Oil and gas prices are up but the foreign revenue is down?

I think people are stealing the country blind in anticipation of a breakup

KaluwisxPRO:
Until they ban that $100 diaspora monthly limit, the Naira will keep falling. Allow those who want to shop with their Naira cards overseas to do so, there will be no need to source for dollar. But the banks are finding it difficult charging black market rates, hence they will continue lobbying the CBN to keep the ban on.

Can you explain more on what you mean by "$100 diaspora monthly limit"?
I'm in the diaspora and i send far more than every week to a domicillary account in Nigeria.
Who's the ban actually for? For those sending out from Nigeria?

ChybuzzDD:


Can you explain more on what you mean by "$100 diaspora monthly limit"?
I'm in the diaspora and i send far more than every week to a domicillary account in Nigeria.
Who's the ban actually for? For those sending out from Nigeria?

How much are you able to spend with your Naira card abroad? How much are you able to spend using your Naira card for online shopping on foreign websites?

The fraud is in the exchange rate because that $100 limit given is exchanged at N410 by the banks, but once you use that, that’s it for the month.

Banks hoard the USD for their big clients who are willing to pay N480 so they lobby the CBN to make sure they are not compelled to allow more than $100 monthly.

If they are allowed to increase the foreign card limit at N410 exchange rate, who do you think would want to pay more than that to source for USD...? People would rather spend directly using their card. Or just get cash abroad at N410. But do you know that some importers are given the USD at the N410 rate while the general public are left to source for usd at ridiculous prices which in turn is driving the price of the dollar up due to increased demand for it.