PvtParts:



The market can generate forex by simply exporting more than it imports.

olapluto:

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.

SIRTee15:

so positive trade balance will happen overnight.
and until then the govt should wait and watch as its currency turn to tissue paper and the economy is dollarised.
every serious govt manipulates her currency as the state of the economy demands. china and south korea are the worst culprit.
I dont really get your point about the manufacturing industry because as far as I know, our manufacturers are majorly importers of raw materials and intermediates products.
our value chain supply is weak, so most factories rely on imported industrial components to produce finished goods.
therefore a stronger naira is beneficial to the manufacturing sector.

IbnSultaan:
we can not afford to let the free fall of Naira
Genuine businesses can use official channels made available by CBN

PvtParts:

That's why I keep telling you Oduastanis to get to work planting cocoa.
You can't expect oil to feed 150 million parasites

SIRTee15:

my piece of advice to u.
quit ethnic bigotry.
bigots struggle to attain there full potential.
they rarely do well in life.

arm4u:


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.

arm4u:


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.

arm4u:


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.

hinwazaka:
Its sad that Nairaland lacks people versed in theories of economics or with a knowledge of Monetary and global finance. The fact is that the CBN has taken us back to the doldrums with this law. I can recall a lecturer of mine making reference to this law back in the days. When he was a student back then he was operating two accounts: foreign and domestic. He was picked up by the DSS and questioned till he was forced to close the foreign one. He was just a student not a politician neither was he a freedom fighter.
The reason for the fall in Naira is simply the drop in the price of oil and the fact we run a somewhat Mono economy. These policy will only affect our economy in the short run but will lose its capability in the longrun . Its simply a cosmetic and not penetrative change to the economy of Nigeria. The only supposed change will be the freedom of Nigerians. I have repeatedly said that the APC will try to destroy our Laissez faire economy and close our country off. In the end they will fail and all of them will be jailed or executed. In the end the PMB government will indirectly give PDP its 60 year rule

banki:


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

hinwazaka:
Its sad that Nairaland lacks people versed in theories of economics or with a knowledge of Monetary and global finance. The fact is that the CBN has taken us back to the doldrums with this law. I can recall a lecturer of mine making reference to this law back in the days. When he was a student back then he was operating two accounts: foreign and domestic. He was picked up by the DSS and questioned till he was forced to close the foreign one. He was just a student not a politician neither was he a freedom fighter.
The reason for the fall in Naira is simply the drop in the price of oil and the fact we run a somewhat Mono economy. These policy will only affect our economy in the short run but will lose its capability in the longrun . Its simply a cosmetic and not penetrative change to the economy of Nigeria. The only supposed change will be the freedom of Nigerians. I have repeatedly said that the APC will try to destroy our Laissez faire economy and close our country off. In the end they will fail and all of them will be jailed or executed. In the end the PMB government will indirectly give PDP its 60 year rule

uchedydy:


u think u know, while u know nothing....listen, we cant dollarize this economy, there are legal means of doing everything u wan to do in naira. if u want to pay school feels , use form A for invisibles, for goods use form M.

If u want to send feeding money to someone abroad, pay into his visa or mastercard with the charges, he would withdraw it reasonably using the restrictions of spending therein.

Uncle please lets leave PDP and APC and concentrate on how to make this policy work. It would definilty need some twerking and streamling , but sure is the best approach....It would crash black market.

AdamsBashforth:



Now someone is talking. I believe this government will apologise to Nigerians at the end or before it ends with tears in their eyes and openly admit of taking us backwards. Again, I strongly believe.

olapluto:
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.

PassingShot:

If your business is legit, there will always be ample official avenues to source dollars as assured by CBN. Quit this!

gists:

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.

hinwazaka:
Its sad that Nairaland lacks people versed in theories of economics or with a knowledge of Monetary and global finance. The fact is that the CBN has taken us back to the doldrums with this law. I can recall a lecturer of mine making reference to this law back in the days. When he was a student back then he was operating two accounts: foreign and domestic. He was picked up by the DSS and questioned till he was forced to close the foreign one. He was just a student not a politician neither was he a freedom fighter.
The reason for the fall in Naira is simply the drop in the price of oil and the fact we run a somewhat Mono economy. These policy will only affect our economy in the short run but will lose its capability in the longrun . Its simply a cosmetic and not penetrative change to the economy of Nigeria. The only supposed change will be the freedom of Nigerians. I have repeatedly said that the APC will try to destroy our Laissez faire economy and close our country off. In the end they will fail and all of them will be jailed or executed. In the end the PMB government will indirectly give PDP its 60 year rule

olapluto:

Why not leave him to wallow in his folly. This is the first real effort at saving the naira. I was surprised last time I visited Nigeria and people were asking to withdraw dollars up to 10,000 USD. Given that it was election period, I still thought it was going to hurt the naira so much. Like I said earlier, NO LEGITIMATE BUSINESSMAN IN NIGERIA SHOULD PAY DIRECTLY IN DOLLARS (WITHOUT GOING THROUGH THE BANKS). What we have is the election dollars that flooded the market and made the Naira to slide alot. These dollars will be 'mopped up' by the new CBN policy.

UncleJudax:


I understand you need LIKES from your APC folks. But I will advice you to desist from defending for the sake of it.

You seem to not have come across the terms, demand and supply. How could excess Dollar in circulation (assuming there was) have caused the Naira to nosedive? That is unimaginable ignorance.

The economic revolution (you mentioned) should be about steering away from an import based economy to an export based one. We certainly have the raw materials and manpower. What is lacking is infrastructure.

Don't dabble into issues without doing your homework.

uchedydy:


u think u know, while u know nothing....listen, we cant dollarize this economy, there are legal means of doing everything u wan to do in naira. if u want to pay school feels , use form A for invisibles, for goods use form M.

If u want to send feeding money to someone abroad, pay into his visa or mastercard with the charges, he would withdraw it reasonably using the restrictions of spending therein. The problem is that we are so used to doing things the wrong ways that we now think that there are no legal means of doing things.

I repeat, for your legal transaction, be it car purchase or any other visible good, there is form M, u present documents to back up, then u pay in Naira at prevalent rate.

Uncle please lets leave PDP and APC and concentrate on how to make this policy work. It would definilty need some twerking and streamling , but sure is the best approach....It would crash black market.

400billionman:


He said naira was falling due to excess dollar in circulation. I was like LMAO.

We have manpower 100%, Raw materials 45%. Guy, in many manufacturing processes the essential chemicals and ingredients are still bulk imported. What we have here are cheap components which give body or volume to the products.. Eg. Calcite, kaolin, dolomite, limestone, coal, mostly products from mining..

arm4u:


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.

banki:




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

uchedydy:


u think u know, while u know nothing....listen, we cant dollarize this economy, there are legal means of doing everything u wan to do in naira. if u want to pay school feels , use form A for invisibles, for goods use form M.

If u want to send feeding money to someone abroad, pay into his visa or mastercard with the charges, he would withdraw it reasonably using the restrictions of spending therein. The problem is that we are so used to doing things the wrong ways that we now think that there are no legal means of doing things.

I repeat, for your legal transaction, be it car purchase or any other visible good, there is form M, u present documents to back up, then u pay in Naira at prevalent rate.

Uncle please lets leave PDP and APC and concentrate on how to make this policy work. It would definilty need some twerking and streamling , but sure is the best approach....It would crash black market.

olapluto:
In 2015, you are still exchanging dollars by hand?.