Fawklicant:


US imports a lot more than most people think. Devaluation has worked for us in the past, it won't be the first time. The FG will not be able to sustain the aftershock of its present forex policies. Suffice it to say that this is not a military regime where all decisions are final. This is democracy...or at least a semblance of it and issues ought to be democratically explored. I don't see how this will help FDI in any way and Nigeria needs it a lot. No one will invest in a battered economic clime with unfavorable business environment. In fact it is tending towards a hostile business environment.

I understand you now. Thanks

Fawklicant:


US imports a lot more than most people think. Devaluation has worked for us in the past, it won't be the first time. The FG will not be able to sustain the aftershock of its present forex policies. Suffice it to say that this is not a military regime where all decisions are final. This is democracy...or at least a semblance of it and issues ought to be democratically explored. I don't see how this will help FDI in any way and Nigeria needs it a lot. No one will invest in a battered economic clime with unfavorable business environment. In fact it is tending towards a hostile business environment.

I understand you now. Thanks
It is just a pity those managing our economy wouldn't read this. It is better to wail than be a Zombie or Chanji chanting crawling bot.

Last time I check $500,000 monthly limit... Time to increase it...

o42austino:
ur argument made sense but, not total sense. Yes their is outflow of forex but, u fail to mention that the Government refuse it's people to deposit their inflow forex in their banks and that's making it difficult for banks to find forex to give to its customers.

Depositing of forex may sound as a good thing but it was abused and it led to the dollarisation of the economy. We got to a point where some schools accepted school fees in dollars only and some businesses accepted payments in dollars only. I wouldnt want to go into details of the running of elections in dollars in Nigeria. Within a naira economy, when dollars starts competing with the naira as the main currency, I'm sure I dont have to explain to you what that means to the value of the naira and the economy?... No country in the world allows that.

Its change

Nigeria from frying pan to fire.....This is getting serious.

OFFICIAL336:

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

Please google Nigerias non oil export rate in the past 4 years and compare with previous years since 1999.

Adewunmi Adesina, former minister for agriculture once said...'poverty is not an industry and we will not grow it'. I guess bubu sees it as an industry that he needs to grow.

Caracta:
Makes no sense. Do you want travellers to suffer?

You suspended PTA/BTAs. You cut down daily withdrawal limit on mastercards used abroad. You suspended foreign currency deposits into domiciliary accounts. You placed limits on western union and moneygram outbounds.

Now this? I laugh.

CBN gov is just a block head.he sits on his chair with a narrow vision without any idea what inconvenience these ridgid policies cause.I'm speaking from experience and its just pathetic.

stupid policy, this can lead to more capital flight,
Simply go to ghana, open an account travel and spend your dough freely
Its gonna be counterproductive on the long run

rigarmortis:
stupid policy, this can lead to more capital flight,

Simply go to ghana, open an account travel and spend your dough freely

Its gonna be counterproductive on the long run

Exactly. Serious capital flight and near zero FDI. It would take years for the economy to experience any form of improvement if this plan is seen through. World bank and IMF would feast on Nigeria for decades with grants upon grants meant to stiffle growth of any form.

rottennaija:


Travel to where? Make your country better and spend your holidays there. Stop running to another man's country to fund their economy.

How many of those white travel to Nigeria to spend their holidays here?

Perhaps it's people like you that can advice the president to even ban its citizens from traveling abroad and chase embassies away. Keep it up and see the economy boom for armed robbers who will have nothing else to do but to be criminals.

Fawklicant:


God know. I can only profit from their misfortunes. Period. I refuse to be dragged into their murky waters. Sometimes God allows calamity to befall people when they refuse to acknowledge his work. He did it with the israelites of old, this is Nigeria's turn. They didnt appreciate what they had and were building, so they would so wish for those days they condemned to come back again.

Now is the time to stock-up before we start queuing up with special I.D's and on particular days to get even simple commodities like milk. They said J.P morgan's delisting was inconsequential, they threatened and scared away oil tankers with discomforting requirements for crude lifting, they placed an unrealistic fine on mtn with their zombies cheering them on without knowing the resultant effect on the economy, resisted world bank advice on subsidy removal (as evident in their stand during their time as opposition with a knack for mobilizing zombies against any policy from the govt. Of the day) and devaluation and funny enough they will fall back on that as a last resort after all these trials and errors approach that we warned about, fai. Like the "proverbial fly when no dey hear word" this administration is hell bent on pursuing her vindictive agenda on the Nigerians that rejected them thrice at the polls.

A few months ago ( August I think) the issue was too much dollars in the system, and they ordered everyone to stop depositing or receiving forex, forgetting that in 2014 alone Nigerians abroad remitted over 20billion dollars (Osibanjo during canpaigns). Five months later the wailing is about dollar scarcity. How confused can the head be.

Everyone is now wailing, home based, diaspora, banks, foreign media outfits. The lying liars better come up with another term.

rigarmortis:
stupid policy, this can lead to more capital flight,

Simply go to ghana, open an account travel and spend your dough freely

Its gonna be counterproductive on the long run

You are so right, even Niger republic , Benin republic or Chad will welcome you with your funds

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

You even bothered to respond? The level of intelligence amongst our youths is just scary.They have no knowledge on politics, economy.....hell theyt dont even know much about their own backyard.Coming out to blame this administration over what is obviously an accumulation of economic fraud during jona's administration

Had a pretty darn gud feelin bout this.... Either dis or d free fall of naira need to make a meme bout naira free fall hehe

obailala:
Depositing of forex may sound as a good thing but it was abused and it led to the dollarisation of the economy. We got to a point where some schools accepted school fees in dollars only and some businesses accepted payments in dollars only. I wouldnt want to go into details of the running of elections in dollars in Nigeria. Within a naira economy, when dollars starts competing with the naira as the main currency, I'm sure I dont have to explain to you what that means to the value of the naira and the economy?... No country in the world allows that.

I understand ur point but, will u use because ur nose is bad and cut off ur head?, for the fact that some schools and businesses takes USD as payment will not make u to weak up one day and say no one should keep dollars in his account. The best thing to do is to punish offenders and leave the Good people out of it, now u can see how low we are.


Welcome to capital flight

asha80:
dont see that happening mate

plan b should be loading

Howmon:


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

that is where I must give the cbn governor credit for a wonderful job done so far.in the absence of any economic policy or direction the cbn governor has taken steps to try and protect the naira ,things would have been different if the fg had formulated sound economic recovery plans this would have sent the right message of hope to investors . What the cbn gov is trying to do now is to allocate the scarce dollars available to only important importers and under this category falls oil marketers and importers.the only way to go now will be to ban completely the importation of many more items as this may save some dollars. Whichever way or decision the fg makes it is definitely going to bring untold hardship to Nigerians and massive job losses

o42austino:
ur argument made sense but, not total sense. Yes their is outflow of forex but, u fail to mention that the Government refuse it's people to deposit their inflow forex in their banks and that's making it difficult for banks to find forex to give to its customers.

That's right!they are still thinking in the analogue age.forgeting that the world has gone e!what are their average ages again?

OlujobaSamuel:

it's a pity you don't understand the responsibility of the finance minister, you can attack the president and cbn but not the finance minister on this.
Her duty is restricted to the fiscal policy, cbn is fully responsible for the monetary policy, so reason properly when criticizing next time.

Please shut up if these economic matters are too difficult for you to comprehend.
I guess you are still under your parents "umbrella" and insulated from reality.
If you find a topic is way beyond your pay grade (intellectually speaking), you should sit down and get educated.
Who was the finance minister 6 months ago?
Part of this is the cost of vacillating to appoint key cabinet members.
Now we have a finance minister, what guidance do we have on the fiscal policy direction?
Still waiting for it to put together. Is it not?
When discerning minds were calling for fast and decisive action in tandem with the momentum, I guess you were among the crew insulting.

obailala:
Depositing of forex may sound as a good thing but it was abused and it led to the dollarisation of the economy. We got to a point where some schools accepted school fees in dollars only and some businesses accepted payments in dollars only. I wouldnt want to go into details of the running of elections in dollars in Nigeria. Within a naira economy, when dollars starts competing with the naira as the main currency, I'm sure I dont have to explain to you what that means to the value of the naira and the economy?... No country in the world allows that.

one reason against forex deposit but is that enough reason?

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

Shut up! So punishing the majority for no fault of theirs is the way abi? Grow some cerebral tissue please

NavierStokes:


Now is the time to stock-up before we start queuing up with special I.D's and on particular days to get even simple commodities like milk. They said J.P morgan's delisting was inconsequential, they threatened and scared away oil tankers with discomforting requirements for crude lifting, they placed an unrealistic fine on mtn with their zombies cheering them on without knowing the resultant effect on the economy, resisted world bank advice on subsidy removal (as evident in their stand during their time as opposition with a knack for mobilizing zombies against any policy from the govt. Of the day) and devaluation and funny enough they will fall back on that as a last resort after all these trials and errors approach that we warned about, fai. Like the "proverbial fly when no dey hear word" this administration is hell bent on pursuing her vindictive agenda on the Nigerians that rejected them thrice at the polls.

A few months ago ( August I think) the issue was too much dollars in the system, and they ordered everyone to stop depositing or receiving forex, forgetting that in 2014 alone Nigerians abroad remitted over 20billion dollars (Osibanjo during canpaigns). Five months later the wailing is about dollar scarcity. How confused can the head be.

Everyone is now wailing, home based, diaspora, banks, foreign media outfits. The lying liars better come up with another term.

Its until their 70k monthly take home pay can buy a bag of pure water only that reality will set in.

smudge2079:
desperate times call for bizarre measures.

But i just hope this man know what he is doing sha

AKMoney1:
No more aliexpress shopping?

sorry wrong quote.

Cheiiii!!!! Booooharinomics has taken Nigeria back to the stone ages!


This is no more change o, na extinction

Activa:


PTA and BTA have not been suspended.

Which bank gave you PTA in the last 3 months? The only group of people considered slightly were those on holy pilgrimages.

Or do you want me to show you CBN circular on suspension of PTA/BTA?

Hmm this isn't a good news at all, so buying from ebay, amazon, aliexpress and the likes gonna b a major problem now...they should bring other options, if u sent dollars via western union, u can cash in dollars, u can't lodge in dollars, etc...and the government wants smes to survive...they gonna give the bureau de cange more power with this regulations...

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

my dear, I have been watching them in 3D, I just decided to let them rant and not say anything. their skulls are so thick.

princejayboss:


Please educate me on the limit on western union and money gram

Western union: 199,000 naira per customer/per quarter

Moneygram: 198,000 naira per customer/per quarter.

For outbound transactions only i.e. sending money abroad.

Excellent7:


Please shut up if these economic matters are too difficult for you to comprehend.
I guess you are still under your parents "umbrella" and insulated from reality.
If you find a topic is way beyond your pay grade (intellectually speaking), you should sit down and get educated.
Who was the finance minister 6 months ago?
Part of this is the cost of vacillating to appoint key cabinet members.
Now we have a finance minister, what guidance do we have on the fiscal policy direction?
Still waiting for it to put together. Is it not?
When discerning minds were calling for fast and decisive action in tandem with the momentum, I guess you were among the crew insulting.

I thought you will be sane enough to point out how it was the cause of the finance minister actions or inaction in office but I can see that you just want to use every means possible to drag the finance minister to a monetary policy issue.
I have no issue with you criticizing a policy, but you need to know the quarters to direct it to.
You are trying to portray yourself as someone responsible, your post says otherwise.
Also, don't be a critic for the sake of it, you can point out your alternative opinion.

josh4ever:



Shut up! So punishing the majority for no fault of theirs is the way abi? Grow some cerebral tissue please

it is you who should grow some brain cells actually. where did he mention punishment? what we are going through right now is the CONSEQUENCE of the action of a few bastards who decided to loot the country dry after we witnessed an unprecedented rate of crude oil, $120/barrel. Ask them what they did with it.