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Nairaland Forum / Nairaland / General / Business / "No More International Transactions!" Did You Receive This? (58597 Views)
Zenith Bank Suspends International Transactions On Naira Cards / You Need A Good Dollar Card? Try Tribapay For Your International Transactions / First Bank Suspends International Transactions On Naira Cards From September 30 (2) (3) (4)
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Re: "No More International Transactions!" Did You Receive This? by DaddyGngeess(m): 2:43pm On Sep 21, 2022 |
I just recieve it now now but the naira card wasn't even going b4 self now |
Re: "No More International Transactions!" Did You Receive This? by Kajaard: 2:43pm On Sep 21, 2022 |
boladale123: I don't understand your question. When I receive my money in my Dom my bank doesn't charge me anything. I make a withdrawal and go to the black market and sell it at the black market rate. You are only charged the official rate if you want to buy from the bank for school fees or business travel/company transactions and it's almost impossible these days for the banks to sell you dollars. I hope that answers your question? 3 Likes |
Re: "No More International Transactions!" Did You Receive This? by emorse(m): 2:45pm On Sep 21, 2022 |
RepoMan007:You forgot his other moniker modrov lol. |
Re: "No More International Transactions!" Did You Receive This? by Positiveme2020: 2:49pm On Sep 21, 2022 |
Ishilove:Alright, is it part of Aniocha Oshimili? |
Re: "No More International Transactions!" Did You Receive This? by anonymousey: 2:57pm On Sep 21, 2022 |
Officialgarri: Does your black card still work? |
Re: "No More International Transactions!" Did You Receive This? by Middleborn: 3:00pm On Sep 21, 2022 |
RepoMan007: How can i like your post twice? The economic policies of Nigeria are just appalling. Oil is the reason why the Government has refused to restructure. Restructuring wouldve solved theses economic issues. I think that the northern elites are oil-crazy, and this is reflected in the thinking of the average northerner. They are the reason why Nigeria has been solely dependent on oil. Their idea i think is that if we restructure, they will be the losers. Restructuring instead helps the states or regions look inwards, manage their resources efficiently and contribute to the center. The solution to Nigeria's economic problems is not rocket science, but some people have decided to hold the entire nation down, preventing others from progressing. 2 Likes 2 Shares |
Re: "No More International Transactions!" Did You Receive This? by Nobody: 3:01pm On Sep 21, 2022 |
Ericnrm: I honestly wish I was, but the fact is, it is lower oil prices in the past which means that when oil prices do rise, we have to pay off our debts which impacts on.....the earnings we get from oil. THis was summarized in this article from 2004... For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty. Basically, oil prices were so low, that we had to take loans. Now the oil prices have gone up...but the loans need to be paid back. In case you don’t know, in the past 2 years we hit a record high for oil prices that haven’t been recorded in the past 15-20 years or so. Other OPEC countries are making a fat profit off of the increased oil prices while we have made zero dollars. Actually no. 1.Oil prices have risen only in the last 7-8 months...it was 91 dollars in december, and as high as 130 dollars by March 2.Even then, it does not matter...several years of debt from low oil prices partly makes it so...see my point above. (That's why I also complain about something called LACK OF DIVERSIFICAITON.). Some history...in the late 1970's we had a breif dip in oil...but because we were still selling enough non-oil exports..we were able to survive. 3.Other OPEC countries survive because they don't have 200 million or even one hundred million people.....PLUS they produce five to ten times more oil than we do, or at least 3 times more oil than we do. That's why they can make a profit. We can't. Saudi has less than 40 million people, and produces 10 million bpd. We have 200 million and produce less than 1million bpd. The difference is too clear. 4.Oil prices were between 91-120 dollars in 2010-14 ., and as high as 145 dollars in 2008.(That's how Yaradua got so much cash to save) April 2014 was when the great crash statrted. 5.No, I am not defending Buhari. I repeat...Buhari in response should have diversified the economy, and removed subsides and raised tax income. Did he do that...NO. APC is not fit for purpose. Secondly, the oil prices during Obasanjo’s time were some of the lowest in modern history but see what he was able to achieve, same goes for Jonathan so why do we buy this BS narrative that oil prices were terribly low when the data is easily accessible with your phone and data? 1.Obasanjo ran a poor economy. He was bashed and criticised a lot. At the end of his first term, people were critical of him. Also, our forex needs were not as great as they are now. Between 2001-7, about 3 million people had phones, now it is getting to 100million...and they are all imported...that puts strain on our forex. Yes, GSM came ...but he basically let them charge the prices they wanted.. 2.GEJ had oil prices as high as 91 dollars from 2010, and above 100 dollars from 2011-14. The economy looked better then, but even then it was still very poor. And we lost billions to subsidy then as we are losing now. 3.At the end , a good leader takes us off oil. A bad leader does not. If you can;t see that, sorry. Feel free to do your research to counter any of my points and back them up with empirical dat chief. The above i wrote is the result of ten years of reading and worrying and thinking about these stuff.... The image you even showed me proves my point...oil was high under GEJ and is high now. But oil being high does not explain why Nigeria is poor. We are poor because we think that oil can meet all our needs. 3 Likes 1 Share |
Re: "No More International Transactions!" Did You Receive This? by Joey4321: 3:02pm On Sep 21, 2022 |
Kasssandra: There's nothing to be optimistic about. |
Re: "No More International Transactions!" Did You Receive This? by Nobody: 3:03pm On Sep 21, 2022 |
Joey4321: There is, if we are ready to take decisions that should be taken.... |
Re: "No More International Transactions!" Did You Receive This? by fmonigent(m): 3:07pm On Sep 21, 2022 |
Ishilove:Nwene madu No be lie |
Re: "No More International Transactions!" Did You Receive This? by Tundex911: 3:13pm On Sep 21, 2022 |
Set awon E-naira how market?? |
Re: "No More International Transactions!" Did You Receive This? by maasoap(m): 3:15pm On Sep 21, 2022 |
I just did now, after reading this title. Was it even useful before? From 300 dollars per month to 100 dollars per month down to 20 dollars per month. 1 Like |
Re: "No More International Transactions!" Did You Receive This? by Utagbamaka(m): 3:15pm On Sep 21, 2022 |
Ishilove:You can say that again. Onye Ukwuani. Ibu onye ebei? |
Re: "No More International Transactions!" Did You Receive This? by DrOladipo: 3:16pm On Sep 21, 2022 |
Join our waiting list! Launching in few days! No restrictions and best rate in the market. Card works on All popular platforms! 1 Like
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Re: "No More International Transactions!" Did You Receive This? by tishbite42: 3:19pm On Sep 21, 2022 |
Hope sey e no go affect my Union Bank Verve Card At least N800 dey inside |
Re: "No More International Transactions!" Did You Receive This? by 41lady(m): 3:20pm On Sep 21, 2022 |
If anyone want to make payment in Asia, contact me. And if you are scared, can aveal you with guarantor in Naija |
Re: "No More International Transactions!" Did You Receive This? by DrMuzungu(m): 3:21pm On Sep 21, 2022 |
Kasssandra: It works the same way almost everywhere else in the world, jus that the amount of theft AND TREASON varies. |
Re: "No More International Transactions!" Did You Receive This? by VULCAN(m): 3:23pm On Sep 21, 2022 |
Your diagnosis was good but your prescription a monumental failure. Pls which economic theory instructs you to increase taxes in a country that has the highest number of Extremely Poor People on the planet? Who exactly are you aiming to tax and what are they earning that you have the guts to tax them? Official unemployment rate is 30% and I'm sure unofficial unemployment is 50%+. Let me not mention underemployment as that is at rooftop levels. So Tax increases make sense when you have a productive economy and not one dependent on Imports and unemployed people to sustain it. 60% of the figures being touted as fuel subsidy are fraudulent. That you did not take this into account in your prescription is another reason why it should be rejected. How can the figures for subsidy multiply 5 times or more under APC? Therefore, if the sleaze in the system is dealt with the fake fuel consumption figures would drop to a more reasonable amount. So drop the cut and paste economic theories. We need to move from consumption to production as Peter Obi said Kasssandra: 1 Like |
Re: "No More International Transactions!" Did You Receive This? by Kobicove(m): 3:27pm On Sep 21, 2022 |
I also got the same message from First Bank today |
Re: "No More International Transactions!" Did You Receive This? by Nobody: 3:30pm On Sep 21, 2022 |
VULCAN: OKAY...let's do what Buhari is doing and what past leaders have done and pretend the magic money tree is still producing money enough for all of us (just having a joke here). Seriously, Obi has said, repeatedly, that we should remove subsidy. Add the fact that our tax to gdp ratio is 8.1%...and you get the image. Countries are expensive. They eat a lot of money... The question is....are we ready to pay for it, or do we keep on thinking that resource dependency is the answer? First remove subsides, then see how enough investment comes into the petrol and power sector...then we would have enough energy to be productive as Obi says we should be...which is why he is so anti-subsidy. P.S I don't support APC or any of the parties. PS2. As to how subsidy can multiply under APC....it is the nature of the beast. Subsides are niduses for corruption and looting. Also, when fuel is N175 here and over N350 in all our neighbours...smuglling is going to be rampant. Nigerian petrol was being sold as far away as Ghana in 2012....that's why subsidy costs are rising. I mean...free government money always equals corruption. Who would have thot..... Plus it does not let the industry grow as it should. |
Re: "No More International Transactions!" Did You Receive This? by Ishilove: 3:32pm On Sep 21, 2022 |
Utagbamaka:Emu uno 3 Likes |
Re: "No More International Transactions!" Did You Receive This? by brandsoncharlie: 3:33pm On Sep 21, 2022 |
Kasssandra:Charlie removing subsidies and increasing tax to gdp will not change Nigeria. As of the time of Goodluck J. Nigeria was paying subsidies, they were more militant attacks on pipeline than now yet Nigeria was able to save for excess crude oil account-through advice from ngozi (FINANCE MINISTER, so without her they won’t save?) The African leaders should stop stealing the fortunes of their generations and be wise to develop their continent. I will agree with you on the basis of corruption aside that all na excuses. Look across African countries how many are progressing like other developed Countries in the world. 1 Like |
Re: "No More International Transactions!" Did You Receive This? by pocom35: 3:34pm On Sep 21, 2022 |
Mayeldah: PDP did not try anything oil production averaged 1.8mbpd during their time with oil averaging $90-$100 in this current regime at a point oil production averaged $1.6mbpd and prices were around $40 when prices rose ..production drop.. today prices are averaging $100 but production is 0.9mbpd there is a difference.. also those years with PDP.. nothing like covid 19 or russia ukraine palava the truth is every country is feeling the heat.. ... go to ghana ..they have reached a point that they are now seeking bail outs |
Re: "No More International Transactions!" Did You Receive This? by Nobody: 3:39pm On Sep 21, 2022 |
brandsoncharlie:. It won't but it would let the petroleum sector make the profits it needs to build and maintain refineries and produce more...without governmetn throwing money at them. As of the time of Goodluck J. Nigeria was paying subsidies, they were more militant attacks on pipeline than now yet Nigeria was able to save for excess crude oil account-through advice from ngozi (FINANCE MINISTER, so without her they won’t save?) GEJ also had high crude prices..between 91-120 dollars under his regime...plus he did not save enough forex reserves either. Buhari too has not grown our reserves and depleted our ECA. (Part of it went to getting us the Tucano jets, tho, but even then). At the end, oil money is not and has never been enough to sustain Nigeria. Simples. Even if we were producing 5 million bpd...which is where Libya is on a good day, we have 200 million to Libya's 8 million people. DO the algebra. (okay, division, lol)> Finally, when the cost of the resource you sell is high, people steal it. When copper prices went through the roof in 2006-11, people stole copper all over the place...even in EUROPEAN countries....to sell. The African leaders should stop stealing the fortunes of their generations and be wise to develop their continent. It starts with them encouraging industrial development, and moving away from depending on selling one raw material. Because prices of raw materials never stay where you want them to be. ill agree with you on the basis of corruption aside that all na excuses. Because they are like Nigeria...selling a resource whose price cannot sustain them. |
Re: "No More International Transactions!" Did You Receive This? by Fearyourcreator: 3:45pm On Sep 21, 2022 |
Kasssandra:That number 5 ehn... CEO fit carry or buy cars for girlfriend ... Pay tax na wahala ooo... I know wetin I dey talk sha |
Re: "No More International Transactions!" Did You Receive This? by Fearyourcreator: 3:48pm On Sep 21, 2022 |
thebosstrevor1:Exactly |
Re: "No More International Transactions!" Did You Receive This? by Someodds: 3:52pm On Sep 21, 2022 |
More trouble. I can provide you debit cards with $5k daily limit. |
Re: "No More International Transactions!" Did You Receive This? by Nyanabo(m): 4:00pm On Sep 21, 2022 |
Months ago. For a while now, I've not been able to buy game privileges for the game i play. But thankfully I'm still able to subscribe to my udemy. |
Re: "No More International Transactions!" Did You Receive This? by Drsnives(m): 4:01pm On Sep 21, 2022 |
Ishilove:Ibu onye Ukwuani? |
Re: "No More International Transactions!" Did You Receive This? by Fearyourcreator: 4:01pm On Sep 21, 2022 |
Kasssandra:Smiles... Nigerians no dey understand this things you talk ooo |
Re: "No More International Transactions!" Did You Receive This? by Fearyourcreator: 4:03pm On Sep 21, 2022 |
murmee:Maybe na bank you go too... Gtbank pays $100. Paper |
Re: "No More International Transactions!" Did You Receive This? by Fearyourcreator: 4:04pm On Sep 21, 2022 |
Kasssandra:Tax... Something people making money here no dey wan pay sef |
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