Buhari is not performing at all as far as the economy is concerned. The CBN governor Mr. Emefiele seems to me like someone who doesn't know better. Otherwise, why should every dollar transaction get a ban?. Dollar deposit banned, ATM withdrawal in dollar banned, Online payment in dollar banned.

But, there're many other more effective policies they could make. Example; getting Paypal to immediately allow Nigerians get paid with our PayPal account. Everyday Nigerians send millions in foreign currencies via Paypal, but without ability to receive. There're several others of such online payment platforms that could help the CBN rake in millions of dollars into the country, if only they could exploit it.

erico2k2:

Welcome to 1984

What is the way out?

Nigeria did not save in times of plenty dollars.

Was Buhari sent to punish honest Nigerians trying to make decent income?

Why cut of the head to spite the nose?

God please take the wheels.

godoluwa:
lol, I dont know how grown up Nigerians quickly forgot history. expect those underage to attack ur post

The grown up ones are fargone into ethnic bigotry and thought along ethnic lines rather than economic interests. They have coached the younger ones too. I cant be fazed by a few unguided attacks by them, the truth will always prevail for all to see. Whenever I'm around, I get harrassed by 'change agents' in my neighbourhood asking for small change. I just look at them and scoff! Nigg.a puleeeez! And to think that these same peeps were quick to burst a few bottles on anybody who had contrary political affiliation.

Fawklicant:


Thanks bro. These kids dont know what they have brought upon themselves. By the time some of them start dropping out from school because their parents can no longer foot the bills come this January, then "their clear go eye".

Thank U.1984.they where a far land away frm their dad's scrotum like the mumu calling me ice cream brain who can't comprehend. I think the naira should be devalued. We should explore that avenue.Someone on this forum once predicted this to happen cos of the policies our gear chewing president is enforcing on us no one took notice the few who did called him wailer.

Smartlife:
First won't this cause money laundering activities. This policy means that there is no need keeping your money in the bank anymore for travellers and co thereby increasing risk of carrying cash about. Nigeria is really heading for doom.

How person go take fund him forex broker, buy from aliexpress and pay for things online internationally... I just regret voting for this present administration.

Una never see anything when they tell una , una no gree hear word..

Activa:


What is the way out?

Nigeria did not save in times of plenty dollars.

Devalue the Naira.

musicwriter:
Buhari is not performing at all as far as the economy is concerned. The CBN governor Mr. Emefiele seems to me like someone who doesn't know better. Otherwise, why should every dollar transaction get a ban?. Dollar deposit banned, ATM withdrawal in dollar banned, Online payment in dollar banned.

But, there're many other more effective policies they could make. Example; getting Paypal to immediately allow Nigerians get paid with our PayPal account. Everyday Nigerians send millions in foreign currencies via Paypal, but without ability to receive. There're several others of such online payment platforms that could help the CBN rake in dollars into the country, if only they could exploit it.

This was not done by the CBN.it's a knee jeep reaction from the current economic situation of Nigeria.the banks cannot back your forex transactions.so they have come in the open to inform is they can't. I'm afraid there is more to come from diff sectors.

when it becomes to much, he would get voted out in 2019.

Fawklicant:


Grow some brains and stop blaming the previous administration for everything like your daura master. He did the same thing in 1983/84 when he took over. He blamed the previous government for everything and introduced austerity measures claiming Nigeria was sinking fast. It has always been his method. Doomsday economics. But alas, IBB took over Jan1st 1985 and everything started turning around fast. Infact he started 3rd mainland bridge the same year and started building Abuja 1986. Where did all the money come out from? Yes, the same 'so called battered economy'.

Some peeps here are too young and never experienced what we saw under the daurafool in the 80's. We tried to warn you, but you didnt listen like the proverbial fly. Well enjoy your CHANGE. IT WILL ONLY GET WORSE FOR YOU PEEPS, NOT BETTER.

Anyway you look at it, it is inevitable that Buhari will make history twice, in ignominy. I'm waiting for that 'aha! I told you so' moment.

Henovy:

Which economic team? Abeg talk another thing. They have not even told us the co-ordinating whatever. Please use another term, bro.''douchebags'' is too mild. Can I suggest ''zombies''?

lol

Activa:


PTA and BTA have not been suspended.

It has. I have tried to obtain some in recent times and no show. They load your mastercard and you max out at a daily limit of $200. Yes $200. WHAT IS THAT GOING TO DO FOR YOU?

Fawklicant:


Grow some brains and stop blaming the previous administration for everything like your daura master. He did the same thing in 1983/84 when he took over. He blamed the previous government for everything and introduced austerity measures claiming Nigeria was sinking fast. It has always been his method. Doomsday economics. But alas, IBB took over Jan1st 1985 and everything started turning around fast. Infact he started 3rd mainland bridge the same year and started building Abuja 1986. Where did all the money come out from? Yes, the same 'so called battered economy'.

Some peeps here are too young and never experienced what we saw under the daurafool in the 80's. We tried to warn you, but you didnt listen like the proverbial fly. Well enjoy your CHANGE. IT WILL ONLY GET WORSE FOR YOU PEEPS, NOT BETTER.

Anyway you look at it, it is inevitable that Buhari will make history twice, in ignominy. I'm waiting for that 'aha! I told you so' moment.

I still remember that time, even common bread is for the rich.

Activa:


Let me ask you - why should a country that doesn't earn enough dollars spend in dollars?

This is Sunday abeg I nor fit shout.we are dealing with adult.don't let us think you are not one.how can U say such a thing.if you don't understand the subject matter ask and it shall be explained.this is not about spending do laws in Nigeria but outside ie go to Ghana and use ur atm and go to Germany to use ur atm garrit? ??

erico2k2:

Yes solution is devalue the Naira.Germany did it.the US did it.China did it.and it worked.

I used to think devaluing the naira makes it more vulnerable and even weaker

abbeyty:



I still remember that time, even common bread is for the rich.

the NSO was picking up people anyhow and detaining them . Nigerians haven't even started to see anything by february majority of Nigerians will be shouting no change no change

Cpumping:
na to just go ghana open account.

Ghana too far sef, wat of Cotonou? One should be able to use his ecobank account opened in Cotonou any other place in the world including Nigeria and abroad....no be so?

Howmon:


I used to think devaluing the naira makes it more vulnerable and even weaker

devaluing the currency is very good provided there is enough and good infrastructure to support investment and investors. But with no power supply,no fuel and many other things devaluing the currency will only bring more hardship

Activa:


You have access to your money in Naira. Don't you?

I'm not in Nigeria , Tbh I don't understand the whole thing.

musicwriter:



But, there're many other more effective policies they could make. Example; getting Paypal to immediately allow Nigerians get paid with our PayPal account. Everyday Nigerians send millions in foreign currencies via Paypal, but without ability to receive. There're several others of such online payment platforms that could help the CBN rake in millions of dollars into the country, if only they could exploit it.

You are correct. People like you should be on our economic team not the present bunch of clowns. A lot of people send but can't receive money with Paypal.

Smartlife:
First won't this cause money laundering activities. This policy means that there is no need keeping your money in the bank anymore for travellers and co thereby increasing risk of carrying cash about. Nigeria is really heading for doom.

How person go take fund him forex broker, buy from aliexpress and pay for things online internationally... I just regret voting for this present administration.

The funny thing is hardcore APC agents will never believe you voted Buhari, they'll simply think you're a wailer in disguise. cos anything Buhari does must be supported either fooolish or not....that's how blind they are.

Henovy:

Please expatiate more on this. It is a serious matter. What we need is a spontaneous one that will even make Boko Haram grin with envy!

Not all revolutions are positively geared. Libya had their own share of the arab spring albeit western induced and see where they landed? Libya will keep burning for a few more decades. Tunisia's was successful because it was spontaeneous. You dont plan a revolution, it evolves.

Nigeria ill-timed their so called revolution due to bigotry and they have arrived here. My brother, no one is going to carry out a revolution again. We are not equipped for it, however, life is a cycle and mother nature will always intervene with its elements; earth wind fire and water...and space. Only the discerning mind will understand the parable.

Dasuki is the new Umaru Dikko! Revenge is the only thing the dauradulla.rd is capable of, no intellect whatsoever.

APC promised change. Believe it guys, they delivered change. Just that it's no change for the better, but a different change.

This government is just useless and clueless,all this policy won't affect them and their families.

Useless Change!

We told them,this guy can't lead helm of affairs of this country,they said he his a courrupt-less man.

Fawklicant:
Bizzare measures also include stiffling SME's? Do you know how many NL'ers import from ebay, aliexpress, amazon, etc? Do you know the implication as regards unemployment? The salary you are probably collecting now could be stopped any moment due to 'unfavorable business environment'. Do you know what the crime rate would be? What alternatives has the govt provided to ameliorate trade condditions for SME's? Do you know that SME's are the engine that drive most economies not the fortune 500 coys? Do you know that PTA/BTA has been suspended and deposits of forex into dormicilliary accounts suspended too?

Please suggest one universally acceptable way Nigerian importers can send money abroad for their transaction and while you are at it, please know that even in the quest to drive local manufacturing, raw materials are also imported.

... A lot of Nigerians obviously do not know what is going on, a lot of people have absolutely no idea how close Nigeria is to a total economic collapse and the CBN and FG obviously isnt communicating maybe in order not to cause panick.

Economics 101:
The nation is import dependent which means there's a high forex outflow. The main source of forex inflow is oil and oil prices have crashed massively to an 11-year low (even though expenditure has increased massively). Right now the nation spends more forex (via importation) than it earns (oil export) and consequently, the stock of foreign exchange is reducing drastically.

These checks by the CBN are simply to prevent Nigeria from becoming Greece or Venezuela. The CBN is struggling to prevent a situation where the foreign reserves are depleted on ebay businesses as you say, or by people going on leisure holidays abroad and then in a few months, the country wouldnt have any forex left to import food to feed its populace. This is no longer about the CBN trying to save the value of the naira, it is about the CBN desperately trying to save the nationfrom crashing and this is certainly not the time for people to be going randomly on leisure holidays. If only the CBN and the government would just communicate more properly and let the people know how bad things really are, how close the nation is to total collapse, maybe we wouldnt have people complaining of 'no funds for holidays' anymore. People would rather be more concerned about feeding.

Just incase you didnt know before now, I'm sure you should now understand the picture better with my explanations above and you should now understand why the CBN is desperately trying to prevent the outflow of forex; it is to save you and I from the Greek / Venezuelan situation which is imminent in a few months if oil prices don't come up.

Cc: Caracta, icecomrade, dabriggs, kenny987, kennyman2000, ugolance, seggzz, 2sex, zuby77, jaid23, erico2k2, ecel, Iko5000, musicwriter, ifyalways, godoluwa, NavierStokes

mbulela:

The banks are not doing it to weaken the dollar.
They just cant fund the purchase of dollars at the present rate.
I heard unconfirmed reports that banks are owing mastercard and visa almost unimaginable debts in recent times.

Now this is another disturbing development. Things are actually worse than it seems, yet some people still complain they dont have forex for xmas holidays.

Activa:


What is the way out?

Nigeria did not save in times of plenty dollars.

the way forward is to devalue the Naira, that we help halt the Naira decline but, his currently measure will only put pressure on the BDC chanel for Dollars and will force the Naira to reach #500 against the dollar before next year runs out.

onatisi:
devaluing the currency is very good provided there is enough and good infrastructure to support investment and investors. But with no power supply,no fuel and many other things devaluing the currency will only bring more hardship

So what choice do we have since our infrastructure cannot power devaluation?

TeOwl:
when it becomes to much, he would get voted out in 2019.

My dear, how many will be alive in 2019? How many would be around in 2019? How many would armed robbers have killed by 2019? 7 months down the line, we are here and you'd like to experience it for another 30+ months? How do you remove someone who threatened blood of dogs and baboons when he didnt have power now that he is the maximum ruler? Face reality.

musicwriter:
Buhari is not performing at all as far as the economy is concerned. The CBN governor Mr. Emefiele seems to me like someone who doesn't know better. Otherwise, why should every dollar transaction get a ban?. Dollar deposit banned, ATM withdrawal in dollar banned, Online payment in dollar banned.

But, there're many other more effective policies they could make. Example; getting Paypal to immediately allow Nigerians get paid with our PayPal account. Everyday Nigerians send millions in foreign currencies via Paypal, but without ability to receive. There're several others of such online payment platforms that could help the CBN rake in millions of dollars into the country, if only they could exploit it.

You will live long

Icecomrade:
Dollar is already 280.

Cut this channel out even when banks cant pay dollars to customers courtesy of cbn regulation.

That will be more pressure on black market bereau the change.

Dollar exchange will hit the sky .

Did this clueless buhari govt appoint a minister of finance who was suppose to manage this economy better than okonjo iweala.

APC = CHAIN

Thats not even the most annoying thing. The main fact is that MasterCard as a company is meant to be used worldwide. Its not the fault of banks or the Card company that the government cannot keep the currency stable rather they are looking for a way to take us back to the 90's when it was almost impossible sending money abroad. I dont understand how this would work really. Imagine United States or Uk saying that they need to stop customers using their MasterCards on ATMs and online or outside the country because they need to keep a currency that refuses to stay one place due to the negligence of some folks on what the problem actually is. It would not be possible one bit. We just went 15years backwards!!! DAMN!!!

No matter what happens, if Buhari makes it too difficult for us, the same way Nigerians removed Jonathan is the same way we would remove Buhari... Over 150 million Nigerians cannot all die in 4 years.

Fawklicant:


My dear, how many will be alive in 2019? How many would be around in 2019? How many would armed robbers have killed by 2019? 7 months down the line, we are here and you'd like to experience it for another 30+ months? How do you remove someone who threatened blood of dogs and baboons when he didnt have power now that he is the maximum ruler? Face reality.