chiefobdk:



yea in Ur underwhelmed mind. U reduce outflow by restricting people from spending thr money legitimately

fistonati:
I can categorically say Ben Bruce got it all wrong, if he had been an advocate of Goodluck Jonathan's economic policies dt are based and promoted on local contents he wouldn't have been against d ban on ATM card abroad. How can we justify using the ATM card on buying several things we can produce and buy here dt will even get our youths engaged and employed. We can't continue to complain of serious unemployment and still gives foreign contents priority over over own. The objective of ATM card is to be use for (basic travel allowance) BTA dor travellers dt need to buy little little things.
100% for PMB on this, am totally in support.

DelGardo:


What's legitimate about earning naira and spending dollars? If you are able to earn in dollars through export of goods or services then you can spend whatever you have earned however you wish. The day you can walk into Barclay's bank and open a Naira account in the UK (or ordinary ghana) is the day that all restrictions will be removed,

Until then the government insists that the longer term interest of the country is best served when scarce dollars (not your non-convertible Naira loaded in an ATM card) are reserved for productive areas of the economy not the consuming units.

You guys will likely be the first to scream obscenities at Buhari if our reserves run out under this administration - if mindless spending is encouraged.

In the meantime the senator should get educated and stop mixing things up. These restrictions have little or nothing to do with thieving politicians and more to do with falling oil price and dwindling FX revenue.

DelGardo:


What's legitimate about earning naira and spending dollars? If you are able to earn in dollars through export of goods or services then you can spend whatever you have earned however you wish. The day you can walk into Barclay's bank and open a Naira account in the UK (or ordinary ghana) is the day that all restrictions will be removed,

Until then the government insists that the longer term interest of the country is best served when scarce dollars (not your non-convertible Naira loaded in an ATM card) are reserved for productive areas of the economy not the consuming units.

You guys will likely be the first to scream obscenities at Buhari if our reserves run out under this administration - if mindless spending is encouraged.

In the meantime the senator should get educated and stop mixing things up. These restrictions have little or nothing to do with thieving politicians and more to do with falling oil price and dwindling FX revenue.

DelGardo:


What's legitimate about earning naira and spending dollars? If you are able to earn in dollars through export of goods or services then you can spend whatever you have earned however you wish. The day you can walk into Barclay's bank and open a Naira account in the UK (or ordinary ghana) is the day that all restrictions will be removed,

Until then the government insists that the longer term interest of the country is best served when scarce dollars (not your non-convertible Naira loaded in an ATM card) are reserved for productive areas of the economy not the consuming units.

You guys will likely be the first to scream obscenities at Buhari if our reserves run out under this administration - if mindless spending is encouraged.

In the meantime the senator should get educated and stop mixing things up. These restrictions have little or nothing to do with thieving politicians and more to do with falling oil price and dwindling FX revenue.

O0XYGEN:
Must you bring Ghana in your stupid bokoharam analysis? If Ghana is ordinary then what will you call a useless filthy pathetic good for nothing zoo like nigeria? BTW Ghana is even like heaven to you fools.

chiefobdk:



you typed all dis long note. still u didn't make a point. are u an agricultural science teacher. too long without making sense

chiefobdk:



if the government is sincere let it invest the 36$ billion meant for BMW in Nigeria auto industry.

dis is hypocrisy. you don't let us buy foreign product. but government buy. who is fooling who.


things 're getting worse. Nigerians 're getting poorer.

SLIDEwaxie:
then produce something!

What u guys dnt knw is that banning this tilt moat company to consider restrictions against your country.

EternalTruths:


You stated fact on ground but ignore the real solution


Introduce True Federalism and you will see this problem die down

DelGardo:


Well, you can wear your ignorance like a badge. I can't help you if you also lack comprehension.



Please show us source of your $36b allocation for cars. Mind you, that is over N7trillion (while our entire 2016 budget is only N6.2trillion).

Your type should just stay away from these type of discussions because it may be too technical for your intellectual capacity. Nigerians have been getting poorer since PDP took over, so stop pontificating and start producing for export. The days of mindless spending and yeye importation are gone. Suck it up!

ugojamali:


Are you sure? Remember the problem now is how to boost exports and increase our dollar reserves. With massive corruption in this country, do you think that federalism will not lead to more corruption down to state and local government levels?

Our problem is simply economic. We need to stop importing all the nonsense we import and build up our manufacturing sector. We need to fix the power problem. We need to encourage Dangote and Innoson and Ibeto. And we need to finally make public service what it did be... Simply public service and not an Avenue to appropriate funds for personal use.

fistonati:
I can categorically say Ben Bruce got it all wrong, if he had been an advocate of Goodluck Jonathan's economic policies dt are based and promoted on local contents he wouldn't have been against d ban on ATM card abroad. How can we justify using the ATM card on buying several things we can produce and buy here dt will even get our youths engaged and employed. We can't continue to complain of serious unemployment and still gives foreign contents priority over over own. The objective of ATM card is to be use for (basic travel allowance) BTA dor travellers dt need to buy little little things.
100% for PMB on this, am totally in support.

DelGardo:


What's legitimate about earning naira and spending dollars? If you are able to earn in dollars through export of goods or services then you can spend whatever you have earned however you wish. The day you can walk into Barclay's bank and open a Naira account in the UK (or ordinary ghana) is the day that all restrictions will be removed,

Until then the government insists that the longer term interest of the country is best served when scarce dollars (not your non-convertible Naira loaded in an ATM card) are reserved for productive areas of the economy not the consuming units.

You guys will likely be the first to scream obscenities at Buhari if our reserves run out under this administration - if mindless spending is encouraged.

In the meantime the senator should get educated and stop mixing things up. These restrictions have little or nothing to do with thieving politicians and more to do with falling oil price and dwindling FX revenue.

chiefobdk:




How will the economy grow. when manufacturers dont get forex to import raw materials.

this government is frustrating businesses in the name of fighting corruption..


you won't understand if you are civil servant

2sex:
Sometimes you guys just open your mouth and spill rubbish without thinking.

Have you ever ran a business in your entire life? Are you an entrepreneur?

Oz4realsss:
What do you produce that would guarantee inflow?

Genius100:
Ben Bruce, don't be an Ignoramus. It was the banks that banned the use of ATM cards abroad, not CBN

chiefobdk:





yea in Ur underwhelmed mind. U reduce outflow by restricting people from spending thr money legitimately

EternalTruths:


You stated fact on ground but ignore the real solution


Introduce True Federalism and you will see this problem die down

chiefobdk:




How will the economy grow. when manufacturers dont get forex to import raw materials.

this government is frustrating businesses in the name of fighting corruption..


you won't understand if you are civil servant

jusRadical:





So what depletes foreign reserve is the citizens using atm abroad?

So you see it was not gej the depleted our foreign reserve but the citizens that go overseas.


Is alright.

jpphilips:


It is a two way traffic you either improve on inflow (like you rightly suggested) or you control your outflow, at this stage, it seems the government is controlling outflow which is not bad from all parameters.
While inflow must overtake outflow, remember that our investments in the oil industry is not paying off presently no thanks to the crude price shock, also recall that our exports in the Eurozone (especially agro export) are facing serious sanctions, all these are realistic challenges that has a negative impact on inflow.
It begs the question, where is the Nigerian SWF? (sovereign wealth funds) where are the investment portfolios? Our SWf is supposed to be invested in safe heavens which should be yielding some form of revenue to complement the much needed inflow.
Jonathan may be some people's hero but for realistic minds like us, Jonathan is a disgrace to mankind.

Let us learn to say things the way they are. According to you, Government suddenly stops the usage of naira denominated debit cards for foreign transactions so that trade can be balanced. How does this really guarantee balance of trade? Is it by the capital flight to neighbouring countries like Ghana and Benin for dollars that it will encourage or the possible strangulation of small scale enterprises that need hard currency and are unable to afford it?

How does a stop in debit card usage compensate largely for the fall in foreign earnings or foreign savings most especially when this significantly stops mainly the activities of small scale businesses whose demand for hard currency is in small proportion? I expect you to be more discerning than this.

Which parameters associated with the sudden stop in the use of Naira ATM cards for foreign trade are you talking about? Are they economical or otherwise? I really need you to provide details on your claim.

What is difficult for you to understand that Nigeria did not begin to earn foreign currency from the Government of Jonathan? Why have you not asked Gowon, Shagari, Buhari (1983), IBB, Shonekan, Abdulsalam, Abacha and OBJ what they have done with our foreign earnings during their Governments? Oh, they have all become saints overnight, afterall, your messaiah, Buhari, claimed that Abacha never stole a dime. So much for a "realistic mind" like yours!

chiefobdk:





yea in Ur underwhelmed mind. U reduce outflow by restricting people from spending thr money legitimately

jpphilips:


I am aware that the quality of education in Nigeria is at its ebb, I am also aware that a lot of Nairalanders are comprehension deficient, now compare what i said


"It is a two way traffic you either improve on inflow (like you rightly suggested) or you control your outflow, at this stage, it seems the government is controlling outflow which is not bad from all parameters."


After reading the above you said this


"According to you, Government suddenly stops the usage of naira denominated debit cards for foreign transactions so that trade can be balanced"


How am i supposed to help you when you could not understand just two sentences put together?






This question will only arise when you miss the opening statement, the issue is no longer about your expectations of me but your clear inability to understand what I wrote, you see young man, I can not help you!!






What is the need when you understand nothing?






I can see the direction of your argument, the usual Nairaland bickering of childish proportions bereft of history, logic nor common sense.
I recommend thus;
Take time to study, while at it, you will understand that the post in your quote did not mention "balance of trade", the moment you realize that, then you take some history lessons to understand why sane people don't go beyond OBJ in present economic analysis, by the time you come up to speed, then you may have an opinion worthy of public consumption.

Oz4realsss:

As usual, you have arrived at a number of conclusions without any fact to support them. I am not disappointed at all.
So much about the quality of your education and your level of comprehension! Shall I remind you that the report was on the suspension of ATM cards for foreign transactions? Why try to derail the argument then?
And to even make things worse; when I put a simple question of what you produce to guarantee inflow before you, you decided to blame it on Jonathan like your paymaster would. Is Jonathan the name of the goods and services that earn you foreign exchange?
My response was to reallign your deviation and I ensured I never answered any of your distractions. If you are ready for any brainstorming, it must be within the scope of the report. Any deviation would be matched by a counter deviation.

jpphilips:


There is no argument between us, I only advised you to go and study comprehension to avoid further embarrassments. Have you done that?
Brain storm with someone who can not understand a simple sentence? Yea!! I will pass.

jpphilips:


There is no argument between us, I only advised you to go and study comprehension to avoid further embarrassments. Have you done that?
Brain storm with someone who can not understand a simple sentence? Yea!! I will pass.