Kasssandra:
Yeah, we are not earning enough dollars due to

1.Subsidy payments going up, due to higher oil prices, which means higher fuel prices...and more money being spent to keep it low...which eats into our budget

2.Falling oil production due to theft, robbery, and government doing nothing about security.

3.From 2014 till 7-8 months ago, oil prices were too low to sustain us. Now that they are high, we have to still pay off the debt we took on during the lean years...(and yes, we had to borrow, otherwise we would have ended up with salaries not being paid for 2 years .)...and even during those years, we were still paying up debts.

4.Lack of a diversified economy. We did not diversify our economy.

5.Poor tax uptake. Our tax to gdp raito is 8.1%....too low to get us enough revenue. 30% of the economically active populaiton pays income tax to the government at federal and state level. Tax leakages and corruption are a thing.

6.Corruption and stealing. Especially at contracts, subsidy level and so forth. And yes, APC hasn't changed a thing.


That's why we are in this mess.

If we removed subsidies on petrol and power, and raised our tax to gdp ratio, and really focused on fighting corruption....we might get somwhere.

Campaigning begins next week, let's see what the candidates have in the tank. I'm not optimisitic.

WE DEY HERE DEY LOOK UNA

Kasssandra:
Yeah, we are not earning enough dollars due to

1.Subsidy payments going up, due to higher oil prices, which means higher fuel prices...and more money being spent to keep it low...which eats into our budget

2.Falling oil production due to theft, robbery, and government doing nothing about security.

3.From 2014 till 7-8 months ago, oil prices were too low to sustain us. Now that they are high, we have to still pay off the debt we took on during the lean years...(and yes, we had to borrow, otherwise we would have ended up with salaries not being paid for 2 years .)...and even during those years, we were still paying up debts.

4.Lack of a diversified economy. We did not diversify our economy.

5.Poor tax uptake. Our tax to gdp raito is 8.1%....too low to get us enough revenue. 30% of the economically active populaiton pays income tax to the government at federal and state level. Tax leakages and corruption are a thing.

6.Corruption and stealing. Especially at contracts, subsidy level and so forth. And yes, APC hasn't changed a thing.


That's why we are in this mess.

If we removed subsidies on petrol and power, and raised our tax to gdp ratio, and really focused on fighting corruption....we might get somwhere.

Campaigning begins next week, let's see what the candidates have in the tank. I'm not optimisitic.

backbencher, subsidywise. Lol.
Buhari has mismanaged the micro economy. They can afford to grant trillions in tax waiver to few companies but not considered the small business man.

Officialgarri:
This will hurt those in arbitrage business so bad.

May I also inform you that the cards listed as alternatives usually carry subscription charges ?

My access black card costs 84k annually and maybe the price has increased now.


Please don't allow desperation push you into buying virtual dollars from Nairalanders o. Majority are scammers.

Since they reduced the limit of the black card months ago ,I stopped renewing the sub (the sub is auto renewal ,I was doing quarterly ). I didn’t put money in the account for months .
Could you believe that when money entered the deducted it and renewed the sub ?
I tried ending the sub by contacting them . They said I was going to send a hand written letter to their email which I did and isn’t acknowledged till now .
Now they said ,for all the renewal months I have missed ,they’d deduct the money . Meaning since I didn’t put money in the account for let’s say 8months ,they’d deduct the money for quarterly (4months ) twice . Mind you I also have another account I did monthly sub that I abandoned since . According to them ,they’d deduct all the money monthly since the time I stopped putting money there .
What kind of fraud is that ?
Ago close the accounts las las

Timekeeper452:
how much does the dollar debit card cost and also what’s the limit for transactions on the domiciliary account?

over $10k/month

Ishilove:
I laugh in Ukwuani!

Smh

I laugh in kweke!

What APC cannot destroy does not exist!

This is bad, how will pansophist now send me money �

Geovanni412:


GTB charge $10 as well.

Oh, that's cool. Meaning they all charge the same thing. Thanks for the update.

RepoMan007:

backbencher, subsidywise. Lol.
Buhari has mismanaged the micro economy. They can afford to grant trillions in tax waiver to few companies but not considered the small business man.

If you cannot see my comment as an indictment of Buhari, then you really do need glasses.

ajayiopy:


WE DEY HERE DEY LOOK UNA

K.

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Kajaard:


I have both the GTBank and UBA USD debit cards. I got the GTbank card 2 years ago so I cannot remember if I was charged for it, but the UBA card my domiciliary account was debited $10 for it. I got the UBA card this year and I must admit it's been seemless for online payments far better than the other one.

Mine is a Gold USD card and the limit monthly is $10,000 ( ten thousand USD monthly).

can you withdraw with the gold card

thebosstrevor1:
This is nothing new

most countries not using the US dollars as their currency have this law in place

the only difference here in Nigeria is that, you have to source your dollar by yourself from the black market

We have the law in place because our government needs to save dollars, because they aren't earning enough dollars to spread around...due to seven years of bad policies like keeping subsides, and not raising revenue share from taxes, and not doing much about corruption and insecurity , especially around oil installations.

Your party did not do well for us.

macbede:
Thanks to them, I’m very open to business at it stands.�

Can you do above 10k sir?

Officialgarri:
This will hurt those in arbitrage business so bad.

May I also inform you that the cards listed as alternatives usually carry subscription charges ?

My access black card costs 84k annually and maybe the price has increased now.


Please don't allow desperation push you into buying virtual dollars from Nairalanders o. Majority are scammers.

Have you enquired if your blackcard is affected?

Cumulative payments I can make per day is $15,000 for the time being

ViceGovernor:

Can you do above 10k sir?

adaperry25:
can you withdraw with the gold card

Yes na. Anything you can do with your dom account you can do through your card. No issues. But please if you are planning to open a domiciliary account use one of the stable banks like UBA, Zenith or GTB, just to be safe. Their cards are never rejected.

Kajaard:


Yes na. Anything you can do with your dom account you can do through your card. No issues. But please if you are planning to open a domiciliary account use one of the stable banks like UBA, Zenith or GTB, just to be safe. Their cards are never rejected.

really..i got from stanbic.but I was told you can't withdraw unless you open a domiciliary account

Didijiji:
Nice and dollar is 710... mumu

bank rate is around 429

The black-market rate is 700, if you can't afford it, keep shut.

adaperry25:
really..i got from stanbic.but I was told you can't withdraw unless you open a domiciliary account

That's because you probably got a prepaid card not linked to a dom account. When you have a dom account whatever you do on your card is linked to your dom account. So you can do online purchases, withdrawal from the bank or withdrawal overseas from foreign ATMs.

They re the major problem.

It's hard for them to store money in the bank and at home.

Thus, they end up changing the naira to dollar 100bills and hoard it at home and also use to abroad which is killing the economy.

In Africa, Nigeria is the highest importer of USD dollar... Why is it so? Politicians use it for fraud and the cost involved moving dollar around and exchange rate is not funny.

datola:
What's the difference between this and the $20 limit before.

Lass lass, make we kuku face local production and our market to strengthen the Naira. My only concern is our useless leaders will still use all the forex left to go flex abroad.

Kasssandra:
Yeah, we are not earning enough dollars due to
6.Corruption and stealing. Especially at contracts, subsidy level and so forth. And yes, APC hasn't changed a thing.

This one you re wrong about... APC did change things. Unlike before, now only their thugs can steal. They won;t allow PDP ANPP or other thugs to do so.

Positiveme2020:

Are u from ukwani

Yep

DrMuzungu:


This one you re wrong about... APC did change things. Unlike before, now only their thugs can steal. They won;t allow PDP ANPP or other thugs to do so.

It's always been like that...party in power allows its people,and only them to steal, while the party outside power plays the heroic crusader against corruption.....

Then the party outside power gets into power.

Rinse and repeat.

justBreathe:
As received from my bank just now:

"Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card and Visa Prepaid Naira card for international transactions. This will take effect on 30 September 2022.

Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000."

What does this connote?

No more AliExpress?
How far does this go please?

Chai I Sha noticed I was unable to buy stuffs

does this affect payoneer

snowball11:





I kaugh in kweke!

What APC cannot destroy does not exist!

Kwa kwa kweke o!!

Hahahahahahahahahahaha

Buhariiiii!

Please, let's vote for APC so that this suffering and hardship will continue.

holluwizzy:
They re the major problem.

It's hard for them to store money in the bank and at home.

This they end up changing the naira to dollar 100bills and hoard it at home and also use to abroad which is killing the economy.

Very true. Politicians are the major problem. The amount of dollars that exchanged hands during the PDP/APC primaries alone can wreck a nation.

I just hope Nigeria won't end up like Ghana. Buhari may have to run to IMF before December.

Well.. that's their problem...no country is willing to borrow Nigeria loan again... Even china.

Acidosis:


Very true. Politicians are the major problem. The amount of dollars that exchanged hands during the PDP/APC primaries alone can wreck a nation.

I just hope Nigeria won't end up like Ghana. Buhari may have to run to IMF before December.

bigdot1759:
over $10k/month

do I need to pay anything to maintain that dorm acct?

thebosstrevor1:


bank rate is around 429

The black-market rate is 700, if you can't afford it, keep shut.

but your mama and papa and tribe occupied okota against Jonathan when dollar was $216

Demon!

Even ordinary Apple and YT Music, bye bye. Including other apps subscriptions. I'm already being affected by this madness.