imbless:
To be frank , I was too lady to read the whole article.
Fp things.

You better man up and read.

Too lady ke.

It is only confusing for racketeers.

Pay for goods and services rendered in Nigeria, in Naira -- 'chikena'!

Great article. I was just discussing the implication of this with my director yesterday. We have a lot of USD payments (rent etc) and we also receive the bulk of our income in USD. We are really unsure at this point on how to proceed. However most of our vendors will flatly refuse NGN payment or ask us to use an exorbitant rate for the exchange.

CBN had better come out and clarify this. I understand they are trying to protect the naira but they should be clear and enforce this also after providing clarity.

Azubike.

In Summary, pls can sum1 point out what they r trying say.

redcliff:
This is going to be a very very and I repeat very bad policy for Nigerians living abroad who have alot of naira investments in their banks and use their ATMs outside the country. e.g The implication of this policy as a Nigeria car seller living abroad simply means that, when i want to go get a car of any kind for a Nigerian client with my debit card, lets say to the tune of $5k (which was the former POS transaction limit before now) I have to make more than 15 atm withdrawals per day which would take about 15 days to accumulate $5k for a car worth that amount. now consider the charge of N1k4 transaction fees all the time you do that. The most silly and useless policy since the advent of modern banking

Tell them to go buy innocent motor abeg enough of that bragging. Because you want buy foreign car the rest of us should go and become beggars naira is the only pride we have we have to protect it. The day US or UK start using naira to pay for their goods the we shall loose our laws too.

The banks have now sponsoring Newspaper article to put pressure on CBN to liberalize the Forex market so that the monumental fraud and round-tripping can continue. Thats economic Sabotage and shame on all those who are behind this.

redcliff:
This is going to be a very very and I repeat very bad policy for Nigerians living abroad who have alot of naira investments in their banks and use their ATMs outside the country. e.g The implication of this policy as a Nigeria car seller living abroad simply means that, when i want to go get a car of any kind for a Nigerian client with my debit card, lets say to the tune of $5k (which was the former POS transaction limit before now) I have to make more than 15 atm withdrawals per day which would take about 15 days to accumulate $5k for a car worth that amount. now consider the charge of N1k4 transaction fees all the time you do that. The most silly and useless policy since the advent of modern banking

If that will help boost the value of the Naira, fine (the only issue is, with 9ja, you never know).

Simply tell your clients to pay dollars, into your dollar account in 9ja, or transfer to your account overseas.

There are some other 'short cuts' around it . . . can't say them here.

989900:


If that will help boost the value of the Naira, fine (the only issue is, with 9ja, you never know).

Simply tell your clients to pay dollars, into your dollar account in 9ja, or transfer to your account overseas.

There are some other 'short cuts' around it . . . can't say them here.

I wonder how reducing the daily/yearly spending limit would boos the Naira value. I still think it is the same thing as also sending the money via a dollar account which is still worse.

slimfit1:



Tell them to go buy innocent motor abeg enough of that bragging. Because you want buy foreign car the rest of us should go and become beggars naira is the only pride we have we have to protect it. The day US or UK start using naira to pay for their goods the we shall loose our laws too.

Erm, i would like you to take a minute, no 5 minutes to look at what you have written. After doing that replay these words in your head and as you are replaying them, hear and comprehend yourself again and see your folly.

I foresee a negative effect of this policy for Nigeria

redcliff:


I wonder how reducing the daily/yearly spending limit would boos the Naira value. I still think it is the same thing as also sending the money via a dollar account which is still worse.

Well, their argument is, it will curtail the demand for dollars (and honestly, some are doing currency racketeering, 'cause of the huge margin between the official rate, and parallel market rate . . . which IMO, there are other smart ways to curtail), but there are just too many loop holes around the idea of limiting withdrawal limits -- now they've just buttered the bread of foreign banks ATMs.

Importing refined petroleum products, currency racketeering, and looting by politicians and their cronies, account for more than 75% of the Naira woes, but honest business men have to pay for it.



OTOH, I totally agree with no payment for goods and services rendered in Nigeria, by Nigerian companies.

kennygee:
Stupidity.

Leaving your currency for another country's currency.

Some expatriates are paid in Dollars, why can't they be paid in our currency then they can convert it when they get to their country?

thats wen u get 2 know dat d world revolves n is being ruled by the americans,dats d unacceptable truth in forex

989900:


Well, their argument is, it will curtail the demand for dollars (and honestly, some are doing currency racketeering, 'cause of the huge margin between the official rate, and parallel market rate . . . which IMO, there are other smart ways to curtail), but there are just too many loop holes around the idea of limiting withdrawal limits -- now they've just buttered the bread of foreign banks ATMs.

Importing refined petroleum products, currency racketeering, and looting by politicians and their cronies, account for more than 75% of the Naira woes, but honest business men have to pay for it.



OTOH, I totally agree with no payment for goods and services rendered in Nigeria, by Nigerian companies.

Dollar payments for Good and services rendered in Nigeria is what I am totally against and this is what this thread is talking about which I am in total support of. however, my comment was on a similar policy for use of Nigerian cards outside Nigeria's shores. 50k per year? Thats just the most annoying policy ever!

the central bank of Nigeria (CBN) has become a shadow of itself since the last day of charles soludo as its governor.

Sanusi was more decisive and opened ontellectually

redcliff:
This is going to be a very very and I repeat very bad policy for Nigerians living abroad who have alot of naira investments in their banks and use their ATMs outside the country. e.g The implication of this policy as a Nigeria car seller living abroad simply means that, when i want to go get a car of any kind for a Nigerian client with my debit card, lets say to the tune of $5k (which was the former POS transaction limit before now) I have to make more than 15 atm withdrawals per day which would take about 15 days to accumulate $5k for a car worth that amount. now consider the charge of N1k4 transaction fees all the time you do that. The most silly and useless policy since the advent of modern banking

*this comment is in connection with the spending limit on ATM for people who are outside Nigeria at the moment and does not necessarily have anything to do with the one attached with this post*

You are looking at it from just one side. For the banks to ensure that you can use your card outside Nigeria and pay in dollars, they have to source for the dollars from CBN which puts pressure on the exchange rate. This could have a negative effect on the exchange rate which defeats their aim.

redcliff:


Erm, i would like you to take a minute, no 5 minutes to look at what you have written. After doing that replay these words in your head and as you are replaying them, hear and comprehend yourself again and see your folly.

I no it didn't make sense but let develop our naira sha

appointment of Emefiele is one of those blunders of Jonathan. Advanced countries appoint sound economists to manage their central bank

CBN don dey debit cash via ATM? Coz i wan withdraw money..