You think people don't understand the economics?

They do. Right now my siblings are STRANDED at school because of this scheme. You think people are considering economics lol

The measures are only sensible if you don't consider those Nigerians in diaspora as citizens of this country.

For some working Nigerians in diaspora the solution is simple, they will stop remitting funds they usually send home in order to protect themselves.. Government has forgotten that's also a huge part of revenue entering this country. In the end the so called solution will be pointless..

Nigerians can't even do business with people outside this country again.. It's not as if we produce anything..

There are many other ways to solve this problem which don't involve putting pressure squarely on the Nigerian people.

k

oboi na man pikin go read this write up?abeg I read no more.but if the thing make sense kudos

There is always a way out

ironheart:
well aticulated and valid point. you will still hear some jobless nairaland youth come here to bash this thread. instead of them to think of how to tap from the 6.08tri budget. funny enough this thread is still at the back when it should be a front page material. but if its about uneducated artist its on front page with a phd nairalander guy/girl screaming first to comment. i shake my head for our dullard youths

It is obvious you are not educated. The OP said dollar was 250 in Dec 7 but it was 195 in Dec 28. The 250 wad parallel market rate and the official rate was 199. The official rate as st today is still 199 and the parallel market is about 265. Though it went to about 280, but it has come down to 265 as at today.
I work in a bank.
You spoke about the budget. It is also obvious u lack a deep knowledge about debt financing. Take time to read and speak to business leaders. Being a political slave will not help.

Nice analysis OP, but I strongly think the govt of d day shld complement dis policy of CBN by drastically improving d educational sector nd in extention also improve oda incoming earning sector in Nigeria. My honest opinion.

Don't make it look as if it is a one way traffic,its not like dollars don't come in from Nigerians in diaspora which runs into Billions of Dollars? In 2014 alone, Nigerians abroad Remitted $21 billion US Dollars http://www.vanguardngr.com/2015/04/nigerians-living-abroad-remitted-21bn-in-2014-world-bank/

That of 2015 would soon be out.

This is not a solution my brother, it will finish the struggling Economy. You can grow by receiving alone and not giving out.

Valid

it was not totally banned...some banks that couldn't meet up banned it like standard chartered but gtb only reduced the limit to 1000usd per month and unlimited for POS and web transactions...i'm still withdrawing with my card...


and whoever said western union and moneygram was banned...i dunno but i've called the bank several times and i've chatted with moneygram africa and firstbank said it was suspended for like two days and it is back...moneygram said there was no suspension on sending money...so facts straight up!

I appreciate your prowess for making this basic analysis to some gullible Nigerians, " the most amusing part is even those in Nigeria criticize this policy and it got me wondering what crop of half baked self acclaimed intellects wee breed in Nigeria.. They all want miracle"....

This is what i posted earlier on my Facebook:

We will be far from rescuing our economy from impending disaster if we effortlessly embrace the economic policy of this incumbent government. It’s no time to throw tantrums, blame past government or concur to the directives of this present administration, the dwindling and sharp decline in the rate of oil per barrel that is projected to fall an all-time record low as $20 per barrel could be termed chaotic for an economy that largely breathes on this resource. The expected influx of Iranian oil by the first quarter of 2016 makes it a lot scarier. It’s time to go back to the basic, produce, manufacture, plant, harvest on what we have as a country blessed with unimaginable natural resources and consume, there is no time to diversify other than now, the ban on the use of naira debit card outside Nigeria is a welcome development considering the misuse, it will not only curtail excesses but also discourage the culture of frivolous spending. Policies are reviewable. No one has said this one is the best. I presume it’s a short term monetary policy to checkmate the stress the economy has received. It affects all, even the big industries. We all should join hands to look around for solutions.

Op your analysis towards the ban of naira ATM abroad is nice,but pointless.you are directly maybe indirectly advising parent to patronize our decay educational system,which is no near compare to those abroad, you also mention buying of phone from the country enlarge the economy of the aforesaid country by you,do you know statistics shows that the icp industries abroad see nigeria as a dumping ground for their inferior product? So tell me who will want to use a wash electronics or gadget? Of course their are originals out there but prevention they say is better than cure.the goverment should address our economic growth by preference starting from the importance,for me I think this banning is useless,for christ sake this is like cutting a tree from the branch instead from the root. Tnx my opinion

Nice one, those dullards won't read though.

Nice analysis, OP, and I see sound reasoning in your argument, but we've seen this movie before, in 1983-1984 and we remember how it played out. I think you've also conflated the 250 (parallel) and 197 (official) exchange rates, which dents your argument.

Instead of directly stimulating our economy and enacting policies that would ensure that nobody wants to study abroad, govt is instead punishing those who choose to.

Parents who send their children to Ghana Turkey UK, etc are not stupid: our educational system is crap and the only way for their children to be competitive is for them to use their hard earned naira to train their children. The fact that these children return home and get all the good jobs is testament that our educational sector does not really train anyone.

Would you rather have ill-trained graduates - in our banks, at our phone companies, building our bridges, writing our software, working our hospitals - or people who have had the fortune to get better trained?

You say nothing in and so much out. Have you considered the longer term economic impact of a well trained graduate who comes back to Nigeria?

Instead of gradually improving the educational sector over 4-8 years with real long term thinking, we have a sudden ban that doesn't address the real issue. Of course, if government tries to raise tuition in order to improve standards, students riot, but that's another story. Here's a tip: don't double tuition on everybody overnight, just raise it 10-20% per year for new students only.

Now about traveling, again why don't we have a sustained long term policy that makes Nigeria a competitive travel destination?

Same thing goes for business:
- solve the power issue
- make sure entrepreneurs get low interest rates and long terms for manufacturing
- properly use our agencies to regulate producers of substandard goods (like what Nafdac does for food)
- media campaign to raise awareness for us to support Proudly-Made-in-Nigeria. I would happily put this on my products
- raise tariffs on imported finished goods
- invest in mining other minerals
- improve and diversify our seaports so that getting equipment is easier
- sincerely encourage small cottage industries (bring back FEAP)

I understand that "defending the naira" prevents a much worse scenario from playing out (e.g. we get to a point where we have no foreign exchange to buy essentials or service debt).

However, the short term draconian shutting off will send the economy into a downward spiral since people can't spend their money, businesses and banks will get more tight fisted, which means less hiring, which means less money, and so on. It's not rocket science, and it's not mere speculation: we've actually been through this scenario before and it took us 25 years to recover.

Government should not forget to attend to long term measures that fix our overdependence on imports. In fact, do only two things: solve power, low interest loans (strictly to buy equipment and build factories), and the rest will follow.

What a misleading piece. Your claim that dollar came down from 250 to 195 was not only wrong but an indication that you have no idea of what u are saying. The official rate has never crossed 200 this year. The 250 u reffered to was parallel market rate which even went as high as 285, but it is around 265 as at today. The official rate is still 199.5 as at today. So claiming it came down to 195 from 250 is a total ignorance and a way of misleading people.
If you think u have a deep understanding of what u are saying, I challenge you to a debate in this forum.
You are either a paid agent or one of the slaves trying to project the image of this govt.

Abbycite:
@Op....I will excuse your line of thought because u said u are not an economist.....because your analysis is totally hogwash




Av u ever think what will happen if d US or d Japaenese govtd implement d same policy......because even d value of dollar n Yen is also going down...

Nigerians re super quick in condemning intelligent contributions.

The OP made valuable points, can we see Yours? Oga "economist"

Crap analysis from a masturbator

Abbycite:
@Op....I will excuse your line of thought because u said u are not an economist.....because your analysis is totally hogwash




Av u ever think what will happen if d US or d Japaenese govtd implement d same policy......because even d value of dollar n Yen is also going down...

His analysis was written in poor English and it shows ignorance.

Greatest joke in December 2015...lol. Person go study to improve na him you say nothing in? Well I am not surprised at the way you view education.

This is Crap..
There are other ways to control nd stablise the Economy nd naira, than banning naira ATM, restricting daily purchase nd withdrawal...
This sh!t is affecting me nd millions of other Nigerians...

Everybody has the right to any type of Education he/she can avoid
Everybody has the right to purchase whatever type of goods nd services he/she desire (provided it is legal)
Na by force to buy laptop for naija
Na by force to go sch for naija

Come to think of it, do u knw it is easier to gain admission to study ur preferred course abroad than in Nigeria, our Education system is in a mess...(U go choose medicine nd surgery for naija university, dem fit give u Agric extension )

Don't restrict people from aspiring to greater heights nd yes greener pastures.....
I am not an economist, but I believe that there are other ways to improve the naira nd economy..

And this thrash made the front page?

OP stop talking about what you do not know.....

aptly said

A good analysis no doubt, some of our so called elites wouldn't let this policy work. They are so powerful that they can snuff out the live out of whoever tries to make it work, but I trust PMB is here to truncate their antics/evil plans for this great country of ours.

that thing up there is trashhhhhhhhhhh big one

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

IbXavier:
By : Apena Ibrahim Adeboye

This is a personal analysis which is subjected to empirically backed criticism.

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.

All the same, have you ever asked why the value of Naira keeps dropping its value, Have you ever imagine if exchange rate of naira to dollar stands at ₦500 to $1, Did you make research on why use of NAIRA ATM abroad was ban ? (Kindly read reference 4 to know why). All these will help us understand the effect of the Ban of Naira ATM usage outside Nigeria.

It’s no news that some Nigerians in Diaspora are working towards protesting against the ban of Naira ATM abroad, especially those studying. With due respect, it's shameful that some Students who schooled or are schooling outside the country, especially those who offered or are offering business related courses do not understand why the inability to use Naira ATM outside Nigeria will be better off in the long run. Let’s kindly visit Economics as a course before complaining, though I am not an economics expert but I will apply the fair knowledge I have by the grace of God.

Let’s start with a simple analysis, this analysis will focus mainly on those schooling outside Nigeria;

SCENARIO ONE
Schooling Abroad and its effect on Naira. (Nigerians Schooling in Ghana as a case study)
The case study below is used for about 200,000 Nigerians schooling in Ghana, according to statistical fact (Reference 3)
Scenario Effect on Naira & Nigeria economy
1. Average School fees for a student per year ₦400,000_ Naira Out , Nothing In ,
2. Accommodation for about ₦100,000_ Naira Out , Nothing In,
3. Living expense of about ₦300,000 _ Naira Out , Nothing In,
Total expenses incurred by a Foreign trained Nigerian annually _₦800,000 Out, Nothing In.

Cost for 200,000 students per year ₦160,000,000,000 (₦160B)
Total expenses in 4 years ₦640,000,000,000 Out, Nothing In

Note:
Living expenses of 200,000 foreign trained in Ghana alone for a year is about ₦60,000,000,000 (₦60B)

Over 200,000 Nigerian were schooling in Ghana as at 2013.
(Reference 3)
SCENARIO TWO
1. Mr Ade imports phone to sell in Nigeria with about ₦100,000 each.
2. A student who schools in Ghana left this phone to buy the same worth of phone in Ghana.
EFFECT OF SCENARIO TWO
1. ₦100,000 gone out of Nigeria, ₦100,000 worth of Phone Imported (balanced)
2. ₦100,000 worth of phone ignored by student, yet such student took another ₦100,000 out of Nigeria to buy same phone in Ghana without any return to Nigeria. This means Nigeria has lost 100,000 to the Ghana Market despite having such product in Nigeria. Funny enough, if such phone is stolen before such student gets back to Nigeria, it means such student has made Ghana economy ₦100,000 better.

In one semester, an average Nigerian Schooling in Ghana must have spent about 800,000 of Nigerian currency in Ghana. Assuming we have about 200,000 Nigerians schooling in Ghana, it means about ₦160B is spent in Ghana education system within a year without any monetary return for Nigeria. Assuming this 160B is invested in Business , it would have been better because we would get goods in return for such chunk of money going out of the country , bear in mind that there are a lot of Nigerian students scattered around the world, Just imagine how much schooling abroad alone is taking out of Nigerian economy annually, imagine how much money spent on luxurious items , Health and so on in Ghana and other countries, Trillions of Naira. Have you imagined what it would look like if these monies are invested in our educational sector? That by the way.

After schooling abroad, some of the foreign trained do not even think of coming back to create jobs in the country, they rather think of coming back to earn from a white collar job, having used their certificate to bully home trained Nigerian Graduates. Does this really justify the huge amount spent on education outside Nigeria, Though, it’s a fact that knowledge must have been acquired and one can spend as much as possible to acquire knowledge.

As an average Nigerian Schooling outside the country, it’s normal to feel very bad when such news is broken (Ban of Naira ATM abroad). However, it will be a big disgrace to jump up to protest over it without understanding what is being protested about.
The question is simple ,
1. Do we prefer the value of naira to keep falling while we have access to spend naira anyhow outside Nigeria or we reduce the amount of naira going out and maintain a valuable naira.
2. The amount of Nigerians in diaspora are not up to 20% of those in Nigeria, thus , do we suffer those in Nigeria for the happiness of those in Diaspora or those who travel out to flex on vacation.

Imagine you wake up one day to see the exchange rate of naira to dollar standing at 500 Naira to 1 Dollar, Do you think it will be easy for parents to pay fees abroad.

SUGGESTIONS
1. Students schooling or intending to school abroad should rather think of how government can help in providing a means for students to transfer their school fees and money for upkeep. Though, this should be regulated, but not to protest over the Ban of ATM usage Abroad. NANS Excos and other student activist abroad should get to work on how to get alternatives for students to get money abroad. Who knows , students might be allowed to use Naira ATM abroad but lets consider the effect.
2. Most traveling outside Nigeria , especially within African countries should stop the habit of taking naira out to buy what can be bought in Nigeria , eg Phones , Laptop e.t.c
3. This is also the best avenue to challenge the government to work on the educational sector of Nigeria so that Nigerians will stop wasting chunk of money on schooling outside. In Ghana alone, Nigerians spends about 160,000,000,000 on education. The question is ;
a. How many people come to Nigeria to study or spend such money?
b. How many countries appreciate the monies spent by Nigerians in their economy.
Thus, if government won’t allow free usage of Naira ATM for students, then, they should provide alternatives or better our education system by scrapping JAMB and POST JAMB.

RECOMMENDATIONS TO LEARNED COLLEAGUES
Please let's apply what we learnt in school. When we spend more of our currency to import without Export, the value of Naira will keep dropping. So let’s plead to government to rather work on a policy to support fees payment and up keep money for students schooling abroad, also for business men. Also why are we not thinking of business we can do in abroad , afterwards , we send the little money you earn to Nigerian banks.

CONCLUSION
This literally mean , we are giving out without receiving except from petrol which is our major source of income , NB , price of Petrol is also dropping. If you give out without receiving you must reduce in whatever you have. This is one of the reasons why naira is dropping value. Therefore, ban of Naira ATM use outside Nigeria is a good policy. I don’t care who the governor of Central Bank of Nigeria is but I salute him/her for this. At least , this Policy should be maintained till Naira can be equivalent to about ₦100 – $1 dollars. If buhari Claims to take ₦1-$1, Do we think he will just perform Miracles, these are some of the ways to achieve it. Lets think of what to do so that others will come and spend or invest in our economy, However, there should be a way out for those who genuinely need to use the ATM outside Nigeria (Businessmen, students and likes ) Surely Politicians and those who pay visit to other countries Should be totally BANNED from use of Naira ATM abroad, amount taken out of Nigeria should be regulated.

This write up is not in any way to support any political party but for the betterment of Nigeria. Change and betterment will not occur if we won’t pay the price, ABOVE ALL, THIS IS A TEMPORARY MEASURE FOR THE SAKE OF STABILIZING THINGS. It is mainly geared towards those who spend naira on luxurious stuffs abroad.

Thank you for reading, comments to enlighten me are welcomed.

Reference
Referece 1 https://www.thecable.ng/finally-naira-falls-to-dreaded-2501

Reference 2 http://www.cenbank.org/rates/ExchRateByCurrency.asp

Reference 3 http://www.vanguardngr.com/…/nigerian-students-spend-n100b…/

Reference 4 http://thecitizenng.com/…/banks-blame-atm-card-ban-abroad-…/

Refeerence 5 http://ynaija.com/why-we-cant-reverse-ban-on-atm-card-use-…/

How I wish this policy will affect children or families of politicians,but it wont.That is why I am against it.

IbXavier:
By : Apena Ibrahim Adeboye

This is a personal analysis which is subjected to empirically backed criticism.

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.

All the same, have you ever asked why the value of Naira keeps dropping its value, Have you ever imagine if exchange rate of naira to dollar stands at ₦500 to $1, Did you make research on why use of NAIRA ATM abroad was ban ? (Kindly read reference 4 to know why). All these will help us understand the effect of the Ban of Naira ATM usage outside Nigeria.

It’s no news that some Nigerians in Diaspora are working towards protesting against the ban of Naira ATM abroad, especially those studying. With due respect, it's shameful that some Students who schooled or are schooling outside the country, especially those who offered or are offering business related courses do not understand why the inability to use Naira ATM outside Nigeria will be better off in the long run. Let’s kindly visit Economics as a course before complaining, though I am not an economics expert but I will apply the fair knowledge I have by the grace of God.

Let’s start with a simple analysis, this analysis will focus mainly on those schooling outside Nigeria;

SCENARIO ONE
Schooling Abroad and its effect on Naira. (Nigerians Schooling in Ghana as a case study)
The case study below is used for about 200,000 Nigerians schooling in Ghana, according to statistical fact (Reference 3)
Scenario Effect on Naira & Nigeria economy
1. Average School fees for a student per year ₦400,000_ Naira Out , Nothing In ,
2. Accommodation for about ₦100,000_ Naira Out , Nothing In,
3. Living expense of about ₦300,000 _ Naira Out , Nothing In,
Total expenses incurred by a Foreign trained Nigerian annually _₦800,000 Out, Nothing In.

Cost for 200,000 students per year ₦160,000,000,000 (₦160B)
Total expenses in 4 years ₦640,000,000,000 Out, Nothing In

Note:
Living expenses of 200,000 foreign trained in Ghana alone for a year is about ₦60,000,000,000 (₦60B)

Over 200,000 Nigerian were schooling in Ghana as at 2013.
(Reference 3)
SCENARIO TWO
1. Mr Ade imports phone to sell in Nigeria with about ₦100,000 each.
2. A student who schools in Ghana left this phone to buy the same worth of phone in Ghana.
EFFECT OF SCENARIO TWO
1. ₦100,000 gone out of Nigeria, ₦100,000 worth of Phone Imported (balanced)
2. ₦100,000 worth of phone ignored by student, yet such student took another ₦100,000 out of Nigeria to buy same phone in Ghana without any return to Nigeria. This means Nigeria has lost 100,000 to the Ghana Market despite having such product in Nigeria. Funny enough, if such phone is stolen before such student gets back to Nigeria, it means such student has made Ghana economy ₦100,000 better.

In one semester, an average Nigerian Schooling in Ghana must have spent about 800,000 of Nigerian currency in Ghana. Assuming we have about 200,000 Nigerians schooling in Ghana, it means about ₦160B is spent in Ghana education system within a year without any monetary return for Nigeria. Assuming this 160B is invested in Business , it would have been better because we would get goods in return for such chunk of money going out of the country , bear in mind that there are a lot of Nigerian students scattered around the world, Just imagine how much schooling abroad alone is taking out of Nigerian economy annually, imagine how much money spent on luxurious items , Health and so on in Ghana and other countries, Trillions of Naira. Have you imagined what it would look like if these monies are invested in our educational sector? That by the way.

After schooling abroad, some of the foreign trained do not even think of coming back to create jobs in the country, they rather think of coming back to earn from a white collar job, having used their certificate to bully home trained Nigerian Graduates. Does this really justify the huge amount spent on education outside Nigeria, Though, it’s a fact that knowledge must have been acquired and one can spend as much as possible to acquire knowledge.

As an average Nigerian Schooling outside the country, it’s normal to feel very bad when such news is broken (Ban of Naira ATM abroad). However, it will be a big disgrace to jump up to protest over it without understanding what is being protested about.
The question is simple ,
1. Do we prefer the value of naira to keep falling while we have access to spend naira anyhow outside Nigeria or we reduce the amount of naira going out and maintain a valuable naira.
2. The amount of Nigerians in diaspora are not up to 20% of those in Nigeria, thus , do we suffer those in Nigeria for the happiness of those in Diaspora or those who travel out to flex on vacation.

Imagine you wake up one day to see the exchange rate of naira to dollar standing at 500 Naira to 1 Dollar, Do you think it will be easy for parents to pay fees abroad.

SUGGESTIONS
1. Students schooling or intending to school abroad should rather think of how government can help in providing a means for students to transfer their school fees and money for upkeep. Though, this should be regulated, but not to protest over the Ban of ATM usage Abroad. NANS Excos and other student activist abroad should get to work on how to get alternatives for students to get money abroad. Who knows , students might be allowed to use Naira ATM abroad but lets consider the effect.
2. Most traveling outside Nigeria , especially within African countries should stop the habit of taking naira out to buy what can be bought in Nigeria , eg Phones , Laptop e.t.c
3. This is also the best avenue to challenge the government to work on the educational sector of Nigeria so that Nigerians will stop wasting chunk of money on schooling outside. In Ghana alone, Nigerians spends about 160,000,000,000 on education. The question is ;
a. How many people come to Nigeria to study or spend such money?
b. How many countries appreciate the monies spent by Nigerians in their economy.
Thus, if government won’t allow free usage of Naira ATM for students, then, they should provide alternatives or better our education system by scrapping JAMB and POST JAMB.

RECOMMENDATIONS TO LEARNED COLLEAGUES
Please let's apply what we learnt in school. When we spend more of our currency to import without Export, the value of Naira will keep dropping. So let’s plead to government to rather work on a policy to support fees payment and up keep money for students schooling abroad, also for business men. Also why are we not thinking of business we can do in abroad , afterwards , we send the little money you earn to Nigerian banks.

CONCLUSION
This literally mean , we are giving out without receiving except from petrol which is our major source of income , NB , price of Petrol is also dropping. If you give out without receiving you must reduce in whatever you have. This is one of the reasons why naira is dropping value. Therefore, ban of Naira ATM use outside Nigeria is a good policy. I don’t care who the governor of Central Bank of Nigeria is but I salute him/her for this. At least , this Policy should be maintained till Naira can be equivalent to about ₦100 – $1 dollars. If buhari Claims to take ₦1-$1, Do we think he will just perform Miracles, these are some of the ways to achieve it. Lets think of what to do so that others will come and spend or invest in our economy, However, there should be a way out for those who genuinely need to use the ATM outside Nigeria (Businessmen, students and likes ) Surely Politicians and those who pay visit to other countries Should be totally BANNED from use of Naira ATM abroad, amount taken out of Nigeria should be regulated.

This write up is not in any way to support any political party but for the betterment of Nigeria. Change and betterment will not occur if we won’t pay the price, ABOVE ALL, THIS IS A TEMPORARY MEASURE FOR THE SAKE OF STABILIZING THINGS. It is mainly geared towards those who spend naira on luxurious stuffs abroad.

Thank you for reading, comments to enlighten me are welcomed.

Reference
Referece 1 https://www.thecable.ng/finally-naira-falls-to-dreaded-2501

Reference 2 http://www.cenbank.org/rates/ExchRateByCurrency.asp

Reference 3 http://www.vanguardngr.com/…/nigerian-students-spend-n100b…/

Reference 4 http://thecitizenng.com/…/banks-blame-atm-card-ban-abroad-…/

Refeerence 5 http://ynaija.com/why-we-cant-reverse-ban-on-atm-card-use-…/

U try for the write up and just as U said the government shld provide alternative means for student studying outside the country to survive, finish and come back and stop sending those who are intending to go because this exchange rate issue is applicable to other countries like Malaysia and what the government did was to stop sending their student abroad and make sure that those who have started already finished in time n return. CHANGE is a gradual process as I always said, not wake up and make decisions that will make the citizens suffer. The system abroad is not like Naija where a student can continue studying without paying pending when he or she pays the would fee, is automatic drop out even if the student is in the final semester. So the action taken is not suppose to be sudden. The banks can get info. from schools where the student are studying to enable student to finish.

lyterydim:
Op your analysis towards the ban of naira ATM abroad is nice,but pointless.you are directly maybe indirectly advising parent to patronize our decay educational system,which is no near compare to those abroad, you also mention buying of phone from the country enlarge the economy of the aforesaid country by you,do you know statistics shows that the icp industries abroad see nigeria as a dumping ground for their inferior product? So tell me who will want to use a wash electronics or gadget? Of course their are originals out there but prevention they say is better than cure.the goverment should address our economic growth by preference starting from the importance,for me I think this banning is useless,for christ sake this is like cutting a tree from the branch instead from the root. Tnx my opinion

Don't we have equally good private universities here, if the so called Gov't owned aren't good enough? I bet you some private universities here in Nigeria are far better than those universities there in Ghana and are even more cheaper than their Ghanaian counterpart.

Vikings007:
Nigerians re super quick in condemning intelligent contributions.

The OP made valuable points, can we see Yours? Oga "economist"

Yeah.....He made a contribution but certainly not intelligent.......but u wont notice, 'cos u are not....

What a nonsense write-up! Now I know freedom of speech has its disadvantages! I am sure the writer does not know anything about Fx market. The poorly written English says much about you. How can anyone in his right sense say that dollar to naira rate fell to 195 from 250? The official rate has never crossed 199.5 this year, and it is still the same as at today. The parallel market rate was even as high as 285. As at today, it is still about 265.
Na WA o for all these paid e-slaves!

APC has also taken over Nairaland as they did to sahara reporters and now using it to spread and transmit propaganda. I am now seriously considering deleting my profile here.

Most of the business men and women were all stagnant and made little income this xmass season due to the hardship of the stupid policy.

A policy that makes the middle class and the poor to be extremely poor is bad for any nation no matter how you look at it.

Atmmachine:
Bullshit.
I repeat again, Bullshit.

Banning the use of ATM cards abroad ain't the solution to Naira's problem.
You can't send Western union out from Nigeria to other countries, when Nigerians abroad get low on cash and decides to steal, Una go say them dey bring us bad name.
Another bullshit.
Who are you gonna deceive with that pile of steaming shiit you just wrote.
I have a degree in Marketing.
You're making Nigerians look uneducated.
Have you heard of Pegged Exchange Rate ??
It's a type of Exchange Rate regime where a currency's value is fixed against either the value of another single currency.
In a fixed exchange-rate system, a country’s central bank typically uses an open market mechanism and is committed at all times to buy and/or sell its currency at a fixed price in order to maintain its pegged ratio and, hence, the stable value of its currency in relation to the reference to which it is pegged. The central bank provides the assets and/or the foreign currency or currencies which are needed in order to finance any payments imbalances.
The last large economy to use a fixed exchange rate system was the People's Republic of China which, in July 2005, adopted a slightly more flexible exchange rate system called a managed exchange rate. The European Exchange Rate Mechanism is also used on a temporary basis to establish a final conversion rate against the Euro (€) from the local currencies of countries joining the Eurozone.
Jamaica, United kingdom and the United States of America also used the method.

I wish i can see you face to face so i can seize your degree and send your ass back to primary school

Sorry but you lost it

Atmmachine:
Bullshit.
I repeat again, Bullshit.

Banning the use of ATM cards abroad ain't the solution to Naira's problem.
You can't send Western union out from Nigeria to other countries, when Nigerians abroad get low on cash and decides to steal, Una go say them dey bring us bad name.
Another bullshit.
Who are you gonna deceive with that pile of steaming shiit you just wrote.
I have a degree in Marketing.
You're making Nigerians look uneducated.
Have you heard of Pegged Exchange Rate ??
It's a type of Exchange Rate regime where a currency's value is fixed against either the value of another single currency.
In a fixed exchange-rate system, a country’s central bank typically uses an open market mechanism and is committed at all times to buy and/or sell its currency at a fixed price in order to maintain its pegged ratio and, hence, the stable value of its currency in relation to the reference to which it is pegged. The central bank provides the assets and/or the foreign currency or currencies which are needed in order to finance any payments imbalances.
The last large economy to use a fixed exchange rate system was the People's Republic of China which, in July 2005, adopted a slightly more flexible exchange rate system called a managed exchange rate. The European Exchange Rate Mechanism is also used on a temporary basis to establish a final conversion rate against the Euro (€) from the local currencies of countries joining the Eurozone.
Jamaica, United kingdom and the United States of America also used the method.

I wish i can see you face to face so i can seize your degree and send your ass back to primary school

I agree with you Bros