₦airaland Forum

daimlerbenz:
I guess you didn't read Ben Bruce' comments. No be your Amaechi and comrade tackle the guy to sharing all the money?

Nobody gree talk go there. Typical APC people following blindly

miqos02:
yes, once u do transactions up to $1k dollars, u wait till the next month

Who told you so??We cannot. Go back and read the directives. The bank simply said the have no forex to pay who ever yoy buy stuff from abroad.withdrawing is same thing. MayB the gist just sink in now? Try and shop with your master card on amazon or Ebay see what happens.

macklef:
Oga mi, the reason why dos governors may have requested such isnt it obvious now?
The question is, where is the reserves? Is it not better if it has been shared than now that it has been depleted shamelessly? The oposition had intelligence notice of how this reserve was been depleted, they did not trust Gej to hold on to d reserves.
D court did not grant the request bah? So where is the reserves?

My bro this is where I like yoy to reason to.if we had the reserve we will still ja e forex backing today.the $50 million will still be used to back our forex till date.thus was why we never had these issues u til now.and wen the money was devided did any of U feel the impact??

kaywhynoni:
I'm not here to check names.......we all knows them........





NA DEM

2 groups of Nigerians embarassing us since 1869.one group specilize in drug trafficking the other in 419 una try ohhhh

olukenzo:
Some of these oil companies and multinationals pay their staff, especially expatriates in $s.

It is wrong to pay anyone in dollars in Nigeria. Pay your employees as much as you can afford, however, like I said before, paying workers in Nigeria in a foreign currency is economic sabotage.

The expert where employed from a broad so they will be paid in Dollars. They pay taxes to their home countries. I was sent to Dubai from the UK I was there 4 months I still got paid in pounds. So what's the biggy

omohayek:
The problem is that even that ordinary man needs to buy local products which require imported inputs in their creation or provision, and if he has a job in the formal sector, his employment will also very likely depend on such inputs. It does no good to the common man if he can't buy goods in the market because manufacturers can't make any more, or hold down a job because his employer lacks inputs required to keep him busy at work.

The CBN's policies have a far wider impact than on just the "middle and upper class citizens", who in any case are much more likely to have foreign currency assets to tide them over than the ordinary man (and much better connections for getting artificially cheap dollars).

Better remarks
It's ok for people to say buy.made in Nigerian Goods how about machinaries and parts.let me derv into petrol.how about raw materials to facilitate the fractional distillation? Things like catalysts ie Nikel and co

olukenzo:
Nigerians should stop being cry babies. This is the dire economic situation we have found ourselves in. Government cannot continue to sugar-coat these issues.

We need to look inwards ->

Buy made in Nigeria goods
Import less junk
Be creative and export more
Spend your holiday in Nigeria, go to Obudu, yankari etc
If there's such a huge market in Nigeria for any imported item, ask your foreign partner to come and setup a factory here.

My country must prosper!

Great stuff but with these outdated monitory policies do U see any right full biz coming g to Nigeria to invest?

olukenzo:
Government needs to do their part too. Electricity is paramount.

We should also stop this business of paying people salaries in dollars in Nigeria, expatriate or not, it's economic sabotage.

The airlines that were complaining the other day have no idea what they're talking about. Even my bank refused to take the $s I wanted to deposit in my £s account. So it is not just a Nigerian thing. Those guys are only interested in milking us and shipping $s out! That's what a lot of these foreign companies do.

It is no longer business as usual.

Who do you know that is employed in Nigeria that is paid in Dollars and not its equivalent? And if they pay you in dollars on Nigerian soil won't that be a good thing? Is that not what we are all praying for?

pappilo:
Exactly. I am affected in that money I took to Nigeria 2 years ago and changed at N247, I brought back at N362. Infact my £2500 is stuck with a money transfer chap who has now refused to pick up his phone.

Having said this, the government is not obliged to help source dollars to fund for the ostentatious lifestyles of middle and upper class citizens.

The governments priority is to look out for the ordinary man who neither requires dollars nor imports anything.

Guy it's now 270 to the pounds. I'm in Nigeria at the moment t I remitted my Dec pay via an agent in Tottenham high rd at 270 rate on 24th December.

carboblanko:
I can't resist not quoting you. Your comments have been one of the most rational on this thread.The truth is that have been living in denial for to long especially when the price of Crude was high.Now it has crashed and we are forced to face reality.I saw this day coming. It's just sad that the saw called Harvard trained former finance minister was busy telling us that we had the largest economy in Africa yet barely a year later we are in a crisis. People should realize that the party is over and adjust to the current realities.

I will like to remind us again who where the people who took the FG to court in other for the excess crude account to be shared? Does the past lagos state governors name come into play??

Bevista:
So, In your opinion, the better option is to create scarcity and pretend that there is no demand?
---
As painful as it may seem, if my business depends on FX transactions, I'd rather buy at that high rate than not get it at all. When importers exhaust their existing stock and cannot access dollars to import, there will be complete price dislocation in the system due to scarcity.
---
The CBN can protect our Reserves (which I believe they should). But why not allow those that can buy dollars in the parallel market to make legitimate transfers and payments? That way, it's not Reserves that are used to settle those int'l payments.

That's only posible if you B aboki

Dee60:
You want to put Naira in your account in Nigeria and withdraw dollars freely abroad! Where would Nigeria have all the dollars to fund that. with the oil price fallen to by more than 60?

Does it occur to anyone that allowining free withdrawal (dollar against naira) will result in huge dollar debt for Nigeria over time?

Is there not an avenue for students to have their fees transferred officially instead of via ATMs?

The protesters need to push their argument clearly. Otherwise, it is simple commonsense that you cannot dollarise your economy, unless you want to pile up debt for future generations. Common sense.

If we had saved forex when oil was USD100 plus, it would have helped a bit. But with dwindling reserve CBN has to look for ways to curb DOLLAR consumption. We just cannot continue to CONSUME what we dont produce and expect FG or CBN to do magic.

Please think before you talk. Read before you comment. Common sense says so..

I like ur come t when U said if we had saved forex wen oil was 100$.plz in all honesty who took The govet of GEJ to court for the excess crude account to be shared.name the governors plz.I hope U know them.

1freshdude:
You are a Voodoo Economist! No too vex. No person in their right senses, who has a basic knowledge of economics would advise for the Naira to be allowed to float in this present state of our economy. If you argue for devaluing of the Naira against the dollar then your argument is tenable. What are you guys talking about sef? Everybody on Nairaland claiming egghead yet they cant even make a difference in their daily life decisions.

I stand for devaluing at least we know where we at.

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.

Great stuff this was where I was driving to on the other news.They are playing politics with the lives of Nigerians.

dustydee:
Tough? I am kindof happy because I get more in naira when I send money home.
It will be tough for students though.

Well true but the Naira yoy send home will soon mean nothing if this trend do not stop.

Abatsam111:
Source: https://www.today.ng/business/57950/cbn-insists-it-wont-reverse-restriction-on-naira-atm-card-abroad?utm_source=&utm_medium=twitter

How can CBN dream of reversing the actions of the banks.the Banks are simply protecting themselves. Did the CBN not know this will happened.where they not warned? ?

nastyesco:
It's time for Arik and others to get on the scene and further utilise this opportunity. ...if they cnt repatriate money to their respective countries....Arik doesn't need to...we have Bastardized our Currency and Economy...its hard bt it's the right way...starve those looters of their ill-gotten Dollars

How about you who stole no dollar how U go take withdraw dollars if your leg manage reach USA?

Bambizzle4k4556:
u get sense? this tin u talk na u see sense inside? Hv u ever worked in America earned dollar n told dem 2 giv u naira wen u r bout to com 2 nigeria? so why won't dey carry d naira go to dere country n change it? year don dey end o. grab sense

Guy nah U nor gt single sense. Who carries physical cash home?if you work in the US you get paid in dolars into your US bank account you carry your US ATM to Nigeria put it in GTB atm machine withdraw Naira. Wala. But if you reverse it you cannot withdraw your naira in dollars in the US.And can I ask who gets paid in Dollars in Nigeria??

louismane:
Im done trying to explain to u...its obvious u dont understand a word ive bin sayn cos what ur saying has abdolutely notin to do wit wateva ive bin sayn since

See yourself have you ever earned $in your life??If you did you won't be this backward plz go bck to the comedy section these subjects are way beyond your comprehensive mind which is still v young.

luvmijeje:
We all witness the carnage caused by the past administration.

So if you're among those praising all the wrongdoing of Jonathan's era and have the guts to criticise the President for trying to right the wrong of the past administration then you are all shameless.

Since we all know how bad the last FG is .why is the new FG reminding us? dosnt he have his own blue print to hit the ground running? Did he think it was biz as usual??

EgunMogaji:
I am Egun Mogaji, a Nigerian. A non selfish person who would rather sacrifice a little today so that the future generations can thrive.

You don't have to describe yourself, I already know who you inside of the very first few words that you penned.

Have a nice day

Baba I hail ohh

NavierStokes:
Some people talk about our local airlines filling the gap, forgetting that these are Investments that takes time, imagine airlines having to make orders for planes years in advance (except we need them ordering most of those "3rd hand" flying caskets). I raised this issue of the airlines in a discussion with a friend, just last week's sunday and here we are today. All those ignorantly thinking all these news have nothing to do with them, will soon find out just how badly it affects them, when ticket prices get ridiculously expensive and planes flying out with half empty seats plus the available tickets can only be bought or paid for from abroad or you fly private One way or the other CBN's policies are serving one major putpose, i.e deeply isolating Nigeria economically from the rest of the world.

Exactly and how are they going to buy parts and pay taxes abroad since there is no dollars ahaha we don dey die small small

louismane:
Ur an ignoramus now arent u?..
I dnt blame ur ignorance... der z global demand for pounds and euros incase u dont knw...cos dey hve value...u say dere z no demand fr naira..yes u r correct..cos if der was der wuld b no nid fr buhari to implement dese policies... so yes der z no demand..but wit all d bans...der will be...foreign companies operating will change deir foreign currencies to naira if dey wantu operate in dis country...n der r lots of dem...so der will b a lot of foreign entities who hve interests in d nigerian market going around n buying naira with their currencies n if d demand z higher dan d supply...??( if ur brain works ull knw where im headed) 9th grade economics..law of demand n supply....peace out

Y is dis soo hard for U 2 understand? ? The coy oporating in Nigeria use Naira not dollars does MTN pay their staff in Dollars? ? I repeat again there is no demand for pounds globally. I earn pounds when I was coming to Nigeria I wired my pounds to my 9ja bank account t and guess what I withdrew Naira not pounds so my friend your analogy is flawed.

bigfather:
.......bros u harsh oooo.....

U nor.see the rubish E type with E sargen

bettercreature:
Blame it on GEJ he finished our dollars reserve because of useless election

Another one who needs to return their school fees to their parents

Inoknowbook:
So many of u here are bereft of common sense. U guys lack basic understanding of issues. Even after reading the post, u came up with this garbage above? Can u show me anywhere in the post that the airlines were advocating that flight tickets be purchased in naira? The spokesperson was just complaining about the inability of the airlines to repatriate the Naira that they have accumulated in Nigeria due to the scarcity of foreign exchange, a resultant effect of the recent cbn's forex policy. He never asked that they be allowed to sell tickets in foreign exchange, rather, he asked that cbn should make foreign exchange available to the important sectors that derive the economy. Our leaders have made the attraction of foreign investments one of their main priorities. Now, tell me the foreign investor in his/her right senses that will invest in an economy that won't allow for repatriation of funds?

Our leaders are just wrecking the economy one day at a time. From the way they're a going, it won't take long before it is totally decimated. I believe they have ulterior motives.

Abeg tell them.just see the frame of mind people have on here.

bigfather:
Arik go just use this kind avenue to exploit Nigerians die !

Arik ma Molue lol

louismane:
Some of us sit down in d comfort of our homes and use our cheap fones to type wat we dont knw...do u knw more dan the cbn governor? If yes pls y r u not d cbn governor..??..do u think ur more knowledgeable dan dose advicing d presidency??..who r u sef??..what do u knw??...
If u can only understand d motive of dis policies and d long term benefits ull knw what buhari is doing is right...the naira is on free fall..but expect a free rise im d nxg few yrs if dis policies are adhered to..the western world knws wat he is trying to do and dey r fighting it...he is trying to increase d global demand fr naira afterall nigeria is an international market..so he is tkn advantage of dat n mkn dem buy naira thus increasing d demand n thus gradually increasing d demand and hence the value will increase..its 10th grade economics

Pry school social sturdiest I call this.Increase global demand for Nairaare you ok?is there any demand for naira? ?let alone Global?the demand in Dollars is not tied to its strength. The pounds is stronger than the dolars £1 =$1.5 and €1.4 have you ever heard of demand in £ and €?? Have you ever heard such statement like we want to increase the demand in € or £this Ogoro bar economics. Stp it plz

macklef:
So bro in a nutshell. What the airliners are saying is, due to the policy, they can't
Transact in dollars anymore in naija and even if dey transact in naira and wire it to their countrys
It would be imposible to withdraw such funds in naira outside 9ja. Dey can only withdraw in dollars that they have been estoped from changing. Then thats like blocking both the front and back door and telling a guest you can leave when u want to.

Bravo.sorry I seem to type rubish. I'm using my fone and I left my laptop charger at home so guys bear my crap English. Everybody buys tkt in Naira.the banks do not have equivalent dollars to back such huge amount .if U remember two weeks ago they hands up to warn every key that the forex reserve is unsustainable. We dnt print dolars right so the only means of earning it is to sell.what do we sell the most Oil.now that's dead.we can earn forex by luring investors with good policies. Now these policies might take 5 to 10 years.it might involve govt n politicians not gaining but citizens will gain.greedy politicians won't allow these cos their tenure is 4 yrs. The only way to lure foreign investors is to entice them with cheap overhead like china and India does and Ethiopia is now doing or devalue our Naira to make it relivant I. World mkt.investors will be forced to look for this gs to buy in Nigeria and pay I. Dollars. Just as most people just search for things to buy in china.

ttmacoy:
Abi oh. How will they get dollar to buy plane to expand their routes and don't they also need to buy landing slots in the foreign airports also in dollar? Maybe he thinks it just a case of hey Heathrow we are sending extra flights see you soon.

Ahaha and U wonder Y we are so backward.we blame leaders see the kind mind wen youth carry?how are they even going g to buy spare parts ni??mayB the guy get plantain leaf for mind

louismane:
Some of us sit down in d comfort of our homes and use our cheap fones to type wat we dont knw...do u knw more dan the cbn governor? If yes pls y r u not d cbn governor..??..do u think ur more knowledgeable dan dose advicing d presidency??..who r u sef??..what do u knw??...
If u can only understand d motive of dis policies and d long term benefits ull knw what buhari is doing is right...the naira is on free fall..but expect a free rise im d nxg few yrs if dis policies are adhered to..the western world knws wat he is trying to do and dey r fighting it...he is trying to increase d global demand fr naira afterall nigeria is an international market..so he is tkn advantage of dat n mkn dem buy naira thus increasing d demand n thus gradually increasing d demand and hence the value will increase..its 10th grade economics

This is the reason there are so much suffering in Nigeria. Even the so called rich suffer as well.a could try where U ha e no power yet you have to pay Nepal bill about what you would have used if u had constant electricity. The Sad PART IS YOU GUYS HA E GROWN TO ACCEPT IT AS NORMAL. I pray for your likes to one day live in a sane country where everyone is equal. Then only then U can see how our leaders are toying with our future. You lot are suffering and smiling. QUOTE me very soon we are going g to recieve sanctions from the west then we will be well doomed.

sanmibukunmi:
These consequences will not persist for ever bro. I understand it is hitting hard but we really really need to change some things fast.....we can't afford to make mistakes due to selfishness again. we need to sit tight and plan.... I supported removal of subsidy in 2012 because I know it's the little sacrifice we had to make. imagine what would have been of fuel prices if we had allowed that to stay... Devaluation won't help us.....if we devalue today we might find ourselves doing the same thing in some years time...its time to stop running round a circle and move forward..

What did you say about subsidy?
We ja e to devalue we have been screaming devalue for a year now.at the time the £ was 280 now it's 370.o's that not devaluation by force?the free fall is worse than devaluation hence wise govt devalue raise or reduce interest rates.