₦airaland Forum

Keneking:
Are you in town? Make we hang out somewhere...
Amazing responses

Bevista:
The CBN should allow demand and supply to determine a fair price for the dollar. A price where supply can clear all demand; they do not need to deplete the Foreign Reserves to defend the naira. That is Economics 101.

The problem is that if they allow the exchange rate to adjust downwards, there will be serious backlash on the new administration. So they are allowing political considerations to influence their monetary policy actions.

Keneking:
So what does the legitimate "minute few" do? Terminate their business, academics, relationship

Follow due process. It's far more stringent now I agree but it's not impossible. Why should this be difficult for the minute few which includes me to do?

I think we need to tackle the root source of huge demand of forex.

The natural way is to have exports of our own. Savings from the days of plenty would have been used to acheive alternative source of foreign exchange but our leaders squandered such. This is the reasoning of current govt which intends spending heavily next year to stimulate other sectors of the Nigerian economy.

IMO petroleum marketers should look elsewhere for forex and forget local banks.

As we proceed, these marketers will be off from business starting from next year. A lot is ongoing. Current restrictions are temporary and Nigerians should endure.

Keneking:


Seriously, foreign exchange should be made available for legitimate purposes. I mean it should be available on short notice. This current plight is unacceptable. Parties (CBN, banks and other financial institutions) must work to bring relief to genuine users of foreign exchange.

In an idea situation, this is what applys but our current pathetic situation simply can't accommodate this. Our reserves are depleted and prospects for huge foreign exchange in the neatest future simply isn't there. We misuse our days of plenty, we all need to be patient. Even the government of the day knows it's not a normal situation. It's for the time being.


You would agree that the success of any government is its ability to show concern when there is outcry from its populace.

Actually, the cry on this issue isn't from the populace but for from the minute few. What is the percentage of Nigerians that needs foreign exchange?



Meanwhile is Osinbajo sef Someone needs to talk....I don't rely on this CBN governor

He is on holiday. Should be back by next week.

In addition, can we have a schedule of banks that have placed this embargo?

Biko, leave that. It's also in the interest of CBN that the banks takes these steps.

TeOwl:
Email your exam people and tell them to split the payment into two, you pay $750 one month and the other $750 the other month.... i forsee that this policy would last for at least six months, dont let the govt mess up your career!

Keneking:
You mean supersede? Which inefficiencies?

Keneking:
See three factors:

- delay in receiving admission letter and study visa
- Xmas and New Year expenses
- worst is payment of 10% penalty not expulsion

Keneking:
I mean payment of tuition for studies in any African College or University doesn't require USD /GBP. Most times it is based in local currency.

How long can one expect a response from CBN after filing request via bank? In terms of hours..

Rexphobia:
I beg to disagree

TheSixthSense:
If declined you re-apply...again and again until it gets approved. Mine got declined twice before it was approved eventually. I assume it'll be much more difficult now

Rexphobia:
Can I quickly respond? Why do we have to defend the naira? Why can't the forces of demand and supply give us the true worth of the naira. Even if a free fall is the cost we have to pay for it.

There are several things you need dollars for order than pay for school fees... A thousand and one services are paid for in dollars and we sure those offer them here.

Let's think about a saner way to battle this? The solution to all economic problems is not embedded in controlling the volume of money in circulation. You and I know that

ajebuter:
I wont stoop so low and resort to insult. It"s beneath me.

Enjoy yourself, dude.

TonyeBarcanista:
See as men de share our national yam

ajebuter:
Now why resort to insult? Where is your sense of humor? Not cool.

ajebuter:
#dancingshoki# with our 'nigerianwonder'

ajebuter:
Yeah! That's why i agree we are sooooooo 'blessed' under our dearest 'cow herder'

ajebuter:
Very good.

So we are stuck under a semi illiterate, dictatorial, cow-herder, 'kwaruftion pighting and, travel-prone geriatric.

We're soooooo 'blessed'

Meiji:
"According to analysts" abeg which analysts? All these "analysts" no get name? At least the N1billion under Jonathan was out in the public doamain and everyone could see it. Where exactly is this breakdown and how did these "analysts" come across that figure?

Show us your workings abeg.

DickTator1:
You have been reported to the mods, enjoy your ban.

I only asked u a question. Stop all these cowardice acts and boldly answer. Are u the originator of a false unsubstantiated report. Anyone that involve in such is a cursed fool. If u aren't, why are u so concerned?

DickTator1:
Is it ok for him to bully people?

DickTator1:
You curse people so much am beginning to think you're cursed. Can't you air your opinion without bullying?

perculiarperson:
Continue in your senseless followership. I think it pays people like you...

sunnyb0b0:
Tell us the correct amount if the amount the Op quoted is wrong.