Now that our cbn dollar rate have somehow equalized with that of black market why haven't banks lifted their limits of $20 per month on international transactions

Wema bank is $500 limit per month try dey update

Okporiaku:
Now that our cbn dollar rate have somehow equalized with that of black market why haven't banks lifted their limits of $20 per month on international transactions

Bank has not been receiving dollars from fg. Fg just unify it and leave it on autopilot because they are short of external reserves to bail out banks like before.

Even foreign investors could not repatrait their profits. Nigeria is terribly broke.
So people depend on those who come to deposit physically which is not forth coming, but demand is high for withdrawal both inflow and the likes.

This is as a result of what you get when a country can't produce any tangible things and earn lots of dollars back.
Our export is very terrible, our indigenous factories products are craps and can't pass QC tests of other countries.

Our tech hubs as a body are very weak and not encouraging.
just look at Indians utilizing their tech hubs and many locals are even YouTubers and content creators earning good money back home. Na yahoo youths dey teach themselves which is not that sustainable.
Only few individuals earn some good dollars and remit to the country. And after a while , many Japa ...


Thats what of the major reasons exchange rates skyrocketing.
wema bank is around 900naira to dollar though.

priceactionx:

Bank has not been receiving dollars from fg. Fg just unify it and leave it on autopilot because they are short of external reserves to bail out banks like before.

Even foreign investors could not repatrait their profits. Nigeria is terribly broke.
So people depend on those who come to deposit physically which is not forth coming, but demand is high for withdrawal both inflow and the likes.

This is as a result of what you get when a country can't produce any tangible things and earn lots of dollars back.
Our export is very terrible, our indigenous factories products are craps and can't pass QC tests of other countries.

Our tech hubs as a body are very weak and not encouraging.
just look at Indians utilizing their tech hubs and many locals are even YouTubers and content creators earning good money back home. Na yahoo youths dey teach themselves which is not that sustainable.
Only few individuals earn some good dollars and remit to the country. And after a while , many Japa ...


Thats what of the major reasons exchange rates skyrocketing.
wema bank is around 900naira to dollar though.

Wow you just gave a very informative post
Thanks sir

Okporiaku:


Wow you just gave a very informative post
Thanks sir

Thats is it bro. we may hide and abuse Tinubu from now until eternity, it won't change the fact that the economy is messed up. Banks are just cash point, nothing more. While other countries have left paper transactions majorly we are still stuck between cashless and cash transactions.
Any other person in power will likely do it in either buhari way (padding, pegging the economy, but keep borrowing from outside to run government which will even be looted, borowing to even pay salaries while the debt profile is sky rocketing, and foreigners can't get back their profits),

Jonathan way (partial subsidy removals and later cabals highjacking it again holding the country into ransom and took subsidy back to 100 percent without doing anything), tinubu way, pushing all the hardship unto her citizens, stopping all bailouts for all government dependent services, looking sideways as if nothing is happening , thinking he who will survive , will survive, trying to over tax her citizens, not minding high figure inflations rates on goods, trying to save lots of money, may be to perform and improve local productions and enabling environments for local investors to improve gdp and external reserves. Time will tell. Which ever way, it wont be easy passing through all those stages..

No matter way each leaders approach it, it's hardship and pains. They have stolen the country to negative , now pushing it on us to bear the pains again.

But to the youths, its better to take the painstake and learn something new online now. Many free courses on YouTube that can help. Indians never joke with that even in their native languages, they thrive. At least earning some foreign currencies can reduce some burdens.
Many trolls here stay abroad and i know. Many are techy guys, freelancers, remote workers and so on that earn steadily in foreign currencies but waste other people's time to troll others. That's why they are always here 24/7.

I could remember years back, it costs me only less than 10 dollar software monthly subscription to earn minimum of $400 steadily on fiverr . It was just even autopilot most times.

We need to start thinking outside the box individually now. The developing world is leaving Nigeria behind and our leaders don't gathem care about any one. It's religious businesses that thrive mostly in our country.
Sorry for the long episodes though, it may just help someone to understand what's happening better and probably take some actions.

priceactionx:


Thats is it bro. we may hide and abuse Tinubu from now until eternity, it won't change the fact that the economy is messed up. Banks are just cash point, nothing more. While other countries have left paper transactions majorly we are still stuck between cashless and cash transactions.
Any other person in power will likely do it in either buhari way (padding, pegging the economy, but keep borrowing from outside to run government which will even be looted, borowing to even pay salaries while the debt profile is sky rocketing, and foreigners can get back their profits),

Jonathan way (partial subsidy removals and later cabals highjacking it again holding the country into ransom and took subsidy back to 100 percent without doing anything), tinubu way, pushing all the hardship unto her citizens, stopping all bailouts for all government dependent services, looking sideways as if nothing is happening , thinking he who will survive , will survive, trying to over tax her citizens, not minding high figure inflations rates on goods, trying to save lots of money, may be to perform and improve local productions and enabling environments for local investors to improve gdp and external reserves. Time will tell. Which ever way, it wont be easy passing through all those stages..

No matter way each leaders approach it, it's hardship and pains. They have stolen the country to negative , now pushing it on us to bear the pains again.

But to the youths, its better to take the painstake and learn something new online now. Many free courses on YouTube that can help. Indians never joke with that even in their native languages, they thrive. At least earning some foreign currencies can reduce some burdens.
Many trolls here stay abroad and i know. Many are techy guys, freelancers, remote workers and so on that earn steadily in foreign currencies but waste other people's time to troll others. That's why they are always here 24/7.

I could remember years back, it costs me only less than 10 dollar software monthly subscription to earn minimum of $400 steadily on fiverr . It was just even autopilot most times.

We need to start thinking outside the box individually now. The developing world is leaving Nigeria behind and our leaders don't gathem care about any one. It's religious businesses that thrive mostly in our country.
Sorry for the long episodes though, it may just help someone to understand what's happening better and probably take some actions.

Being religious is not bad but most times we are overzealous
Like you said time shall tell which government approach is fine

priceactionx:

Bank has not been receiving dollars from fg. Fg just unify it and leave it on autopilot because they are short of external reserves to bail out banks like before.

Even foreign investors could not repatrait their profits. Nigeria is terribly broke.
So people depend on those who come to deposit physically which is not forth coming, but demand is high for withdrawal both inflow and the likes.

This is as a result of what you get when a country can't produce any tangible things and earn lots of dollars back.
Our export is very terrible, our indigenous factories products are craps and can't pass QC tests of other countries.

Our tech hubs as a body are very weak and not encouraging.
just look at Indians utilizing their tech hubs and many locals are even YouTubers and content creators earning good money back home. Na yahoo youths dey teach themselves which is not that sustainable.
Only few individuals earn some good dollars and remit to the country. And after a while , many Japa ...


Thats what of the major reasons exchange rates skyrocketing.
wema bank is around 900naira to dollar though.

Also add looting of public funds.

priceactionx

Your contribution to this thread is wonderful.. We cant blame nigeria youth tho. Many of us are facing alot. Sometimes ago a junior india developer was stalking me on a coding platform telling me he want to learn how to create robots etc.
I only gave him few advice, later on the same platform he became a senior developer beating all my rank and badges.
He said they have steady light in india.
We don't have steady light in nigeria that alone is a big factor to upcoming developer and a low income earner developer like me.

tollyboy5:
priceactionx

Your contribution to this thread is wonderful.. We cant blame nigeria youth tho. Many of us are facing alot. Sometimes ago a junior india developer was stalking me on a coding platform telling me he want to learn how to create robots etc.
I only gave him few advice, later on the same platform he became a senior developer beating all my rank and badges.
He said they have steady light in india.
We don't have steady light in nigeria that alone is a big factor to upcoming developer and a low income earner developer like me.

You are right my brother. Honestly, too much of bottle necks around struggling and thriving businesses in Nigeria. I have lots of Indian family friends too, they say the same.. They always tell me they don't even know how light cable is cos most of them are underground with steady light, cheap internet services and lots of cheap schools to tutor you high demanding professional courses especially in IT.

We have a lot lot way to go in Nigeria. Wait for your guy in the next 5 years, you will see his level in that field.
Just keep pushing oo, without looking forward to government promises. It will never come. It has been like that in everywhere, every country.
The only good thing about naija own for techy businesses and freelancers is that you escape lots of taxes unlike in abroad that almost 35 percent of your package goes away to taxes .