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Nairaland Forum / Nairaland / General / Business / CBN Bans Use Of Dollars For Overseas Fees, Medical Trips (29112 Views)
Finally Gtbank Bans Use Of Their GT Mastercard On Paypal, Facebook, etc / CBN Bans 9 Depositor Banks / Naira Slumps, Dying As CBN Bans Dollars For Foreign School Fees And Medicals (2) (3) (4)
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Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Nobody: 10:16pm On Feb 12, 2016 |
Old news |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Bluffly: 10:34pm On Feb 12, 2016 |
jmichlins:Guy na common man dey travel abroad for medical trips? abi na common man dey pay international tuition fee?. Get sense bro |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Trendishine: 10:45pm On Feb 12, 2016 |
EgunMogaji:Seconded 1 Like |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Chukzyfcb(m): 10:48pm On Feb 12, 2016 |
lookandlaff:I understand your pain brov but you cannot compare now and then. The people are well informed now, system of Govt isn't military anymore. So you can protest freely on ground or on the meddia without much hassle like the days of the military. However, this doesn't mean the people should bear the pain coz of Govts Insenstive nature. Restricting people from accessing dollars to school abroad or hospitals abroad beats the logic of a free market system. Moreover the ideal concept of the BDC wasn't to service the need of those who needed forex for schfees or medical fees. CBN as the regulator, made the policy for these BDCs yet they are giving them the space to operate beyond this policy by letting them service the needs of those who were never intended to even visit the parallel market in need of forex. We are still an Import dependent nation, so long the parallel mkt rate is high, we'll suffer. Nd lemme let you know that even the Manufacturing sector is feeling the heat, so you wouldn't think the policy is hurting the importers alone. In the end, it'll translate to an increase in the goods & services (eg house rent) you & I purchase in nigeria. Inflation soon would hit DOUBLE DIGIT 2 Likes |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Trendishine: 10:54pm On Feb 12, 2016 |
Sant1m:i love u my friend.. u are educated... |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Trendishine: 10:58pm On Feb 12, 2016 |
Sant1m: |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by bigass(f): 1:02am On Feb 13, 2016 |
Atlantian: You are getting it wrong. They did not ban u from getting treatment abroad. They didnt ban you from using your cards or sourcing for your dollar outside but no more form m or a for dollars at official rates for medical or school fees. |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Nobody: 1:33am On Feb 13, 2016 |
nigeria has nothing of value to export, what do u expect? the exchange rate will keep getting fvcked. the reason why we had a fairly stable exchange rate at around 100 to 110 dollars was because of the valuable nature of the nigerian crude in the oil market couple years back. now the crude isnt of much value due to the crashing of the price caused by high supply propagated by the exploration of shale oil in america. nigeria is on its own o, wont b surprised if a dollar equals a thousand naira. gross ineptitude of a failed polity. |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by ohenhen1: 1:53am On Feb 13, 2016 |
You can still get dollars from your domiciliary accounts or through the bank. |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Yellowson(m): 3:58am On Feb 13, 2016 |
Please i want to buy a phone from gearbest and the phone is $180. Do i pay at this rate of 325 Naira to $1 or do i pay at the rate of 199 naira to one dollar? |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by blackprowler: 6:07am On Feb 13, 2016 |
Atlantian: Clearly evident you have no clue what level I took the discussion to. Not surprising. As I said, black man has no concept of what he is; he lives in denial his whole life. My sympathies |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by ekoko1: 7:09am On Feb 13, 2016 |
Bluffly:am an example of a common man, and am schooling abroad in china, we regret ever going there because of this policy |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Rb53: 7:38am On Feb 13, 2016 |
bigass: So whats is now the benefit of the official CBN rate for the masses |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Rb53: 7:44am On Feb 13, 2016 |
This Buhari policy is nosediving in the wrong direction. Why the ban of CBN rate for school fees and medical fee? So whats the benefit of the CBN rate for the masses? This guys that makes this useless policy have enough dollar reserve in their account so they dont care. The repercussions of this is that this will lead to many foreign students dropout. This Buhari government is getting frustrating. He is definitely confused on economic issues 1 Like |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by prettytasha(f): 7:45am On Feb 13, 2016 |
Pesuzok: |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Atlantian: 8:05am On Feb 13, 2016 |
bigass:And I can assure you that the decision to channel request of funds for medicals and study abroad is pushing the demands for the dollars to the blackmarket, and remember, the higher the demand, the higher the price. Watch the Naira collapse in just few weeks. Cos the class of people that sponsor folks to study abroad and get medicals abroad, are not the class who cares about money, but how to spend. I am one of them, and I dont care, but remember to watch the value of the local tender. I give you my word, the value of naira will plummet like a falling kite. |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Nobody: 8:34am On Feb 13, 2016 |
Atlantian: That's not the argument people should be making, removing foreign medical trips and education from official forex is a good idea like many good ideas govt comes up with that fail due to poor implementation. The argument people should be making is....are those for whom official forex is reserved actually getting the forex at the official rate? because (just like the subsidy regime) if it's the bankers that use the arbitrage to profit then we might as well scrap the whole thing. If i go to my bank to get forex for official approved purchases and CBN approves it but my bank officials collect a cut making my effective rate 280 to the dollar then govt isn't subsidizing me only making bank officials richer. BTW: of must be noted that a lot of laudible govt ideas fail people we the people are the ones who implement those policies and we the people are crooked. |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Atlantian: 8:42am On Feb 13, 2016 |
lookandlaff: I am towing my line of argument because I understand that the decision to ban foreign education and medicals from banks is to control the value of the naira. It is the worst approach cos no one who has a dependent in any school in abroad now will withdraw the student, you will do all it takes to buy forex at BDC and the demand will soar. People who have health conditions will die because most hospitals in Nigeria are just not working, so its a matter of life and death to source for fx in BDC. This huge demand will increase the demand for dollars and more naira will be chasing the few dollars. Watch the value of the naira plummet in the next few days. Already the announcement has affected the value of the dollar to 335 within 24hrs. Shame 5 Likes |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by YoungExec: 9:26am On Feb 13, 2016 |
Atlantian: On Point... |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by oc2fish: 9:27am On Feb 13, 2016 |
bigass: My friend without education we are gone for (God forbid ) presently i am using an equipment that my lecturer and his lecturer do not know anything about despite the fact that the equipment is basic for my profession. I will teach the new Nigerian with the knowledge gotten from the use of the equipment and now it is becoming difficult for me to pay my fees and get my stipends.
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Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by oc2fish: 9:33am On Feb 13, 2016 |
Bluffly: Guy most of your lecturers are studying abroad. So that students will be taught modern day Engineering, Agriculture and Medical sciences. Do not look at schooling abroad as a luxury but a need that will lead to bringing digital information to Nigeria. 1 Like |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by oc2fish: 9:40am On Feb 13, 2016 |
lookandlaff: As at now Nigeria has two set of lecturers teaching in the university with little knowledge of trends. If we do not send the young once out to study it will be the blind leading the blind. Nigerian universities are producing unemployable graduates because their teachers do not know the current trend in their chosing field. |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Nobody: 9:45am On Feb 13, 2016 |
oc2fish: the children of the people who are sending their children abroad for an education are not coming back home to teach...a fair number of them won't even come back. it is the children of the middle and upper classes and they dont go abroad to study to be teachers, children of the middle class no longer go into teaching. If govt is sponsoring teachers/lecturers abroad then they are not getting their forex at the black market rate. |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Nobody: 9:49am On Feb 13, 2016 |
Atlantian: Like i said in a previous post, I have little sympathies for anyone who is currently suffering to pay for their kids education abroad. These are not poor people and they are the people who got a good education from the system when it worked and did not give back to the system. These are the same people (the subset of them who work in banks) who are obtaining dollars at the official rate and selling it at a premium. We are all paying for our neglect and selfishness as citizens. |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by oc2fish: 9:58am On Feb 13, 2016 |
lookandlaff: Lecturing job in Nigeria is little above average in terms of income.As i am talking to you. In Universiti Putra Malaysia over 1000 students are studying for M.Sc and PhD. Out of this about 400 are in the field of Agriculture 300 in Engineering and others in other field. Most Nothern states sponsor atleat 100 candidates to study crop science and animal production in the university. This candidates are mostly academicians and public servants. The atmosphere in Asia is of a total change. We see a country we are richer than enjoying good facilities and better life than us. In a few years the returniers will demand for changes. Please Buhari do not kill this new wakening. |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by oc2fish: 10:06am On Feb 13, 2016 |
It is a sorry state. Some of the lecturers in Nigerian Universities do not know the most current trend in their profession. Please tell me what they are going to teach. All Nigerian Universities do not subscribed to data base of scientific information (Scince direct, Willy online Tailor and Francis.....) just tell me where they will get information on current ways of planting crop or engineering design. Some of the equipments and books i am using today is not in any Nigerian university lab or library. My lecturers do not know the equipment like wise the one that taught my lecture. This means two generations of illiteracy. |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Nobody: 10:19am On Feb 13, 2016 |
oc2fish: I dont get your point |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by oc2fish: 11:05am On Feb 13, 2016 |
lookandlaff: The people training young graduates in Nigeria are not currents with new ways of Engineering and Agriculture just for example. Some of the new lecturers are abroad studying for M.Sc and PhD. If Buhari made it impossible for them to pay fees. The country will not develop. The old lecturers are out of touch with trends in research. Now the trainers had to be trained so that a graduate enginer in Nigeria will be able to practically compete with one from China and even India. Asia is the home of Technology needed in Nigeria. |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by Nobody: 12:08pm On Feb 13, 2016 |
oc2fish: You are missing my point so let me put it to you this way, nobody who goes abroad and pays his own fees and comes back to Nigeria to teach or lecture, so your argument is null and void. The people who are abroad gaining further education with the intention of coming back to teach are sponsored by the government and those are not the people affected because government pays their tuition and gets the fores for it at the official rate. The reason why our teachers/lecturers are lagging behind has nothing to do with black market forex, it is simply because the best are not going to come back and subject themselves to a delapidated infrastructure and facilities in our educational system. I read recently that University of Ibadan alone has produced around 10,000 highly rated doctors, they are all abroad because none of them is willing to work in the system. You can train people but if they are any good they won't work in a decrepit sytem, nothing to do with forex. We are the same Nigeria that produced nobel prize winning Wole Soyinla, the Chinua Achebes etc of this world in our Universities at one time because the environment in our universities was conducive. We are still producing them but they are all plying their trade abroad. Create a conducive environment in our schools and hospitals and you will be shocked how many world class Nigerians will be begging to return home to man them, The average Nigerian abroad longs to return home. The reason why we lag behind is this, in the early days you went to a University like Cambridge or Havard and you returned to teach, who pays his own fees for cambridge and Havard today and returns to teach? Even the ones that govt sponsored wont return to teach. If you are good enough to be admitted to an ivy league University, I promise you aren't coming back to teach in a Nigerian University. And that's the reason our universities lecturers are behind, irrespective of who pays their fees, the very best are not going to hang around in a run down system. My point is the people crying foul about forex for education are not the people who are coming back to teach or benefit our educational system. they are the children of the middle class who went to good free government schools in their own time but ignored the rot in the education, did not give back to their almer mater and now that it's time to educate their own kids, they find no good schools in Nigeria (having received quality education themselves, they know what good education looks like) so they send their kids abroad and want to do so using our scarce forex. These children are not the ones coming back to teach, they are coming back to work in daddy's company, bank, telecoms or oil and gas. |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by erico2k2(m): 12:26pm On Feb 13, 2016 |
Atlantian:Dead already pounds trading @430 |
Re: CBN Bans Use Of Dollars For Overseas Fees, Medical Trips by erico2k2(m): 3:10pm On Feb 13, 2016 |
lookandlaff:Wrong assumption. They are now coming back home. The tide is changing. I'm a living example. |
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