I just recieve it now now but the naira card wasn't even going b4 self now

boladale123:


So you was charged at official rate of 430+

I don't understand your question.

When I receive my money in my Dom my bank doesn't charge me anything. I make a withdrawal and go to the black market and sell it at the black market rate.

You are only charged the official rate if you want to buy from the bank for school fees or business travel/company transactions and it's almost impossible these days for the banks to sell you dollars. I hope that answers your question?

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.

You forgot his other moniker modrov lol.

Ishilove:

Yep

Alright, is it part of Aniocha Oshimili?

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.

Does your black card still work?

RepoMan007:
The rrot of this problem is the demonic structure that is built around sharing resources of minorities to another region. Once those favoured by this structure ha e interest in an issue, God help the logical reasoning prevail.

Why is Dangote building refinery from scratch but none of four comatose refinery cannot be repaired? Why is Dangote getting forex ahead of small businesses. After giving him billions in forex, they cut out the small business man looking to buy electrical component or medical reusables of 50 USD. Is that fair?
They gave tax waivers of 16 trillion Naira out but could deny about 2 trillion of that to varnish ASUU strike for eternity.

How can i like your post twice?

The economic policies of Nigeria are just appalling. Oil is the reason why the Government has refused to restructure. Restructuring wouldve solved theses economic issues. I think that the northern elites are oil-crazy, and this is reflected in the thinking of the average northerner. They are the reason why Nigeria has been solely dependent on oil. Their idea i think is that if we restructure, they will be the losers. Restructuring instead helps the states or regions look inwards, manage their resources efficiently and contribute to the center. The solution to Nigeria's economic problems is not rocket science, but some people have decided to hold the entire nation down, preventing others from progressing.

Ericnrm:




Please when you’re talking about the issues don’t push that false narrative or higher oil prices contributing to the scarce forex situation.

I honestly wish I was, but the fact is, it is lower oil prices in the past which means that when oil prices do rise, we have to pay off our debts which impacts on.....the earnings we get from oil.

THis was summarized in this article from 2004...

For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty

.

Basically, oil prices were so low, that we had to take loans. Now the oil prices have gone up...but the loans need to be paid back.

In case you don’t know, in the past 2 years we hit a record high for oil prices that haven’t been recorded in the past 15-20 years or so. Other OPEC countries are making a fat profit off of the increased oil prices while we have made zero dollars.

Actually no.

1.Oil prices have risen only in the last 7-8 months...it was 91 dollars in december, and as high as 130 dollars by March

2.Even then, it does not matter...several years of debt from low oil prices partly makes it so...see my point above. (That's why I also complain about something called LACK OF DIVERSIFICAITON.).

Some history...in the late 1970's we had a breif dip in oil...but because we were still selling enough non-oil exports..we were able to survive.

3.Other OPEC countries survive because they don't have 200 million or even one hundred million people.....PLUS they produce five to ten times more oil than we do, or at least 3 times more oil than we do. That's why they can make a profit. We can't.

Saudi has less than 40 million people, and produces 10 million bpd. We have 200 million and produce less than 1million bpd. The difference is too clear.

4.Oil prices were between 91-120 dollars in 2010-14 ., and as high as 145 dollars in 2008.(That's how Yaradua got so much cash to save) April 2014 was when the great crash statrted.

5.No, I am not defending Buhari. I repeat...Buhari in response should have diversified the economy, and removed subsides and raised tax income. Did he do that...NO. APC is not fit for purpose.

Secondly, the oil prices during Obasanjo’s time were some of the lowest in modern history but see what he was able to achieve, same goes for Jonathan so why do we buy this BS narrative that oil prices were terribly low when the data is easily accessible with your phone and data?

1.Obasanjo ran a poor economy. He was bashed and criticised a lot. At the end of his first term, people were critical of him.

Also, our forex needs were not as great as they are now. Between 2001-7, about 3 million people had phones, now it is getting to 100million...and they are all imported...that puts strain on our forex.

Yes, GSM came ...but he basically let them charge the prices they wanted..

2.GEJ had oil prices as high as 91 dollars from 2010, and above 100 dollars from 2011-14. The economy looked better then, but even then it was still very poor. And we lost billions to subsidy then as we are losing now.

3.At the end , a good leader takes us off oil. A bad leader does not. If you can;t see that, sorry.

Feel free to do your research to counter any of my points and back them up with empirical dat chief.

The above i wrote is the result of ten years of reading and worrying and thinking about these stuff....

The image you even showed me proves my point...oil was high under GEJ and is high now. But oil being high does not explain why Nigeria is poor. We are poor because we think that oil can meet all our needs.

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.

There's nothing to be optimistic about.

Joey4321:


There's nothing to be optimistic about.

There is, if we are ready to take decisions that should be taken....

Ishilove:
I laugh in Ukwuani!

Smh

Nwene madu
No be lie

Set awon E-naira how market??

I just did now, after reading this title. Was it even useful before? From 300 dollars per month to 100 dollars per month down to 20 dollars per month.

Ishilove:
I laugh in Ukwuani!

Smh

You can say that again. Onye Ukwuani. Ibu onye ebei?

Join our waiting list! Launching in few days!

No restrictions and best rate in the market. Card works on All popular platforms!

Hope sey e no go affect my Union Bank Verve Card
At least N800 dey inside

If anyone want to make payment in Asia, contact me. And if you are scared, can aveal you with guarantor in Naija

Kasssandra:

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.

It works the same way almost everywhere else in the world, jus that the amount of theft AND TREASON varies.

Your diagnosis was good but your prescription a monumental failure.

Pls which economic theory instructs you to increase taxes in a country that has the highest number of Extremely Poor People on the planet?

Who exactly are you aiming to tax and what are they earning that you have the guts to tax them? Official unemployment rate is 30% and I'm sure unofficial unemployment is 50%+.

Let me not mention underemployment as that is at rooftop levels.

So Tax increases make sense when you have a productive economy and not one dependent on Imports and unemployed people to sustain it.

60% of the figures being touted as fuel subsidy are fraudulent. That you did not take this into account in your prescription is another reason why it should be rejected.

How can the figures for subsidy multiply 5 times or more under APC?

Therefore, if the sleaze in the system is dealt with the fake fuel consumption figures would drop to a more reasonable amount.

So drop the cut and paste economic theories.

We need to move from consumption to production as Peter Obi said

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.

I also got the same message from First Bank today

VULCAN:
Your diagnosis was good but your prescription a monumental failure.

Pls which economic theory instructs you to increase taxes in a country that has the highest number of Extremely Poor People on the planet?

Who exactly are you aiming to tax and what are they earning that you have the guts to tax them? Official unemployment rate is 30% and I'm sure unofficial unemployment is 50%+.

Let me not mention underemployment as that is at rooftop levels.

So Tax increases make sense when you have a productive economy and not one dependent on Imports and unemployed people to sustain it.



60% of the figures being touted as fuel subsidy are fraudulent. That you did not take this into account in your prescription is another reason why it should be rejected.

How can the figures for subsidy multiply 5 times or more under APC?

Therefore, if the sleaze in the system is dealt with the fake fuel consumption figures would drop to a more reasonable amount.

So drop the cut and paste economic theories.

We need to move from consumption to production as Peter Obi said

OKAY...let's do what Buhari is doing and what past leaders have done and pretend the magic money tree is still producing money enough for all of us (just having a joke here).

Seriously, Obi has said, repeatedly, that we should remove subsidy. Add the fact that our tax to gdp ratio is 8.1%...and you get the image.

Countries are expensive. They eat a lot of money...

The question is....are we ready to pay for it, or do we keep on thinking that resource dependency is the answer?

First remove subsides, then see how enough investment comes into the petrol and power sector...then we would have enough energy to be productive as Obi says we should be...which is why he is so anti-subsidy.

P.S I don't support APC or any of the parties.


PS2. As to how subsidy can multiply under APC....it is the nature of the beast. Subsides are niduses for corruption and looting. Also, when fuel is N175 here and over N350 in all our neighbours...smuglling is going to be rampant. Nigerian petrol was being sold as far away as Ghana in 2012....that's why subsidy costs are rising.

I mean...free government money always equals corruption. Who would have thot.....

Plus it does not let the industry grow as it should.

Utagbamaka:
You can say that again. Onye Ukwuani. Ibu onye ebei?

Emu uno

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.

Charlie removing subsidies and increasing tax to gdp will not change Nigeria.
As of the time of Goodluck J. Nigeria was paying subsidies, they were more militant attacks on pipeline than now yet Nigeria was able to save for excess crude oil account-through advice from ngozi (FINANCE MINISTER, so without her they won’t save?)
The African leaders should stop stealing the fortunes of their generations and be wise to develop their continent.
I will agree with you on the basis of corruption aside that all na excuses.
Look across African countries how many are progressing like other developed Countries in the world.

Mayeldah:


Same APC and Buhari that were singing since 2015 that oil sold for $100 and GEJ did not nothing with it are now crying that despite price increase subsidy and oil theft has gone up.
There is a saying that a child that blame his father for not owning a car will grew up on day to understand reason it was difficult for his father to own one.

Visionless leaders. PDP even tried small, you see this APC, always blaming everyone else for their woeful performances.

PDP did not try anything

oil production averaged 1.8mbpd during their time with oil averaging $90-$100

in this current regime

at a point oil production averaged $1.6mbpd and prices were around $40

when prices rose ..production drop..

today prices are averaging $100 but production is 0.9mbpd

there is a difference..
also those years with PDP.. nothing like covid 19 or russia ukraine palava

the truth is every country is feeling the heat.. ...

go to ghana ..they have reached a point that they are now seeking bail outs

brandsoncharlie:

Charlie removing subsidies and increasing tax to gdp will not change Nigeria

.

It won't but it would let the petroleum sector make the profits it needs to build and maintain refineries and produce more...without governmetn throwing money at them.

As of the time of Goodluck J. Nigeria was paying subsidies, they were more militant attacks on pipeline than now yet Nigeria was able to save for excess crude oil account-through advice from ngozi (FINANCE MINISTER, so without her they won’t save?)

GEJ also had high crude prices..between 91-120 dollars under his regime...plus he did not save enough forex reserves either. Buhari too has not grown our reserves and depleted our ECA. (Part of it went to getting us the Tucano jets, tho, but even then).

At the end, oil money is not and has never been enough to sustain Nigeria. Simples. Even if we were producing 5 million bpd...which is where Libya is on a good day, we have 200 million to Libya's 8 million people. DO the algebra. (okay, division, lol)>

Finally, when the cost of the resource you sell is high, people steal it. When copper prices went through the roof in 2006-11, people stole copper all over the place...even in EUROPEAN countries....to sell.

The African leaders should stop stealing the fortunes of their generations and be wise to develop their continent.
I w

It starts with them encouraging industrial development, and moving away from depending on selling one raw material. Because prices of raw materials never stay where you want them to be.

ill agree with you on the basis of corruption aside that all na excuses.
Look across African countries how many are progressing like other developed Countries in the world.

Because they are like Nigeria...selling a resource whose price cannot sustain them.

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.

That number 5 ehn... CEO fit carry or buy cars for girlfriend ... Pay tax na wahala ooo... I know wetin I dey talk sha

thebosstrevor1:


go get a gt dollar account and apply for a card for N1k

the yearly cost of maintenance is just $10 dollars

they sometimes give you $30 as discount when buying things online

Exactly

More trouble. I can provide you debit cards with $5k daily limit.

Months ago. For a while now, I've not been able to buy game privileges for the game i play.

But thankfully I'm still able to subscribe to my udemy.

Ishilove:
I laugh in Ukwuani!

Smh

Ibu onye Ukwuani?

Kasssandra:


Well, I am not in APC or PDP , but both of them made the same mistake of keeping our economy hooked on oil and of not diversifying away from oil.

Buhari's policy is just PDP policy without high oil prices.

The thing is, we need a leader who would raise taxes, and remove subsides for power and petrol...so that we get more investment , and also get both sectors working and earning more...which can be used to fire up our economy.

Smiles... Nigerians no dey understand this things you talk ooo

murmee:
Sorry to add another angle to this topic. Can someone please explain to me why it is now difficult to receive money sent from families or associates from abroad. When you go to any bank in Nigeria to process money sent from abroad through Moneygram or Western Union or Ria, the first thing the bank will tell you is that Dollars are not available. Some banks will say they only have smaller denominations like $20 or $10. Why are the banks doing this?

Maybe na bank you go too... Gtbank pays $100. Paper

Kasssandra:


Well, it ain't helping the North much...insecurity is bad, and the poverty is growing, and the harvest is under threat.

The problem with Nigeria is, we think that what satisifes a nation of 10 million can be made to saitisfy a nation of 210 million . It is not possible, and it can not be possible.

Which is why I think that we have never had a good leader. If we had one, the first thing he or she would have done would have been to prioritise industrial development, and also make sure the engine room of the economy is allowed to make a profit...and crucially...keep away from subsides (except in education and possibly health), and make sure that everyone pays tax and that tax money does not miss.

Instead, we sell raw materials and share the money. Like most African countries. And small wonder, we are all broke.

Tax... Something people making money here no dey wan pay sef