obailala:
... Are you trying to say you do not understand why the CBN is doing what it is doing?....

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 or people going on holidays abroad and then in a few months, the country wouldnt have any forex left to import food to feed its populace.

Just incase you didnt know before now but viewed this from only a political angle, 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.

ShowYourCertificate:
Buhari's team of economic experts are really douchebags

dapsonlou:
Some People will come here and start Screaming Dullard. The previous administration Looted all our Dollars. Even the Election was paid for in Dollars

Fawklicant:


What revoluton? The revolution was already televised in march 2015. This is the aftershock!

obailala:
... Are you trying to say you do not understand why the CBN is doing what it is doing?....

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 or people going on holidays abroad and then in a few months, the country wouldnt have any forex left to import food to feed its populace.

Just incase you didnt know before now but viewed this from only a political angle, 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.

erico2k2:

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

datigbogirl:


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?

kaslaw2:

So what happens to shopping online on aliexpress.com?

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

2pointsonly:
Time to start using my payoneer atm

OFFICIAL336:

I understand those countries are not import based. Do you really think that policy will really work here?

NavierStokes:
And Nigeria toes the path of venezuela. Buhari and Maduro the same thing. The former a "certificateless" "socialist" dictator the latter a former bus conductor "socialist" dictator. Similar policies and similar effects on the citizens.

Fawklicant:


With a huge percentage of american produce save for food being imported from Asia?

Liamm:
can payment still be made via neteller?

erico2k2:

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.

Fawklicant:


With a huge percentage of american produce save for food being imported from Asia?

Fawklicant:


The same venezuela Chavez managed well to the admiration and almost reverence by many.

OFFICIAL336:

I don't understand you but I know tonnes of American products leave their shores on daily basis unlike Nigeria.

OFFICIAL336:

I don't understand you but I know tonnes of American products leave their shores on daily basis unlike Nigeria.

Sheggy13:

Especially the incompetent CBN governor, Emefiele appointed by your hero GEJ,who comes up with these laughable policies.

o42austino:
I don't understand when people say this country is import Base or that country is export Base but, the truth is all economy worldwide is import and export Base, China is called exporting economy but, the truth is that they are also import seriously import Base economy, many of them are living in Nigeria buying all kinds of mineral, cassava, scrap, palm oil, groundnut e.t.c,the same thing with us and other developed world.

NavierStokes:


Fratello, history speaks to us everytime but the foolish won't learn and would forcefully want to have their way like they did in voting in the currrent president . 1984 found its way back into the cycle since May 29th 2015.

KAI BABA

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

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

Fawklicant:


Please extrapolate your economics 101 to other sectors of the economy.

What measures are in place to diversify the economy? The giant strides by the previous administration to diversify the economy via agriculture and local manufacturing, praytell what has happened to them? We need to stop thinking of oil only, because it is at times like these that other micro sectors of the economy could be boosted for sustenance. Please how is the government going to stem the consequent rise in crime rate with all the voodoo economics? At the end of the day, the average man doesnt understand squat from all the economic jargons, how is his condition addressed?