₦airaland Forum

DeLaRue:
I appreciate your understanding of the problem, though your solution will not work.

You see, a business based in the US or Europe cannot accept Naira, because they don't have any use for naira in their country.

They need to receive their money in the currency of the country they are located in or do business from. So, even when Amazon shows prices in Naira and you buy with your Zenith it GTB naira card, Amazon does not receive naira. Zenith or GTB has to send the equivalent dollar amount to Amazon through Nigeria's central bank.

So, as you can see, your bank and CBN still have to pay Amazon in dollars.

You are also not correct that if foreign companies accept Naira, it will increase the value of naira. Since these foreign companies e.g Amazon don't operate in Nigeria, they don't need Naira since they can't spend naira in their country.

Even if they open bank accounts in Nigeria (which they won't) and credit their sales into the local accounts, at some point, they will need to evacuate the money to their country. Meaning, they will need dollars, euros or British pounds which the CBN will decline to provide them. So, they are back to square one.

We saw this problem with foreign airlines in Nigeria, some of which have not been able to repartriate their naira earnings to their countries for several years because the CBN refused to provide the equivalent foreign currency.

IgiveLadiesBj:
How is it cool?

Please tell me?

EroticJane:
those foreign companies you mentioned delisted Nigeria because of her citizens fraudulent acts online. if any online company wants to market her services to Nigerians, they should start accepting the naira as payment. by so doing, the naira will begin to appreciate. but NO some of you guys will still not understand

seanwilliam:
lol person wey no understand wetin dem Dey talk

Legend44:
All these won't work anymore

DenreleDave:
Very soon, Italian officials will restrict foreign Ashawo from "Olosho business".

Our Edo sisters don dey collect customers from the indigenous ashawos

MuslimIgbo:
The foolishness of many Nigerians will make them to continue to suffer.

You from other region can't access dollars easily but if you go to any Hausa/fulani sabo area in any state In this country, Abokí fool ani foolish bastards are selling dollars at exorbitant amount.
Una mumu never do ...

Willie2015:
Try to learn new things and read wide...
I dont worry about Mallam exorbitant rate .
In as much as I have a good rate of return on my investment...
If CBN/FG is not ready to give us access to FCY...
We have a better alternative...

Willie2015:
Try to learn new things and read wide...
I dont worry about Mallam exorbitant rate ...
In as much as I have a good rate of return on my investment...
If CBN/FG is not ready to give us access to FCY...
We have a better alternative...

FalseProphet1:
As a prophet, I have no vision concerning this matter.

This I have seen.

babajero:
the problem is not mainly emiefele, he is just the fall guy.

WhizdomXX:
To achieve your goal You actually need economics knowledge. I could give you that. .

Willie2015:
Are you living in other countries....

deedo93:
True! But the guy's equally clueless

I mean look at these indices below:

Loan to Deposit ratio: approximately 65%
This means banks have to give at least 65% of all their deposits as loans increasing cash in circulation)

T bills rate: hovers around a maximum of 6%
This discourages would be investors from lending to the government and increases money in circulation

Prime lending rate: approximately 12%
Maximum lending rate: 28%
These coupled with the loan to deposit ratio means banks would push their staff to source for loans resulting in an increase in non quality loans and putting the banks at risk as well as increasing the amount of money in circulation.

As at yesterday Nigeria has the highest amount of Naira in circulation (about 45 trillion) in the history of the Naira. Again excess money in circulation

As any elementary economist would know too much money in circulation = Inflation = death of the economy.

And we have printed more money than ever. But what is this money backed by?? Certainly not the dollar as we have seen a slump in foreign earnings in our recent past coupled with a depletion of our reserves.

But his (Emefiele) policies have done nothing but encourage inflation. Omo I wonder who his advisers are sef

DeLaRue:
No. They can operate.

They are legally established in Nigeria as they are registered with CAC, have offices/branches here, and are regulated by the CBN.

The financial institutions CBN is stopping from offering services to Nigerias are those offering 'online' financial/banking services from abroad. They have no office here and are not registered with the CAC.

It is a perfectly sensible policy from the CBN.

babajero:
Emiefele cannot dictate or supervise the destruction of the economy of Nigeria, infact Emiefele have nothing to do with the policies governing Nigerian monetary system, in a country like Nigeria where the executive and a select few controls everything right from the security forces, the corruption fighters and even both the legislature and judiciary, emiefele is just a pawn whose name is just used to complete and launder the image of the south in a pervased appointment, nothing more nothing less.

What emiefele is to Nigerian economy and CBN is just a spokesman whose name have to appear in any financial disaster that has already been planned and executed. Let's use the vice President as an example, when the president travelled and handed over to him as an acting president we all saw how smooth most things were from sacking of corrupt officials to appointing a cjn, we all knew what happened when buhari came back, till date buhari never handed over to him again when traveling, that is to show you how manipulative buhari government is. Another example is the spokesman for the military in the Lekki massacre, though he knew nothing because he couldn't have given order for the soldiers to go to Lekki, but him as a spokesman has put him in the eyes of the public to the extent people are protesting his inclusion in the campaign council of the labour party, now nobody is talking about the GOC of the barracks or the commander of the battalion but everyone is focusing on a common spokesman who have no other job than to speak on behalf of the military.

Emiefele don't have any power, most of the things you hear he said is only like that because the words have his signature, that is all. Go and check, many of the organisations today have the people who heads and destroys them from the north but have a spokesman or secretary from the south, and that is the person people read about and that is the person the people will say destroyed the organisation.

Emiefele is a pawn who is paid for his silence or else he will become a scapegoat.

babajero:
Even if you bring soludo and Ngozi okonjo, they will still be rubbished, the problem is not emiefele but buhari and his economic team, emiefele is just a fall guy who is just paid for his silence, or else they will use him as a scapegoat.

rhames:
Thats a poor defence of the man.

The CBN laws back him up to be independent of government interference.

He is just clueless.

My take is the laws allowing only banking directors to become CBN governor is stale and an outdated practice

deedo93:
Well you have a point.

But if that's the case then the man has no honour.

Why not resign than be remembered for destroying economic foundations the likes of Soludo and Sanusi built.......yeah he would be used as a scapegoat truly.

At the end of the day, all blame would be on him and not those pulling strings behind the scences

MuslimIgbo:
The foolishness of many Nigerians will make them to continue to suffer.

You from other region can't access dollars easily but if you go to any Hausa/fulani sabo area in any state In this country, Abokí fool ani foolish bastards are selling dollars at exorbitant amount.
Una mumu never do ...

UnabashedIPOB:
I AM AN IDIOT, JUST LIKE MY USELESS DRUNKARD FAGGỌT FATHER that can't think outside the box! A fool like ME dumb a$$ is here dishing out advice! How pathetic!

UnabashedIPOB:
You're the IDIOT that can't think outside the box! A fool like your dumb a$$ is here dishing out advice! How pathetic!

MuslimIgbo:
You see yourself
Stop disgracing yourself mo- run