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Nairaland Forum / Nairaland / General / Politics / The CBN New Dollar Policy: The PDP Is Right (6284 Views)
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The CBN New Dollar Policy: The PDP Is Right by arm4u: 7:47am On Aug 03, 2015 |
PDP is very right. Only kids and those who wait for monthly handouts will jubilate over the madness of Buhari and his CBN. They are choking life out of international business. Let me educate you folks. We have a service which we procure from overseas, we have a client in Nigeria who needs the service; We pay our vendor in Dollars, so our client has to pays us in Dollars. The business is transacted in dollars, We am not thieves. We have nothing to do with oil let alone oil money. We are not laundering any money for any body. The policy has barred our client from paying using dollars. Yet, We must pay our vendor in dollars. Those of you who are haling it should explain to us how we can continue our business. This archaic and myopic policy will simply snuff life out of our genuine efforts. It is like banning cars because armed robbers use it to operate. You can force Naira to improve in value, but you cannot force the economy to grow, Well, am I surprised? Didnt Buhari jail Fela for coming into Nigeria with Dollars he earned from handwork. Do I blame Buhari? Has he ventured into any business? What does he know about money? Did he not despise the business men when he visited the US? Like somebody said, we have a celebrated illiterate as President. Al I can say is, shame. 34 Likes 4 Shares |
Re: The CBN New Dollar Policy: The PDP Is Right by Olamitisoji(m): 7:48am On Aug 03, 2015 |
I never read this one too. |
Re: The CBN New Dollar Policy: The PDP Is Right by bewla(m): 7:48am On Aug 03, 2015 |
e |
Re: The CBN New Dollar Policy: The PDP Is Right by donholy28(m): 7:52am On Aug 03, 2015 |
Waiting for buharis puppets to storm this post 3 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by banki(m): 7:52am On Aug 03, 2015 |
arm4u: keep wailing.... its obvious that you don't understand what is going on....one of the reasons for the fall of the naira is the excess dollar in circulation, so now mr op..we are doing economic surgery,if you don't like please go to another country, hen you get there carry dollars and spend It the way you do in Nigeria, infact take $5000 cash deposit it in a b an k and see what will happen to you afterwards... shebi you were calling b uhari a dullard 23 Likes 1 Share |
Re: The CBN New Dollar Policy: The PDP Is Right by arm4u: 7:54am On Aug 03, 2015 |
banki: Let me dignify you with a reply. On the other hand, did you say the Naira fall is due to excess of Dollar in circulation? No sir. If you have excess dollar in circulation, dollar will fall an not Naira. by the way: You have not addressed the points I raised. . Ask Buhari to ban cars because armed robbers make use of cars. such "intelligence". 27 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by jamesharryson(m): 7:55am On Aug 03, 2015 |
Without even your explanations, every normal human being knows that pdp is very right. But for these blindly led apc members, they think they are wrong 19 Likes 3 Shares |
Re: The CBN New Dollar Policy: The PDP Is Right by mployer(m): 8:06am On Aug 03, 2015 |
Only illiterates can vote illiterate into power. Enlightened men know better. Useless and unsustainable policy. 10 Likes 2 Shares |
Re: The CBN New Dollar Policy: The PDP Is Right by Firefire(m): 8:08am On Aug 03, 2015 |
arm4u: Is your company domiciled in Nigeria ? If yes? You are not allowed to transact in any other currency than Naira on Nigeria soil. We are still studying the response of Olisha Menthu and PDP vis a vis the CBN restrictions. 19 Likes 1 Share |
Re: The CBN New Dollar Policy: The PDP Is Right by Nobody: 8:09am On Aug 03, 2015 |
1984 Austerity plagues the land Civil service is effectively poverized Mass lay offs Political clampdowns Artificial price control measures are introduced Forex becomes illegal to possess Which year are we again? 10 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by Nobody: 8:11am On Aug 03, 2015 |
Firefire: How about all thos ab0kis trading forex illegally without a liscence? When is Buhari going to tighten the noose on the parallel market? |
Re: The CBN New Dollar Policy: The PDP Is Right by arm4u: 8:14am On Aug 03, 2015 |
Firefire: I have a vendor to pay in Denmark. I cannot pay them in Naira bro. Take it easy and stop being emotional. This policy will hurt and haunt the economy. 2 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by Firefire(m): 8:15am On Aug 03, 2015 |
PvtParts: I am no Buhari fan. However, CBN fiscal policies needs to be re-address... 3 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by Firefire(m): 8:23am On Aug 03, 2015 |
arm4u: I do international trading... In as much I have not review the recent CBN/Bank policies on DOM Accounts transaction restrictions, their are clear routes to pay your international partners. Open a Form M with your bank, get a Bill of Collection, approach your bank for USD, if your transaction is not part of the items on CBN restriction you will surely get FX to settle your bills either through the CBN intervention window which is lower than 198 or through the inter-bank/parallel market in the range of 200 per USD. Your bank will charge your Naira account for the USD equivalent. 21 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by Super1Star: 8:25am On Aug 03, 2015 |
arm4u: You must be an ignoramus that does not know a jack about what you are writing about. If your client rendered a service to you in Nigeria or wherever and your obligation for payment is due, are you not meant to just fill Form A with relevant documents and such fund can be sourced through CBN at the official rate and transferred accordingly to such country. 22 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by fecosequence(m): 8:26am On Aug 03, 2015 |
arm4u: |
Re: The CBN New Dollar Policy: The PDP Is Right by Nobody: 8:28am On Aug 03, 2015 |
Firefire: The honest truth is that rather than let the market sort itself out and look for other ways to generate forex as well as cut down on unnecessary imports, the Buhari administration is only interested in artificially manipulating the forex market in order to score cheaply with an artificially increase in the value of the Naira. Manufacturers have cut down production to 50% due to high cost of forex and this is due largely to the fact that they ( manufacturers) know that the average Nigerian can not bear the cost in increase in production cost which is tied to crucial import inputs tied to the dollar. If you ask me, I will simply let market forces determine the true value of the naira, impose high tariffs on imported finished goods and outright ban of unnecessary imports like toothpicks which was the line towed by the current CBN. What I do know is that the CBN is bowing to pressure to artificially increase the value of the Naira in order to make Buhari look good for his Plebian electorates. This is where cheapskate politicking collides head on with sound economic policies. If Emefile can not work as a technocrat then I suggest he resigns honorably rather than destroy the autonomy the CBN has garnered since 1999. 7 Likes 2 Shares |
Re: The CBN New Dollar Policy: The PDP Is Right by keeeem: 8:35am On Aug 03, 2015 |
Bros every situation requires a pragmatic solution. We spend so much time brooding over what we call "problem" yet we fail to do research for a solution. That your company must receive dollars in a countey that has Naira as its local currency is illegal so in a way you do not have a justifiable reason for blaming govt policy. You can use paypal to receive funds and transfer via paypal to your vendor. Please do your research on this. Your naira account gets debited for your remittance so you do not need to keep a domiciliary account. In trying to criticise government policies, avoid siubding like an aggrieved PDP member. It is better you focus on how your lot can be bettered. All these politicians have nothing to offer you. So please seek ways of bettering your own lot. This policy you are raising red flag over makes sense to people like me. From 243 to between 220 and 230 to a dollar. Do you know how much has been saved by businesses as a result of these? The dollar is high in Nigeria because of. speculation. If you have excess dollar in circulation, the naira is strengthened. Those who have stolen our common patrimony cannot launder those funds. Moreso you cannot blame the banks for what they are doing. Please read the CBN governor's response to this. What is unfavourable to one man is the most favourable to others. That has been how life has always been. All the best 25 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by Firefire(m): 8:39am On Aug 03, 2015 |
PvtParts: I share your feelings, but what other ways would the market generate FX when they don't trade in FX? Is it from our criminal politicians who have stockpile dollars? I admit that Emefie is attempting manual manipulation for short term Naira appreciation to keep his portfolio. However, we all need to objectively address our lingering and continuous Naira value depreciation. 9 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by Mogidi: 8:42am On Aug 03, 2015 |
Buhari: Africa's most confused President. 4 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by olapluto(m): 8:42am On Aug 03, 2015 |
In 2015, you are still exchanging dollars by hand? Why not make a transfer from your bank here to the bank account of your business partner. Why must you pay dollars? Any business in Nigeria that is not spending Naira within the shores of the country is pseudo-illegal. 15 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by Nobody: 8:44am On Aug 03, 2015 |
Firefire: The market can generate forex by simply exporting more than it imports. 5 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by Nobody: 8:45am On Aug 03, 2015 |
olapluto: Another APC dunce arrives. If you don't understand what we are discussing here kindly shift. Illiterate. 2 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by Nobody: 8:49am On Aug 03, 2015 |
keeeem: You know nothing, There is hardly any forex trading in Nigeria for same of profit the only forex trading we have is driving by importers to secure goods for the local market. You depend on oil for all forex and in return you buy every single thing including food with forex. This is the main problem. If you like have $200 trillion dollars in the CBN vault as long as we still import virtually everything we consume then it will sooner or later dry up. 6 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by bigfly: 8:49am On Aug 03, 2015 |
arm4u: It seems you did not study the policy that mandated only a BVN client can enjoy this forex freely. If not to cover their track why will they refuse to register BVN yet they want to do such sensitive transactions. 11 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by bigfly: 8:52am On Aug 03, 2015 |
olapluto: Don't mind them they want to cover their tracks, I just wonder why some people don't have the love of the nation but their fraudsters hero who does not even regconise them. 8 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by PassingShot(m): 8:52am On Aug 03, 2015 |
arm4u:If your business is legit, there will always be ample official avenues to source dollars as assured by CBN. Quit this! 10 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by gists: 8:53am On Aug 03, 2015 |
olapluto:Exactly what I was thinking. Why will somebody still be doing this primitive method of transaction when clearly there are official channels available to legal business through their banks. Are you the only one doing int't transactions. There are countless other legal business that will really appreciate this move. 5 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by Firefire(m): 8:55am On Aug 03, 2015 |
PvtParts: And the revenue flows through the banking system... This has nothing to do with DOM account deposit within the country. 3 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by Realdeals(m): 8:59am On Aug 03, 2015 |
Some people misunderstood this policy, it only bars dollars deposit in cash, you can still carry out cashless dollar transaction to and from your account. Enough of this myopic view. 7 Likes |
Re: The CBN New Dollar Policy: The PDP Is Right by olapluto(m): 9:00am On Aug 03, 2015 |
PvtParts:Sorry eh. Carry Naira and go use it to pay in London or New York. Even if you go to Nigerian shops there, to buy Nigerian food, they will not take it from you. 5 Likes 1 Share |
Re: The CBN New Dollar Policy: The PDP Is Right by olapluto(m): 9:04am On Aug 03, 2015 |
arm4u:Offcourse you can! Im sure you know the means of doing this. I think the CBN has to drastically cut down the number of domicilliary accounts by private individuals. We cannot continue to kill our own economy and enslave the children yet unborn. 2 Likes |
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