ETHIX:


Oga u copied some of your lines here online. You don't understand what you wrote here. What the op wrote was very on point. Ur own analysis was just theory in international trade, which explains the type and determinants of exchange rate regime.

However, what is happening in the economy and CBN decision is a practical issue and a solution driven.
We import more and demand for dollars is on the high side. Reducing the demand for dollars will stre

Oga name one could try that is doing what is happening g in Nigeria.and for your Information learn this. The CBN did not in way Ban the use of ATM abroad it was the Banks who said they cannot back the forex payments for their customers. Erskine abroad hence ur ATM will not fetch U forex abroad si.please as ABA so the ban on ATM cards abroad is rather a consiquence or reaction to the FG rubish economic policy.

erico2k2:

Thank U.imagine e comparing ammount spent in Ghana to our problem.I say palm wine bar economics

Economics of unproductive austerity, brown -roof economics, osun-model economics,oluwole economics.
The abokii and the green-horn minister of finance are a match made in heaven. Emefiele better jump out of that boat.
His boss jonathan is no longer there to practice a progressive free economy.

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

Your write up is a simple bullshit. The economic implications of our invisible imports (which is what naira ATM usage abroad for school fees and other sundry expenses is) without correspondence level of export led productions is what the ops has taken time to educate the likes of you about. Chairman, go back to SS1 for elementary economics lessons. You remind me of a guy in my class in the university who had the same way of analysing things but end up with a 3rd class...be guided.

Op you want me to cut my spending but you didn't tell your dulllard to cut his own with his planned buying of BMW cars for 3.5billion. Does Nigeria produce BMW? Why should I have patience when my President dolapo is on a spending spree

You dey mind these economic illiterates and charlatans, I am apolitical but detest with a passion these exchange rate restrictions, Buhari and emefiele is a case of the blind leading the blind,

Hmmmmm...good point and fine analysis

redcliff:
You made really good points which are apt but what you failed to realize is that the CBN powered by the FG is only cutting the branches of the tree rather than cutting the tree from its roots. The question is this, for how long would this plaster and patch service keep on. How long can the FG hold it on. Like it or not, Nigerians would still buy and patronize markets outside Nigeria if what is at home is not comfortable with them. I see no reason why Nigerians would go to Ghana to School. I have not seen any foreigner in a Nigerian school before. except for international schools paying exorbitant fees which most likely are in USD.

Although the policy by the CBN is good in a way and it would greatly affect me too but I see no reason why hands should not be on deck now to repair the parts that are missing. If Nigerian schools are not up to world class standard in every sense of it, then parents would keep on sending their kids abroad and go to Ghana or Cotonou and pay their fees from there. If we keep importing rather than producing and using these items, Nigerians would not mind smuggling the foreign ones which are way better. producers of commodities also need to have a some sort of standard mechanism devoid of corruption and greed and focus on quality and durability. If this is not done, business folks would keep trying to get more standard products outside and the worst part of it would be that the transfer of these monies would be done off the books which would even mean more leakages for the Naira to keep depleting in its value. so in whatever way the CBN is trying to fix this issue would be like fetching water in a basket..

why you get sense like this

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.


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

You see, the bold part rubbish all the epistle you posted here. It shows you don't know anything. Just walk into any firstbank branch, in as much as you have an account with them, and request that you want to send Western Union. All you also need is a valid ID, like your PVC. I have done that several times on behalf of my wife to China.

You see, some of you guys just sit behind your laptop and claim to know things you have little or no knowledge about. And some people will believe all these things you posted. Pathetic!

mbhs139:


You see, the bold part rubbish all the epistle you posted here. It shows you don't know anything. Just walk into any firstbank branch, in as much as you have an account with them, and request that you want to send Western Union. All you also need is a valid ID, like your PVC. I have done that several times on behalf of my wife to China.

You see, some of you guys just sit behind your laptop and claim to know things you have little or no knowledge about. And some people will believe all these things you posted. Pathetic!

Western union and moneygram is no longer working.
When was the last time you tried it lol??

chinedu1nig:
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.

Shebi na person write this one? Well articulated and makes sense.... not the kind of common sense by a senator of the federal republic that I know.

magicminister:


Western union and moneygram is no longer working.
When was the last time you tried it lol??

Early this month, December, and I still asked the First Bank official last week and he responded in the affirmative. I think I also saw someone doing a wester union trasnfer yesterday at a first bank branch.

mbhs139:


Early this month, December, and I still asked the First Bank official last week and he responded in the affirmative.

Which branch please?
I have been tring to send money for close to 2 weeks now and I have been to first, diamond, eco and zenith banks

Op this is totally and arrant bullshit.... So lots of Indians going to UK are fool's Then according to your wack analysis Nigerians shouldn't study abroad,receive no treatment abroad and they shouldn't even recieve treatment abroad...the phone example you used in ur analysis is total rubbish... When u import fones to Nigeria does it favor the exportation or importation of a country?


Op pls ask iya basira to stop mixing gegemu and alombo for you ooo

ojuolu:


Your write up is a simple bullshit. The economic implications of our invisible imports (which is what naira ATM usage abroad for school fees and other sundry expenses is) without correspondence level of export led productions is what the ops has taken time to educate the likes of you about. Chairman, go back to SS1 for elementary economics lessons. You remind me of a guy in my class in the university who had the same way of analysing things but end up with a 3rd class...be guided.

U think you are clever now abi.U just exposed ur ignorance the more.try and travel out for mayB 2 weeks mayB you might see more sense who told you Naira ATM is for school fees and minor sundry expenses. Y do you think we have atm machines the dispense Dollars. Euro and Yen at Heathrow. JFK and Frankforth? Most shops abroad are more con for table with your Atm than cash.Holiday makers use their plastic not cash.can I use my barca us card in Nigeria No cos of our wack exchange get rate what do I do? I wire my no eye to my 1st bank account at higher rate via 3rd party age t and pay the fees.it takes 1 minute.

mbhs139:


You see, the bold part rubbish all the epistle you posted here. It shows you don't know anything. Just walk into any firstbank branch, in as much as you have an account with them, and request that you want to send Western Union. All you also need is a valid ID, like your PVC. I have done that several times on behalf of my wife to China.

You see, some of you guys just sit behind your laptop and claim to know things you have little or no knowledge about. And some people will believe all these things you posted. Pathetic!

Guy it's like u ha e been sleeping 4 the past three days.western Union and mo eye ram platform. Ed closed sInce mon day. I ja e been trying g to send my neice in the US some mo eye cos I'm in 9ja no way.I hope U now see how we all are being strangled

magicminister:


Which branch please?
I have been tring to send money for close to 2 weeks now and I have been to first, diamond, eco and zenith banks

Dnt worry yourself the platform is frozen.it wo t open I'm in PH and have been trying all morning

erico2k2:

Guy it's like u ha e been sleeping 4 the past three days.western Union and mo eye ram platform. Ed closed sInce mon day. I ja e been trying g to send my neice in the US some mo eye cos I'm in 9ja no way.I hope U now see how we all are being strangled

Ok, no worry, I go find out at First Bank, UNILAG Branch. That's where I normally do it. I go let you know

magicminister:
This ariticle made me chuckle.
With respect to the op, I feel he is sincerely ignorant.

1- you are stopping hard working nigerians from accessing their funds abroad.
2- why are our politicians spending billions of dollars on cars alone which are imported. Don't we have innoson? Cant the fund be channeled into building a car plant.
3- estacode, subsidy andnoil import payments are still made in dollars.
4- the activites of nigerians in diaspora actually has little impact on our forex

The real culprit are the political class.
Its a shame most people are for apc or pdp but not for Nigeria.
I am for Nigeria and this policy will set us back by 20nyears.

Incould go further to explan but I dont have the time.

Thank U very much at last a head who has a hat. ASK those thieving politicians to drive made in Nigeria cars no way..everything in their house are imported and they want the citizen to use locals.let them keep following blindly

mbhs139:


Ok, no worry, I go find out at First Bank, UNILAG Branch. That's where I normally do it. I go let you know

Ok we dey wait nah.chey the banks na agents too.they 1st bank do not ha e forex to back any payments abroad I. Forex that is the koko

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 OP wrote what he thinks. Instead of you coming to rain insult on him, it's best you offer a way out with reasonable explanation

erico2k2:

Thank U.imagine e comparing ammount spent in Ghana to our problem.I say palm wine bar economics

Lol. U nogo ever gree. Btw wen u go charge ur fone dey type sometin wey we fit read wella na?

solibayo:


Have you heard of form A sir...ask your bank. Its specifically for paying school fess abroad and isn't banned so far you can provide accompanying documentation for their school

Do students live on school fees?

Vikings007:
Nigerians re super quick in condemning intelligent contributions.

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

to be honest, these will affect a common man negatively. lets just wait & see how the event unfolds from friday. btw, wetin make u deactivate ur account abi u don use am scam ni?

macklef:

Lol. U nogo ever gree. Btw wen u go charge ur fone dey type sometin wey we fit read wella na?

Wetin concern me.I only get 10 more days 4 9ja after that Holiday ova bck to UK so wo nor fit read wetin I type shud go n diee

Demmocrats:
Someone should explain to the OP the meaning of the way forward, he never provided a solution for the problem and never thought about some people that read courses that are not offered in Nigeria so what do you want them to do, wait till our government work on our education system.

He is explaining what the problem was to a lot of people that condemn the government for its stands without really knowing what was the problem and how the government is taking some measures to address.

Besides, those that took the measures had understood the problem and took measures that we are seeing now and are still working on it. And may I also add, those that took those measures knew what they were dealing with and took decisive actions. But their action isn't ending there, they are also working towards more solution!

You just have to relax, support them and let them work.

godoluwa:
to be honest, these will affect a common man negatively. lets just wait & see how the event unfolds from friday. btw, wetin make u deactivate ur account abi u don use am scam ni?

Poor men dey cry already cos car part are scarce already. B4 na to empower person account here and the Atm go pay in USA.no way now.

rottennaija:


He is explaining what the problem was to a lot of people that condemn the government for its stands without really knowing what was the problem and how the government is taking some measures to address.

Besides, those that took the measures had understood the problem and took measures that we are seeing now and are still working on it. And may I also add, those that took those measures knew what they were dealing with and took decisive actions. But their action isn't ending there, they are also working towards more solution!

You just have to relax, support them and let them work.

What policy did the government t take plz tell me.I think you are a bit misinformed. Tell me the policy the govt took that is relivant to our con versatile then I will tell you why the OP has no clue.

Lousymouth:
Nice Write Up.... You seem smarter than our President and his Economic Team put together.... I think the CBN Governor needs to honestly enlighten us on the benefits of this ban....

You talk stupidity. The president and his economic team took the decisions. If he and his team weren't smart, do you think they would have understood the problem and took actions against? And do you think that their measures will stop there?

You think stupidity

erico2k2:

What policy did the government t take plz tell me.I think you are a bit misinformed. Tell me the policy the govt took that is relivant to our con versatile then I will tell you why the OP has no clue.

For naira to increase in value, Nigeria have to export. Exportation comes from production. Do you think it is what can happen in a month or two?

Making mockery of intl trade and economics.. Until u factor in the $€£ cost of the phone and laptop you are using to browse NL then ur argument doesn't make sense.. While you are at it, factor in that Naira is not acceptable form of payment in Intl trade, u must pay in dollar or EU.. Go figure!!

Nonsense..after analysis the whole situation,how do u think this your analysis will help an average Nigeria without tendering a useful solution to the banning of ATM..
This policy invented by the CBN will affect a huge number of Nigerian including myself,FG should find a better way for the masses whose means of livelihood they are trying to demolish by not finding a useless solution to this menace.