Those old enough know how we got here.

Ban importation for a year and institute restrictive importation thereafter followed by selective importation.

No more foreign school fees through our Central Bank reserve if courses are available locally and ban foreign trips for Ministers and civil servants.

Watch how euro and dollars will depreciate against Naira.

If we do not, naira will turn to Zimbabwe dollars.

jara:
Those old enough know how we got here.

Ban importation for a year and institute restrictive importation thereafter followed by selective importation.

No more foreign school fees through our Central Bank reserve if courses are available locally and ban foreign trips for Ministers and civil servants.

Watch how euro and dollars will depreciate against Naira.

If we do not, naira will turn to Zimbabwe dollars.

You are a wicked man who has come to understand that wicked measures are required to cure the wickedness inherent in Nigerians.

Why domiciliary accounts are still allowed to make transactions besides receiving foreign remittances is beyond me.

That Nigerians are still being allowed to use our Naira to be chasing dollars and pounds to spend on foreign education, is beyond belief.

Only importation of products and technology that is required for industrial consumption to produce end products in Nigeria that has no alternative local source, is the only thing our dollars should be expended on at this stage of our forex crises.

Left to me, I would have banned forex sales for foreign education with a 10yr embargo starting this 2024, with the exception of those already enrolled in foreign schools and would be making subsequent payments as they proceed in their academic program.

After purchasing foreign cars for the executive , legislative and judiciary.

You want to force the innocent populace to buy local. Very good proposal. The problem is not the proposal but people in government

Throwback:


You are a wicked man who has come to understand that wicked measures are required to cure the wickedness inherent in Nigerians.

Why domiciliary accounts are still allowed to make transactions besides receiving foreign remittances is beyond me.

That Nigerians are still being allowed to use our Naira to be chasing dollars and pounds to spend on foreign eduction, is beyond belief.

Only importation of products and technology that is required for industrial consumption to produce end products in Nigeria that has no alternative local source, is the only thing our dollars should be expended on at this stage of our forex crises.

Left to me, I would have banned forex sales for foreign education with a 10yr embargo starting this 2024, with the exception of those already enrolled in foreign schools and would be making subsequent payments as they proceed in their academic program.

Who patronise foreign schools if not your leaders?
Do poor Nigerians have the money for foreign schools?
Who consumes foreign/imported goods?
Your president is in France wasting scarce dollars.
Don't we have good places in Nigeria for his holidays? What about the Lagos that he built?

When Buhari placed a ban on rice importation, I was among the people who hailed him, i thought it was an opportunity to be self-sufficient in our production . When I saw Buhari's ineptitude, cluelessness, wickedness, lack of empathy and corrupt tendencies after the ban, i knew Nigerians were on a sorrowful path. There is nothing on ground to improve local production of goods if we were to ban importation. Power=zero, refinery=zero, security=zero. Exchange rate=zero, inflation=very high

Throwback:


You are a wicked man who has come to understand that wicked measures are required to cure the wickedness inherent in Nigerians.

Why domiciliary accounts are still allowed to make transactions besides receiving foreign remittances is beyond me.

That Nigerians are still being allowed to use our Naira to be chasing dollars and pounds to spend on foreign eduction, is beyond belief.

Only importation of products and technology that is required for industrial consumption to produce end products in Nigeria that has no alternative local source, is the only thing our dollars should be expended on at this stage of our forex crises.

Left to me, I would have banned forex sales for foreign education with a 10yr embargo starting this 2024, with the exception of those already enrolled in foreign schools and would be making subsequent payments as they proceed in their academic program.

You are very right and apt.


It is a good thing cryptos have been approved in Nigeria for Profitable Arbitrage Transactions.

People interested in running Profitable Arbitrage Transactions can leave Importation of Goods to focus on Crypto Arbitrage Transactions for Passive Profiting for now.

The Sensitization Thread Link Below is A Good Guide:

https://www.nairaland.com/7979611/yesterday-join-arbitrage-cartel-learn

jara:
Those old enough know how we got here.

Ban importation for a year and institute restrictive importation thereafter followed by selective importation.

No more foreign school fees through our Central Bank reserve if courses are available locally and ban foreign trips for Ministers and civil servants.

Watch how euro and dollars will depreciate against Naira.

If we do not, naira will turn to Zimbabwe dollars.

Obasanjo did it for years, yet noting happened. It only made more people poor.

We need to fix infrastructure and empower Nigerians into productivity.

This wan just dey shout ban like robot

People involved in the dollar trade are the ones killing the Naira, a certain group of Nigerians are hoarding dollars and not spending it

jara:
Those old enough know how we got here.

Ban importation for a year and institute restrictive importation thereafter followed by selective importation.

No more foreign school fees through our Central Bank reserve if courses are available locally and ban foreign trips for Ministers and civil servants.

Watch how euro and dollars will depreciate against Naira.

If we do not, naira will turn to Zimbabwe dollars.

Bloody socialists

You guys are plain evil really... Socialism and socialist ideas should be illegal no wonder America made it so and progressed

Import has never been the issue and never will

The issue has always been what can you export

Ban importation? Do you even know salaries are being paid from Money made from import duties? Without tican Ireland, water for don pass garri

jara:
Those old enough know how we got here.

Ban importation for a year and institute restrictive importation thereafter followed by selective importation.

No more foreign school fees through our Central Bank reserve if courses are available locally and ban foreign trips for Ministers and civil servants.

Watch how euro and dollars will depreciate against Naira.

If we do not, naira will turn to Zimbabwe dollars.

Buhari technically banned importation of lots of things, it didn't help the economy

All these economists that didn't even pass economics in secondary school. Maybe you should report to a newspaper stand where your skills of saying anything that comes into your head will be useful.

1. As a signatory to several international trade treaties, including those of WTO, we can't just wake up and ban goods import.

If we do, we will be in breach of the treaties we signed over the past decades. Countries whose goods we ban will sue us at the WTO, and if we lose, we face paying huge fines.

Until the case is determined, those countries can also retaliate and ban goods that we export.

So it's lose lose for Nigeria.

That was why Buhari couldn't ban importation of rice. His government only refused to provide foreign currency to those who wished to import rice.

Also, a Nigerian, Okonjo Eweala is the Head of WTO, and Nigeria must have lobbied other countries for her to be elected. How can the same country turn round and say it no longer believes in WTO, it wants to ban goods imports from other countries.


2. If you ban things like school fees, black market dollars will become hot cake, even more than it is now, and that will send dollar rate skyrockettting.

There are no easy solutions.

Throwback:

Why domiciliary accounts are still allowed to make transactions besides receiving foreign remittances is beyond me.

You really think there is something special about Nigeria's domiciliary accounts.
If you place restrictions on it, people will stop deposits and Naira will massively sink.
This is the age of USDT and international finance.
You can operate a US or European bank account from anywhere you want.
You will also be seen as impulsive and unreliable by foreign investors.
There will be a massive drop on inflow.

That Nigerians are still being allowed to use our Naira to be chasing dollars and pounds to spend on foreign education, is beyond belief.
Only importation of products and technology that is required for industrial consumption to produce end products in Nigeria that has no alternative local source, is the only thing our dollars should be expended on at this stage of our forex crises.

You are making a mistake, it is not your dollars if you didn't earn it.

Left to me, I would have banned forex sales for foreign education with a 10yr embargo starting this 2024, with the exception of those already enrolled in foreign schools and would be making subsequent payments as they proceed in their academic program.

Let us assume you can do this(you can't for various reasons).
You may choose not to sell dollar to students, but you can't stop them from buying from other sources.
Perhaps you are thinking of banning BDC, black market and the rest but no inform person need
those archaic methods to get forex.
Anybody can be 100% digital without having anything to do with Nigeria bank and forex control.

Throwback:


You are a wicked man who has come to understand that wicked measures are required to cure the wickedness inherent in Nigerians.

Why domiciliary accounts are still allowed to make transactions besides receiving foreign remittances is beyond me.

That Nigerians are still being allowed to use our Naira to be chasing dollars and pounds to spend on foreign education, is beyond belief.

Only importation of products and technology that is required for industrial consumption to produce end products in Nigeria that has no alternative local source, is the only thing our dollars should be expended on at this stage of our forex crises.

Left to me, I would have banned forex sales for foreign education with a 10yr embargo starting this 2024, with the exception of those already enrolled in foreign schools and would be making subsequent payments as they proceed in their academic program.

I agree. We need drastic and cruel measures to save the Naira. Finding ways to make hoarding difficult is also needed but the problem is that our decision-makers are the biggest culprits.

FoolishBoy419:


I agree. We need drastic and cruel measures to save the Naira. Finding ways to make hoarding difficult is also needed but the problem is that our decision-makers are the biggest culprits.

The problem is not in the dollar

The problem is where?

In your head and taste for imports.

malcom1X:


The problem is not in the dollar

jara:
The problem is where?

In your head and taste for imports.

The problem is lack of Nigeria's export.

But come to think of it, you no for like wear some nice jeans?

it would not reduce the demand for the dollar hence the price would not come down. what would happen would be that the black market rate would be much larger than the rate at the official windows because that were most of the demands would be met and then you go back to the old ways where few connected people get the dollar and then sell it at the black market. The idea of liberalizing the official window is to bring more people from the black market to the official market

Goodluck manufacturing whatever importation you want to ban...
U don't even have stable electricity to start with

FoolishBoy419:


I agree. We need drastic and cruel measures to save the Naira. Finding ways to make hoarding difficult is also needed but the problem is that our decision-makers are the biggest culprits.

uncle bubu did it twice in 19s and 2016 both times people face acute economic hardships my bruder if sniffnubu is to go with your proposal na people like u go suffer more,besides if sniffnubu was to get running stomach now he will fly to France

May sound simplistic but this is the mentality of Nigerians.

Desperadoes would buy dollars at any rate, no matter the risk. It is not new but to use that as excuses to keep US dollars flowing in, no matter the consequences, is new.

Americans do not spend 100 or even 50 dollar bills. Most stores do not take them without crumbling. Yet, those bills are more abundant outside than inside America

Why? You can only exchange them among high rollers to boost American economy while you drain your own country.

Again, remember that what used to keep Naira at par with dollar was the punishment of smugglers of foreign currencies and foreign goods.

malcom1X:


The problem is lack of Nigeria's export.

But come to think of it, you no for like wear some nice jeans?

Save the country from the importers of junks is the only dollar solution