CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad - Business (2)

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CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad - Business (2) - Nairaland

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Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by wadetaw202: 9:20am On Dec 28, 2015

brunofarad:
I don't engage in E fights
TOO BIG FOR THAT

Whatever! Just learn to read before you comment next time. Commenting without reading speaks volume about your kind of person.

1 Like

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by brunofarad(m): 9:22am On Dec 28, 2015

You ve been noticed

NEXT.........

wadetaw202:

Whatever! Just learn to read before you comment next time. Commenting without reading speaks volume about your kind of person.

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by PassingShot(m): 9:39am On Dec 28, 2015

modath:

God bless you & all yours!!!

This your submission is why I no longer join issues with the wailers!!! No bueno, Ayaf tire.

They argue to suit their bias without bearing in mind that oil ain't making money & don Fortunato done fritter away family savings on his failed reelection bid!

You can't eat your cake & have it!!!

And you too.

What type of injury am I prone to? I was going to ask you but forgot.
grin

1 Like

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Rolings: 9:40am On Dec 28, 2015

Ghandi12:

Could you please advise him and thousands of other victims (from the CBN response above) what the proper channel of sourcing $ is.

Banks and registered BDCs

1 Like

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Ghandi12: 9:49am On Dec 28, 2015

Rolings:

Banks and registered BDCs

Could you please give us a bank name and address where dollars for essential services (that are only possible in $) can be sourced.

The true reality on the streets is that there has not been $ for common-man in any banks in the last couple of months. Your information on its availability will be appreciated by thousands out there.

3 Likes

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by cutetopsey(f): 9:55am On Dec 28, 2015

Hmmmm!

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by francizy(m): 9:57am On Dec 28, 2015

When Buharinomics meets Emefielenomics, economic disaster is imminent angry

6 Likes 4 Shares

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Proudlyngwa(m): 9:59am On Dec 28, 2015

If this sacrifice is sure to ensure better economy in due time, is it so much to ask.

And yes this situation was caused by the last administration.

4 Likes

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by omohayek: 9:59am On Dec 28, 2015

There's no finer way of putting it: the CBN's forex policies are economically insane. Instead of allowing the Naira to float and settle at its true value, thereby ensuring that the dollars available are efficiently allocated where most needed, we get this ridiculous pretence at a "defence" of the Naira's value by making it almost impossible to exchange it for dollars. What is the point of a 200-to-1 exchange rate when no ordinary person or company can actually utilize that rate? Just so the uninformed can cheer at the mirage of a "strong" Naira?

Emefiele is either utterly incompetent or a craven careerist who puts pleasing Buhari above the welfare of the nation at large. His draconian policies are strangling the economy, making life unbearable for nearly all firms which require any sorts of foreign inputs in their operations.

11 Likes

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by miqos02(m): 9:59am On Dec 28, 2015

hmm

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Nobody: 10:00am On Dec 28, 2015

Too bad...Godwin must GO embarassed

- Can someone explain the procedure for someone requiring tuition overseas. By overseas I mean outside the borders of Nigeria eg. Ghana, South Africa, Kenya or Algeria among others.

This is the current procedure...

- Approach your bank with relevant documents eg admission letter, medicals others.
- Complete Form A
- Await decision from CBN
- If positive, deductions are made and remitted to host institution
- If declined, what are the options for the student?

With this submission from CBN, what is the implication?

4 Likes

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by nigeriancuban: 10:01am On Dec 28, 2015

better,at least to control the glow of our little off shore

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by honvalid(m): 10:07am On Dec 28, 2015

Hun ok oo.Do u know dat one day we may hear news dat people can no longer withdraw their money till further notice.The situation of this nation is amazing me.

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by feaworaoja007: 10:07am On Dec 28, 2015

Hmmmm...does it mean this a bad time to study abroad?
Even when one is personally set to take theiir career and future to the next level?

Bubu, if this is ur plan to tie me down here,it wont work!
God works in 1daful ways,they must reverse it, and a solution will arise to see me tru!
Dts why i neva wanted to be a part of this change!

1 Like

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by canalily(m): 10:08am On Dec 28, 2015

Please who is CBN undecided

where can i find him abroad let me tell him the damages he is causing here angry

1 Like

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by honvalid(m): 10:08am On Dec 28, 2015

honvalid:
Hun ok oo.Do u know dat one day we may hear news dat people can no longer withdraw their money till further notice.The situation of this nation is amazing me.

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by drss(m): 10:08am On Dec 28, 2015

PassingShot:
Unfortunately this is where GEJ and his cohorts brought us.

If you like, call it blaming or whatever, it is the dollarized foreign reserves that determine the pressure on naira. And it is the same reserve that Jonathan dipped his hands and that of his comrades' to loot like there was no tomorrow. Now that the "tomorrow" is upon us, we're excusing them instead of calling for their head.

Una never see anything!

tell buari to return his share of $300,000 loot he got from dasuki.

8 Likes

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Nobody: 10:08am On Dec 28, 2015

TonyeBarcanista:
This will be tough for diasporans

Just a few Nigerians in diaspora, mostly students. Worldremit is still available for transfer of funds from anywhere in the world to Nigeria.

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by bbjummy: 10:09am On Dec 28, 2015

pendusky:
Its quite unfortunate that 2016 will be difficult year for Nigerians in diaspora,

we are waiting for =N=1 equall 1$ promises Buhari promised Nigerians,

1 US dollar = 199.0500 Nigerian nairas

I am still buying Fuel at 130 a liter,

From the OP post

"Tule said the restriction of the usage of ATM cards might continue until the country could increase its foreign exchange earnings."

When?

Till 2019

I shake my head!

This is real Change!

Bros that your fuel per litre cheap o, cos for my side na 4h o.

2 Likes

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Dee60: 10:10am On Dec 28, 2015

You want to put Naira in your account in Nigeria and withdraw dollars freely abroad! Where would Nigeria have all the dollars to fund that. with the oil price fallen to by more than 60?

Does it occur to anyone that allowining free withdrawal (dollar against naira) will result in huge dollar debt for Nigeria over time?

Is there not an avenue for students to have their fees transferred officially instead of via ATMs?

The protesters need to push their argument clearly. Otherwise, it is simple commonsense that you cannot dollarise your economy, unless you want to pile up debt for future generations. Common sense.

If we had saved forex when oil was USD100 plus, it would have helped a bit. But with dwindling reserve CBN has to look for ways to curb DOLLAR consumption. We just cannot continue to CONSUME what we dont produce and expect FG or CBN to do magic.

Please think before you talk. Read before you comment. Common sense says so..

24 Likes 3 Shares

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by searay(m): 10:12am On Dec 28, 2015

Does this mean that I will not be able to use my visa card to make an order from aliepress.com, a Chinese online mall?

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by edjeodiri(m): 10:13am On Dec 28, 2015

These are difficult times for Nigerians indeed, even our brothers and sisters in diaspora are not exempted. I hope this policy works for the better good of Nigeria.

2 Likes

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by musicwriter(m): 10:14am On Dec 28, 2015

@Truth234.
Check out this thread for latest news from the CBN. This's exactly what I was telling @Activa yesterday on your thread. .......smh how someone will come online and be talking what he/she don't understand.

1 Like

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Nobody: 10:15am On Dec 28, 2015

Rather than plugging in the big cracks in the DAM PMB is sticking his fingers into little leaking holes.. it is amazing how the intellect of this country is insulted continually

5 Likes 3 Shares

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by AfroKnight: 10:15am On Dec 28, 2015

When Jona and his gang were looting, you people were praising him. You can all see the dividends. No foreign reserve to trade with! CBN has to leave us at the mercy of the banks now. Jona ran such a wasteful administration. What a hero.

Thank God he's out. At least we can rebuild.

12 Likes

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Coolcash1: 10:20am On Dec 28, 2015

Honestly, Nigerians need to appreciate the depth of the mess we are in as a country... The situation we are facing is not only perculiar to us as a country other oil producing countries are also experiencing same.

The measure is a painful one but is a MUST if we don't want our economy to crash...the good news is, its a short term measure and would definitely be lifted when things improve economically..

I think it's still okay if this will help our banking sector from collapsing...I tell you majority of our banks even the so-called big ones are bleeding.

Let's just show understanding and patience...

10 Likes

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Infinitikoncept(m): 10:21am On Dec 28, 2015

PassingShot:
Unfortunately this is where GEJ and his cohorts brought us.

If you like, call it blaming or whatever, it is the dollarized foreign reserves that determine the pressure on naira. And it is the same reserve that Jonathan dipped his hands and that of his comrades' to loot like there was no tomorrow. Now that the "tomorrow" is upon us, we're excusing them instead of calling for their head.

Una never see anything!

I'm sure those comrades ain't part PDP, ACN,APGA etc now APC. All of them are thieves

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Nobody: 10:21am On Dec 28, 2015

What happens to students that depend on stipends from home to pay their rents? Oh my! What happens to my physically challenge friend whose only valuable is his ATM? Emefiele and his one variable model for economic predictions.

1 Like

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by MrCEO69(m): 10:21am On Dec 28, 2015

Ghandi12:

Could you please advise him and thousands of other victims (from the CBN response above) what the proper channel of sourcing $ is.

i too need to know oh..

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Rexphobia(m): 10:23am On Dec 28, 2015

Dee60:

You want to put Naira in your account in Nigeria and withdraw dollars freely abroad! Where would Nigeria have all the dollars to fund that. with the oil price fallen to by more than 60?

Does it occur to anyone that allowining free withdrawal (dollar against naira) will result in huge dollar debt for Nigeria over time?

Is there not an avenue for students to have their fees transferred officially instead of via ATMs?

The protesters need to push their argument clearly. Otherwise, it is simple commonsense that you cannot dollarise your economy, unless you want to pile up debt for future generations. Common sense.

If we had saved forex when oil was USD100 plus, it would have helped a bit. But with dwindling reserve CBN has to look for ways to curb DOLLAR consumption. We just cannot continue to CONSUME what we dont produce and expect FG or CBN to do magic.

Please think before you talk. Read before you comment. Common sense says so..

Can I quickly respond? Why do we have to defend the naira? Why can't the forces of demand and supply give us the true worth of the naira. Even if a free fall is the cost we have to pay for it.

There are several things you need dollars for other than pay for school fees... A thousand and one services are paid for in dollars and we sure don't offer them here.

Let's think about a saner way to battle this? The solution to all economic problems is not embedded in controlling the volume of money in circulation. You and I know that

Please is CBN a regulator or spectator? Because I don't understand why the regulator is trying to distant itself from the draconian foreign exchange restriction? So the banks are now autonomous? . Silence is still golden.

8 Likes

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by BuddhaPalm(m): 10:24am On Dec 28, 2015

Rolings:

Let's see where the policy will lead before condemning it. No one say you cannot pay $1500 for your professional exam just source the dollars through the proper channel .

You can pay them in tranches. Explain your special situation, they could listen.

2 Likes

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Nobody: 10:25am On Dec 28, 2015

Keneking:
Too bad...Godwin must GO

- Can someone explain the procedure for someone requiring tuition overseas. By overseas I mean outside the borders of Nigeria eg. Ghana, South Africa, Kenya or Algeria among others.

This is the current procedure...

- Approach your bank with relevant documents eg admission letter, medicals others.
- Complete Form A
- Await decision from CBN
- If positive, deductions are made and remitted to host institution
- If declined, what are the options for the student?

With this submission from CBN, what is the implication?

If declined you re-apply...again and again until it gets approved. Mine got declined twice before it was approved eventually. I assume it'll be much more difficult now

1 Like

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