₦airaland Forum

erico2k2:
So cos U can't flex anyhow abroad U see it as wastage? Guy try pray make baba God bless you so U can take ur family on xmas trip to the US. on a cruise trip

My boss , with due respect , i did not school in Nigeria, My post is geared towards the betterment of Nigeria

IbXavier:
Thank you sir for your well constructed response , Actually , i schooled in Ghana , i understand how some Nigerians lavish money there , that was why i focused on Ghana. moreso i also recommended it that government should provide alternatives for those schooling abroad , however the amount they can spend should be regulated in other to reduce excessive spending. we are insinuating almost the same thing.
once again , Thank you sir.

Y did U school in Ghana of I may ask?that is wastage. You could have spent that money in the USA and have a better education

IbXavier:
My boss , with due respect , i did not school in Nigeria, My post is geared towards the betterment of Nigeria

Ghana Nigeria which is worse?

sorry for the error , i now understand you , like i earlier stated , i am not an economics expert. Thanks for the observation or correction as it may be.

Infinitikoncept:
Then you ain't in the know. The rates you quoted ain't corresponding ones. CBN is different from commercial banks rate. As at the time commercial was #285 during Xmas period CBN was still operating below #200 which has been their rate for more than eight months ago

IbXavier:
sorry for the error , i now understand you , like i earlier stated , i am not an economics expert. Thanks for the observation or correction as it may be.

Relax young man U will learn fast.just listen and lean plz dnt believe everything U read or hear in the news.
Do U know how much the pounds is to the Naira it's £1=N370 it might intrest you to know that £1=$1.5

i wrote jamb four times , passed two but did not make post jamb, therefore i felt i was wasting a productive time of my life, thus i looked for alternatives. Why i choose Ghana is another story entirely. Kindly go through my post , you will see it there that i stated that "if Govt wants to get things right , then , Govt should do things right". Our education system needs to be worked on , same as infrastructure to enhance production, then this policy will be perfect. I am not against those schooling outside but this policy is for our betterment , mind you its temporary.

erico2k2:
Y did U school in Ghana of I may ask?that is wastage. You could have spent that money in the USA and have a better education

i wrote jamb four times , passed two but did not make post jamb, therefore i felt i was wasting a productive time of my life, thus i looked for alternatives. Why i choose Ghana is another story entirely. Kindly go through my post , you will see it there that i stated that "if Govt wants to get things right , then , Govt should do things right". Our education system needs to be worked on , same as infrastructure to enhance production, then this policy will be perfect. I am not against those schooling outside but this policy is for our betterment , mind you its temporary.

erico2k2:
Y did U school in Ghana of I may ask?that is wastage. You could have spent that money in the USA and have a better education

as at now , Nigeria has the best economy in Africa, however more people go to Ghana to study as compared to Nigeria. Nigerians alone spend over #160b in Ghana education system. this makes Ghana better off than Nigeria with its education system, though Nigeria has better structures than Ghana.

erico2k2:
Ghana Nigeria which is worse?

IbXavier:
as at now , Nigeria has the best economy in Africa, however more people go to Ghana to study as compared to Nigeria. Nigerians alone spend over #160b in Ghana education system. this makes Ghana better off than Nigeria with its education system, though Nigeria has better structures than Ghana.

I can tell you that's rubish I do not see any reason Y Nigerians should go to Ghana. I av seen their standards abroad.U cannot compare the Nigerian Graduates with Ghana graduates abroad

IbXavier:
as at now , Nigeria has the best economy in Africa, however more people go to Ghana to study as compared to Nigeria. Nigerians alone spend over #160b in Ghana education system. this makes Ghana better off than Nigeria with its education system, though Nigeria has better structures than Ghana.

Hey buddy,No intention to derail the thread but can you help me with the names of hotels around total house,Accra Or possibly let' chat on whatsapp(+2348160173226).

IbXavier:
i wrote jamb four times , passed two but did not make post jamb, therefore i felt i was wasting a productive time of my life, thus i looked for alternatives. Why i choose Ghana is another story entirely. Kindly go through my post , you will see it there that i stated that "if Govt wants to get things right , then , Govt should do things right". Our education system needs to be worked on , same as infrastructure to enhance production, then this policy will be perfect. I am not against those schooling outside but this policy is for our betterment , mind you its temporary.

The ban on ATM only affect those schooling 1%the most affected are holiday makers and exporters plus importers.

Atmmachine:
Bullshit.
I repeat again, Bullshit.

Banning the use of ATM cards abroad ain't the solution to Naira's problem.
You can't send Western union out from Nigeria to other countries, when Nigerians abroad get low on cash and decides to steal, Una go say them dey bring us bad name.
Another bullshit.
Who are you gonna deceive with that pile of steaming shiit you just wrote.
I have a degree in Marketing.
You're making Nigerians look uneducated.
Have you heard of Pegged Exchange Rate ??
It's a type of Exchange Rate regime where a currency's value is fixed against either the value of another single currency.
In a fixed exchange-rate system, a country’s central bank typically uses an open market mechanism and is committed at all times to buy and/or sell its currency at a fixed price in order to maintain its pegged ratio and, hence, the stable value of its currency in relation to the reference to which it is pegged. The central bank provides the assets and/or the foreign currency or currencies which are needed in order to finance any payments imbalances.
The last large economy to use a fixed exchange rate system was the People's Republic of China which, in July 2005, adopted a slightly more flexible exchange rate system called a managed exchange rate. The European Exchange Rate Mechanism is also used on a temporary basis to establish a final conversion rate against the Euro (€) from the local currencies of countries joining the Eurozone.
Jamaica, United kingdom and the United States of America also used the method.

I wish i can see you face to face so i can seize your degree and send your ass back to primary school

Seriously?

+233570691296

ebsuguy:
Hey buddy,No intention to derail the thread but can you help me with the names of hotels around total house,Accra Or possibly let' chat on whatsapp(+2348160173226).

Hmmm this economics is powerful ooo.. No more schooling, no more eating, no more shopping, stop going to work...oh and dont forget... no sex

All of this will save naira?

A better analysis of our situation is this;

So I have 50 litres of fuel and decide that in order to save my fuel I would stay home and not go to work. The problem with that plan is you will quickly get fired.

In this case, Nigeria has only 30billion in reserves and Emefiele is scared of depleting it so we are taking austerity measures and shutting the economy down.

The problem will this solution unfortunately is that you are burning down the house you are supposed to save, you are not seeking a means to attract more USD.

Eventually the guarded reserve will finish. Maybe it will last 3 months longer than before... But it will finish for sure...Its like putting a bandage on a gunshot wound... Youre still bleeding internally.

Now let us assume we did this.

Dont protect the naira and allow the free market to value it. I Believe it will find its rightful place at around N400 to $1.

This will set off a chain of events that we can capitalize on

1. Overseas Nigerians will send more money down to their relatives or to start businesses or buy properties because their money will take them farther... We earn dollars

2. Foreign Investors will take advantage of the weak naira to set up manufacturing or invest in businesses We earn Foreign direct investment (FDI)... We earn dollars

3. Importers will be frustrated with buying dollar at high rates and can be encouraged to produce locally by government planning and offer of incentives... We can convert experienced importers to manufacturers

Instead of closing down the forex market, How about higher taxes on imports? We take first steps to making imports expensive meaning locally produced will get priority and market advantages plus we earn taxes on the imports? Isnt that more feasible?

I'm not sure how anyone can actually support CBN policy unless they have no understanding of global economics.

The Emefiele route is the dumbest route, we should be attracting more dollars into the country not shutting down the country.. Or else, you can defend naira all you want but by taking away its fluidity and making it inconvertible, nobody will invest there and in 6 months when we eventually run out of dollar reserves it will be 2000 to a dollar.

CBN is hoping to hang tight until oil bounces back and we will be merry again. Thats a very big gamble.i can go on a new list of reasons why its not feasible...

1. Iran sanctions lifted will bring 100 million barrels more into the marketplace

2. America buying less as it is not only becoming self sufficient but will soon export and give OPEC a run for its customers

3. Chinese exports low means Manufacturing down in China meaning less consumption Of fuel

For oil prices, $30 is the new $100... We cant weather this storm until it gets back to normal. This is the new normal.

Mark my words.

hmm? Op I can't read such size of letters.
so kindly make it bold for me.😃

naijaFrank:
A better analysis of our situation is this;

So I have 50 litres of fuel and decide that in order to save my fuel I would stay home and not go to work. The problem with that plan is you will quickly get fired.

In this case, Nigeria has only 30billion in reserves and Emefiele is scared of depleting it so we are taking austerity measures and shutting the economy down.

The problem will this solution unfortunately is that you are burning down the house you are supposed to save, you are not seeking a means to attract more USD.

Eventually the guarded reserve will finish. Maybe it will last 3 months longer than before... But it will finish for sure...Its like putting a bandage on a gunshot wound... Youre still bleeding internally.

Now let us assume we did this.

Dont protect the naira and allow the free market to value it. I Believe it will find its rightful place at around N400 to $1.

This will set off a chain of events that we can capitalize on

1. Overseas Nigerians will send more money down to their relatives or to start businesses or buy properties because their money will take them farther... We earn dollars

2. Foreign Investors will take advantage of the weak naira to set up manufacturing or invest in businesses We earn Foreign direct investment (FDI)... We earn dollars

3. Importers will be frustrated with buying dollar at high rates and can be encouraged to produce locally by government planning and offer of incentives... We can convert experienced importers to manufacturers

Instead of closing down the forex market, How about higher taxes on imports? We take first steps to making imports expensive meaning locally produced will get priority and market advantages plus we earn taxes on the imports? Isnt that more feasible?

I'm not sure how anyone can actually support CBN policy unless they have no understanding of global economics.

The Emefiele route is the dumbest route, we should be attracting more dollars into the country not shutting down the country.. Or else, you can defend naira all you want but by taking away its fluidity and making it inconvertible, nobody will invest there and in 6 months when we eventually run out of dollar reserves it will be 2000 to a dollar.

CBN is hoping to hang tight until oil bounces back and we will be merry again. Thats a very big gamble.i can go on a new list of reasons why its not feasible...

1. Iran sanctions lifted will bring 100 million barrels more into the marketplace

2. America buying less as it is not only becoming self sufficient but will soon export and give OPEC a run for its customers

3. Chinese exports low means Manufacturing down in China meaning less consumption Of fuel

For oil prices, $30 is the new $100... We cant weather this storm until it gets back to normal. This is the new normal.

Mark my words.

U restored my hope on nairaland I thought we all went south.great insight there.I was actually thinking along the lines of devaluation to make this chain reaction happen ASAP.me I can't bear to wait for that free fall if we do dont you think it might take more than this generation to reverse the damage?

@ OP u cant be talking on hw much nigeria ships out in terms of students schooling abroad,for goodness sake can our schools in nigeria admit all students that passed jamb and post utme? if the facilities are available and our student travel out then we will fault the citizens. I met a guy dat scored 270 in jamb nd 68% in unilorin post utme but he wasnt granted admission and u think he shld be stopped frm schooling abroad? do you knw hw many enterpreneurs that rely on forex to run their biz? has the govt created jobs that we rejected?..many enterpreneus will lay off theis staff and unemployment will be on the high and we will have more criminal...thanks.(anyone dat insults me will die by thunder)

To be a good writer, you have to speak on both sides and stylishly throw the debatefor the readers to work on. You were partial OP. All you did was criticise the people who condemned the ban. You didn't even state an alternative.
Chimamanda adichie once wrote in article "The true mark of democracy lies not in the rule of the majority but in the protection of her minority- otherwise mob justice would be considered democratic" #THINK!

njikoamaka:
Nigerians will soon be restricted on the amount to withdraw maybe, 10k max in a day.

then you'll have a bank run on your hands

Xalvier, this is a very great piece. I work in a finance sector and have been opportuned to tune up support for the ban after knowing what it would eventually do. I am targeting a degree abroad soon and I hope alternative means of students receiving monies would have been sorted. Be that as it may, the naira has to regain its' value at all cost.

Thanks Bro, your analysis is well too elaborate and every bit comprehensive.

Enangson:
Nigerians should also be ban from schooling or embarking on any kind of trip abroad so as to boast the economy.

mind u those that will pass such law are those that sends their children abroad to school


@ OP. one thing for sure 4u to note is dat if the naira is not going out via withdrawing by atm cards it is definitely going out via bank transfer, western union, money grams etc

Arnoldo:
@ OP u cant be talking on hw much nigeria ships out in terms of students schooling abroad,for goodness sake can our schools in nigeria admit all students that passed jamb and post utme? if the facilities are available and our student travel out then we will fault the citizens. I met a guy dat scored 270 in jamb nd 68% in unilorin post utme but he wasnt granted admission and u think he shld be stopped frm schooling abroad? do you knw hw many enterpreneurs that rely on forex to run their biz? has the govt created jobs that we rejected?..many enterpreneus will lay off theis staff and unemployment will be on the high and we will have more criminal...thanks.(anyone dat insults me will die by thunder)

yeah u are rightly on point

Amberon:
Dear Musa,

you're mistaken. there isn't a total ban on the naira ATM. there's only restrictions on the daily withdrawal limit which is $100 currently. There also isn't a ban on schooling abroad.

Did you read what the OP wrote before quoting me?

Atmmachine:
Bullshit.
I repeat again, Bullshit.

Banning the use of ATM cards abroad ain't the solution to Naira's problem.
You can't send Western union out from Nigeria to other countries, when Nigerians abroad get low on cash and decides to steal, Una go say them dey bring us bad name.
Another bullshit.
Who are you gonna deceive with that pile of steaming shiit you just wrote.
I have a degree in Marketing.
You're making Nigerians look uneducated.
Have you heard of Pegged Exchange Rate ??
It's a type of Exchange Rate regime where a currency's value is fixed against either the value of another single currency.
In a fixed exchange-rate system, a country’s central bank typically uses an open market mechanism and is committed at all times to buy and/or sell its currency at a fixed price in order to maintain its pegged ratio and, hence, the stable value of its currency in relation to the reference to which it is pegged. The central bank provides the assets and/or the foreign currency or currencies which are needed in order to finance any payments imbalances.
The last large economy to use a fixed exchange rate system was the People's Republic of China which, in July 2005, adopted a slightly more flexible exchange rate system called a managed exchange rate. The European Exchange Rate Mechanism is also used on a temporary basis to establish a final conversion rate against the Euro (€) from the local currencies of countries joining the Eurozone.
Jamaica, United kingdom and the United States of America also used the method.

I wish i can see you face to face so i can seize your degree and send your ass back to primary school

guy there's more money to bring to our system than more money taking out of our systems...... Op is on point

@op... Good analyses.

Nigeria didn't get into this mess suddenly and as such can't get out of it suddenly. With sincerety to work for the good of the country by all and sundry esp our 'leaders,' we will certainly come out strong. The truth be told, PDP led government almost made this country gave up the ghost!

I saw misquote on what op wrote...he/her wrote on both side,what government need to do and also masses.....

ELGREF:
I saw misquote on what op wrote...he/her wrote on both side,what government need to do and also masses.....

Like?

This analysis is deeply flawed.

It's no secret that the Nigerian education sector cannot contain all willing & able students. We have some good schools & teachers but not nearly enough. And the sector can't help those who have slight difficulties in studying/learning. Hence, abroad study is a given.

Banning use of Nigerian ATM abroad is tantamount to declaring the country a closed economy. Well, at least until oil prices go up again according to the CBN. You claim to understand economics, if so, then you must know that closed economies don't work: no/reduced competition, lack of investment (foreign & local), high interest rates, etc.

Based on CBN numbers, there is actually excess dollars in the country but because we have an official market (rate) and a "parallel" market (rate), most of the dollars come in through the parallel market (because you get more naira when you exchange) and most of the exiting dollars leave through the official market. Feyi Fawehinmi wrote on this today: https:///7H0s01 . Bottom line is the better policy is to float the naira and merge markets.

This is a much more enlightened, facts-based analysis.

naijaFrank:
A better analysis of our situation is this;

So I have 50 litres of fuel and decide that in order to save my fuel I would stay home and not go to work. The problem with that plan is you will quickly get fired.

In this case, Nigeria has only 30billion in reserves and Emefiele is scared of depleting it so we are taking austerity measures and shutting the economy down.

The problem will this solution unfortunately is that you are burning down the house you are supposed to save, you are not seeking a means to attract more USD.

Eventually the guarded reserve will finish. Maybe it will last 3 months longer than before... But it will finish for sure...Its like putting a bandage on a gunshot wound... Youre still bleeding internally.

Now let us assume we did this.

Dont protect the naira and allow the free market to value it. I Believe it will find its rightful place at around N400 to $1.

This will set off a chain of events that we can capitalize on

1. Overseas Nigerians will send more money down to their relatives or to start businesses or buy properties because their money will take them farther... We earn dollars

2. Foreign Investors will take advantage of the weak naira to set up manufacturing or invest in businesses We earn Foreign direct investment (FDI)... We earn dollars

3. Importers will be frustrated with buying dollar at high rates and can be encouraged to produce locally by government planning and offer of incentives... We can convert experienced importers to manufacturers

Instead of closing down the forex market, How about higher taxes on imports? We take first steps to making imports expensive meaning locally produced will get priority and market advantages plus we earn taxes on the imports? Isnt that more feasible?

I'm not sure how anyone can actually support CBN policy unless they have no understanding of global economics.

The Emefiele route is the dumbest route, we should be attracting more dollars into the country not shutting down the country.. Or else, you can defend naira all you want but by taking away its fluidity and making it inconvertible, nobody will invest there and in 6 months when we eventually run out of dollar reserves it will be 2000 to a dollar.

CBN is hoping to hang tight until oil bounces back and we will be merry again. Thats a very big gamble.i can go on a new list of reasons why its not feasible...

1. Iran sanctions lifted will bring 100 million barrels more into the marketplace

2. America buying less as it is not only becoming self sufficient but will soon export and give OPEC a run for its customers

3. Chinese exports low means Manufacturing down in China meaning less consumption Of fuel

For oil prices, $30 is the new $100... We cant weather this storm until it gets back to normal. This is the new normal.

Mark my words.

The most important ingredient, especially these days, is the student.

erico2k2:
I can tell you that's rubish I do not see any reason Y Nigerians should go to Ghana. I av seen their standards abroad.U cannot compare the Nigerian Graduates with Ghana graduates abroad

Improving the white elephant public education institutions will take time, diaspora students don't have time.

Husten:
Nice analysis OP, but I strongly think the govt of d day shld complement dis policy of CBN by drastically improving d educational sector nd in extention also improve oda incoming earning sector in Nigeria. My honest opinion.