Have we ever imagine the amount of foreign currency in circulation between the last quarter of last year till this very moment?

These inflow have put a lot of pressure on our Naira and no wonder our Naira keep falling to the dollar on a daily basis. Because of election, politicians continue to stock raw dollars at different places due to political uncertainties and what becomes of the country after election as no one was sure of what will happen.

Naira fall to its highest value of N245 to a dollar and I keep wondering what will happen if drastic measures is not taken to curb this menace and save our Naira from deliberate attempt from some minority people to useless our dear currency.

Now that banks are not accepting foreign currency deposit, what does this implies? This means that for every dollar out there that are in circulation, they are valueless as there is nowhere to take it to. Banks are not accepting neither do BDC will want to buy these currency.
According to the banks, they are still accepting foreign currency deposit only if it is through wire transfer and can also remit foreign currency to third party through electronic transfer. The bank can also sell foreign currency to its customers.

This means that any business minded person or entrepreneur that want to do foreign transaction (export) can do wire transfer for payment of goods and services and can also receive proceeds from export into their domiciliary account through electronic transfer.
This makes a lot of sense as it will put pressure away from our Naira and will allow our currency to appreciate at the parallel market as even bureau the change and individual that has been hoarding the dollars will be looking for ways to push them out as it is more or less like a paper right now except if CBN shift a bit from this policy.


Politicians don suffer [color=#000099][/color]

You have a point i seriously want our naira to appreciate, because this is getting worst, but hope every gray area has been covered esp funding domicillary account.

Sumhw agree wt u

you are totally wrong in your accertion?

baralatie:
you are totally wrong in your accertion?

I guess you can educate us more bro.............

Fairly right..but let me point out the aberrations:

1. With the limit on atm cash withdrawals when abroad, Nigerians require cash dollars for travelling abroad. Both for tourism and some Asian business trip purchases.

2. Many traders and business men from neighboring west African countries are trooping in to buy our physical dollars for use in their economy.

In our economy lacking in serious policy enforcement and monitoring, hardly can we find rational thinking working as simulated

Pls what happens when a biss man exhaust the money in his dom acct how is he going to fund it.

sholatech:
Fairly right..but let me point out the aberrations:

1. With the limit on atm cash withdrawals when abroad, Nigerians require cash dollars for travelling abroad. Both for tourism and some Asian business trip purchases.

2. Many traders and business men from neighboring west African countries are trooping in to buy our physical dollars for use in their economy.

In our economy lacking in serious policy enforcement and monitoring, hardly can we find rational thinking working as simulated

Do you know that you can have access to $5,000 maximum as business/personal travel allowance at inter bank rate when travelling abroad for tourism, visiting and all other stuff? that window is still open and banks are still selling foreign currency through this medium. Couple with the fact that you will still have access to $300 daily withdrawal with your Naira ATM card when you are abroad.

The issues of not having cash when travelling abroad does not arise at all and for a genuine business person, you can always do wire transfers for your purchases or tell me, how is it possible to move $50,000 cash abroad all because you are going for business transactions when you can do on-line transfers?

alakara:
Pls what happens when a biss man exhaust the money in his dom acct how is he going to fund it.

How do you exhaust money in your dom account as a business person? there are various ways for paying for goods and services which are still available to business enterprise

snakie86:




Do you know that you can have access to $5,000 maximum as business/personal travel allowance at inter bank rate when travelling abroad for tourism, visiting and all other stuff? that window is still open and banks are still selling foreign currency through this medium. Couple with the fact that you will still have access to $300 daily withdrawal with your Naira ATM card when you are abroad.

The issues of not having cash when travelling abroad does not arise at all and for a genuine business person, you can always do wire transfers for your purchases or tell me, how is it possible to move $50,000 cash abroad all because you are going for business transactions when you can do on-line
transfers?

1. Most countries Nigerians easily travel to does not qualify for BTA/PTA.. those that qualify for BTA/PTA are not visa free and thus limited number of Nigerians go there for tourism.

2. Many Asian firms Nigerians import from are not ready to go through the documention process for Form M/LC payments that the Nigerian firms require to request dollars from CBN/their banks for wire transfers/TT

sholatech:
Fairly right..but let me point out the aberrations:

1. With the limit on atm cash withdrawals when abroad, Nigerians require cash dollars for travelling abroad. Both for tourism and some Asian business trip purchases.

2. Many traders and business men from neighboring west African countries are trooping in to buy our physical dollars for use in their economy.

In our economy lacking in serious policy enforcement and monitoring, hardly can we find rational thinking working as simulated

You dont need to carry physical dollars. There are $4,000 worth of prepaid credit cards available on demand in all the banks.

sholatech:


1. Most countries Nigerians easily travel to does not qualify for BTA/PTA.. those that qualify for BTA/PTA are not visa free and thus limited number of Nigerians go there for tourism.

2. Many Asian firms Nigerians import from are not ready to go through the documention process for Form M/LC payments that the Nigerian firms require to request dollars from CBN/their banks for wire transfers/TT

Where did you get that from?

$1 = N1. But that's none of my business

arsenal1:

Where did you get that from?

Can you get BTA with your Visa to Dubai? Or travelling to Ghana, Kenya, Zambia, Rwanda etc and other Visa-Free countries or Visa-on-arrival? Since 2009 I haven't seen any bank give PTA to those countries

arsenal1:

You dont need to carry physical dollars. There are $4,000 worth of prepaid credit cards available on demand in all the banks.

I'm sure you meant prepaid DEBIT cards. Before this new policy, easily available with your dollar deposit. But with this new policy, you can't load your prepaid dollar cards with dollar cash deposits. Except prepaid with Naira and you know there is now a daily limit

OK..