₦airaland Forum

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

What is the meaning of your first sentence? Is that how you were taught to construct sentence in your school? And how is schooling in Ghana a wastage?

Check this piece:
https://medium.com/@doubleeph/mr-president-make-us-a-market-2f3353654abc#.h1hpnj6o0

YomiYarzo:
Well your illustration looks like a short sighted view of the situation
every Nigerian is at liberty to transact legitimate business anywhere in the world or pursue education, your analysis makes it look like
opting for foreign education contributes to this issue.
With all the monies budgeted for and allocated to both federal and states universities there is no excuse for Nigerian universities not to be the best in africa attracting interest from foreign students and providing a source of revenue for the country.
The Naira/Forex issue is indeed a complex one requiring a practical solutions from industry experts
lets look at CBN policies today.
My opinion is these policies bites hard on the masses, why should should Nigerian be made to suffer this much,
Am not a finance expert neither am i an economics expert but a concerned Nigerian simply speaking from the impact of the CBN and it's money polices. Today Banks can no longer accept dollar deposits, you cannot use your ATM abroad for international transactions, banks don't have BTA to give to those travelling, i cannot send money in dollar out of the country, i cannot decide to open a domiciliary account and transfer the dollar equivalent from my Naira account. the general trend is i have to go to the black market of i need Forex for a legitimate business

CBN on one hand has been promoting cashless policy and on the other hand fueling the growth of a cash based parallel (Black) market which i find hard to understand

Some questions i need answers to;
- Why do we need the parallel market? it is clear that this market is not as regulated as the banking industry. i can buy dollars from an 'aboki' on the road side as long as am ready to part with as much as 262 Naira to a dollar undocumented today.
- Also is this market not an avenue to launder stole public fund?
- A 50,000 naira paycheck in Jan.2015 carries much more value that the same pay check in in December 2015 and considering the fact up to 50% of what is required in the average home is imported from shoes to clothes, electronics and in some cases food and sold to Nigerian at parallel market rate dollar conversion, is this not crises in the making?
- If the banks do not accept dollar deposit, and cannot give dollars for legitimate business and personal transactions, forcing individuals and business to result to the black market, are the Banks not failing to carry if primary function as an organization? Is CBN not encouraging illegal undocumented transactions by allowing this market?
- Why is it that CBN policies is further creating a panic about dollar scarcity which directly benefits the black market. Banks don't have Forex yet parallel market has got loads to sell

Am of the opinion that CBN policies right now should be enabling Nigerian banks to handle all legitimate personal and business transactions requiring foreign currencies. I think we should be seeing policies like a complete closure of the Parallel (black) market and all other illegitimate Forex source, while all legitimate transactions should go to the bank. This will immediate reduce the pressure on dollars:
- As people hoarding dollars at home right now would be able to dump them in the bank
- Dollars becomes available in the banks for legitimate personal and business transactions
- The arbitrary black market rate will no longer be there as banks will have better rates even with commission charged

Also right now CBN should be educating the public with statistics like
- Weekly/monthly Forex demand/consumption for legitimate personal and business transactions
- How it plans to strengthen the Naira over the next 6 months
- How the economy moves for dependent of foreign products to strengthening local production and export of local produce


Experts in the House please kindly share your views on all these Naira/Forex brouhaha

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

I have also encountered some Nigerian graduates overseas and their standards are nothing to write home about.

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kindly read over again boss, i stated that alternatives should be made for students and some business persons. "If government wants the right thing to happen, Govt should also do the rightful" Think over this portion of my post very well boss

Chukzyfcb:
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!

Thank you boss , i thank you for understanding the spirit of the main write up ,
chunk is going out , We should all see it as a challenge , Nigerians should bear with the temporary policy, Government should provide alternatives for those it might affect , that is, those who truly needs to be considered , eg students in diaspora and some business persons . This is also the best time for Nigerians to challenge govt to build more infrastructure to support diversification into other sector , better education system , job creation and so on. "If the government want the right thing , Government should do the right thing" I don't know why some people seem not to understand my motive of the post.
its not one sided.
God bless us all

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

with due respect sir , i did not insinuate i am an economics expert nor did i study economics as my major. In reality , which country can have a close, especially a country like Nigeria. Ban of ATM doees not mean all source to get money out of Nigeria is blocked , it can only reduce it to an extent. Alll i post was to encourage the reduction of outflow of naira and promotion of Stuffs that will bring more inflow of naira. this can be collectively attained by Government and Nigerians at large.

cooooooks:
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.

Nigeria economy is being witnessing downward trends. However, with the 2016 budget presentation by the president of republic of Nigeria, we can practically perceive change, in part, in form of economic diversification. A proof of less reliability on oil sector is evidenced in the budget which indicates that less than 15% of the budget will be funded from crude oil export.

A major economic issue, is the increasing weakening of the Nigeria currency against foreign currencies. A problem which has been decisively addressed in part by the CBN, through the new circular issue to all DMBs as regards the usage of the Naira debit card abroad or for foreign transaction domestically. As at 8 dec 2015, naira stood at #280/1$ and currently #197/1$. This is an evidence that our policy maker are actually working towards maintaining a stable economy.

According to me, this policy is a measure aimed at reduction of naira supply which theoretical is an index that influence the value of Naira. Theoretical, supply relative to demand for a currency determines its value. Nigeria is a country where we are more dependent on foreign goods due to a very big gap existing between demand for goods domestically and its supply domestically. This gap practically is fill by importing needed goods abroad. This by implication leads to supply more of naira than foreign currency earned. And i stronly believe that our only source of foreign currency is from crude oil sales in the international market and which price has falling tremendously. Crude oil is our only exported product. As such, if our spending abroad has no limit, we then must expect weakening of Naira against foreign currencies.

Though,our exchange rate is being maintained before now through our foreign reserve. In other words, CBN buys excess supply of naira with foreign reserves but these reserves has depleted tremendously. Note i percieve that Nigeria adopt both fixed and flexible exchange regime. In lieu of the depletion of foreign reserve, the CBN takes additional measure of exchange control through placing ceiling on our foreign spending.

This in the long run will result to a more viable results if the CBN endeavour to take additional measure towards exchange control and if domestic producers provide quality goods to bridge the gap between the demand and supply of consumable goods in the country so as to further reduce our spending abroad.

Mr stranger
Commentary and additions are highly welcome.

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

What's their contribution as students?

Mrstranger:
Nigeria economy is being witnessing downward trends. However, with the 2016 budget presentation by the president of republic of Nigeria, we can practically perceive change, in part, in form of economic diversification. A proof of less reliability on oil sector is evidenced in the budget which indicates that less than 15% of the budget will be funded from crude oil export.

A major economic issue, is the increasing weakening of the Nigeria currency against foreign currencies. A problem which has been decisively addressed in part by the CBN, through the new circular issue to all DMBs as regards the usage of the Naira debit card abroad or for foreign transaction domestically. As at 8 dec 2015, naira stood at #280/1$ and currently #197/1$. This is an evidence that our policy maker are actually working towards maintaining a stable economy.

According to me, this policy is a measure aimed at reduction of naira supply which theoretical is an index that influence the value of Naira. Theoretical, supply relative to demand for a currency determines its value. Nigeria is a country where we are more dependent on foreign goods due to a very big gap existing between demand for goods domestically and its supply domestically. This gap practically is fill by importing needed goods abroad. This by implication leads to supply more of naira than foreign currency earned. And i stronly believe that our only source of foreign currency is from crude oil sales in the international market and which price has falling tremendously. Crude oil is our only exported product. As such, if our spending abroad has no limit, we then must expect weakening of Naira against foreign currencies.

Though,our exchange rate is being maintained before now through our foreign reserve. In other words, CBN buys excess supply of naira with foreign reserves but these reserves has depleted tremendously. Note i percieve that Nigeria adopt both fixed and flexible exchange regime. In lieu of the depletion of foreign reserve, the CBN takes additional measure of exchange control through placing ceiling on our foreign spending.

This in the long run will result to a more viable results if the CBN endeavour to take additional measure towards exchange control and if domestic producers provide quality goods to bridge the gap between the demand and supply of consumable goods in the country so as to further reduce our spending abroad.

Mr stranger
Commentary and additions are highly welcome.

Can you kindly point me to the pre of this policies or policy 5hat is going to strengthen our Naira.plz.

IbXavier:
with due respect sir , i did not insinuate i am an economics expert nor did i study economics as my major. In reality , which country can have a close, especially a country like Nigeria. Ban of ATM doees not mean all source to get money out of Nigeria is blocked , it can only reduce it to an extent. Alll i post was to encourage the reduction of outflow of naira and promotion of Stuffs that will bring more inflow of naira. this can be collectively attained by Government and Nigerians at large.

Did you say outflow of Naira?was that ever the problem?it was outflow of forex or not enough forex coming in that is the problem that was the flaw in your comments

achimotan:
I have also encountered some Nigerian graduates overseas and their standards are nothing to write home about.

Can I ask where you encountered them?I'm talking about those we employed not the ones you see in the buses. Anyone can claim to be anything but I'm talking about the ones with output. IM NOT talking about those doing early morning cleabing. That'seft 4 the ghanians. We shud not start thus 9ja Ghana stuff here we know where we stand.

achimotan:
What is the meaning of your first sentence? Is that how you were taught to construct sentence in your school? And how is schooling in Ghana a wastage?

Your Ghana brain refuse to know I'm using a mobile phone.go and earn some manners wen U r done run to 9ja forums until then stick to your Ghana forum.Nigerians studying in Ghana is as a result as easy system not better than the Nigerian system.check your doctors and lawyers abroad nd check the Nigerian doctors and lawyers abroad. See their output

erico2k2:
Did you say outflow of Naira?was that ever the problem?it was outflow of forex or not enough forex coming in that is the problem that was the flaw in your comments

when i say outflow of naira, i mean supply of naira in the official spot (bureau de change) market is more than necessary to what is needed to maintain a stable ER. use of Naira card for foreign transactions automatically gives rise to need of forex by the concern banks to pay for such transactions undertaken by their customers and as such, they will buy (demand) dollar and sell (supply) naira. its an avenue that need to be control. people who need dollars for foreign transactions or indirect importations ( purchase of goods denominated in foreign currencies online) are more than the foreign currency earned. this certainly av depleted our foreign reserve . the only source of forex to Nigeria is through exportation and other supplementary means like sales of Gold,SDR Which are less reliable.

erico2k2:
Can I ask where you encountered them?I'm talking about those we employed not the ones you see in the buses. Anyone can claim to be anything but I'm talking about the ones with output. IM NOT talking about those doing early morning cleabing. That'seft 4 the ghanians. We shud not start thus 9ja Ghana stuff here we know where we stand.

I encountered some in Ottawa. When you say "those we employed",which firm or organization that employed Ghanaians and their output was below par. To quote you Anyone can claim to be anything

erico2k2:
Your Ghana brain refuse to know I'm using a mobile phone.go and earn some manners wen U r done run to 9ja forums until then stick to your Ghana forum.Nigerians studying in Ghana is as a result as easy system not better than the Nigerian system.check your doctors and lawyers abroad nd check the Nigerian doctors and lawyers abroad. See their output

Your Nigeria brain refused to see the incoherent sentence you wrote. I am also using my phone to respond to you, so what is the big deal of typing on the phone. I have the right to comment on any issue concerning my country be it on an English or Canadian forum

Mrstranger:
when i say outflow of naira, i mean supply of naira in the official spot (bureau de change) market is more than necessary to what is needed to maintain a stable ER. use of Naira card for foreign transactions automatically gives rise to need of forex by the concern banks to pay for such transactions undertaken by their customers and as such, they will buy (demand) dollar and sell (supply) naira. its an avenue that need to be control. people who need dollars for foreign transactions or indirect importations ( purchase of goods denominated in foreign currencies online) are more than the foreign currency earned. this certainly av depleted our foreign reserve . the only source of forex to Nigeria is through exportation and other supplementary means like sales of Gold,SDR Which are less reliable.

I wo t derv deep just cos what you started with.from where did you get the notion that Bureau de change is the official spot?they are the black market we talk about you hear everywhere.their rates are not pegged the official spot is CBN and the comeracial Banks.this is why the CBN rates is 195 and bureau de change sells at 230-240.from ur first statement I'm going to say U need to investigate well I to this issue to be well informed

achimotan:
I encountered some in Ottawa. When you say "those we employed",which firm or organization that employed Ghanaians and their output was below par. To quote you Anyone can claim to be anything

Are we talking about your people the cleaners?

achimotan:
I encountered some in Ottawa. When you say "those we employed",which firm or organization that employed Ghanaians and their output was below par. To quote you Anyone can claim to be anything

The firm is the NHS.and what firm employed the Nigerians in Canada who's output where below per.?

Apena Adeboye your analysis is a beer parlour analysis and shows you are not an economist or not properly schooled about the fundamentals and basic mechanics of the macroeconomic climate.
Let me further educate you so that you trash your analysis into the dustbin.
The current price of the Nigerian naira is systematically caused by the price shock in oil sales and the dwindling economy in Nigeria.
This issues are basically also aggravated by the slow policies by the present regime in the face of huge price shocks across the oil and gas industries to which Nigeria gets 85% of its revenue.The forces of economics is playing out here as the total receipts is less than total payments in the economy and this affects the price of Naira relative to other foreign currencies.Nigeria was using a floating exchange regime as against the pegging and fixing of price the current CBN is using to absorb the effect of devaluation in our currency.
Now to come to your support of outright ban of naira ATM card abroad,it is anti-growth strategy as this is a short term solution.I am quite aware that the CBN is using its Reserve to pay for the difference between the pegged price and the real price(black market ).That may be the reason of banning the ATM card as it can not continue to deplete its rreserve and also source for scarce dollars to pay back mastercard and visa card companies.CBN also restricted 41 types of import,ban wire transfer all this will aggregate to strangulate international businesses as our blue chip companies can not pay their merchant abroad,meet their loan obligations,buy raw materials and the economic consequences is that businesses are closing,jobs are being lost,factories are packing up.Students studying abroad are not the ones majorly affected that is why i am suprised about your analysis of only mentioning Nigerian students and encouraging the currency restrictions and ban on ATM

egbej:
Apena Adeboye your analysis is a beer parlour analysis and shows you are not an economist or not properly schooled about the fundamentals and basic mechanics of the macroeconomic climate.
Let me further educate you so that you trash your analysis into the dustbin.
The current price of the Nigerian naira is systematically caused by the price shock in oil sales and the dwindling economy in Nigeria.
This issues are basically also aggravated by the slow policies by the present regime in the face of huge price shocks across the oil and gas industries to which Nigeria gets 85% of its revenue.The forces of economics is playing out here as the total receipts is less than total payments in the economy and this affects the price of Naira relative to other foreign currencies.Nigeria was using a floating exchange regime as against the pegging and fixing of price the current CBN is using to absorb the effect of devaluation in our currency.
Now to come to your support of outright ban of naira ATM card abroad,it is anti-growth strategy as this is a short term solution.I am quite aware that the CBN is using its Reserve to pay for the difference between the pegged price and the real price(black market ).That may be the reason of banning the ATM card as it can not continue to deplete its rreserve and also source for scarce dollars to pay back mastercard and visa card companies.CBN also restricted 41 types of import,ban wire transfer all this will aggregate to strangulate international businesses as our blue chip companies can not pay their merchant abroad,meet their loan obligations,buy raw materials and the economic consequences is that businesses are closing,jobs are being lost,factories are packing up.Students studying abroad are not the ones majorly affected that is why i am suprised about your analysis of only mentioning Nigerian students and encouraging the currency restrictions and ban on ATM

Thank you

There is a flaw right from the beginning of your post, you wrote

"As at 7th of December 2015, Naira to dollar stood at ₦250 to $1, which was the highest fall of Naira to Dollar in history (Reference 1). As at today 28th of December, 2015, Naira to dollar stands at ₦197 to $1 (Reference 2), this shows there is an improvement"

Below are my opinions.

#1. It shows you didn't do a good research and like so many "copy and paste blogger" just paste some reports for us.
#2 You didn't thoroughly read through your reference.

Your flaw is that you gave a Black Market or parallel market rate for #250 on 7 Dec and you quote Central Bank rate as of 28th December which stood at 197.

When I saw your quote above, I had to check because never in the history of Nigeria have we made any significance improvement at any time.
Cenbank rate

Date
12/30/2015
USD Buying(NGN)Central(NGN)Selling(NGN)
196. 196.5 197
12/07/2015
196. 196.5 197



There are several problems to our financial crisis.

1. Misappropriation of fund.
2. Avoidance of taxes e.g black markets is a big market yet no taxes would be paid to federal government.
3. Corruption.
4. Zero Accountability. e.t.c

Solutions:

Every kobo of federal gov. must be accounted for.
Taxes invasion is a serious crime and highly organised one,government must be willing to penalize even those in government
Reduce Nigeria's current corruption level by 10% for a start.
Funds must be spent on projects not pockets.

erico2k2:
Are we talking about your people the cleaners?

I am talking about your people, the fraudsters

erico2k2:
The firm is the NHS.and what firm employed the Nigerians in Canada who's output where below per.?

CNR

erico2k2:
I wo t derv deep just cos what you started with.from where did you get the notion that Bureau de change is the official spot?they are the black market we talk about you hear everywhere.their rates are not pegged the official spot is CBN and the comeracial Banks.this is why the CBN rates is 195 and bureau de change sells at 230-240.from ur first statement I'm going to say U need to investigate well I to this issue to be well informed

The bureau de change was license in 1989 by the CBN in a bid to increase access by small users like traveller, small scale trader to forex. it is a spot market because the demand and supply of a currency determines how much it will be traded, also participant are market maker and quote prices they feels its competitive.

they are licensed by the CBN and it's the CBN that sell them forex. also they are regulated by the CBN. this can be viewed in the recent recapitalization of the industry.

Note that CBN was never a spot market. they participate in the market to transact business on behalf of the federal gov't and as regulators when demand and supply cannot install stability. Spot market is a group of commercial banks are some forex brokers.

achimotan:
CNR

Ok I dnt k ow what that means the NHS.is national
health service .the black african doctors are %80 Nigerians. The cleaners are %80 Ghanians this is fact ask any of your people from the UK now what is CNR?

Mrstranger:
The bureau de change was license in 1989 by the CBN in a bid to increase access by small users like traveller, small scale trader to forex. it is a spot market because the demand and supply of a currency determines how much it will be traded, also participant are market maker and quote prices they feels its competitive.

they are licensed by the CBN and it's the CBN that sell them forex. also they are regulated by the CBN. this can be viewed in the recent recapitalization of the industry.

Note that CBN was never a spot market. they participate in the market to transact business on behalf of the federal gov't and as regulators when demand and supply cannot install stability. Spot market is a group of commercial banks are some forex brokers.

My friend easy nah so we do t think you are one of those who get things mixed up.bureat de change is any agent who buys and sells hard currency. U can be one I can be too all we need is license. These forms the black market.there are loads of bureau de changes round the world.it's not just in Nigeria. Even in cotonou there are 100 of them.wen we say black market who do you think they reffer to?

you did very well boss ,with due respect, your beginning was great , i was eager to read more but at the end , i was disappointed. Kindly read the post over again , i believe you will see a portion that explains that
students schooling abroad are used as a scenarion,
business persons will be affected
fall of crude is also a factor
govt also has to play its role In many ways already explained,

Thus what make your post totally different because you admitted some of the things i earlier stated while you threw more light on others, all the same, your contribution is welcomed sir..........

egbej:
Apena Adeboye your analysis is a beer parlour analysis and shows you are not an economist or not properly schooled about the fundamentals and basic mechanics of the macroeconomic climate.
Let me further educate you so that you trash your analysis into the dustbin.
The current price of the Nigerian naira is systematically caused by the price shock in oil sales and the dwindling economy in Nigeria.
This issues are basically also aggravated by the slow policies by the present regime in the face of huge price shocks across the oil and gas industries to which Nigeria gets 85% of its revenue.The forces of economics is playing out here as the total receipts is less than total payments in the economy and this affects the price of Naira relative to other foreign currencies.Nigeria was using a floating exchange regime as against the pegging and fixing of price the current CBN is using to absorb the effect of devaluation in our currency.
Now to come to your support of outright ban of naira ATM card abroad,it is anti-growth strategy as this is a short term solution.I am quite aware that the CBN is using its Reserve to pay for the difference between the pegged price and the real price(black market ).That may be the reason of banning the ATM card as it can not continue to deplete its rreserve and also source for scarce dollars to pay back mastercard and visa card companies.CBN also restricted 41 types of import,ban wire transfer all this will aggregate to strangulate international businesses as our blue chip companies can not pay their merchant abroad,meet their loan obligations,buy raw materials and the economic consequences is that businesses are closing,jobs are being lost,factories are packing up.Students studying abroad are not the ones majorly affected that is why i am suprised about your analysis of only mentioning Nigerian students and encouraging the currency restrictions and ban on ATM

you did very well boss ,with due respect, your beginning was great , i was eager to read more but at the end , i was disappointed. Kindly read the post over again , i believe you will see a portion that explains that
students schooling abroad are used as a scenarion,
business persons will be affected
fall of crude is also a factor
govt also has to play its role In many ways already explained,

Thus what make your post totally different because you admitted some of the things i earlier stated while you threw more light on others, all the same, your contribution is welcomed sir..........

egbej:
Apena Adeboye your analysis is a beer parlour analysis and shows you are not an economist or not properly schooled about the fundamentals and basic mechanics of the macroeconomic climate.
Let me further educate you so that you trash your analysis into the dustbin.
The current price of the Nigerian naira is systematically caused by the price shock in oil sales and the dwindling economy in Nigeria.
This issues are basically also aggravated by the slow policies by the present regime in the face of huge price shocks across the oil and gas industries to which Nigeria gets 85% of its revenue.The forces of economics is playing out here as the total receipts is less than total payments in the economy and this affects the price of Naira relative to other foreign currencies.Nigeria was using a floating exchange regime as against the pegging and fixing of price the current CBN is using to absorb the effect of devaluation in our currency.
Now to come to your support of outright ban of naira ATM card abroad,it is anti-growth strategy as this is a short term solution.I am quite aware that the CBN is using its Reserve to pay for the difference between the pegged price and the real price(black market ).That may be the reason of banning the ATM card as it can not continue to deplete its rreserve and also source for scarce dollars to pay back mastercard and visa card companies.CBN also restricted 41 types of import,ban wire transfer all this will aggregate to strangulate international businesses as our blue chip companies can not pay their merchant abroad,meet their loan obligations,buy raw materials and the economic consequences is that businesses are closing,jobs are being lost,factories are packing up.Students studying abroad are not the ones majorly affected that is why i am suprised about your analysis of only mentioning Nigerian students and encouraging the currency restrictions and ban on ATM

you did very well boss ,with due respect, your beginning was great , i was eager to read more but at the end , i was disappointed. Kindly read the post over again , i believe you will see a portion that explains that
students schooling abroad(GHANA) are used as a scenario, bearing in mind that there are other factors that add up to outflow of naira. moreso , i used students and ghana becuase i schooled in Ghana and i know how much some nigerians waste in ghana.
business persons will be affected
fall of crude is also a factor
govt also has to play its role In many ways already explained,

Thus what make your post totally different because you admitted some of the things i earlier stated while you threw more light on others, Which part should be thrown into the can or whatever you posted sir.
all the same, your contribution is welcomed sir, God bless you..........

egbej:
Apena Adeboye your analysis is a beer parlour analysis and shows you are not an economist or not properly schooled about the fundamentals and basic mechanics of the macroeconomic climate.
Let me further educate you so that you trash your analysis into the dustbin.
The current price of the Nigerian naira is systematically caused by the price shock in oil sales and the dwindling economy in Nigeria.
This issues are basically also aggravated by the slow policies by the present regime in the face of huge price shocks across the oil and gas industries to which Nigeria gets 85% of its revenue.The forces of economics is playing out here as the total receipts is less than total payments in the economy and this affects the price of Naira relative to other foreign currencies.Nigeria was using a floating exchange regime as against the pegging and fixing of price the current CBN is using to absorb the effect of devaluation in our currency.
Now to come to your support of outright ban of naira ATM card abroad,it is anti-growth strategy as this is a short term solution.I am quite aware that the CBN is using its Reserve to pay for the difference between the pegged price and the real price(black market ).That may be the reason of banning the ATM card as it can not continue to deplete its rreserve and also source for scarce dollars to pay back mastercard and visa card companies.CBN also restricted 41 types of import,ban wire transfer all this will aggregate to strangulate international businesses as our blue chip companies can not pay their merchant abroad,meet their loan obligations,buy raw materials and the economic consequences is that businesses are closing,jobs are being lost,factories are packing up.Students studying abroad are not the ones majorly affected that is why i am suprised about your analysis of only mentioning Nigerian students and encouraging the currency restrictions and ban on ATM

thanks, it was a misquote as you stated, Your points are also good for the country. However i guess the motive of my post is gotten

RFCs:
There is a flaw right from the beginning of your post, you wrote

"As at 7th of December 2015, Naira to dollar stood at ₦250 to $1, which was the highest fall of Naira to Dollar in history (Reference 1). As at today 28th of December, 2015, Naira to dollar stands at ₦197 to $1 (Reference 2), this shows there is an improvement"

Below are my opinions.

#1. It shows you didn't do a good research and like so many "copy and paste blogger" just paste some reports for us.
#2 You didn't thoroughly read through your reference.

Your flaw is that you gave a Black Market or parallel market rate for #250 on 7 Dec and you quote Central Bank rate as of 28th December which stood at 197.

When I saw your quote above, I had to check because never in the history of Nigeria have we made any significance improvement at any time.
Cenbank rate

Date
12/30/2015
USD Buying(NGN)Central(NGN)Selling(NGN)
196. 196.5 197
12/07/2015
196. 196.5 197



There are several problems to our financial crisis.

1. Misappropriation of fund.
2. Avoidance of taxes e.g black markets is a big market yet no taxes would be paid to federal government.
3. Corruption.
4. Zero Accountability. e.t.c

Solutions:

Every kobo of federal gov. must be accounted for.
Taxes invasion is a serious crime and highly organised one,government must be willing to penalize even those in government
Reduce Nigeria's current corruption level by 10% for a start.
Funds must be spent on projects not pockets.

My statement wasn't an attack.One does not need to be an expert or study economics in school to understand economics.

I understand your post but your proposal won't work, hasn't worked before and makes matters worse.

IbXavier:
with due respect sir , i did not insinuate i am an economics expert nor did i study economics as my major. In reality , which country can have a close, especially a country like Nigeria. Ban of ATM doees not mean all source to get money out of Nigeria is blocked , it can only reduce it to an extent. Alll i post was to encourage the reduction of outflow of naira and promotion of Stuffs that will bring more inflow of naira. this can be collectively attained by Government and Nigerians at large.