the currency to float, to be fully determined by market forces.

Immediately, dollars started flowing in from abroad replenishing the foriegn reserves. From $1b, it now$295b.

Buhari has done the complete opposite of floating and the country is in a dilemma.

You speak of depleting the reserves but you are silent on replenishing it? How do you bring in more dollars? That is where the government is failing.

Nobody will bring in forex at 197. Those who receive WU are livid at the poor rates. Is it someone bringing in $10m that will be pleased?

Ok i get your point,those with forex would operate @ a terrible loss, while the banks & bdc would be raking in mega profits. My only fear is if the naira is devalued, the price of fuel & other commodities will skyrocket unless govt flood more naira into the system to give people purchasing power, & the also be exchange rate in the BM may shift again if the supply of dollar doesn't match it's demand...

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.

That's a good one. You got him there.

bebe2:


Aberdeen wet dey my backyard.

I operate all over the UK, also transfer money to naija.

What's your selling rate?

tempest01:


What's your selling rate?

Selling pounds 495

bebe2:


Selling pounds 495

loool... only an extremely desperate person would come 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

i learnt somethinfg new from your analysis. Please teach us more

magicminister:


loool... only an extremely desperate person would come to you.

No be so, rate has crashed now, pple day do money always will tell u.

We even bought at 500

ANTONINEUTRON:

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

one tin u should understand Is that every course has its branches. dia r alot of em we don't have in Nigeria. e.g. medical statistics

magicminister:


you are high and stupid at the same time.
First of all, the 5 dollar payment i made was in order to recharge an app on my phone called boss revolution. If there was a cheaper alternative from Nigeria, i would gladly be using it.

Besides, while other countries are investing heavily in their education and health sector, we are trying to thwart the dreams of those schooling abroad and asking them to school in Nigeria while 99.9999% of the children of the political elites are schooling abroad.
For crying out loud, some of the biggest successes from Nigeria were all trained abroad.

I would recommend that the government creates attractive incentives to bring back our best brains schooling and working outside the country.

Mr oga, kilode , is just an explanation for someone like me to really understand, and i am glad i picked point.

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.

lol--abeg, this nairaland SHARE button, i don,t usually understand it-Who am i sharing with or is it facebook wall? i just click on share and nothing happend

Na wao!, what exactly are we supposed to do again now?