₦airaland Forum

modath:
The restriction is on outbound transfers not on deposits. you can deposit as much as you can... you can confirm & also carefully read the link you added.





Fiscal policy without the funds to back up is like faith without work. nullity raised to the power of failure......


Nigeria is almost broke, our needs/wants outclasses our income 3 times over!the sooner you realise that the better!

Where is the power? Where is the fund to revive these industries? Or you believe it's like manna from heaven? Where are the roads to transport raw materials & finished goods? Etc...

Barca, quit while you are ahead, this ain't ya lane!!

Modath abeg tell am o. to me he is just trying to justify the looting under GEJ ,and want us to swallow by force that PMB is responsible! Just imagine if GEJ and his team of looters had continued !

TonyeBarcanista:
I'm not interested in your e-fight... If you can't prove your point, please swerve...




PS: I don't even report those that throw insults at me... I don't influence ban

I have published your link . so tell me where CBN banned the use of the dollar? or u apologise for spreading deliberate untruths when it is quite clear that the fiscal indiscipline and profligacy under GEJ is what is confronting us today. Take a look as SAP under IBB , GEJ 's mentor , we saved a lot from oil proceeds while being yoked with different austerity measures only for the gap toothed dictator to squander the money and ever since we have been struggling to get it right. Brazil underwent the same SAP but was lucky to be blessed with good leaders and made gains economically by improved production, increase exports and a more favourable import balance. Today , Brazil is industrialized n waxing stronger.

GEJ couldn't even make a refinery work in 6 years! with huge oil proceeds in his hands, he left us more poor. and you want to blame PMB for GEJ 's irresponsibilities. of course we are here to answer you robustly.

below is the full article of the initial link you referred us to to support your claim that CBN under Buhari banned the dollar. so show us where It is stated please Barcanista:












allAfrica.com Latest News RSS
Countries Topics
Business •Nigeria
•West Africa
AllAfrica
4 AUGUST 2015
This Day (Lagos) »
Nigeria: Mixed Reactions Trail
Banks' Rejection of Dollar
Deposits
Tagged:
By Obinna Chima with Agency
Report
Some manufacturers and financial
market analysts have expressed
divergent opinions on the Central
Bank of Nigeria's (CBN) foreign
exchange policy as well as the
decision by commercial banks to
reject foreign currency deposits.
While manufacturers hold the view
that the policy has stifled
business and discouraged
entrepreneurship in the country,
market analysts stressed that the
measure aimed at strengthening
the naira was in order.
Meanwhile, the naira continued its
rebound on the parallel market
day where it closed at N210 to a
dollar, higher than the N220 to a
dollar at the weekend.
The gain recorded by the nation's
currency was largely driven by
excess dollar supply in the market
as banks continued to reject
dollar deposits monday.
Consequently, several bureau de
change (BDC) operators and
foreign currency account holders
have found it difficult to pay in
foreign currency into their bank
accounts.
ARTICLE CONTINUES AFTER
ADVERTISEMENT
Prior to this, CBN had restricted
importers of 41 items from
accessing forex at the official
forex market. The policy,
according to the central bank, was
designed to facilitate the
resuscitation of domestic
industries and improve
employment generation.
The CBN Governor, Mr. Godwin
Emefiele, while speaking in an
interview with THISDAY said the
number of items on the list might
be increased.
But reacting to the measures in
the forex market, the Director-
General, Lagos Chamber of
Commerce and Industry (LCCI),
Mr. Muda Yusuf, stated that as a
result of the restriction of some
items from the official forex
market, "a lot of manufacturers
are stuck".
"Many of them that ordered goods
had to stop the goods from
coming in and most of them
cannot get raw materials.
Generally, the whole forex policy
is killing businesses," Yusuf added
in a chat with THISDAY monday.
Also commenting on the
suspension of foreign currency
deposits, the LCCI boss said it
was a "manifestation of the bigger
problem of the way the market is
managed".
MORE ON THIS
Nigeria Banks Reject U.S.
Dollar Deposits
Foreign Currency Rejection by
Deposit Money Banks, Raising
Risks of Capital Inflow
Ban On Foreign Cash Deposits
Creates Four Forex Market
Segments
"These are just fire-fighting
measures," he said.
However, Chief Executive Officer
of Financial Derivatives Company
(FDC), Mr. Bismarck Rewane,
expressed support for the CBN's
forex policy, saying the measures
taken by the central bank were in
order.
"Monetary policies always go after
fiscal policies and what the CBN is
doing is right. Right now, the
monetary policy has to continue
what it is doing until fiscal policy
becomes clear," Rewane
explained.
Also commenting on the
suspension of foreign currency
deposits by the banks, he saw it
as a temporary measure, saying,
however, that it would not address
the fundamental problem of the
actual pricing of the naira.
LCCI President, Mr. Remi Bello,
added that the economy at this
time needed to be stimulated, not
constricted further.
"The stock market has been
bearish for the past couple of
months; output growth in the
economy decelerated to 3.9 per
cent in the first quarter from 5.9
per cent in the previous quarter;
profit margins are on the decline
across sectors; and purchasing
power remains weak as
unemployment continues to rise.
So this is not the time to keep the
economy in a tightening mode,"
he said.
Emefiele explained in the interview
that the decision by the banks to
stop accepting foreign currency in
their vaults was not taken by the
CBN, but that the central bank was
in support of the idea.
Yet, the central bank's foreign
exchange policy is having
unintended consequences on the
economy and has unravelled the
CBN's policy on price control.
For instance, a report by
Bloomberg monday focused on
Mojeed Jamiu, an entrepreneur,
who has been forced to cut jobs
and raise prices to prevent his
furniture and clothing store in
Lagos from closing after Emefiele
restricted foreign currency supply
for some imports.
Due to a dearth of local
manufacturing, companies like
Jamiu's FM Best Bargain Limited
have no choice but to import
goods.
"One must survive," the 47-year-
old father of three said in low tone
in one of his show rooms in a
four-story building on a busy road
in the Lagos district of Ogba.
"Businesses will close shop if you
don't know where to get the next
dollars and at what cost. Jobs that
were done by two people, we now
engage one person," he added.
Emefiele's push to cut imports is
clashing with his mandate to keep
prices in check as the economy
struggles to cope with a 50 per
cent fall in Brent crude prices over
the past year.
Inflation accelerated 9.2 per cent
in June, quickening for the
seventh straight month to take the
rate beyond the central bank's
target band of 6 per cent to 9 per
cent.
With 21 per cent of all Nigeria's
imports affected by the
restrictions, the pace of price
increases will probably remain
above the policy maker's goal for
the rest of the year, according to
Standard Bank Group Ltd., Africa's
biggest lender.
ARTICLE CONTINUES AFTER
ADVERTISEMENT
Companies being hurt by the
policy can start producing the
goods they are selling, Ibrahim
Mu'azu, a central bank
spokesman, said by phone from
the capital, Abuja. "I don't think
the restriction will cause inflation
or unemployment."
Domestic businesses don't yet
have the capacity to produce
those goods and the central
bank's decision will cause
unemployment, said Yusuf of
LCCI.
Nigeria's unemployment rate rose
to 8.2 per cent in the second
quarter from 7.5 per cent in the
first quarter, the nation's statistics
bureau said in statement on its
Twitter account. The chamber is
planning to carry out a study of
the impact on its members, Yusuf
said.
Nigeria's manufacturing industry
contracted by 0.7 per cent in the
first quarter of 2015, after
expanding 15.4 per cent in the
same quarter a year earlier. While
the Lagos chamber has met with
central bank officials, who
promised to review the policy,
there hasn't been any change.
The regulator said it is waiting for
President Muhammadu Buhari to
detail his economic plans. But that
is on hold until September, when
Buhari said he would appoint his
cabinet.
An official devaluation of the naira
is inevitable and it's best for
Nigeria to take the hit now, Yusuf
said.
"It's better to allow the naira to
find its level so that all of us can
have peace," he said.

TonyeBarcanista:
There is something called zombiesm... I hope you aren't affected?

Nigeria: CBN Officially Bans Foreign Currency Cash Deposits in Nigeria

www.allafrica.com/stories/201508061477.html



PS: Bring your evidences of my peddling falsehood or Shut Up Forever....

u ve forgrtn I don't suffer fools easily even when u try to influence ban on me so that I wont b able to answer u , I have enof e- soldiers to give u bloody nose. OK let us do this.

wirinet:
I read your link, and no where did it say that the CBN banned the dollar. It was reporting on the new forex policy and the views of stakeholders.

I will quote relevant parts of the article;


I do not get the place where you got the information that Emefiele banned dollar deposits not to talk of the said ban is responsible for the falling value of the naira 6 months later.

d guy deliberately employs untruths because he believes people won't take time to read or check out the link. it is his usual trademark n I have several evidences.

NgeneUkwenu:
Mami! You don't know anything about Economics and Finance! You should have stayed in your lane rather than Straying into an unfamiliar Waters...

Just take a look at they way, you conveniently left out the reason the Naira Jumped from 146 Naira to a dollar to 230 Naira @the black Market between January 2015 to May 2015(Jonathan Infamous tenure), all because you wanted to Blame Buhari and APC....

Second, You brought out the Comparison with Venezuela, but ran away when some people pointed out the Scary picture of its own economy due to the Oil glut...

In Conclusion... Your thread is nothing but a failed attempt to impress the illiterate IPOB Youths roaming On Nairaland to give "LIKES" to any comment that mocks Buhari...

u dey mind d unstable pseudo analyst?

DoctorAlien:
Okay. Christ aptly summarized The Law (10 commandments) in two categories: Love the LORD your GOD with all you soul, strength, mind(your duty towards GOD); And then, love your neighbour as yourself(your duty towards man). I have a question for you: How can we love GOD with all our heart, soul, mind and strength?

Lemme give you a hint: Jn. 14:15 "If ye love me, keep my commandments"

And you can't say that Christ's commandments are "Love the LORD with all your heart, soul, mind and strength" and "love your neighbour as yourself", because you'd be implying GOD has His own Laws while Jesus has His own Laws, thereby suggesting schism between the Two.

So what commandments was Christ talking about in Jn.14:15?

Christ essence is love. his presence on earth was to fulfil the original law- love. Christ came for the whole world and he demonstrated it through a universal love dealing with all. Didn't he say no law is greater than love? if one loves God and man ,won't he be fair in all his dealings ? unless thou be like lil children thou shall not enter into the kingdom of God. love.

1miccza:
Did it??

never knew u are an alien. abegi go jor.

1miccza:
I have been saying it and i will ke.ep on saying it no matter what everyone thinks that thahe t chibok thing is a big scam,remember PMB's statement , why haven't we heard about them ever since?
We don't just want to beliéve

are u kidding me? that chibok never happened? Jeeeeesus Christ!

I love Ben Bruce but won't spare him if he allows PDP traits come between him and Nigeria. of course he needs this baptism and many more to come to understand what it takes to govern. he should learn how to handle 5,000 folks first before 170 millions. I just wanna make common sense.

HiddenShadow:
Your neighbour's suffering has not started. By 2019, he will curse Tinubu

Time and history most often favor Jagaban. we shall see.

1miccza:
The truth is some of the things you listed were machinations used to unseat him like the Chibok girls. Now the truth is the power is with them,what have they done with it when we keep on singing this same music we would get tired some day. What he did isn't the worst off we had some rays in the sun today where are we?

Miccza in sane societies , GEJ should have been arrested for playing politics with Chibok girls adoption n allowing the kidnapers escaped with the girls for days before believing they were really kidnapped! a call tru the IG to Bornu state CP to d DPO or pdp local gov chairman or chieif of chibok would have confirmed that in a couple of hours. the truth is GEJ wasn't in charge. so why keep him. it isnt personal.

1miccza:
We are not saying we want him to be president again neither do we even pray for him to. But the truth is these noise should stop please and let us face the mess that we have found ourselves in.

miccza dear the noise would stop or won't turn to a bang when yester theives learn not to disturb us with their false wailings. The question is will they stop? maybe you can help us ask them. until then ,trust us we gona make music of their misdeeds.

nobilis:
This blame game is becoming too much.

We all know Jonathan messed up.
But he is now out of office.
We all know you're trying to right the wrongs of Jonathan.
Why not stop the excessive talking and get down to business?

Jonathan couldn't save for the rainy day in time of plenty.
He couldn't diversify the economy when he should have.
He dollarised the economy so much that we are seeing the repercussions now.
He put us in this mess now.

But Buhari should just focus on the work at hand and stop allowing the blame games make him relax.

I swear PMB is working damn really hard or how do you think Nigeria would have looked like? tell me at $ 76 / barrel ,okonjo n d last administration started complaining bitterly n were preparing our minds for doomsday while they were busy looting. Leadership comes with responsibility and GEJ name would continue to pop either now or later as regards the consequences of his roles. Dont GEJ always wana hear us sing him agricultural praises a la Minister Akinwumi Adeshina ?No way shall we be gagged when wicked wailers who stole the economy wanna blame PMB for their irresponsibilities while in office. Trust me, never knew PMB can be this democratic ,too civilised for my liking if not hell would have been too cold a place compared to what some members of d last admin b facing right now.

1miccza:
I am sorry for sounding tribalistic a bit,but what exactly has GEJ done to you all in the South West that most of you keep on heaping tons of lies on him? When will you realise that you're in power and concentrate on the task of nation buillding.

....but the same SW made GEJ wen those who hijacked him were no where. so let his 'blodas' make him president again.

Scholes007:
jonathan may have his short coming but he is the only nigerian leader that took the elementary steps to have corrupt free and self sustainable nigeria. He made policies that were in the right direction, for a stable and prosperous nigeria.

boolsheet! corrupt free indeed in the face of dasukigate, maina,Malabu oil etc total booshee...!

Atigba:
Trump is the next American president

The only thing that can stop him is assassination

Assasinate him now or

Americans are tired of weak leader

Hilary is the worst secretary of state in history of united state


She is responsible for what is going on now in Syria

The mass migration

She made a tremendous mistakes with her incompetent decisions when she was the secretary of state.

how? explain please.

LordVarys:
But Bernie's supporters hate her and say they won't vote her in November plus Dem turnout has been poor so far, If I was to place a bet, i'll bet on a Republican Trump or Rubio to win in November, Republican Voters have been coming out in droves to vote and turnout is always the best predictor of victory.

Trust Americans with surprises. Bernie would talk to his supporters after the primaries' baptism. it isn't really about personals but the big picture: the best for America. And quote me, Clinton has more fans across party lines than what you are seeing right now. All the blocks thrown at Hilary so far to stop her, she is stepping on' hem to prominence ,and wait when the real firework starts when d two Clinton and the democratic party unleash their campaigns or do you think Obama would be so stupid to support Bernie who has been insinuating Obama has achieved nothing for 8 years? Clinton is the candidate to beat in this election- she is a woman, she has history, she understands foreign policy as well as domestic issues, a former senator ,midwifed a governor who later became two term president ,she was birthed by republicans etc. i'm so interested in this election. Nobody is gona give Bernie to the Rep cos they would make a bacon of him but with Hilary they ve got their better match.

28And one of the scribes came, and having heard them reasoning together, and perceiving that he had answered them well, asked him, Which is the first commandment of all? 29And Jesus answered him, The first of all the commandments is, Hear, O Israel; The Lord our God is one Lord: 30And you shall love the Lord your God with all your heart, and with all your soul, and with all your mind, and with all your strength: this is the first commandment. 31And the second is like, namely this, You shall love your neighbor as yourself. There is no other commandment greater than these. 32And the scribe said unto him, Well, Teacher, you have said the truth: for there is one God; and there is none other but he: 33And to love him with all the heart, and with all the understanding, and with all the soul, and with all the strength, and to love his neighbor as himself, is more than all whole burnt offerings and sacrifices. 34And when Jesus saw that he answered wisely, he said unto him, You are not far from the kingdom of God. And no man after that dared ask him any question. Mark 12 : 28-34.

CFCman:
For me, a Clinton v Rubio match-up will be fascinating -- experience v youth.

Mos def, Rubio - Clinton maybe the most interesting Presidential race in the US because so many factors would present themselves to choose from: experience vs youth; Spanish vs White; Male vs Female chauvinism etc

DoctorAlien:
Really? Only two laws? Can you tell me the place in the Bible where it is clearly stated that the Salvation of man now depends on only two laws?

And what do you think of the following verses? Matt. 5:17-19; Rev. 12:17; Rev. 14:12; Rev. 22:14.

Psa. 111:7-8 says "The works of His hands are verity and judgement; all His commandments are sure. THEY STAND FAST FOR EVER AND EVER, and are done in truth and uprightness" (emphasis added)

There you have it, friend. GOD's law is eternal. Please, let us not harden our hearts and continue in rebellion to GOD's word.

Christ himself said so and not from my imagination . dispute Christ let me see.

DoctorAlien:
This is a terrible lie. Anybody can: be meek at heart, feed the poor (of course we have uncountable philantropists), shelter his neighbours, be fair in dealing with others, even forgive easily. As a matter of fact, an atheist can exhibit all these qualities. But does that make him right with GOD? Even the Pharisees gave alms.

"Nevertheless the foundation of GOD standeth sure, having this seal, The Lord knoweth them that are His. And, Let everyone that nameth the Name of Christ depart from iniquity." 2 Tim. 2:19

what is Christ's view about when God judges the world? why did Christ. the best authority in Christianity ,say that those are like children shall inherit the kingdom of God? y would the numero Uno in Christianity use the parable of the good Samaritan? he care less about religion but love. unless you love ,you can't enter the kingdom of God father of all irrespective of religious affiliations.

LordVarys:
Clinton won too...relishing a Trump vs Clinton contest, Meanwhile Republicans are turning out massively for their primaries while you Dems aren't...bad sign for November

I'm happy about Clinton's win. Republican won't want a Clinton - Trump final fight hence they ain't heavy on Sanders like they have been on Hilary. Hilary is our choice . She has the history, the temperament, and the credentials to be the next President and the first female president of the most powerful and supposedly the most democratic nation in the world. God bless America!

just imagine if PDP were still in power! Naira would have been N1500 to $1, mass sack and lies! cos with the present low oil prices at the international market, PDP shameless treasury looting disease , indiscipline and lack of vision or cluelessness , hell noo Nigeria would have been in deep shiiiit. Sai Buhari!

God bless Jagaban

DoctorAlien:
Yea, as a matter of fact, many people were called blessed by GOD. Blessed are the meek, pure in heart, poor in spirit, merciful. Blessed is the man who walks not in the counsel of the ungodly. GOD had this to say of John the Baptist: "Verily I say unto you, Among them that are born of women (including Mary) there hath not risen a greater than John the Baptist: notwithstanding he that is least in the Kingdom of Heaven is greater than he." Matt. 11:11 (emphasis added). Anybody can decide those words are strong enough to make it necessary to ascribe worship
to John the baptist. But is that the case?

Those that worship GOD must worship Him in truth and in Spirit, not in a filthy and abominable way, practicing all forms of deceptions and falsehood.

There are only two laws as far as the salvation of mankind is concerned: the love of God with the whole of our heart and loving our neighbours as ourselves. Irrespective of religion, rituals,traditions, and denominations God is interested in those who are meek at heart, feed the poor, shelter his neighbors, fair in their dealings, forgive easily , a good Samaritan sort of.

DoctorAlien:
Rev. 4:11 "Thou art worthy, O LORD, to receive glory and HONOUR and power: for thou hast created all things, and for thy pleasure they are and were created"

GOD will never share the glory and honour that belongs solely to Him with Mary (a creature) or anybody. The good life Mary lived is there for us to emulate, but not even an iota of GOD's honour is to be shared with any man. Isa. 42:8 "I am the LORD: That is my name: and My Glory will I not give to another, neither my name to graven images". AMEN!

....and the same God said all generations shall call Mary blessed?

NgeneUkwenu:
I Just Want To Pay Them Back In Their Own Coins... You remember What Fani Kayode did to Buhari's Image pre 2015 election?

Even my mother still believes Buhari is the Boko Haram Leader

u ain't paying any coin but really calling a spade by a spade. there is a military intelligence report during Yaradua - GEJ time that showed DT Alimod was d bkbone of BH. wat abt Rev Davies report? just wait for more revelations to come. wen we open nnpc report, u ll understand everything up to their Niger connections n oil bunkering. just wait.

ok