₦airaland Forum

bushdoc9919:
CBN guvnor is doing what the central banker of a resource dependent country does when the selling price of the resource is falling.....HOARD DOLLARS AT ALL COSTS.

You will still be able to do your transactions from home.....just use your naira card instead of your dollar card for domestic transactions.

It is the foreign transactions that may be problematic. Simply put...you can only spend $300 a day on your dollar/naira card.

Because the CBN has to hoard dollars so that it won't reach N500 to $1.(Which would make things more difficult for you.).

It is happening in other oil dependent countries. Like Venezuela....the country's beer producer cannot import barley to make beer because of govt dollar restrictions....so beer might run out in Venezuela.

Ultimately we need to diversify away from oil. Even if GEJ had saved all the oil money when he was in charge.....it just means we would be having this conversation next year.....instead of this year.

Do u realize that Naija is an import dependent country. You have to import machinery to build factories? We import refined fuel because our refineries are not working. Your cellphone, Microwave, laptop, fridge, and fans are all made overseas.. We import steel for construction of houses, factories, bridges, roads..If u been to the hospital lately, 80% of drugs prescribed are made overseas. This has wider implications. This economy is grinding to a halt. This staccato manner of banning everything is going to collapse this economy tethering on the brink of collapse.

adconline:
Just tell me where in Aba u bought ur Chinco made phones and laptops Do folks like u think b4 u type

You are such a maggot!

Do you think its only by Card you can pay online? What happens to PayPal and Bank Transfer.

Look at this one wasting his time on the keyboard spewing rubbish!!!

If you dont know, STUDY

RedBenson:
Well, initials should be JB=JamesBriget, but yours is the other way round. You sure they are basically for your initials?

basically my initial sire! Well JB is ur idea n u might not be wrong as well. My full intial is BJU, dats how i like it. No be today. Dont let my nl moniker deceive u. Come to think of it, y re u so interested in dat? Does it mean any thing to u?

fatdon2:
The new CBN man is brainless , I thought we where moving to a cashless economy. Now people will prefer to have their money kept in
their homes. Bcus withdrawing above the counter also has its limit and charges are applied. Now ATM has its daily limit. So in other word they reducing the purchasing power of us and hereby allowing us to have our money in our home saves. Bad policies.

What do you expect from a DULLARD. Mark my word...he is taking us 7 years backward before 2019.

FriedPlantain:
So you been wan spoil our eyes with your size 20 font before ba? Werey

LMAO!

shadowripper:
You are such a maggot!

Do you think its only by Card you can pay online? What happens to PayPal and Bank Transfer.

Look at this one wasting his time on the keyboard spewing rubbish!!!

If you dont know, STUDY

Replica of Sophisticated idiocy! PayPal is part of POS... Online transaction.. Banks don't do transfer-outbound.. Naija youths wallowing in ignorance since 1900

adconline:
Do u realize that Naija is an import dependent country. You have to import machinery to build factories? We import refined fuel because our refineries are not working. Your cellphone, Microwave, laptop, fridge, and fans are all made overseas.. We import steel for construction of houses, factories, bridges, roads..If u been to the hospital lately, 80% of drugs prescribed are made overseas. This has wider implications. This economy is grinding to a halt. This staccato manner of banning everything is going to collapse this economy tethering on the brink of collapse.

Well....we will still be able to import. Just not using credit cards.

And we do manufacture a lot of our drugs....plus we get some at subsidised prices.

And we are at this level because past governments,.....including the immediate past one, and the first comming of this one did not diversify us away from resource dependency.

ndidibabe:
That's unfair on Buhari. At least he is better than GEJ who doesn't see corruption as stealing.

And who said "All the allegations against the person of Sani Abacha are baseless and lack of fact"? "Who said Abacha wasn't corrupt"?

bushdoc9919:
Well....we will still be able to import. Just not using credit cards.

And we do manufacture a lot of our drugs....plus we get some at subsidised prices.

Point of corrections: Peeps are using debit cards- which is the most effective way of fighting money laundering- there is an online paper trail by bank, issuer of debit card, CBN and merchant- this also solves our cashless policy issues- small fees to handle electronic money seamlessly.
Bank transfers are banned since u can't make deposit into ur dom accounts.. So how can you pay ur merchants, suppliers and service providers? Naija economy depends on the informal sectors- that photographer around the street bought his Nikkon camera from online or importer, the toner cartridge or ink of ur ink is made overseas..the parts for ur cellphones, accessories, electrical fittings are all made overseas.
Back to drugs- Naija manufactures analgesic and but imports most RX drugs.. Go to a local pharmacy and confirm..
We need govt to set its priorities right and have at least a ten-yr plan. Power first and policy framework

[quote author=adconline post=36851547]Point of corrections: Peeps are using debit cards- which is the most effective way of fighting money laundering- there is an online paper trail by bank, issuer of debit card, CBN and merchant- this also solves our cashless policy issues- small fees to handle electronic money seamlessly.
Bank transfers are banned since u can't make deposit into ur dom accounts.. So how can you pay ur merchants, suppliers and service providers? Naija economy depends on the informal sectors- that photographer around the street bought his Nikkon camera from online or importer, the toner cartridge or ink of ur ink is made overseas..the parts for ur cellphones, accessories, electrical fittings are all made overseas

And I beleive someone has pointed elsewhere that you can use other methods of payment.

Plus...it is to be expected that there would be problems getting things imported.....because we no longer have the dollars to import them

As seen in Venezuela...where beer is getting scarce because the manufacturer cannot import barley.....because govt is keeping back the dollars it has to prevent the local currency from falling.

Nigeria must get off oil.

Back to drugs- Naija manufactures analgesic and but imports most RX drugs.. Go to a local pharmacy and confirm..

Well...from the top of my head....we manufacture antibiotics, antimalarials, anti-allergic drugs, cough syrups, anti-hypertensives, anti-diabetics, and multivitiamins as well. We also manufacture intravenous fluids.(Dana is one of at least two manufacturers), anti-ulcer drugs, and several other things. Of course...we import a lot of drugs too...but the Nigerian pharma industry does not just manufacture analgesics.

We need govt to set its priorities right and have at least a ten-yr plan. Power first and policy framework

Amen to that.

What the methods available? How can you transfer money when ur bank doesn't accept deposit?? You just want to argue when have not gone to the bank to confirm??
Pls stop mentioning Venezuela cos their PDVSA- Naija's equivalent of NNPC, had revenue of $113bn in FY2013. It refines its crude in Venezuela; has one of the biggest refineries in the U.S.-CITGO. It has Subsiduaries in Germany and Sweden refining oil..
While out NNPC is unable to refine. Venezuela is going broke because their govt embarked on massive social programs like free health care, school and paying of stipends to the poor-
Pls don't compare this to Naija where social programs don't exist

There is something wrong with these policies and they will not end well. First it was banks trying to punish depositors because CBN refused to collect dollars they had "round tripped" (my own interpretation)http://leadership.ng/business/451345/banks-stop-accepting-dollar-deposits, then CBN made it an official policy, now they don't want you to spend your own money how and when you want when there is already a $50000 yearly limit. This is poor management from CBN and banks trying to force CBN's hand by making life difficult for the nation. They need to be called to order and CBN should come up with a comprehensive policy rather than this staccato ones as someone earlier said. And those saying there are other means pointing to paypal or whatever, there is no other means. The only other means is through the Form A and Form M and I guess we will wait to see if the banks will honour these or make things difficult. Last year, it was simply impossible for an ordinary person to get these in GTBank as you will be "advised to open a dom. account and use that instead.

MrCuddles:
Those that don't have anything in their account are the ones that will start making noise and booking space, just watch.

You mean the Wailers?

adconline:
What the methods available? How can you transfer money when ur bank doesn't accept deposit?? You just want to argue when have not gone to the bank to confirm??

Well....there are other methods of payment...start here...https://www.google.com.ng/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=0CDwQFjABahUKEwixyf3f1aHHAhVGtRoKHWKDD1Y&url=https%3A%2F%2Fwww.customs.gov.ng%2FPublications%2FgetPublication.php%3Fid%3D175&ei=UkDKVbHYMMbqauKGvrAF&usg=AFQjCNHlFcA3uI_4ep0e4i2ynkmnP55ZVw&sig2=z1BkkU59Qtg3p8BU4k2XWg

Pls stop mentioning Venezuela cos their PDVSA- Naija's equivalent of NNPC, had revenue of $113bn in FY2013. It refines its crude in Venezuela; has one of the biggest refineries in the U.S.-CITGO. It has Subsiduaries in Germany and Sweden refining oil..
While out NNPC is unable to refine. Venezuela is going broke because their govt embarked on massive social programs like free health care, school and paying of stipends to the poor-

I mentioned Venezuela as another example of difficulties encountered in importing due to govt hoding back dollars to buffer the local economy.

Pls don't compare this to Naija where social programs don't exist

I didn't.

ELVISHOT:
http://www.vanguardngr.com/2015/08/banks-reduce-withdrawal-limits-on-atms/

All I can say is; jst a bid to re-direct d armed robbers to our various homes............

Not good!

Too many 'hitherto' in the OP. But 60k adim too small na.

bushdoc9919:
Well....there are other methods of payment...start here...https://www.google.com.ng/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=0CDwQFjABahUKEwixyf3f1aHHAhVGtRoKHWKDD1Y&url=https%3A%2F%2Fwww.customs.gov.ng%2FPublications%2FgetPublication.php%3Fid%3D175&ei=UkDKVbHYMMbqauKGvrAF&usg=AFQjCNHlFcA3uI_4ep0e4i2ynkmnP55ZVw&sig2=z1BkkU59Qtg3p8BU4k2XWg



I mentioned Venezuela as another example of difficulties encountered in importing due to govt hoding back dollars to buffer the local economy.



I didn't.

Another copy and paste link without empirically substantiated fact.

adconline:
Replica of Sophisticated idiocy! PayPal is part of POS... Online transaction.. Banks don't do transfer-outbound.. Naija youths wallowing in ignorance since 1900

That is where you fail. I have worked with GTbank and I know what I meant... Shior to you!
Olodorabata
Oko Iyalamala
Ojueja lo monje
Slate loma lo
Shior

Ode!

You no know something you dey talk......

If you want to know, ask those that do online transactions wella using gold and paypal for training...

bushdoc9919:
The policy, as someone pointed upthread applies to cards enabled for foreign transactions in dollars. It does not apply to cards enabled for domestic transactions only.

So, for example...you will still be able to withdraw N150000 daily with the Verve card, or the Mastercard/Visa Naira card. And nothing was said about POS terminals.

And we know the real reason why.....we are an oil dependent society, oil prices have fallen, and we no longer have the dollars. CBN's real target is the dollars transaction....ie the $300 limit...which is designed to limit dollars leaving the country.

please I'm not an economist. could throw more light on the emboldened? What's the economic effect of having more more dollars in the country?

jamesbridget13:
Thats y i love my mobile banking
Online; surely d best

Abeg teach me how to use mobile banking. is it the use of tokens?

bushdoc9919:
As the article says.....it applies only to cards enabled for foreign transactions in dollars.....it does not apply to cards enabled for domestic transactions in naira (like Verve and your Naira Master card).

As said in the article....Standard Chartered is offering customers a naira-only ATM card.

Relax.....your govt's main aim here is to limit the amount of dollars leaving the country. Because thanks to the drop in oil prcies....we no longer have the dollars....and the CBN needs dollars to stop the naira falling to N500 to $1.

If you want the ''good old days'' back....pray oil prices rise.....or pray Buhari does the needful and diversifies our economy out of oil....instead of chattering about it.

please how does it work/apply @ emboldened

biznus:
Abeg teach me how to use mobile banking. is it the use of tokens?

which is ur bank?

jamesbridget13:
which is ur bank?

GT

biznus:
GT

k. All u need to do is download gtbank mobile to u device n then proceed to any of their branch with ur phone so they can activate it for u. Once activated, u can transact with ur phone. I do my payments, purchases n transfer with mine though mine is unity mobile for unity bank

jamesbridget13:
k. All u need to do is download gtbank mobile to u device n then proceed to any of their branch with ur phone so they can activate it for u. Once activated, u can transact with ur phone. I do my payments, purchases n transfer with mine though mine is unity mobile for unity bank

Wow, thanks will do just that

shadowripper:
That is where you fail. I have worked with GTbank and I know what I meant... Shior to you!
Olodorabata
Oko Iyalamala
Ojueja lo monje
Slate loma lo
Shior

Ode!

You no know something you dey talk......

If you want to know, ask those that do online transactions wella using gold and paypal for training...

I have used PayPal for over 11yrs and ur account is funded by your bank account and it's processed as POS... GTB has been constantly sending mails to its customers and It doesn't transfer money when it can't allow u to deposit unless IT's an inward telegraphic transfer -i.e online money. Stop insulting our collective intelligence
Even With GTB, it was about N2m/day not exceeding $50k/yr but now it's $300/day-capped at $50k/yr... For ur info, this is good for Mary-Kay and Mall of Africa buyers like you but it takes like $800-$1000 to buy and ship S6 or iPhone-6. Everyone doesn't count in hundreds!!

jamesbridget13:
k. All u need to do is download gtbank mobile to u device n then proceed to any of their branch with ur phone so they can activate it for u. Once activated, u can transact with ur phone. I do my payments, purchases n transfer with mine though mine is unity mobile for unity bank

The app looks great. Are there charges? do I need a token to effect transfers? tnks

jamesbridget13:
k. All u need to do is download gtbank mobile to u device n then proceed to any of their branch with ur phone so they can activate it for u. Once activated, u can transact with ur phone. I do my payments, purchases n transfer with mine though mine is unity mobile for unity bank

How about biz folks and procurers that do average of $10k in a week? It's not by restricting our purchasing power to $300 that made us the biggest economy in Africa

adconline:
I have used PayPal for over 11yrs and ur account is funded by your bank account and it's processed as POS... GTB has been constantly sending mails to its customers and It doesn't transfer money when it can't allow u to deposit unless IT's an inward telegraphic transfer -i.e online money. Stop insulting our collective intelligence
Even With GTB, it was about N2m/day not exceeding $50k/yr but now it's $300/day-capped at $50k/yr... For ur info, this is good for Mary-Kay and Mall of Africa buyers like you but it takes like $800-$1000 to buy and ship S6 or iPhone-6. Everyone doesn't count in hundreds!!

I have used PayPal rightly for over 6 Years in Nigeria my guy and 11 years ago, there is no way you can open a PayPal account in Nigeria using a Nigerian Info except you have an Insider like us. I register for people all over Lagos this guy.

If you need to know, then PayPal uses MasterCard Dollar now Naira account and no be the rubbish wey u dey talk here as if na you know everything.... The Bank Card colour is Black... Olodo ni bobo yi sha

you think everyone is local like you?

I have never shopped on Mary-kay let alone Mall of Africa... Shior... I buy books from stores and I buy software from companies and hackers paying with PayPal...

gerrout of here...

m not replying you again

shadowripper:
I have used PayPal rightly for over 6 Years in Nigeria my guy and 11 years ago, there is no way you can open a PayPal account in Nigeria using a Nigerian Info except you have an Insider like us. I register for people all over Lagos this guy.

If you need to know, then PayPal uses MasterCard Dollar now Naira account and no be the rubbish wey u dey talk here as if na you know everything.... The Bank Card colour is Black... Olodo ni bobo yi sha

you think everyone is local like you?

I have never shopped on Mary-kay let alone Mall of Africa... Shior... I buy books from stores and I buy software from companies and hackers paying with PayPal...

gerrout of here...

m not replying you again

PayPal started in Naija last yr.. Stop exposing ur stupidity.
http://www.forbes.com/sites/mfonobongnsehe/2015/03/12/nigeria-becomes-paypals-2nd-largest-market-in-africa/

Even PayPal would block payments originating from Naija with Naija IP address.
The point is, I got it b4 u got it and PayPal hasn't been in Naija for more than 2 yrs.
CBN has a limit on transfer period.
My experience in intl transaction is ur university education... My xprience is ur fantasy dream.. I'm cruising at supersonic speed like the speed of light while u r moving with KEKE-NAPEP powered by Bajaj and u r still caught up in Ojelegba traffic

adconline:
How about biz folks and procurers that do average of $10k in a week? It's not by restricting our purchasing power to $300 that made us the biggest economy in Africa

dont knw abt dat o. For my level my mobile banking is good enough.