Really Dude? You just had to say this…Were you sleep typing or what, WTF?
I can clearly remember few years back in 2013, I used Gtb Naira Mastercard atleast in 2 african countries without any issue, I get money transferred to my account from Nig and can access it anywhere. I was so happy…I never needed Western Union Money transfer.
@lordbanks @SkweiRd @stranger Does it look like your president is joking when he says stuff or rolls out policies?
My response is a reflection of the new approach to cross-border spending.
We need to cut off capital flight by making sure than even If you steal the money, you cant spend it.
Why would someone jump a flight and decide to go spend his Nigerian money in another country.
Why send your kids to school in Kenya, Ghana, etc? Aren’t there schools in Nigeria?
And why do you you want to go for vacation in Gambia with our national forex? Why should you be on vacation when we have kids unable to feed in Adamawa’s IDP camps.
Okay, If your needs for forex are legit, go through form M.
Ask any of the APC guys in the house, I am sure they will throw more light on this new policy framework.
Jumping into the argument like…
Jesus… No way 
@uduak it’s not capital flight to spend money from your account in another country. A little more research please.
You might as well call shopping on Amazon et al same.
But are we here to regurgitate insane policies or question them? As a matter of fact, we don’t have schools in Nigeria. Okay, that may be too absolute. And if you have to travel anywhere for whatever reason, why do you have to go through an elaborate process to tell the government how you intend spending your money?
I am really disappointed that you could ask these questions.
So the only reason you travel out of your country is education?
What of business trips?
And to whose business if I choose to send my kids oversees for better education?
@stranger I referred you to the party because that is not my party.
I am a PDP guy. So I don’t agree with all of these and I will never agree.
Actually, I rather have the treasury looted by politicians and still have the ability to give my children the best education in the world in any country of my choice, than be in this situation right now in Nigeria.
So I am only highlighting the new policy approach which left me stranded in Johannesburg with ZAR200 some months back because I also didn’t know about the limits.
I was out there and Zenith told me I had already exceeded my limits and that Corporate Naira cards can no more be used internationally.
When I got back to Nigerian, the only insane thing to do was to convert all available cash to dollars and like other start-ups with little patience for form M, I took to the streets and have done my 1/2cent contribution to this 270rate. LOL!
Like I said earlier, we have to live with this for the next 3-7yrs so we better get used to it.
Godmode, Nigeria is not broke but the government is. In your analysis of GROSS oil revenue you failed to realize that Nigeria only gets a slice of that from taxes. It gets roughly 55-60% of gross. So assume around 22 billion net oil revenue with an average price of 50. It imported 55 billion usd worth of goods last year and has another 20 billion usd debt obligations . Thats why there are forex controls.
The problem with forex controls is that they are shutting out foreign investors and diaspora. Nigerians abroad sent home 21 billion usd officially last year. Now I doubt much is coming in beyond basics.
They will have to devalue the Naira and devalue government salaries and Nigerian purchasing power. But there will be a boom in local schools and leisure and food and anything with a Nigerian cost advantage.
and why is the government broke?
Thank you @Uduak! You solved one of the greatest mysteries I’ve always battled with…how Nigeria ended up with the polices we have/handover the years. In other words, how we ended up like this.
But on a very random day, with all the serendipity that life can bring, you’ve provided the answer. People (like you) actually exists that believe in made up economic policies. Policies that are literally a mangled mess of protectionism, socialism and nationalism. Policies that are made up as we go along with the usual efficiency that Nigeria gives to its fiscal and monetary matters. Thank you.
The only questions I have left, is how many (just like you) roam Nigeria? Or let’s consider it deeper…how many people who have the same thought process that you have, are in position of power? Maybe 1 ( just a one man wrecking army…highly unlikely) or a 1,000 (literally a swarm of locust…burning our country down right before our eyes).
But the treasury is already looted? Do children have the best education now? If this wasn’t so tragic, it would be comical.
The government is broke because 75 percent of their revenue comes from oil. They have a huge overhead bill which ate up 80 percent of their revenue in january when oil prices were 60 a barrel. They owe roughly 60 billion usd in debt which they have to service at 10 percent. They subsidize 40 percent of petrol or kerosine or another 4 billion usd. Meanwhile show me what infrastructure they built in the last 15 years. Show me improvements in schools, universities and hospitals.
Next year is the year they will print money and devalue the naira and its about time. After all when people are selling land and property in lagos for more than in New York something is wrong. When rice from thailand is cheaper than ofada rice naira is overpriced. And when even the most illiterate worker thinks they should be paid like they are something special then its time to devalue.
The government is not broke, Nigeria is not broke… If the government is broke why are senators still collecting their huge salaries, allowances e.t.c
Nigeria is a $500bn economy
Have you heard of appropriations? National Assembly get 120 billion straight from the treasury no questions asked. For 469 people and hangers on. Its ridiculous but its that mentality is why Nigera govt is broke. They spend less on fixing roads. Lagos Ibadan collapsing, Kwara Jebba collapsed, Enugu port harcourt collapsed, Enugu Onitsha collapsed. Ore Sagamu collapsed.
Fact is govt cannot meet its obligations and you will see that when bread goes from 60 naira to 150 and when government workers start getting sacked and when pensioneers dont get paid.
Next time someone tells you Nigeria is broke tell them they don’t know what they are saying
African Countries by GDP
Nigeria ------------------------------------------------- $570bn
South Africa ------------------------------------------ $352bn
Egypt --------------------------------------------------- $291bn
Algeria ------------------------------------------------- $214bn
Angola ------------------------------------------------- $131bn
Morocco ----------------------------------------------- $107bn
Kenya --------------------------------------------------- $65bn
Sudan --------------------------------------------------- $63bn
Ethiopia ------------------------------------------------- $54bn
Tanzania ------------------------------------------------- $49bn
Tunisia --------------------------------------------------- $46bn
I disagree with this.
Here’s the problem, we are still dealing with ideas. Our stats are estimates and might be far from the real figures
You read that wrong. Idea meaning quantified estimates.
as a result of GDP Rebasing. I insist that this is paper economics. Some links for your pleasurable reading:
PWC
Aluko & Oyebode
MFI
Proshare
Bismarck
CNBC
Cheers
those links are nonsense… Nigeria’s problem is corruption and mismanagement…
you’re unbelievable… 
moving on