₦airaland Forum

erico2k2:
Great stuff but with these outdated monitory policies do U see any right full biz coming g to Nigeria to invest?

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.

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 .

Demdem2:
Like u said, whatever action taken at this precarious times will have negative effects. The govt of the day has chosen the one they feel they can live with and defend, I pray and believe it will work. It's a temporary set up. Let's be patient.

Ghandi12:
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.

brunofarad:
So what's the wisdom behind this

Bevista:
Apparently, patience is not a choice, it's a forced option. So, we'll have to deal with it and hope for the best.
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It is just my view that the measures are extreme and not well thought through. We will have a better idea of its impact on the economy when the National Bureau of Statistics (NBS) releases the 2015 Q4 and 2016 Q1 (GDP, Unemployment, Inflation, etc) numbers.

Bevista:
The CBN should allow demand and supply to determine a fair price for the dollar. A price where supply can clear all demand; they do not need to deplete the Foreign Reserves to defend the naira.

The problem is that if they allow the exchange rate to adjust downwards, there will be serious backlash on the new administration. So they are allowing political considerations to influence their monetary policy actions.

Strahovski:
No one wants to transfer money to Nigeria.. we want to transfer out.. pay for goods on foreign places... etc..

erico2k2:
I like ur come t when U said if we had saved forex wen oil was 100$.plz in all honesty who took The govet of GEJ to court for the excess crude account to be shared.name the governors plz.I hope U know them.

miqos02:
.u will, but there is a maximum monthly limit

Bevista:
The CBN should allow demand and supply to determine a fair price for the dollar. A price where supply can clear all demand; they do not need to deplete the Foreign Reserves to defend the naira.

The problem is that if they allow the exchange rate to adjust downwards, there will be serious backlash on the new administration. So they are allowing political considerations to influence their monetary policy actions.

hyfr:
are we going to be able to make payments with it from january 1st? I thought they said they will stop it

Caponi:
You have said it all, that will be the next move, we will wake up one day and hear that we can not withdraw above Bleep amount of nairas per day from our own accounts.... wait and see, if this CBN governor is allowed to continue his madness.....
imagine a friend came back from yankee and wanted to deposit USDs in his dom account, only to be told by the bank that its not possible.... imagine this our policies ooh....and now they are crying of low forex, you see if you come out with a policy then inform the populace of the formal way you want them to carryout their business give alternatives, in Nigeria the cbn will just block one route without informing you of alternatives, then Nigerians will create another loop hole as a survival stint.

erico2k2:
Guy it's now 270 to the pounds. I'm in Nigeria at the moment t I remitted my Dec pay via an agent in Tottenham high rd at 270 rate on 24th December.

erico2k2:
Guy it's now 270 to the pounds. I'm in Nigeria at the moment t I remitted my Dec pay via an agent in Tottenham high rd at 270 rate on 24th December.

miqos02:
we will be limited to a $1,000 transactions monthly

Demdem2:
This is the pain will need to endure simply because during the days of plenty, Jonah-daft in his cursed state refused to save and build up our reserves. Instead, the fool was busy sharing money indiscriminately till there was nothing to share again. Even Obj that never had so much income like Jonah-daft saved, what is the drunkards excuse? This policy is also affecting me but for the collective good, it's the right decision. Thunder fire Jonah-daft and Ngozi the witch wherever they are now. Never again will we have fools like them govern us again.

olukenzo:
Some of these oil companies and multinationals pay their staff, especially expatriates in $s.

It is wrong to pay anyone in dollars in Nigeria. Pay your employees as much as you can afford, however, like I said before, paying workers in Nigeria in a foreign currency is economic sabotage.

hyfr:
but are we still going to be able to make payments with the card? Like buying stuffs from ebay etc from next year

Dee60:
Ask any senior banker and they will confess that CBN has allowed dollars deposits to a certain limit (think USD10,000 per month) to cater for travellers and those who need to send monies to their wards abroad. For whatever reason, the banks are yet to comply! So, there is no blame to the CBN on that!

Originally, ATM was meant to enable Nigerians travelling abroad to collect up to USD500 per day. That left an opening for millions living abroad (many of these are not students). It is difficult for Nigeria to fund this if we dont want to pile up external debts at such a high interest rate. Imagine that the western countries peg 1% rate on their own internal funds and apply 21% rate when countries like Nigeria borrow. Should we keep piling debts for future generations?

I pity the students. I pity the travellers. Let the banks start accepting USD as directed, so that USD can fund USD. That makes some sense. Yes, Naira may lose value, but that is the cost of Nigerians always CONSUMING what we dont produce!

macklef:
Oga mi, the reason why dos governors may have requested such isnt it obvious now?
The question is, where is the reserves? Is it not better if it has been shared than now that it has been depleted shamelessly? The oposition had intelligence notice of how this reserve was been depleted, they did not trust Gej to hold on to d reserves.
D court did not grant the request bah? So where is the reserves?

miqos02:
yes, once u do transactions up to $1k dollars, u wait till the next month

daimlerbenz:
I guess you didn't read Ben Bruce' comments. No be your Amaechi and comrade tackle the guy to sharing all the money?

erico2k2:
My bro this is where I like yoy to reason to.if we had the reserve we will still ja e forex backing today.the $50 million will still be used to back our forex till date.thus was why we never had these issues u til now.and wen the money was devided did any of U feel the impact??

erico2k2:
Who told you so??We cannot. Go back and read the directives. The bank simply said the have no forex to pay who ever yoy buy stuff from abroad.withdrawing is same thing. MayB the gist just sink in now? Try and shop with your master card on amazon or Ebay see what happens.

blackpanda:
Well that sounds like something taken out of a television script. If CBN allows the exchange rate to fall without any intervention, how exactly will we support investment or commerce or our economy. When $1 exchanges for N600, how do u import raw materials or pay for goods and services. Inflation will go haywire and spiral out of control. It will be total chaos landing us in deep depression u might never recover from. We certainly dont want to become like Greece

olukenzo:
Of course! Mtn will wither and die if they leave Nigeria today.

erico2k2:
The expert where employed from a broad so they will be paid in Dollars. They pay taxes to their home countries. I was sent to Dubai from the UK I was there 4 months I still got paid in pounds. So what's the biggy

Ganjafama:
You make me laugh. Do you know mtn operates in the middle east as well? If mtn leaves Nigeria, it won't die. The worst that can happen is that it'll lose a lot money. Nigeria too won't be spared. There will be unimaginable job loss.