₦airaland Forum

IbXavier:
sorry for the error , i now understand you , like i earlier stated , i am not an economics expert. Thanks for the observation or correction as it may be.

Relax young man U will learn fast.just listen and lean plz dnt believe everything U read or hear in the news.
Do U know how much the pounds is to the Naira it's £1=N370 it might intrest you to know that £1=$1.5

IbXavier:
My boss , with due respect , i did not school in Nigeria, My post is geared towards the betterment of Nigeria

Ghana Nigeria which is worse?

IbXavier:
Thank you sir for your well constructed response , Actually , i schooled in Ghana , i understand how some Nigerians lavish money there , that was why i focused on Ghana. moreso i also recommended it that government should provide alternatives for those schooling abroad , however the amount they can spend should be regulated in other to reduce excessive spending. we are insinuating almost the same thing.
once again , Thank you sir.

Y did U school in Ghana of I may ask?that is wastage. You could have spent that money in the USA and have a better education

IbXavier:
with due respect sir , government can always provide a way out for students and genuine business men and not those who go out to flex, anyone who want to flex should do so in Nigeria.

So cos U can't flex anyhow abroad U see it as wastage? Guy try pray make baba God bless you so U can take ur family on xmas trip to the US. on a cruise trip

Intendy:
love this man modesty and simple way of life.
long life for my President as he starts a new year

Did you hear of how much he budgeted for feeding allowance for himself?

bfatoba:
OP, your point is absolutely rubbish, you fail to account for the amount of international students and business people that operate and live in Nigeria... you have no business sense and your write up is so one sided... Nigerians abroad came in third for the most amount of money sent back home this year and it wasn't in Naira. I forgot the exact amount but if you look up the thread, you can find the amount. The amount is in the Billions of Dollars and that does not include the amount of fraudulent money that enters Nigeria unaccounted for. An estimate of that amount shows that Nigeria made almost trillions of dollars from fraud, this fiscal year.

those particular students you claim, will all start working in Ghana or wherever in the world and will begin to send back more money than invested in them. thats just the simple truth. your write up is biased and uneducated and you need to sit down and rethink your points.

The CBN's initiative with regards to the BVN is not to cut of fraud at home with the politicians or what have you?, its to make fraudulent money going into Nigeria more traceable. so that next time, other governments will be able to see that, "Nnamdi or Shola" who looks like this and has these biometric was responsible for the fraudulent act.

BVN is the equivalent of a social Insurance number, in countries where such exist and because Nigeria is a member of the G20, such information will be shared with other G20 member who are complaining about loosing money to Nigeria's Fraudulent ways. I'm sure eventually the people will find a way around these new measures so it's just a matter of time as no system is perfect.

But now your biometrics is joined to your sim card, which is joined to your bank account, which is joined to your Nepa bill, or National ID. which means at any moment, anyone who is technologically savy can triangulate your whereabouts, to +/-5meters.

I got a little carried away there, but the write up is bogus, more money goes into Nigeria, than comes out...

you can still withdraw from your Naira card abroad, but there are limits though, I think you can only withdraw $300 per day.

U can't withdraw abroad with your 9ja atm.I'm in such delis now as we speak

lilreese:
What's the estimated cost ?

N20M hopefully

Bryan37:
It's no news that only 13% of 2016 budget will be funded by the SALE of Crude

Which means that Nigeria is gradually diversifying its economy away from the Oil sector which is expected to even "nose down more". By d time Iran starts pumping their Oil into the international Market, also with d demand for cleaner energy rising day by day and d Cost becoming cheaper and cheaper, I can tell u that in d Next 20 yrs a bucket of Clean water may worth more than a bucket of toxic crude.


What will become of ND a report that has been raped by the Nigeria Government for the past 10 decade

I keep wondering if d OIL was a gift or a curse to this region which made them so Lazy, Corrupt and underdeveloped. Infact d most popular Slogan in d Niger Delta is " our oyel".

The only time ND man is considered in the scheme of things in Nigeria is compensation because of their Oil. Eg emergence of Goodluck Jonathan etc,

Now that the value is gradually diminishing and d reseRve trying, you wonder if this region has done enough or if they are prepared for the storm coming their way.

I must confess, am happy we re moving away from Oil and you are happy too but what will become of our brothers who only relevant is dependent on CRUDE

Have the ordinary man on street ever gain ed from it

ImpactWorld:
This is ridiculous.
Does this mean Nigerians are no longer free to spend their OWN money as they deem fit?

That's wassup.I'm soo angry .if U live abroad yu can't withdraw rent money paid into ur Nigerian account by ur tenants no more.

ojuolu:
Mr wise man, don't be too myopic. You are looking at it from your own personal perspective, the impacts and effects on you and the inconvenience you tends to experience (albeit in the short run). The policy is not targeted at simple users like you and I (i travel out too for more than two weeks atimes). The targeted impacts are on the aggregate economy and the exchange rate. I won't go deeper than this. But please note that Nigeria is not utopian in nature. Other economies are not too. We are all praying for a better and more robust economy. We as a people have a very high MPC (marginal propensity to consume) as displayed by the irresponsible way in which the past leaders and managers managed the oil windfall of the past years. We all need to sacrifice now to correct these anomalies and help the country on it way to greatness. I will implore you to please research the "Impact of International Trade on Economic Growth in Nigeria" in the face of a monoculture export commodity with dwindling revenue that face us now.
God bless Nigeria. God bless us.

Here we go again we ja e to blame the past FG. Look I'm in a position to judge from both sides as I live an work a road but repatriate my 3 arnica gs into Nigeria. I have biz in Nigeria as well.This es policies are meant to help the rich richer and the poor poorer..U traveling for up to two weeks is not enough to mesure the economic scope of a foreign FG.live work er an and pay tax then Yeh. The Ban on ATM did you think it was do e by PMB or CBN?
In other news talking about our money frm crude that was wasted.what waste?did U 4 get it was 3 APC govt that took the then FG to court for them to share the ECA are they not now in power? ?ie Fashola and Oshe? ?.if these milon of $ was there wo t we have sufficient forex to back these payment ?I'm nt an Economist but this is so simplease to see through.I manage a small team of 34 people at work and I have a budget to manage too so I can relate to what is going on.

macklef:
Hahah. Sheyb na d reason wey u dey argue one sided b dat na. Hope say dem nogo ban flights out from Niger before then o cos una get moni to spend here other dan to go spend for obodo oyinbo

Ahah Bad belle holy ghost fire for that suggestion. Lol in other news I work abroad and repatriate my earnings back to Nigeria. So I actually help Nigeria than it does to me.

Amberon:
Dear Musa,

you're mistaken. there isn't a total ban on the naira ATM. there's only restrictions on the daily withdrawal limit which is $100 currently. There also isn't a ban on schooling abroad.

Guy wake up U r in a very bad dream.people lime U just wake up and post crap online .U are 2 mo ths backward. DI'd you not read or listen to the news?where all the bank said they cannot back your forex transactions.so s action ie or naira dominated Atm card wont wrk outside Nigeria? Stp taking us bck

rottennaija:
For naira to increase in value, Nigeria have to export. Exportation comes from production. Do you think it is what can happen in a month or two?

Guy you are asking me a question. I asked you a simple question what policies did the FG put in place e that ur related or relivant to the OP'S write up.so I know me and U r on same page.

rottennaija:
He is explaining what the problem was to a lot of people that condemn the government for its stands without really knowing what was the problem and how the government is taking some measures to address.

Besides, those that took the measures had understood the problem and took measures that we are seeing now and are still working on it. And may I also add, those that took those measures knew what they were dealing with and took decisive actions. But their action isn't ending there, they are also working towards more solution!

You just have to relax, support them and let them work.

What policy did the government t take plz tell me.I think you are a bit misinformed. Tell me the policy the govt took that is relivant to our con versatile then I will tell you why the OP has no clue.

godoluwa:
to be honest, these will affect a common man negatively. lets just wait & see how the event unfolds from friday. btw, wetin make u deactivate ur account abi u don use am scam ni?

Poor men dey cry already cos car part are scarce already. B4 na to empower person account here and the Atm go pay in USA.no way now.

macklef:
Lol. U nogo ever gree. Btw wen u go charge ur fone dey type sometin wey we fit read wella na?

Wetin concern me.I only get 10 more days 4 9ja after that Holiday ova bck to UK so wo nor fit read wetin I type shud go n diee

Demmocrats:
So ATM are not working again, so federal government banned local use of ATM. Africans eh

If U need more than 150k what do U do?

mbhs139:
Ok, no worry, I go find out at First Bank, UNILAG Branch. That's where I normally do it. I go let you know

Ok we dey wait nah.chey the banks na agents too.they 1st bank do not ha e forex to back any payments abroad I. Forex that is the koko

magicminister:
This ariticle made me chuckle.
With respect to the op, I feel he is sincerely ignorant.

1- you are stopping hard working nigerians from accessing their funds abroad.
2- why are our politicians spending billions of dollars on cars alone which are imported. Don't we have innoson? Cant the fund be channeled into building a car plant.
3- estacode, subsidy andnoil import payments are still made in dollars.
4- the activites of nigerians in diaspora actually has little impact on our forex

The real culprit are the political class.
Its a shame most people are for apc or pdp but not for Nigeria.
I am for Nigeria and this policy will set us back by 20nyears.

Incould go further to explan but I dont have the time.

Thank U very much at last a head who has a hat. ASK those thieving politicians to drive made in Nigeria cars no way..everything in their house are imported and they want the citizen to use locals.let them keep following blindly

magicminister:
Which branch please?
I have been tring to send money for close to 2 weeks now and I have been to first, diamond, eco and zenith banks

Dnt worry yourself the platform is frozen.it wo t open I'm in PH and have been trying all morning

mbhs139:
You see, the bold part rubbish all the epistle you posted here. It shows you don't know anything. Just walk into any firstbank branch, in as much as you have an account with them, and request that you want to send Western Union. All you also need is a valid ID, like your PVC. I have done that several times on behalf of my wife to China.

You see, some of you guys just sit behind your laptop and claim to know things you have little or no knowledge about. And some people will believe all these things you posted. Pathetic!

Guy it's like u ha e been sleeping 4 the past three days.western Union and mo eye ram platform. Ed closed sInce mon day. I ja e been trying g to send my neice in the US some mo eye cos I'm in 9ja no way.I hope U now see how we all are being strangled

ojuolu:
Your write up is a simple bullshit. The economic implications of our invisible imports (which is what naira ATM usage abroad for school fees and other sundry expenses is) without correspondence level of export led productions is what the ops has taken time to educate the likes of you about. Chairman, go back to SS1 for elementary economics lessons. You remind me of a guy in my class in the university who had the same way of analysing things but end up with a 3rd class...be guided.

U think you are clever now abi.U just exposed ur ignorance the more.try and travel out for mayB 2 weeks mayB you might see more sense who told you Naira ATM is for school fees and minor sundry expenses. Y do you think we have atm machines the dispense Dollars. Euro and Yen at Heathrow. JFK and Frankforth? Most shops abroad are more con for table with your Atm than cash.Holiday makers use their plastic not cash.can I use my barca us card in Nigeria No cos of our wack exchange get rate what do I do? I wire my no eye to my 1st bank account at higher rate via 3rd party age t and pay the fees.it takes 1 minute.

ETHIX:
Oga u copied some of your lines here online. You don't understand what you wrote here. What the op wrote was very on point. Ur own analysis was just theory in international trade, which explains the type and determinants of exchange rate regime.

However, what is happening in the economy and CBN decision is a practical issue and a solution driven.
We import more and demand for dollars is on the high side. Reducing the demand for dollars will stre

Oga name one could try that is doing what is happening g in Nigeria.and for your Information learn this. The CBN did not in way Ban the use of ATM abroad it was the Banks who said they cannot back the forex payments for their customers. Erskine abroad hence ur ATM will not fetch U forex abroad si.please as ABA so the ban on ATM cards abroad is rather a consiquence or reaction to the FG rubish economic policy.

Yanks101:
Ofcourse, it is always the sycophants from that part of Nigeria that would rise up to the challenge of defending the indefendable.
I saw the author, read a few lines and left.
Who has time for oluwole economics?

Thank U.imagine e comparing ammount spent in Ghana to our problem.I say palm wine bar economics

IbXavier:
By : Apena Ibrahim Adeboye

This is a personal analysis which is subjected to empirically backed criticism.

As at 7th of December 2015, Naira to dollar stood at ₦250 to $1, which was the highest fall of Naira to Dollar in history (Reference 1). As at today 28th of December, 2015, Naira to dollar stands at ₦197 to $1 (Reference 2), this shows there is an improvement.

All the same, have you ever asked why the value of Naira keeps dropping its value, Have you ever imagine if exchange rate of naira to dollar stands at ₦500 to $1, Did you make research on why use of NAIRA ATM abroad was ban ? (Kindly read reference 4 to know why). All these will help us understand the effect of the Ban of Naira ATM usage outside Nigeria.

It’s no news that some Nigerians in Diaspora are working towards protesting against the ban of Naira ATM abroad, especially those studying. With due respect, it's shameful that some Students who schooled or are schooling outside the country, especially those who offered or are offering business related courses do not understand why the inability to use Naira ATM outside Nigeria will be better off in the long run. Let’s kindly visit Economics as a course before complaining, though I am not an economics expert but I will apply the fair knowledge I have by the grace of God.

Let’s start with a simple analysis, this analysis will focus mainly on those schooling outside Nigeria;

SCENARIO ONE
Schooling Abroad and its effect on Naira. (Nigerians Schooling in Ghana as a case study)
The case study below is used for about 200,000 Nigerians schooling in Ghana, according to statistical fact (Reference 3)
Scenario Effect on Naira & Nigeria economy
1. Average School fees for a student per year ₦400,000_ Naira Out , Nothing In ,
2. Accommodation for about ₦100,000_ Naira Out , Nothing In,
3. Living expense of about ₦300,000 _ Naira Out , Nothing In,
Total expenses incurred by a Foreign trained Nigerian annually _₦800,000 Out, Nothing In.

Cost for 200,000 students per year ₦160,000,000,000 (₦160B)
Total expenses in 4 years ₦640,000,000,000 Out, Nothing In

Note:
Living expenses of 200,000 foreign trained in Ghana alone for a year is about ₦60,000,000,000 (₦60B)

Over 200,000 Nigerian were schooling in Ghana as at 2013.
(Reference 3)
SCENARIO TWO
1. Mr Ade imports phone to sell in Nigeria with about ₦100,000 each.
2. A student who schools in Ghana left this phone to buy the same worth of phone in Ghana.
EFFECT OF SCENARIO TWO
1. ₦100,000 gone out of Nigeria, ₦100,000 worth of Phone Imported (balanced)
2. ₦100,000 worth of phone ignored by student, yet such student took another ₦100,000 out of Nigeria to buy same phone in Ghana without any return to Nigeria. This means Nigeria has lost 100,000 to the Ghana Market despite having such product in Nigeria. Funny enough, if such phone is stolen before such student gets back to Nigeria, it means such student has made Ghana economy ₦100,000 better.

In one semester, an average Nigerian Schooling in Ghana must have spent about 800,000 of Nigerian currency in Ghana. Assuming we have about 200,000 Nigerians schooling in Ghana, it means about ₦160B is spent in Ghana education system within a year without any monetary return for Nigeria. Assuming this 160B is invested in Business , it would have been better because we would get goods in return for such chunk of money going out of the country , bear in mind that there are a lot of Nigerian students scattered around the world, Just imagine how much schooling abroad alone is taking out of Nigerian economy annually, imagine how much money spent on luxurious items , Health and so on in Ghana and other countries, Trillions of Naira. Have you imagined what it would look like if these monies are invested in our educational sector? That by the way.

After schooling abroad, some of the foreign trained do not even think of coming back to create jobs in the country, they rather think of coming back to earn from a white collar job, having used their certificate to bully home trained Nigerian Graduates. Does this really justify the huge amount spent on education outside Nigeria, Though, it’s a fact that knowledge must have been acquired and one can spend as much as possible to acquire knowledge.

As an average Nigerian Schooling outside the country, it’s normal to feel very bad when such news is broken (Ban of Naira ATM abroad). However, it will be a big disgrace to jump up to protest over it without understanding what is being protested about.
The question is simple ,
1. Do we prefer the value of naira to keep falling while we have access to spend naira anyhow outside Nigeria or we reduce the amount of naira going out and maintain a valuable naira.
2. The amount of Nigerians in diaspora are not up to 20% of those in Nigeria, thus , do we suffer those in Nigeria for the happiness of those in Diaspora or those who travel out to flex on vacation.

Imagine you wake up one day to see the exchange rate of naira to dollar standing at 500 Naira to 1 Dollar, Do you think it will be easy for parents to pay fees abroad.

SUGGESTIONS
1. Students schooling or intending to school abroad should rather think of how government can help in providing a means for students to transfer their school fees and money for upkeep. Though, this should be regulated, but not to protest over the Ban of ATM usage Abroad. NANS Excos and other student activist abroad should get to work on how to get alternatives for students to get money abroad. Who knows , students might be allowed to use Naira ATM abroad but lets consider the effect.
2. Most traveling outside Nigeria , especially within African countries should stop the habit of taking naira out to buy what can be bought in Nigeria , eg Phones , Laptop e.t.c
3. This is also the best avenue to challenge the government to work on the educational sector of Nigeria so that Nigerians will stop wasting chunk of money on schooling outside. In Ghana alone, Nigerians spends about 160,000,000,000 on education. The question is ;
a. How many people come to Nigeria to study or spend such money?
b. How many countries appreciate the monies spent by Nigerians in their economy.
Thus, if government won’t allow free usage of Naira ATM for students, then, they should provide alternatives or better our education system by scrapping JAMB and POST JAMB.

RECOMMENDATIONS TO LEARNED COLLEAGUES
Please let's apply what we learnt in school. When we spend more of our currency to import without Export, the value of Naira will keep dropping. So let’s plead to government to rather work on a policy to support fees payment and up keep money for students schooling abroad, also for business men. Also why are we not thinking of business we can do in abroad , afterwards , we send the little money you earn to Nigerian banks.

CONCLUSION
This literally mean , we are giving out without receiving except from petrol which is our major source of income , NB , price of Petrol is also dropping. If you give out without receiving you must reduce in whatever you have. This is one of the reasons why naira is dropping value. Therefore, ban of Naira ATM use outside Nigeria is a good policy. I don’t care who the governor of Central Bank of Nigeria is but I salute him/her for this. At least , this Policy should be maintained till Naira can be equivalent to about ₦100 – $1 dollars. If buhari Claims to take ₦1-$1, Do we think he will just perform Miracles, these are some of the ways to achieve it. Lets think of what to do so that others will come and spend or invest in our economy, However, there should be a way out for those who genuinely need to use the ATM outside Nigeria (Businessmen, students and likes ) Surely Politicians and those who pay visit to other countries Should be totally BANNED from use of Naira ATM abroad, amount taken out of Nigeria should be regulated.

This write up is not in any way to support any political party but for the betterment of Nigeria. Change and betterment will not occur if we won’t pay the price, ABOVE ALL, THIS IS A TEMPORARY MEASURE FOR THE SAKE OF STABILIZING THINGS. It is mainly geared towards those who spend naira on luxurious stuffs abroad.

Thank you for reading, comments to enlighten me are welcomed.

Reference
Referece 1 https://www.thecable.ng/finally-naira-falls-to-dreaded-2501

Reference 2 http://www.cenbank.org/rates/ExchRateByCurrency.asp

Reference 3 http://www.vanguardngr.com/…/nigerian-students-spend-n100b…/

Reference 4 http://thecitizenng.com/…/banks-blame-atm-card-ban-abroad-…/

Refeerence 5 http://ynaija.com/why-we-cant-reverse-ban-on-atm-card-use-…/

You have written a s tete mentioned with no policy or system to back anyway you wrote what you think.I'm sorry to say it's Bull shyt

BALLOSKI:
counter the article with facts to make the writer 'un-silly'.

It is plain silly only people with no social know bow will engage with the OP.you want us to round up the naira like the Ghana s did?anyway I dnt hav e time for silly debates.

miqos02:
I spoke with stanbic over th weekend and I was told that I have access to $1750 monthly

To withdraw with your Atm abroad?

nastyesco:
So cos someone is in the US we shld Bastardized our Currency...that's inexcusable. Few of us either sacrifice now so we can collectively enjoy later else those in US will jst dump their passport in the dustbin when the economy is in shambles...

Another tombo bar talk.what has that got to do with anything? Tell me how does this policy help us in the short term or long term?do U have any facts?try and understand what is going on.we the masses are being made scape goats for the falure of our politicians..past and present.the present ones are worse cos it was they who tok the past FG to court to share our excess crude account. The then minister of finance faught them but the went to court and curruption won.the millions of $ was part of our forex backups. FYI it where the apc govt of lagos Edo and Rivers etc that took the FG to court.do you hear them saying anything since they are now in power?

igiepj:
Hi i own a kia enterprise ceo 98 model a derivative of the mazda sentia,made for domestic s.korean market. Great car, reliable, and luxurious until traveled for about two years and upon returning i lost the keys and since it been a disaster getting the car to start. I have had d key guy come n made a new key but nothing and thenhe said the doesn't use immobilizer or transponder so he cut a normal key n the engine doesn't cranck it rolls but doesn't start i have change the fuel pump n other components but still nothing. Please i need ur advice or help thanks, 052bypjbiz@gmail.com, 07069494864

You might need a new key package

EgunMogaji:
Okay so I want to hear from others who have done alternative deckings on a small structure of say 30 X 30.

Even if it's just an idea that you have as a builder because this might just be your opportunity to demonstrate it.

I'm even thinking about the wooden floors of old days that can be found in most older two story buildings in Ibadan.

Baba as you dey think this wooden decking make U carry the African termites for mind ohhh

miqos02:
I can't use my card this month becos I have exhausted my limit for the month

There is no more limits.U can't use your card again.

olukenzo:
I presume you were paid by your home company and not the Dubai one, yes?

And even if it was the Dubai company that paid you, their country probably has enough balance of trade to do that. We don't.

Yes cos they sent me there and whilst I was in Dubai I was an expertrate