₦airaland Forum

Zionmdde:
Why did they suspend it in the first place? Its simple
The difference between bank rate was very large. Banks were selling 460 per dollar black market was like 550 or so.
But today dollar subsidy is gone, there will little or no difference between bank rate and black market

In summary it's still the same as buying dollar in black market, paying into your dollar account and spending with your dollar card

Funny enough you will see people who know nothing coming to sing apc praises because banks are now selling at black market rate

Exactly the comment I was looking for. I was ready to type it if I didn't see anyone posting this. All banks were supposed to have resumed this operation long time ago since no more subsidy for forex

Zionmdde:
Why did they suspend it in the first place? Its simple
The difference between bank rate was very large. Banks were selling 460 per dollar black market was like 550 or so.
But today dollar subsidy is gone, there will little or no difference between bank rate and black market

In summary it's still the same as buying dollar in black market, paying into your dollar account and spending with your dollar card

Funny enough you will see people who know nothing coming to sing apc praises because banks are now selling at black market rate

Do not politicize this matter. I buy a lot of services online with my card each month.

It is a big difference between buying dollars, uploading it unto your dollar card and purchasing services or items. Providus bank Naira card way before Tinubu ascended office could be used to purchase things in dollars. The ease of purchasing with your Nairacard is second to none. It is preferable to going through the rigmarole of purchasing dollar first.

jibnet1:
Fear of the Opposition
This government and their wahala

Exactly 💯. Nothing happens until their grip on power is threatened!

Bye bye to Chipper


Seun needs 10 characters

cedarcedar:
Am going to open UBA account asap

Use GTB…..its seamless

ZUBY77:
Who stopped it in the first place? Cos I know it was working during PDP era. Who stopped it 3 Years ago? The daft people will say it's not TINUBU but Buhari and I ask, what's the difference between them?

one na DAF xf the other na DAFT 95 xf

maasoap:
Exactly the comment I was looking for. I was ready to type it if I didn't see anyone posting this. All banks were supposed to have resumed this operation long time ago since no more subsidy for forex

No subsidy forex yet CBN is borrowing from international multilateral organizations to defend the naira?

jibnet1:
Fear of the Opposition
This government and their wahala

You are funny 🤣. Was it the government that made the decision? Banks made their decisions based on improved economic realities of the country.

My question is: all these positives that are coming because of difficult decisions that the regime made that coalition are using against them will they reverse them if they win? Will they come and claim benefit of what another laboured?

The truth is that the Nigerian economy has turned the corner and worst years are over. It can only get better from now. That's what they want to come and harvest.

I no do, My opay verve card has been serving in this regard.

Zionmdde:
All these akpata you are yarning is none of my business
All am saying is the common man that used to benefit from using naira card to pay for things in dollars will no longer see that benefit today, because bank rate is now same with black market rate

Instead of you telling me what the common Nigerian will benefit you are yarning long epistle the fill your head with

Can you explain in a sentence why you want dual exchange rate or an exchange rate system that promotes black markets?
You even asked why it was stopped and went to explain the reason? Subsidy breeds corruption and anything subsidized ends up scarce. Now, that's why it was stopped.
I don't want to insult you, but complaining about this development because the FG has bridged the gap between the office and the black market rate is nothing short on nonsense.

Zionmdde:
There should be a balance to everything
If people have to.pay inflated prices because of dollar inflation, they should be able to have a tangible benefit they can say it is as a result of paying more

With all these reforms and so forth, my question is still standing, what is that thing a common Nigerian is benefitting today as a result of all these reforms?
Improved power. Social amenities? Security? Ease of doing business? Reduced cost of education?
What exactly??

If the reform is not done, those things you listed in the last paragraph would be the least of your worries. Shey you still dey see garri now?
When you become president, you can start borrowing away the future generations just to subsidize nonsense, but for now, let the man in charge do his job.

What's the individual cap? This is important
Moreso the arbitrage gap has been closed. Emefiele and his co-horts stole all the FX reason for the suspension alongside a wide gap between official rate and parallel market.

Jones4190:
God bless president tinubu and his team, may BAT government favor me and the next person after this comment

At dollar @>1500?
Are you normal at all?

Osanoghodua1:
What's the individual cap? This is important
Moreso the arbitrage gap has been closed. Emefiele and his co-horts stole all the FX reason for the suspension alongside a wide gap between official rate and parallel market.

I hear it's 1k for GTCO per quarter

Gboss247:
No subsidy forex yet CBN is borrowing from international multilateral organizations to defend the naira?

We don't know for sure if CBN is defending naira, it is all about speculation. If CBN is defending official rate, is CBN defending black market rate too that made both rates very close?

Zionmdde:
Oga what has the common man benefitted from tinubu's administration? You remove dollar subsidy, thereby killing a lot of businesses, what have they implemented to at least benefit people?

I know Tinubu's policy is biting hard on the common man at the moment, but with time, things will fall into place. I am a strong critic of most administrations in Nigeria, including this Tinubu administration. I was a strong critic of Buhari and Emefiele's government because of their backward policy that caused this backwardness in the country for 8 years. But I was given it to Tinubu and cardoso, i know with time this will become possible, because his policy has been good from removing subsidies, raising interest rates, and now the recent tax reforms. Tinubu is doing good, but now proper enforcement is what we are lacking. I believe this recent tax reform will benefit the poor a lot. And for the first time in Nigeria's history, we are seeing a government that is talking actively about state policing and some level of restructuring, but what we need is total restructuring to move this nation forward. But Rome was not built in a day, and as expected, the North will always try to draw us backward regarding restructuring. You saw what happened with the recent tax reforms, but Tinubu sat down with the northern senators, and they were able to reach a compromise, not initially what he proposed, but I think Nigeria and Tinubu got something from that, and gave up some areas for them too. Like I said, Rome wasn't built in a day.

almarthins:
When things were nt working well under pdp administration. People like you were slicing them for there policy backfire.

Today, you re hypocritically denying the administration of apc has nothing to do with this. Again whose party did buhari came into power, and under which banner did tinubu come into power?

Apc lead administration under buhari denied Nigerians of using their money internationally through the instrument of cbn power over commercial banks.
Today, the same apc is now back tracking on the policy and you want to start singing "jagaban!!!"

Nonsense!

Oga party is not the problem, why will you leave a cow that shits and start blaming the milk that the cow drank. For your info, I was a strong supporter of the Jonathan government and a strong critic of the Buhari government, also I never voted BAT, rather I voted Peter Obi, because of social media influence and I was a strong critic of his government in the early stages. But looking at the policies he is making, I am forced to become a supporter, and this does not mean I will not criticise him if he makes useless policies. Why do you want to destroy a banner while the church is still standing? So because a church has a good banner of Jesus then they can do anyhow as they like and you will regard them as a holy place. Oga leave the banner and face the human. All the policies of Buhari were wrong; that was why I never supported Tinubu. But right now, he is working to write off the wrong policies of Buhari.

fxexperts:
I know Tinubu's policy is biting hard on the common man at the moment, but with time, things will fall into place. I am a strong critic of most administrations in Nigeria, including this Tinubu administration. I was a strong critic of Buhari and Emefiele's government because of their backward policy that caused this backwardness in the country for 8 years. But I was given it to Tinubu and cardoso, i know with time this will become possible, because his policy has been good from removing subsidies, raising interest rates, and now the recent tax reforms. Tinubu is doing good, but now proper enforcement is what we are lacking. I believe this recent tax reform will benefit the poor a lot. And for the first time in Nigeria's history, we are seeing a government that is talking actively about state policing and some level of restructuring, but what we need is total restructuring to move this nation forward. But Rome was not built in a day, and as expected, the North will always try to draw us backward regarding restructuring. You saw what happened with the recent tax reforms, but Tinubu sat down with the northern senators, and they were able to reach a compromise, not initially what he proposed, but I think Nigeria and Tinubu got something from that, and gave up some areas for them too. Like I said, Rome wasn't built in a day.

I know you are trying to be optimistic, but let me break it to you, the tax reform is more about doubling government revenue than helping the poor. 80 20 principle will tell you that what the 20 will now pay will be way more than 80% more than will be removed from the poor
The 20 will add this additional tax on the goods and the poor will pay more for the goods
Las las everyone will pay more

Tinubu made a mistake in 2023 with subsidy announcement, am not against subsidy removal but that mistake will keep wiping off any benefits of the reforms for the next few year

I hear it's 1k for GTCO per quarter

Not too bad, but it should have been $5k

CaptainGo:
I've been using Providus bank card for international payments since last year

Sorry at what rate? Thank you

AfDapone:
It working now. I just used it after unfortunately subscribing to thief Cardtonic.

Please what rate was used per dollar. Thanks

RodgersAkpafu:
At dollar @>1500?
Are you normal at all?

when last do you use dollar? why not produced something you can sell in dollars?

Bro please, what is your alternative?

inoki247:
Wema don tell me this tire...


After I don dey use to my alternative since how many years...



Omo ordinary $100 we no get access to then and them Dangote dey go pack Dollar anyhow Omo person dey suffer for this country Sha...

fxexperts:
Oga party is not the problem, why will you leave a cow that shits and start blaming the milk that the cow drank. For your info, I was a strong supporter of the Jonathan government and a strong critic of the Buhari government, also I never voted BAT, rather I voted Peter Obi, because of social media influence and I was a strong critic of his government in the early stages. But looking at the policies he is making, I am forced to become a supporter, and this does not mean I will not criticise him if he makes useless policies. Why do you want to destroy a banner while the church is still standing? So because a church has a good banner of Jesus then they can do anyhow as they like and you will regard them as a holy place. Oga leave the banner and face the human. All the policies of Buhari were wrong; that was why I never supported Tinubu. But right now, he is working to write off the wrong policies of Buhari.

Party was the problem under pdp but now party is not the problem. Huh!
I dey fear una o!

It is now 2 years after tinubu took power from buhari, na now him wake up and cardoso to backtrack. Them fit decieve you but not me.

Believeintruth:
He is not getting anything right, this is just to paper the cracks. They are pumping so much to defend the naira, the same thing they criticised the previous government of doing.

Regular forex sales is different from defence of local currency. Govt must sell dollar to those who want to use dollar but operate from Naira domain. The international multinationals. The students going out. The importers.

What cinstitute defence of local currency is when the seller(largely govt) ignores the actual equilibrium between supply and demand of forex and sells as a supplier below the equilibrium point(denoted by price). If being defended as you claimed, then the floating of Naira is not real.

CodeTemplarr:
Regular forex sales is different from defence of local currency. Govt must sell dollar to those who want to use dollar but operate from Naira domain. The international multinationals. The students going out. The importers.

What cinstitute defence of local currency is when the seller(largely govt) ignores the actual equilibrium between supply and demand of forex and sells as a supplier below the equilibrium point(denoted by price). If being defended as you claimed, then the floating of Naira is not real.

Why should government be involved in dollar sales if they removed subsidy? Why are you contradicting yourself?

SalamRushdie:
My MSc in Economics is a joke shey? Dey play , I am one of the best economist around pound for pound

Oga calm down jare. You are just a theoretical person.

Believeintruth:
Why should government be involved in dollar sales if they removed subsidy? Why are you contradicting yourself?

because for example govt earn largely in Naira and spend most Naira. Example is Salaries.
Or is govt suppose to stash dollar earned indefinitely?

Another way to arrange it all is to demand Naira for crude, that way, buyers of crude will have to exchange their dollar for Naira from importers, intl students, or politicians taken their booty outside.

CodeTemplarr:
because for example govt earn largely in Naira and spend most Naira. Example is Salaries.
Or is govt suppose to stash dollar earned indefinitely?

Another way to arrange it all is to demand Naira for crude, that way, buyers of crude will have to exchange their dollar for Naira from importers, intl students, or politicians taken their booty outside.

You are dancing everywhere bros. The government is not suppose to be a seller of FX or carry out any form of intervention I'm a free float market.

almarthins:
Party was the problem under pdp but now party is not the problem. Huh!
I dey fear una o!

It is now 2 years after Tinubu took power from buhari, na now him wake up and cardoso to backtrack. Them fit decieve you but not me.

Maybe you are talking about some other people and not me. I can never blame the party for anything. That is how these politicians has been deceiving you people. You're claiming, they can never deceive you. But you are already deceiving yourselves. For me, I look at the candidates. The same corrupt coalition ADC is still the same APC that enthroned Buhari into power. All of them, from Atiku to Ameachi, Saraki, El Rufai, and co were all part of the coalition that deceived you people in 2015. Now they have come again in 2027 to deceive you again. Keep being gullible. You can vote against Tinubu if you feel his policies are very bad that's your choice, but please stop blaming the innocent name of a party for your woes. Party doesn't do anything, it is people who do things. I am glad that all the corrupt elements that enthroned and betrayed Jonathan in 2015 have finally left the APC, now they are in the coalition and now they are in the coalition. or you are one of those people who believe a party can change people. so as they are in ADC now old things has passed away all has become new. For me Tinubu has proved me wrong with his policies so far. And for the fact that Banks have decided to allow our Naira master card to do international transactions, is not something that started today, it is something that has become possible due to the floating of the Naira. Now, Abokis can't go out and be milking the country dry by collecting dollar subsidies from the CBN.

Believeintruth:
Oga calm down jare. You are just a theoretical person.

. Na wa you just sha wan belittle my education, hmmmm😔