To stabilise the Naira exchange allow the use of Nigeria ATM Outside the country like during Goodluck Jonathan's presidency, put a limit on transaction using BVN and stop the loophole of dollar sales by( Market exploiters) individuals in Nigeria | opinion.
Due to what has seemed to be constantly “uncontrollable” fluctuations of the Nigerian Naira exchange rate value in the currency market, suggestions for the CBN continue to surface.
A young man residing overseas, however with a good knowledge on monetary policy, has drawn from his past observation of one of the effective money stabilisation policies adopted by the former president of Nigeria, Goodluck Ebele Jonathan.
The young man on his X handle, who is identified as Deboss, said “we don’t use dollars in Nigeria”, so “why do we allow the sales of dollars in Nigeria by individuals who only come into the market to exploit it”.
“Why can’t CBN allow Nigerians to be using Nigeria ATM cards outside the country. At least they will put a monthly limit on the ATM card,”Deboss said.
“This will bring down the dollar and it will stop people from buying dollars from black market again. They should stop banks selling dollar to people.
“Because I don’t know why someone in Nigeria will go and buy dollars to keep while he or she is in Nigeria. We don’t use dollars in Nigeria.
“The Goodluck government allowed ATM cards used outside the country and the dollar never went high at that time but Buhari came and blocked everything and that’s when the dollar started going higher everyday.”
Initially, another young man who identified as Kay was shortsighted and then countered the idea, saying, “Baba with the limit an average Nigerian will spread cash in different Acct’s travel out and withdraw then bring it back to sell.”
However, to clarify him on the suggested policy, and said using your BVN the government through the agency of the banks can control the transactional limits placed on each bank account.
According to him , all these things are very easy but due to all this our leaders are old and they think they are old.
Deboss statement read, “Accounts have BVN, they can put limits on the BVN, if you like to have many accounts with one BVN the limit will be on the BVN not on the account.
“All these things are very easy but due to all this our leaders are old and they think they are old.
“Every account must have a limit on cash withdrawals and POS payments. Look back at Goodluck government time, when did all this nonsense dollar issue started, it started from the Buhari government.”
This again suggests, according to him, that the issue of dollar value increase against the Naira has been as a result of President Muhammadu Buhari’s “poor macroeconomic monetary policy”.
He also noted that this had led to the blocking of the use of Nigeria ATM outside Nigeria and the open door freewill of local sales of dollars by exploiters rather than the banks regulated by the CBN.
“Life was very easy for Nigerians before Buhari came to power they blocked everything for Nigerians but it’s only Buhari friends and family members who have access to dollars with CBN rate.
“CBN rate. Let CBN allow the naira atm card to work outside the country as it was on Goodluck government time and the dollar will come down immediately,“ the young Nigerian added.
Summary of the opinion
To stabilise the Naira exchange rate allow the use of Nigeria ATM Outside the country like during Goodluck Jonathan’s presidency, a Nigerian draws from the former president’s monetary stabilisation policy that works— put a limit on transactions using BVN, and stop the entire loophole of dollar sales in Nigeria
Note: All quoted information here represents the opinion of a concerned citizen of Nigeria whose idea, however apart from being versed in monetary policy formulation knowledge, may be a good solution to the problems of “illegal dollar sales and constant USD/NAIRA price fluctuations” bedevilling the country’s economy. Every Nigerian has a duty to move the country forward for the greater good of all citizens.
