₦airaland Forum

NgeneUkwenu:
26th April, 2015

On the 13th of April this year, the Central Bank of Nigeria, CBN circulated a notice that “with immediate effect,” the withdrawal limit from Naira debit cards abroad will be reduced to $300/day to a total of $50,000/year from where it stood at thrice that: $900/day and $150,000/year.

This order by the CBN was a result of a meeting of the Bankers Committee just a week prior. I repeat that; “just a week prior.”

In attendance at that meeting were bankers, one of whom spoke at the April 13th press briefing. Union Bank Managing Director/Chief Executive, Mr. Emeka Emuwa said, “We realise that people were using the cards in a manner they were not expected to use them. There were some arbitrage going on, and in order to continue to support the stability in the foreign exchange market. So it was agreed at the committee that the limit would be reduced for the use of the naira debit cards. You will still have, as a customer, unfettered access to your dollar account (cards) but for the naira cards, the limit will be reduced to a judicious level.”

It is unbelievable!

No country in the world drives its people like slaves as these.

No responsible country in the world imposes such withdrawal limits on its citizenry and never with such notice…“with immediate effect from the date of announcement, and just one week after a so-called decision making meeting of the slave drivers.”

Were the people, clients, also invited to attend and come to the decision and conclusion the bankers and CBN arrived at? We know we had no representative.

Were the so-called arbitrageurs to blame for the fall in the dollar as the bankers accused us or was it the PDP presidential campaign billions of dollars rain to all and sundry including OPC and MASOB that led to a crash in naira?

Did the CBN and bankers have the right to make such sudden and drastic cut if at all, and not a gradual one – if at all – in respect of citizen rights?

What other factors are to blame for the instability in the forex market? What role does money laundering and authorized carting of millions of dollars in suitcases to South Africa for instance, have to play in it? Why are these other factors not sternly and whimsically addressed by Godwin, including the withdrawal of sums as large as $9.3 million dollars in suitcases (which is meant to be impossible under CBN rules?). Why must the masses suffer always for crimes of the immunity and life-pension seeking, constitution re-writing-for-personal-gain, cabal?

As Mr. Godwin from the infamous Zenith Bank was appointed CBN chair, we warned of the additional changes to be expected as a Bankers’ man replaced another Bankers’ man. We said then that we can expect more policies in favor of the banks and to the death of the people. [See: A Banks Man: Expect Higher Charges with Godwin Emefiele as New CBN Gov-ENDS.ng, 21st Feb 2014]

As though the mentioned pre-existing extensive list of Nigeria-unique extortive charges our banks are authorized to make, extorting us like slaves, was not enough, at every meeting these vampires conjure-up other means of ripping the people off and frustrating our meager existences: withdrawal limits, cash transaction limits, charges to receive bank texts, charges to transfer, COT, charges to receive, charges to replace ATM cards. The list goes on and on.

Abroad you are charged nothing, zilch to keep your money in the bank. In fact you get perks per every transaction you make, it is called “REWARDS,” the banks are happy to have your money and handle your business so they reward you. But this is not so in Nigeria where blood-sucking banshees connive to rip Nigerians off at every turn as supported by inebriated government officials most interested in receiving payment for life for the nothing that they do other than the thuggery and  terror they promote.

One day we will eat them.

calebo101:
Even slave wen dey collect 700 naira a day from APC propaganda room dey call himself economist. Useless illiterate that doesn't know the fall of naira can be attributed to the fall of oil prices worldwide which is our mainstay .

Go school e nor gree go. E say e be economist . Illiterate president, illiterate supporters. We don finish for Nigeria cha.

nwaenugu:
The brilliant comment below was made by an Economist reader in reply to this hit and run garbage of an article. I could not have articulated it any better myself.

guest-oolsann Jul 2nd, 23:09
A Nigerian is a person who believes that an opinion written by The Economist, however shallow, is from 'experts' and should be believed –unquestioned. Same Emefiele who wanted people to go "cashless" yet imposed charges on the use of ATM after Sanusi Lamido Sanusi (immediate past Central Bank Governor) stopped the charges. For me, that was a “baffling” a clear policy incoherence.
BUT I do not share the sentiment whipped up by The Economist against Emefiele through their obviously rushed article.
The Economist conclusion (which insinuates that Emefiele is better sacked) is shockingly out of logic with the point or argument it raised. One, items The Economist called "The hit list" can still be imported. Emefiele only said that importers should sort out Forex 'privately'. He did not say that items on the list are now "contraband".
Again, 'Barring politicians from flying private jets' would not necessarily 'slash demand' for them as The Economist would have us believe.
For me, it is even more "baffling" that The Economist couldn't digest d argument of Emefiele, hence they could only argue about Nigeria's 'uncompetitive forex'. I think The Economist would've written soundly on Emefiele if they took a broad perspective on the Nigerian economy. Unfortunately, they did not. For example, contrary to The Economist's hasty logic, "allow currency to devalue" wouldn't "stimulate exports" in the case of Nigeria.
For example, Akinwumi Adesina, sterling Agriculture Minister and president-elect of the African Bank for Development demonstrated that reducing importation would stimulate local production as in the case of fish. So Emefiele's policy was on point, taking a broad view of the Nigerian economy.
It is my impression that The Economist just wanted to make a point: #Emefiele is dumb! While opinion is free, the "experts" need be told that there is no logic between the issues they raised (in terms of depth and speculative implication) and the conclusion they made. The Apex Bank's governor's decision is not a correlate of incompetence and does not warrant his removal.

Beremx:
So you still believe I am male disguising as female? You are sick!

EvenInFreetown:
First,after reading ur view,I smiled at your 'market woman' analysis of the economy and said to myself: what a pathetic and terrible analysis of yours!.Your claim that u are an economist finally pushed me to comment .it's either u are being silly or just plainly and disappointedly ignorant.I vehemently doubt that you're an economist!what a terrible mis-calculation!

freshdude99:
Just imagine wat a southerner or better still a southeastner is saying

So the moment he's sacked and replaced by another northner u will have a big sigh of relief Shey?
I have always said it that we southerners are the architect of our own problems in Nigeria.
The same cbn SLS uselessed wen he was on board that emiefele is trying very hard to build.
Check other countries that have oil as their main stay and see by how per cent their currency has lost value. Check Russia and Angola just to mention a few!
Am disappointed at this ur write up bro

Caseless:
I see...

ECOTERRORS:
you are so daft that the Kalahari Bushmen will envy you, I'd rather explain the rudiments of economics to them than this curtain seller in amahausa in owerri.

NgeneUkwenu:
The man is incompetent, I tell you! As an economist myself, I know what I am saying!

LeOstrich:
You this Naval Korofo again?

I am very sure you are on guard duty as you post this crap.

Go school you no gree. Get hand work you no gree. Learn trade you no gree but here you are posting from your Chinco Internet enabled phone.

Pls you will save yourself enough embarrassment by stop posting here.

Fool

ideykwum:
You don't need to enlighten the scallywag! I've never been this upset!! NgeneUkwenu is a disappointment to any right thinking Nigerian!

Basic economic parameters elude him/her! (I can't believe a woman can be this unethical!)

dearpreye:
You guys are paying too much attention to that thing!

An hermaphrodite can never think straight.

Good morning brother.

NgeneUkwenu:
He should be replaced by another competent Igbo man/woman, if that will calm nerves! All I know is that, the empty skull should be sacked! Enough is Enough!

NgeneUkwenu:
The man is incompetent, I tell you! As an economist myself, I know what I am saying!

dearpreye:
You guys are paying too much attention to that thing!

An hermaphrodite can never think straight.

Good morning brother.

trillville:
Any sensible person will know that the current or past CBN governor is not responsible for the current fall of the Naira. Jonathan being the head of the last government is therefore the main culprit in this disaster we find ourselves in.


I view the current CBN governor's actions as Buhari's policy because it is similar to the actions Buhari took in the 80's (please research Buharinomics). Therefore, Buhari and the CBN governor are are probably on the same page.

If you insult the CBN governor's actions, you are invariably insulting Buhari's policy and also if you insult Buhari (as in your case), you are also insulting the CBN governor.

https://www.nairaland.com/1026074/buharinomics-buharis-economic-program-salvage

ideykwum:
That gentleman/lady is delusional!! She is an armchair economist of international repute!

NgeneUkwenu:
26th April, 2015

On the 13th of April this year, the Central Bank of Nigeria, CBN circulated a notice that “with immediate effect,” the withdrawal limit from Naira debit cards abroad will be reduced to $300/day to a total of $50,000/year from where it stood at thrice that: $900/day and $150,000/year.

This order by the CBN was a result of a meeting of the Bankers Committee just a week prior. I repeat that; “just a week prior.”

In attendance at that meeting were bankers, one of whom spoke at the April 13th press briefing. Union Bank Managing Director/Chief Executive, Mr. Emeka Emuwa said, “We realise that people were using the cards in a manner they were not expected to use them. There were some arbitrage going on, and in order to continue to support the stability in the foreign exchange market. So it was agreed at the committee that the limit would be reduced for the use of the naira debit cards. You will still have, as a customer, unfettered access to your dollar account (cards) but for the naira cards, the limit will be reduced to a judicious level.”

It is unbelievable!

No country in the world drives its people like slaves as these.

No responsible country in the world imposes such withdrawal limits on its citizenry and never with such notice…“with immediate effect from the date of announcement, and just one week after a so-called decision making meeting of the slave drivers.”

Were the people, clients, also invited to attend and come to the decision and conclusion the bankers and CBN arrived at? We know we had no representative.

Were the so-called arbitrageurs to blame for the fall in the dollar as the bankers accused us or was it the PDP presidential campaign billions of dollars rain to all and sundry including OPC and MASOB that led to a crash in naira?

Did the CBN and bankers have the right to make such sudden and drastic cut if at all, and not a gradual one – if at all – in respect of citizen rights?

What other factors are to blame for the instability in the forex market? What role does money laundering and authorized carting of millions of dollars in suitcases to South Africa for instance, have to play in it? Why are these other factors not sternly and whimsically addressed by Godwin, including the withdrawal of sums as large as $9.3 million dollars in suitcases (which is meant to be impossible under CBN rules?). Why must the masses suffer always for crimes of the immunity and life-pension seeking, constitution re-writing-for-personal-gain, cabal?

As Mr. Godwin from the infamous Zenith Bank was appointed CBN chair, we warned of the additional changes to be expected as a Bankers’ man replaced another Bankers’ man. We said then that we can expect more policies in favor of the banks and to the death of the people. [See: A Banks Man: Expect Higher Charges with Godwin Emefiele as New CBN Gov-ENDS.ng, 21st Feb 2014]

As though the mentioned pre-existing extensive list of Nigeria-unique extortive charges our banks are authorized to make, extorting us like slaves, was not enough, at every meeting these vampires conjure-up other means of ripping the people off and frustrating our meager existences: withdrawal limits, cash transaction limits, charges to receive bank texts, charges to transfer, COT, charges to receive, charges to replace ATM cards. The list goes on and on.

Abroad you are charged nothing, zilch to keep your money in the bank. In fact you get perks per every transaction you make, it is called “REWARDS,” the banks are happy to have your money and handle your business so they reward you. But this is not so in Nigeria where blood-sucking banshees connive to rip Nigerians off at every turn as supported by inebriated government officials most interested in receiving payment for life for the nothing that they do other than the thuggery and  terror they promote.

One day we will eat them.

trillville:
You are right. When you have an injury on your arm that refuses to heal, you have to amputate your arm to save your life.

Jonathan caused the injury, the solution is the amputation pains (devaluation of the Naira) we are currently facing now.

dumodust:
I understand that the limitations are painful but any sensible government will do all that is in it's power and start early to impose sanctions when it foresees calamity because they will still get blamed in the end anyway. Our recent strains started with the fall in oil price and is being worsened by the fact that we are a country of importation.
If you think we're suffering, study the current situation in greece where you can withdraw beyond a certain limit from the bank due to austerity measures... and you then ask yourself whether we should be allowed to drift to that point because we want financial freedom. A stitch in time they say, saves nine.
I know the politicians are carting away money but the cbn must do what it must regardless of what the international plunderers want... china called them bluff and look at where they are...
just my 2cents, I dont know all

LeOstrich:
Look at this fool.

The CBN does not generate wealth for the Nation but manages what the country generates.

Since over 90% of forex, which by the way is used to shore the naira, is derived from oil sales and given the fact that oil prices are low and our main market (US) has boycotted our oil, it is thus no brainier to expect our forex reserves will drop.

And coupled with the fact we virtually import everything then it is expected that the naira will be in serious pressure.


But I don't expect you to understand since fools like you are so beclouded with tribal sentiments and igbophobia to see beyond the tribe of the current CBN governor.

Why not ask yourself what you lot have done to increase our export base and reduce our dependence on imports.

If you even had any sense you will know that Buhari's emergence as President was on the behest of western govts which by and large are controlled by private corporations .

The economist author never provided an alternative to shoring up the naira but rather hinged his argument against the ban of non essential commodities like Rice, Sardines and toothpicks. The author goes on to mock us as not capable of feeding our selves.

I want you to read on how the then US president, Bill Clinton ruined the Haitian economy by forcing US rice which where banned in Japan and China unto the Haitian market and the devastating impact it caused that nation.

NgeneUkwenu:
26th April, 2015

On the 13th of April this year, the Central Bank of Nigeria, CBN circulated a notice that “with immediate effect,” the withdrawal limit from Naira debit cards abroad will be reduced to $300/day to a total of $50,000/year from where it stood at thrice that: $900/day and $150,000/year.

This order by the CBN was a result of a meeting of the Bankers Committee just a week prior. I repeat that; “just a week prior.”

In attendance at that meeting were bankers, one of whom spoke at the April 13th press briefing. Union Bank Managing Director/Chief Executive, Mr. Emeka Emuwa said, “We realise that people were using the cards in a manner they were not expected to use them. There were some arbitrage going on, and in order to continue to support the stability in the foreign exchange market. So it was agreed at the committee that the limit would be reduced for the use of the naira debit cards. You will still have, as a customer, unfettered access to your dollar account (cards) but for the naira cards, the limit will be reduced to a judicious level.”

It is unbelievable!

No country in the world drives its people like slaves as these.

No responsible country in the world imposes such withdrawal limits on its citizenry and never with such notice…“with immediate effect from the date of announcement, and just one week after a so-called decision making meeting of the slave drivers.”

Were the people, clients, also invited to attend and come to the decision and conclusion the bankers and CBN arrived at? We know we had no representative.

Were the so-called arbitrageurs to blame for the fall in the dollar as the bankers accused us or was it the PDP presidential campaign billions of dollars rain to all and sundry including OPC and MASOB that led to a crash in naira?

Did the CBN and bankers have the right to make such sudden and drastic cut if at all, and not a gradual one – if at all – in respect of citizen rights?

What other factors are to blame for the instability in the forex market? What role does money laundering and authorized carting of millions of dollars in suitcases to South Africa for instance, have to play in it? Why are these other factors not sternly and whimsically addressed by Godwin, including the withdrawal of sums as large as $9.3 million dollars in suitcases (which is meant to be impossible under CBN rules?). Why must the masses suffer always for crimes of the immunity and life-pension seeking, constitution re-writing-for-personal-gain, cabal?

As Mr. Godwin from the infamous Zenith Bank was appointed CBN chair, we warned of the additional changes to be expected as a Bankers’ man replaced another Bankers’ man. We said then that we can expect more policies in favor of the banks and to the death of the people. [See: A Banks Man: Expect Higher Charges with Godwin Emefiele as New CBN Gov-ENDS.ng, 21st Feb 2014]

As though the mentioned pre-existing extensive list of Nigeria-unique extortive charges our banks are authorized to make, extorting us like slaves, was not enough, at every meeting these vampires conjure-up other means of ripping the people off and frustrating our meager existences: withdrawal limits, cash transaction limits, charges to receive bank texts, charges to transfer, COT, charges to receive, charges to replace ATM cards. The list goes on and on.

Abroad you are charged nothing, zilch to keep your money in the bank. In fact you get perks per every transaction you make, it is called “REWARDS,” the banks are happy to have your money and handle your business so they reward you. But this is not so in Nigeria where blood-sucking banshees connive to rip Nigerians off at every turn as supported by inebriated government officials most interested in receiving payment for life for the nothing that they do other than the thuggery and  terror they promote.

One day we will eat them.

NgeneUkwenu:
The man is incompetent, I tell you! As an economist myself, I know what I am saying!