Because of Covid-19 lockdown, most business owners who bought from China are forced to transacts their business with their Chinese suppliers using China RMB exchange. Reason is

(1) it's hard to send the US dollars through banks, for instance, I've been on a queue to send only $10,000. To china since 3 months now, with a bank I will not want to mention the name here. Even when they told me I can only send $10,000 every 2 months. that it's CBN policy.

(2)formerly we pays through agent's who has a representative in their china office, but because of no flight connecting china to Lagos now we are restricted to only using RMB.

As at today that I started this thread, Chinese RMB is trading @ #75.5. which very high than dollar. And it has been risen continuously for 2 weeks in a roll without intervention from Government.

For those that don't know how Chinese exchange works, these is how to do the exchange.

Your supplier city and current china to dollar exchange will determine how much you are to pay, reason is because you are buying in dollars, they first check how much is dollars exchange in their city before telling you how much to pay.

Chinese RMB to Dollar is not always stable, it go up and down. Below is the current prices with different rate according to what your supplier we tell you to pay.

It’s crazy man. I thought they said it’s $20k per quarter. What is then the way forward. Can’t Dollars be bought in the black market, then lodged at the domiciliary account in the bank for onward payment to the supplier abroad. At least we heard there is no limit to online transfers from a domiciliary account. What’s your opinion bro

muhamm3d:
It’s crazy man. I thought they said it’s $20k per quarter. What is then the way forward. Can’t Dollars be bought in the black market, then lodged at the domiciliary account in the bank for onward payment to the supplier abroad. At least we heard there is no limit to online transfers from a domiciliary account. What’s your opinion bro

an average business man does not have a (Form M) to open a domiciliary account.

Today 20-11-2020
Rate from 2 agent's

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