Following the order by The Central Bank of Nigeria (CBN) restricting commercial banks from allowing their customers to use their debit and credit cards outside the country, a group of Nigerian students abroad protested this move yesterday
A text message sent by Standard Chartered Bank, among other banks in the country, said the service will stop in Jan. 1. “Dear Client, from January 1, 2016, you will be unable to use your Naira card abroad. This is due to shortage of FX. We regret any inconveniences,” the message by the bank said.
The Director, Monetary Policy of the Central Bank of Nigeria, Mr Moses Tule, said that the nation’s foreign reserves has been heavily depleted due to the fall in the price of oil and as such, it had to place some restrictions on the use of naira debit cards in addition to banning the use of the United States dollar as a substitute for the naira.
Seems like a badly thought out policy. One change.
ReplyDeleteNew year gift from change regime. Until God brings real and lasting change, we will keep on praying and hoping for it. For now let us intensify our prayer and have faith in God. Thanks.
ReplyDeleteSimple! Our FATHER in the HEAVENS.......let Ur KINGDOM COME!
ReplyDeleteJesus taught us that simple PRAYER knowing that it is only his father's government that will bring "CHANGE"
Man will continue to dominate man to his INJURY.
El Matosky!!
ReplyDeleteHehehehehe. Abeg leave el matosky alone o. He didn't say anything wrong this time around lol
DeleteEl Matosky well said
ReplyDeleteNigerian's don't want positive change and we don't do enough research.before u protest or condemn CBN or the FGN understand the way your cards work.and how cards are used to defraud us and frustrate government fiscal and economic policies
ReplyDeletePlease let's do some finds in respect of the following
1.use of cards for round tripping
2.how banks fund their fx position
3.use of form A for allowances and other invincible trade
4.why importers shy away from form M
5.why the large margin between the official and parallel markets
6.why are people mopping up usd at such a High rate
7.if you can't deposit foreign currency in banks where goes all the usd released weekly by the CBN
8 can CBN give out what it does not have
9.most countries allow international students work 20 hrs a week do roll up your sleeves and contribute to the change we need with the state of the economy we need to export more ..we need to up our export proceeds and net receipts even if its from palmwine export.
It may get even worse. By the time sanctions are fully lifted against Iran to pump into the oil market some 5-6 million barrels of crude, then we may be earning less than 20 Dollars per barrel sold, if cheap Russian oil will not take away our traditional customers. Isn't it better to stanch the bleeding than be bled white with the outcome of death?
ReplyDeleteMust it be monetary policy alone? Why not other other economic adjustment policy. Na wa o for this government o. Getting things wrong rather early....
ReplyDelete