The Peoples Democratic Party (PDP) wishes to bring to the notice of President Buhari that the apparent absence of an economic team in the third month of his administration is leading the country into economic quagmire and doldrums. In the past, we had given examples of the devastating effect of lack of an economic team and a clear-cut fiscal policy by this administration as evidenced in the lull and painful decline in the stock market, spiral rate of inflation, the disastrous outing of the government team in bilateral talks during the recent visit to the United States of America and the shambolic state of our economy at present.This confusion has been extended to operations and regulations of the foreign exchange transactions in Nigeria wherein the government is making it impossible for honest Nigerians to engage in free trade and regulate their personal activities as guaranteed by the constitution, and this is clearly an agenda to illegally impose a communist economic regime on Nigerians.
In a desperate attempt to create a semblance of movement out of the clearly motionless and stoic state of affairs of this government, they have reeled out bans and complete clampdown on free trade. One begins to wonder therefore whether we are not heading back to the era of import duty licenses and regulation of commodity prices. The most disturbing aspect of this communist economic agenda is the illegal and unlawful attempt to repeal the provisions of the Foreign Exchange Monitoring And Miscellaneous Provisions Act, otherwise known as Decree No 17 of 1995 and replace it with unilateral imposition of new regulations.
This Act remains the subsisting law regulating the operations of domiciliary accounts in Nigeria and by its provisions therefore, Nigerians are empowered to freely open and operate domiciliary accounts. As such, any enactment and or regulation inconsistent with the provisions of this Act are deemed void. Thus, the recent foreign exchange transaction restrictions by this government are illegal, unlawful and void. Besides the provisions of the law, the PDP declares this administration’s archaic communist economic agenda as unworkable and unsustainable.
Finally, we wish to remind Mr. President that this is 2015 and not 1984; we remind him that trade and import restrictions are archaic and outdated; and we remind him that we are practicing a proper democracy and not the dictatorship of the politburo under a communist regime.
Signed; Chief Olisa Metuh
National Publicity Secretary
90 comments:
Seen
Enof of PDP drama abeg
Mr Olisa, pls face ur probe wt EFCC n settle d crisis in ur part
Mr Olisa, pls face ur probe wt EFCC n settle d crisis in ur party
Dang it! Enough of these PDP, APC feud!
The war of words continue....
Hmmmmmm. We should b patience wit our President and let see where he is actually heading to by d head of d day. I hope all dis b patience wil b worth it by d end of d day.
Won ti bere Ooo. Can PDP please leave this man alone?!
Jesus is Lord.
Olisa Metuh the Chief wailer. Allow dis man be biko. Una don finish una own, so go take several back seats. Linda take note!
Guess I dnt understand english*confused*
Olisa Metuh the Chief wailer. Allow dis man be biko. Una don finish una own, so go take several back seats. Linda take note!
Olisa Metuh the Chief wailer. Allow dis man be biko. Una don finish una own, so go take several back seats. Linda take note!
Pdp go and sleep jare.
Why didn't you advice yourself when you were in power.
heehe gan gan lol
We are really in a big mess. Trade restrictions and archaic means/regulations has never been the solution to any problem. Buhari please wake up.
APC attacked Mr GEJ administration when he was on seat guess PDP are paying dem back too....
Olisah, pls go and sleep, it's APC tym, u guys will now understand what it means to be in d opposition.
Plenty story
*yimu.
*yimu.
This is truly the type of opposition we need in Nigeria, a constructive criticism . Thank you Chief Olisa
Olisa Metuh, go and hug transformer along your street so that it'll cool the heat in your body ok? it'll stop the heat its very good fool idiot Olisa Metuh....
Olisa Metuh, go and hug transformer along your street so that it'll cool the heat in your body ok? it'll stop the heat its very good it'll surely stop the heat.
Okay... noted
Chanji!
Olisah Metuh and his cohorts should go and sit somewhere. Because PMB has put stern regulations to control the abuse of the forex window which was only favouring him and other PDP sympathizers, he's now crying wolf. What benefit did the forex window do to Nigerian economy under GEJ other than to enrich the cabals. I'm sure Metuh is now crying because dollar is no longer available to him to galanvant with or maybe he's doing so on behalf of his cohorts. Yeye dey smell
Y should he go and hug a transformer, if you were leaving in this new worl u would not say dat, due to this silly ban one can not buy dollar and pay into one's dom acct, which is so stupid, ppl have school fees to pay abroad and they can't pay it due to this ban, I got an email from gtbank saying one can not pay dollar into their account till they find alternative means, so the world should stand still and we should suffer because of their lack of innovation....If you impose an act pls Mr.president always find a substitute don't just say no juice anymore, give me ribenna at least, haba! businesses should rot in d name of new governement, okwa?!
.........Ndi PDP, make una relax naaa
#Dankwata
God bless you sir....
*End* not head...
But people like you will wail over the climbing exchange rates. Wetin Nigerians really want sef? Or didn't Metuh hear this was temporary? When your tap floods your house, you turn it off to clean up the water on the floor before opening it again. It's common sense. There's too much USD in the market and it's causing our Naira value to drop.
Presidential Baba, ride on abeg..... Just limit the travelling a bit. so you can really work here.
I sadly want a reform in the construction of children. Nature's only idea seems to be to make them machines for the production of incessant noise.
Won tun ti bere ooo won tun ti bere ooo won tun ti bere ooooo it s FiDiPi dey v started again they shuld leave dis Government alone biko nu cos we Nigerian r of FiDiPi
Illitrate are the ones insulting Metu! Continue in your slavery! Dirty asses!
all this same people that r always attacking de truth. i know u guys r paid to reply and encourage PMB but very soon eye go clear una cus na still una be de media people were make apc win.....i de see una well well...but una go soon see road cus u guys r blind for now....
Is that the only gbagaun you caught up there?
Facts. ppl need forex to trade and goddy E on orders from the mallam are hoarding it. job u wont give..let ppl trade you are limiting them. are u bastards??
Block head, that's what being in the opposition is all about
Ariwo enu ni Olisa Metuh npa, abeg let dis man do his govt d way he suits him. Atleast ur bos don do am 4 6yrs without any benefit... Mtchewww.
Lmao!!
See stupid comments. Illiterates that don't know that the lateste policy is stiffling the economy. Before we know it the economy might grind to a halt and foriegn investors will run out of the country as if the hounds of hell are after them.
please can u intelligently explain to us how the "Forex window" favoured only the PDP?
God bless you for this comment
pdp is a useless party..they were in control for 16 years y didn't they advise themselves..all of them wud b dealt with by buhari saraki too will soon know his,fate..they can't b an oppositon party bcos dey were Der n did nothing metul is,irrelevant same as his,party..pdp shud look at elections 2023 nt 2019
Dumb skull.it will help the naira.in 4 days the naira gained 40 naira in the parallel market
Let Olisa Metuh be, he is doing his job.
Good thing about PDP criticism is that they do not abuse but rather they let you know your fault.
They are not propogandas..
Flakkie and Adetomiwa, I luv your comments
Buhari's ideas are obsolete and should not be used if Nigeria want to move forward. Instead of appointing intelligent ministers that will handle national affairs,that dull old man is trying to run a cow government. It's indeed a pity, exchange rate is geting worse by the day because of the clueless old travelling COW we have as a president. Buhari and APC members are busy looting,yet they keep on disturbing public peace with PDP's loot when they are the same.
Lmao...real gbagaun...forreal though, I have to take pdp's side on this one...if you genuinely operate a dorm acct, or live abroad and business with a dorm accct, you would understand how this truly affects us..i got series of emails from my bank regarding regulations of all this shenanigans.hey...it's affecting my business..1st of all, it was a limit to how much you can spend abroad, then 300 dollars max you can withdraw in a day abroad, then several other stupid stuffs now this ? The heck the president ain't got no finance minister for ?
PDP peeps have finished spending their allocated $50k for 2015 lol
And you the chief akpa njo... Make I hear word for u.
The crowd here in LIB is lacking in intellectual depth. When someone (usually the first person) writes a negative opinion about the PDP, a bandwagon of uninformed persons especially mallams and lazy Yorubas will join in to rehash the same shameless abuses on Olisa Metuh without addressing the issues raised. That is why it is not good to only go to school but allow the school to pass through you. I will be surprised if any university graduate worth his certificate will join a bandwagon led by a bricklayer who happens to have a smart phone to lead discussions on LIB.
It is crunch time now. Elections are over and this is the time to ask questions. For instance, is it proper for economic policies affecting the lives of millions of Nigerians to be decided on a dinner table by one man and his faceless economic advisers? PMB is not the embodiment of all knowledge. He is an old man, who by his own admission has memory problems and so prone to making errors of judgement. His policies so far are harming the economy. The policies belong to the ancient past when there was no globalisation. There are thousands of Nigerians earning legitimate income from online business. The exchange rate is spiralling out of control and affecting them. Inflation is taking its toll leading to capital flight as witnessed in the stock market. THESE ARE FACTS. It is the reality. These issues are beyond politics. So I give kudos to Olisa Metuh for the constructive criticisms so far. We need this type of opposition to keep the government in check and force them to reconsider inimical policies. We should resist every attempt to send us back to 1983-84.
Olisa Metuh, keep it up. Don't be distracted by anybody.
Why is it that most pple comment on issues they know nothing about,some don't even know what a domiciliary account is talk less of how the forex mkt operates & d laws governing it. Pls govt.should respect laws & not to arbitrary impose regulations that will stifle d economy. This is democracy not military rule
Thanks for a thought while post
No one will attach any seriousness to statement issued by Olisa until he explains how he and NWC shared 11 billion in 3 months. 1 billion , 450 million rls by Gej to him for campaign, 70 million he withdraw in July to abuse apc etc. Olisa metu , come clean
No one will attach any seriousness to statement issued by Olisa until he explains how he and NWC shared 11 billion in 3 months. 1 billion , 450 million rls by Gej to him for campaign, 70 million he withdraw in July to abuse apc etc. Olisa metu , come clean
Story story
No one will attach any seriousness to statement issued by Olisa until he explains how he and NWC shared 11 billion in 3 months. 1 billion , 450 million rls by Gej to him for campaign, 70 million he withdraw in July to abuse apc etc. Olisa metu , come clean
Whatever
Pdp should shut up please. Is it not the same CBN governor that Jonathan put there that is doing this? Meanwhile what is wrong? The average man on the street did not benefit from the forex so Mentuh and his cohorts which it affects should shut up their stinking mouths
Pdp should shut up please. Is it not the same CBN governor that Jonathan put there that is doing this? Meanwhile what is wrong? The average man on the street did not benefit from the forex so Mentuh and his cohorts which it affects should shut up their stinking mouths
There is a Form A for payment of invisible goods. Get the form from your bank and use it in paying such directly by use of your Naira account. The Ban is temporary. It will reduce banks profit and that is why they are making this noise.
It is so sad that PDP chose to play on sentiments rather than make a logical argument to this policy directive. A counter argument based on economic policy and economics would have made them appear more credible anf highlighted the fault in their thinking.
I am not an economist but what the CBN has directed makes perfect common sense. If banks reject the dollar that means people would no longer need to buy dollars and create artificial scarcity means that the black market price of dollar will go down.
And for those who claim they want to use it to pay children school fees or do business transaction, what happened to online banking or transfers? and use of ATM while abroad? it is only illegitimate business people that will object to this.
Obviously this policy has worked because the dollar has tumbled from 245 to 220 as at friday. PDP shame!
Pdp thief's complaning
Reading some comments makes me cry...
Do you people actually read this posts? This is not about PDP or APC, this about Nigerians... This is about making the right decision and not some old cow imposing some archaic laws that will affect Nigeria and Nigerians
I don't know why some people reason so foolishly, how can someone ban forex trade in a country where people make little money to survive, and you still bit your chest to say its the best decision? Who ever is surporting buharri is a fool. Forex is what puts smile on the faces of many Nigerian if you don't know!
Please don't shoot the messenger. There is a valid point to his message. A lot of people just come onto blogs and post idiotic responses to posts without fully understanding what is being discussed. How do law abiding citizens of Nigeria trade freely in the free market now? Is what PMB has done legal?? We should learn to question everything intelligently without being partisan. Yes, we ought to be patient as Nigerians to see what direction this new administration is taking us, but must they kill the economy completely in order to put things right??? All these archaic unilateral policies are ruining us please! Appoint your economic advisers quickly and stop treating Nigerians with disdain. We really don't give a toss which party is in power, at the end of the day what we want as a people is decent country to live in where, inflation is low, cost of funds is reasonable and the exchange rate is low too. Is that to hard to ask??? Abeg, pity the Nigerian people. The last Government was voted out because we want a better life. What we I getting right now is unnecessarily prolonged agony!!!!
This country is full of ppl that should be tied to the stake and shot at the bar beach. Imagine Olisa Metuh saying the economy is in shambles.....an economy his idiot boss and his cohorts inclusive of him (Metuh) drove in into the gutters! Its either these PDP folks smoke something stronger than cannabis or they are just plain insane and medically stupid!
THIS TIME AROUND PDP IS RIGHT. The new CBN strict policy on foreign exchange will hit hard on the Nigerian Economy. This hampers free trades. Despite having a good intention, it should not come like this. It will affect many business in Nigeria, some will close down and unemployment will increase. I don't have time to explain in details but such implementation should be gradual
Human Being No Be God
You guys should discuss issues instead of abusing each other. Should domicile are accounts be regulated-yes or no. This is the issue here. Let's discuss the pros and cons like adults. The abuse is excessive and unnecessary
Royal PHD.. yet u have nothing to offer r Ook?
Chief Olisah Metuh, you just showed how ignorant you are about economic policies.with the Foreign currency policy the dollar will continue to loose value while the Naira increases in value. So don't write press releases when you don't know what you are talking about. Sir, I used to admire you but now you sound like a noise maker.Even if we didn't vote Buhari we should at least acknowledge some good decisions he is making.
Chief Olisah Metuh, you just showed how ignorant you are about economic policies.with the Foreign currency policy the dollar will continue to loose value while the Naira increases in value. So don't write press releases when you don't know what you are talking about. Sir, I used to admire you but now you sound like a noise maker.Even if we didn't vote Buhari we should at least acknowledge some good decisions he is making.
We should be asking, what exactly was PDP's "clear cut policy direction" again? Metuh or is it Menu should just shut up joor!
CAN PDP JUST SHUT THE FUCK UP AND ALLOW BUHARI WORK
PDP your time has past. You are not to dictate to Buhari on how to run his government. You had a chance to run your own and you messed up. Buhari did not dictate to you on how to run your government. So shut up and let him be. Foolish losers!
This PDP winding and grinding is becoming irritating. I dont even read their nonsense anymore. I just skip it
Linda, pls advise some of your readers on this blog to go back to school so that they will understand what is happening and the principle of governance, is seems like the whole bunch of them are illiterate that prefers to abuse or make stupid comment which shows how they don't even understand the point of the writer.i believe they are still dependent parasite, so therefore they have no feelings on the economy. that's why they are rather a party psychopath than a patriotic Nigerian that is suppose to comment objectively, PDP is an opposition party and they are only doing their jobs, their criticism on this subject matter is perfect, only an imbecile will abuse it or make stupid comments. linda pls publsh this comment maybe people like OGUNDIRAN OYINDAMOLA , Edem Christabel, Celine Oma, AQO, Juliet Iwuno, igwe Adaobi, suz and Emmanuel Aghahowa will learn that they are not funny but sound stupid most times.
Ole Metu, would you shut you mouth?
The ripple effect continues because, if you are not paying attention, simply look at your spending pattern in the last couple of months. I was chatting with an employee who told me that for the past one year, the family has been unable to afford to buy meat so they resorted to fish (and not the expensive one). Now she says they cannot even find fish to buy talk less of been able to afford whatever they find. I noticed this myself when I bought one piece (not a whole) of croaker fish for 600 naira and a medium basket of tomatoes now sells for over 35,000 naira!
Think about the thousands of legitimate transactions that occur on a daily basis requiring forex payment only for everything to be put to a halt without notice in a single day. Business cannot pay for needed materials to function. No products manufactured and thus no sales (while business is also incurring debt). No sales means no money to pay salary. No salary means workers are unable to sustain themselves and their families. No money to buy anything means local sellers loose customers and have no income, and on it goes.
You may not like the messenger in this article, but I urge you to look at the message critically. Which country in their right mind makes such an arbitrary financial dictate without any logical explanation?
Another example, have you ever asked yourself or any banker for that matter of what use is the BVN? Various punitive measures (money making for the banks) were put in place to frog march us towards a so-called cashless economy ( I cannot begin to describe the number of times I have been embarrassed by a POS nor can I explain why a Diamond Bank POS will not accept a Zenith bank card because of some unknown ongoing feud between these 2 banks. In essence, I make sure I carry both cash and card. And of course just like with cell phones, business better make sure they have more than one POS machine!.
When I ask bankers of what purpose is the BVN, they say its to enhance safety so that when I come into a bank for a transaction, my finger print will ensure that I am the one. Which is of course asinine (stupid and idiotic to say the least) because one of the goals of a more cashless economy is to reduce the agonizing trips to the banks! I have never heard of this sort of finger printing in relation to bank accounts done in any part of the world! If indeed our banks are evolving and I can complete most if not all my transactions online, what exactly is the finger print needed for?
What is needed here is a hard look at the facts and a non-biased opinion whether for or against of this policy.
Citizen X.. you are too correct, you have said it all..leave the other stupid ppl commenting rubbish
I think what is disheartening, apart from the fact that such government policies may create more problems for our economy, is the knowledge gap amidst the youth, the so called leaders of tomorrow. it is pathetic and sad. due to the brain drain educational system which most of us have come through, we barely know anything about our economy, much less understand it. The lesson I am taking from all this, is that those of us that know and understand must come together and try our best to make things right. we cannot blame those that do not know. Their ignorance is their saving grace. But for those who have an inclining for knowledge (citizen x and etc) the burden of using this knowledge to set things straight should not be ignored. words wont save us. only decisive enforced action will. May God help us. #speedupafrica @speedupafrica
And you went out there as VCB to hype your stupid self. You thieves are the only ones having issues with this policy.
Did the bvn thingy start with Buhari? You fool! Do your transactions online!!! Must you do cash transactions? Thieves.
Omo you dull sha.
Olisa Metu, have you forgotten that you were one of the core members of PDP(people destroy people) who have ruined the economy of this nation Nigeria,I remembered vividly that you and madam Iweala told the current CBN Gov to devalue our currency so that you and your co-evil doers coud still enough money and for the proper rigging of the 2015 general election. But God is bigger than all of you. Olisa Meta, you will always love to regret any action or comments made against Buhari. Leave the innocent man our honest President alone. And you must vommit all what you have stealing.
Please explain how the dollar will fall while naira increases in value when it's just been devalued with a possibility that it will fall further to get to its right value?
How does the new policy help the exchange rate? What you people fail to understand is that the policy is only helping black market thrive. All those that bought dollars before elections are now selling at exorbitant rates because you can't get them from banks. For example, the bank can't give you more than 5k dollars for school fees per term. Please which University outside the country has fees that low? Parents still go to black market to source for dollars to pay their children 'so fees. They still give fuel importers millions of dollars to import and then make you and I resort to black market but like everything in Nigeria, people will shoot the messenger instead of analyzing the facts presented.
Real illustrates. Believing whatever they are fed without questions on how it will be achieved. Are they aware that companies got exemptions to continue charging dollars in Nigeria? That is the reason politicians will promise them heaven on earth and they never ask them how they will achieve it. No to come to blogs and wait for giveaway after giving away their mandate like zombie.
The official rate for dollar still remains 198 though it fluctuates down a bit some days. Black market rates are Not the rates used. It's the scarcity imposed by the policies that made it shoot up to 250. Demand and supply.
This just shows how much you people know and you'll be posting rubbish with confidence and even cursing the guy when you have no clue. Please spend some of your data reading and developing yourself.
Oh my!Citizen X just madey day! the paranoia he exhibits is the stuff that movie storylines are made of...people talking about FX txns sustaining the economy make me want to cry,but Alas!all hope isnt lost!People should try to understand articles and the messages behind them before hastening to write irrelevant comments clearly biased along party lines
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