Ramnon2:


There are so many news flying around me. Not easy to keep track of those not affecting me directly. Fyi, I sent $s recently into my dorm account from Wells Fargo Bank w/out any issues. So it does seem like the policy does not affect remittances from abroad.

No it dosnt, but my question why would you want to do that,??if you need to use the money in NIgeria why not send its equivalent to your normal savings or current account in Nigeria?That's what we do in the Uk, We go to the Money transfer agents who usually have good rates,you pay them plus sending fees, 5 mins your Naira Equivalent is in your bank,you get your alert on your Email sharp sharp.these days the Pounds is N350 boys here are killing it.However the banks here would also wire it direct to your chosen bank in local currency my bank barclays will charge £25 as standard regardless of the amount sen but their rates are absolutely craap.So no need using them and they take up to 4 Biz days

Nigerians will soon see the outburst of anger this ill conceived policy will bring to the polity,instead of creating human face solutions to problems of dollar rise and money laundry caused by politicians, now they are crumbling the businesses of innocent citizens, that they also benefits from the tariffs they pays as duty to government purse,is a problem to all,not only lgbos.

Alexander001:
my brother told me before the election that if buhari should win the presidential election, traders will suffer.

Its not something hard to forsee, from the way he thinks of business right from his first tenure as a military head of state, no need to make long statements. I just hope he brings out an economic plan that would be win/win for both traders and the government.

philips70:


Please read the two attachments carefully.

Thanks

Really impressed with your attached paper work.

Can you please create a fresh page, with this "Notice"
As the topic? So those crying they are Victims can see where they got it wrong.

If only we can just follow the simple rule of law, instead of playing to tribal sentiments.

philips70:


Please read the two attachments carefully.

Thanks

Brilliant! Waiting for @Truckpusher and all other complainers to respond to this.

petikal:


Brilliant! Waiting for Truckpusher and all other complainers to respond to this.

I have already given my reply and more to follow.

Truckpusher:
Thanks man just went through it.

In as much as I have noticed that it was a fine well designed document to curb dollarization of the economy, at the same time put a stranglehold on corruption and money laundry I still have my reservations and my reservations are purely political and once I'm done with my research about that issue I will comment on this topic again and tell you how and what I feel about this whole thing.

Buhari has a track record of making sugar coated policies that would on the long run impoverish the South and I won't be surprised if any of his anti-corruption slogan isn't another avenue to perpetrate evil and get back at his perceived enemies because last I time I checked Abokkis are still exchanging dollars in the black market with no Efcc and nobody restraining them.

I hope you understood my concern?

I understand your concerns and indeed all the concerns of my southern people perfectly. But one thing I believe is most of these things are just mere perceptions. The way I understand the man is he wants good for all but the system and its sit tight adherents are very cumbersome. Although there is no law that totally abolish aboki and any black market trading of foreign currencies in as much as there are regulations to it. In any case the introduction of this stringent and regulation of foreign exchange policy is purely Emefiele's own idea of contributing to the anti corruption drive of the president. The only issue he is not comfortable with is the attempt to change the face of our currency which to me is not even in the table yet.


Then this whole issue of getting back at his enemies is seriously a misconceived idea about this man. Who are really his enemies if I may ask? My belief is corrupt and establishment politicians have flown too many kites including destroying anyone's personality just to continue business as usual. 4yrs is not too long for us to allow this man show this person many have tried to push us to believe. Campaigns and elections have come and gone, he has won and sworn in for 4 years. Why not these conspiracy theorists leave Nigerians to see for themselves what they have been telling us about him? If he proves them right, 2019 will present another opportunity to put him in his right place. But if he proves them wrong, Nigerians will have learnt a political lesson where they will not allow politicians use them against their perceived enemies for their selfish benefits henceforth. It's as simple as that.

eyesofgod:



"There is tension in Onitsha Main Market, Anambra state as operatives of the Economic and Financial Crimes Commission (EFCC) stormed the market after arresting seven traders at the Enugu Interna­tional Airport for alleged money laundering"


Learn the art of reading, my friend. It will save you a lot of stress.

I read thru again. Correction taken.
I initially thought EFCC proceeded to randomly arrest BDC operators and other traders in possession of dollars in onitsha main market

zuchyblink:
yes,everybody know that oBj,tinubu,Buhari,gowon,abacha,ty danjuma and others are the real fraudulent people. How many Igbos have issues with financial crimes in Nigeria if not Yorubas and hausas.
The are the reason Nigeria is in this ''sorry state''

Now this is a senseless post from a tribal Bigot. Fred Ajuwa is from the east and remains one of the biggest fraudsters ever produced by this country.

HungerBAD:


Really impressed with your attached paper work.

Can you please create a fresh page, with this "Notice"
As the topic? So those crying they are Victims can see where they got it wrong.

If only we can just follow the simple rule of law, instead of playing to tribal sentiments.

For some time, it seems Seun and the mods have resolved not to promote any of my threads to front page no matter how good they look. 24hrs later exact topics will make breaking news. I have complained and ignored. Anyone can take the two attachments to make a thread if only they will move it.

philips70:


For some time, it seems Seun and the mods have resolved not to promote any of my threads to front page no matter how good they look. 24hrs later exact topics will make breaking news. I have complained and ignored. Anyone can take the two attachments to make a thread if only they will move it.

Wow.

Truckpusher:
Thanks man just went through it.

In as much as I have noticed that it was a fine well designed document to curb dollarization of the economy, at the same time put a stranglehold on corruption and money laundry I still have my reservations and my reservations are purely political and once I'm done with my research about that issue I will comment on this topic again and tell you how and what I feel about this whole thing.

Buhari has a track record of making sugar coated policies that would on the long run impoverish the South and I won't be surprised if any of his anti-corruption slogan isn't another avenue to perpetrate evil and get back at his perceived enemies because last I time I checked Abokkis are still exchanging dollars in the black market with no Efcc and nobody restraining them.

I hope you understood my concern?

Isn't this sentimental at best? I'm waiting for anything more you have to say. But the form and the new policy is fine, not targeting a tribe. We should really stop pointing fingers at who's left to get away with illegality, and follow due legal process.

philips70:


I understand your concerns and indeed all the concerns of my southern people perfectly. But one thing I believe is most of these things are just mere perceptions. The way I understand the man is he wants good for all but the system and its sit tight adherents are very cumbersome. Although there is no law that totally abolish aboki and any black market trading of foreign currencies in as much as there are regulations to it. In any case the introduction of this stringent and regulation of foreign exchange policy is purely Emefiele's own idea of contributing to the anti corruption drive of the president. The only issue he is not comfortable with is the attempt to change the face of our currency which to me is not even in the table yet.


Then this whole issue of getting back at his enemies is seriously a misconceived idea about this man. Who are really his enemies if I may ask? My belief is corrupt and establishment politicians have flown too many kites including destroying anyone's personality just to continue business as usual. 4yrs is not too long for us to allow this man show this person many have tried to push us to believe. Campaigns and elections have come and gone, he has won and sworn in for 4 years. Why not these conspiracy theorists leave Nigerians to see for themselves what they have been telling us about him? If he proves them right, 2019 will present another opportunity to put him in his right place. But if he proves them wrong, Nigerians will have learnt a political lesson where they will not allow politicians use them against their perceived enemies for their selfish benefits henceforth. It's as simple as that.

.

obstead200:
I read thru again. Correction taken.
I initially thought EFCC proceeded to randomly arrest BDC operators and other traders in possession of dollars in onitsha main market

No qualms. We are our brother's keeper.

petikal:


Isn't this sentimental at best? I'm waiting for anything more you have to say. But the form and the new policy is fine, not targeting a tribe.

We should really stop pointing fingers at who's left to get away with illegality, and follow due legal process.

On the highlighted you and I are fully aware that any policy that would seem to be targeted on any particular group in this country considering our multicultural nature would not go down well and can be misconstrued as a form of economic stagnation after all this isn't the first time in our history that certain region in power has refused to either see to the implementation of policies that they felt it would be beneficial to a certain region and even make policies to ensure that no one moves at a faster rate than the other.

Examples of such policies is the PIB just to mention but a few.

Until we begin to tell ourselves the truth and approach issues from a holistic angle, we will continue to have not just conspiracy theorists but people who are speaking the truth just the way it is.

Truckpusher:
On the highlighted you and I are fully aware that any policy that would seem to be targeted on any particular group in this country considering our multicultural nature would not go down well and can be misconstrued as a form of economic stagnation after all this isn't the first time in our history that certain region in power has refused to either see to the implementation of policies that they felt it would be beneficial to a certain region and even make policies to ensure that no one moves at a faster rate than the other.

Examples of such policies is the PIB just to mention but a few.

Until we begin to tell ourselves the truth and approach issues from a holistic angle, we will continue to have not just conspiracy theorists but people who are speaking the truth just the way it is.

Yes, we do have our history; however, all I see in this case is people complaining for being caught in an illegal act, when there are clearly alternative transparent means. I still insist two wrongs don't make a right, regardless of prejudices flying around - whether based on facts or not.

Do what is right because it's the right thing to do.

petikal:


Yes, we do have our history; however, all I in this case is people complaining for being caught in an illegal act, when there are clearly alternative transparent means. I still insist two wrongs don't make a right, regardless of prejudices flying around - whether based on facts or not.

Do what is right because it's the right thing to do.

Yeah ,you have a point.

And we do what is right and end up in another drama

Though what is right is just right.

erico2k2:

No it dosnt, but my question why would you want to do that,??if you need to use the money in NIgeria why not send its equivalent to your normal savings or current account in Nigeria?That's what we do in the Uk, We go to the Money transfer agents who usually have good rates,you pay them plus sending fees, 5 mins your Naira Equivalent is in your bank,you get your alert on your Email sharp sharp.these days the Pounds is N350 boys here are killing it.However the banks here would also wire it direct to your chosen bank in local currency my bank barclays will charge £25 as standard regardless of the amount sen but their rates are absolutely craap.So no need using them and they take up to 4 Biz days

When you remit to your £ Dormiciliary Account, you receive your money in £ and it's usually better value as you collect ££ in Nigeria.

If you find someone you trust & with all the safety trappings taken care of and if this person doesn't charge a commission then it might make sense otherwise Dorm Acc is the best.

With so many policy changes, I have to admit that you need to confirm with your bank that they will pay you in your currency ($,€,£ etc) of remittance

Truckpusher:
Yeah ,you have a point.

And we do what is right and end up in another drama

Though what is right is just right.

Ain't that the truth, sometimes!

funkiebully:
[s][/s]


Red oil gulping bastard. What do u know about business? Useless fetish ritualistic raping coward.

Clear from road let reasonable ppl discuss serious matter.

Anumpama!

To you bastards every crime is a business. Simple instructions you baboons cannot follow. All you know is breaking the law, and you want other tribes to have sympathy for you monkeys.

Abeg, go park jor. Foolish small pikin flat-head baboon.

Nigeria imposes forex controls, bans import of 680 items

* Manufacturers warn import ban might force closure of plants

* Companies wait for weeks to get dollars to pay suppliers

* Africa's biggest economy suffers from oil price crash

ABUJA, Sept 24 (Reuters) - Nigerian companies making anything from soap to tomato paste could run out of raw materials and be forced to shut down as Africa's top oil producer has effectively banned the import of almost 700 goods to prevent a currency collapse.

Selected luxury items such as make-up or brown bread imported from Europe have become scarce in some shops as the central bank denies importers dollars, seeking to stem the fallout from a crash in vital oil revenues hammering Africa's largest economy.

The central bank has restricted access to foreign currency to import 41 categories of items to stop a slide of the naira but the Manufacturers Association of Nigeria (MAN) said this in fact amounted to about 680 individual items.

The foreign exchange bans are part of a long-term plan by President Muhammadu Buhari to encourage local manufacturing, but they run the risk of pushing the economy closer to recession after growth halved in the second quarter compared with the same period last year.

Many items on the central bank list - ranging from incense and toothpicks to plywood, glass and steel products -- are not available in Nigeria in sufficient volumes.

While Nigeria grows a lot of tomatoes, transport is poor and it lacks facilities to produce the concentrate needed by factories making tomato paste, a staple in the West African nation.

"We've taken this matter up with the central bank and the highest authority in this country ... Fiscal authorities will also be involved, they weren't before," Remi Ogunmefun, the director general of MAN, said.

MAN had told the central bank 105 items should be removed from the list, but the bank said it could not afford to do so and agreed to look into removing 44 items.

MAN also suggested 93 finished items that should be added to the list because Nigeria produces enough of them.

The economic crisis is a blow to Buhari who wants to end dependence on oil revenues but faces criticism for failing to name a cabinet four months after taking office.

Since the central bank unveiled its controls in June, executives have had to deal with foreign suppliers worried they won't get paid. They also struggle to convince banks to approve dollar payments.

"It takes minimum 10 days now to get dollars, before it was 24-48 hours, and sometimes when you request like $100,000, you only get $80,000 and it's getting worse," said an executive at a large furniture company, asking not to be named.

It's not clear which imports are still allowed as the central bank lists only categories. He can still bring in beds and chairs to be assembled in Nigeria, but not sofas.

Some firms have defaulted on contracts and lost credit lines. "Many companies have defaulted on fulfilling foreign obligations ... even blue chip companies ... for the first time," said Muda Yusuf, director general of the Lagos Chamber of Commerce.

POLICY VACUUM

With no cabinet in place, central bank governor Godwin Emefiele finds himself discussing policies usually reserved for a finance or economy minister.

At a news conference on Tuesday, Emefiele justified the controls -- which Buhari has backed -- as a way to create jobs in a country hit by poverty despite its oil wealth.

"I read an advertisement in a paper that shortly after we announced the foreign exchange exclusion for the importation of tomato paste they advertised for almost 1,000 jobs," he said, citing the example of a tomato paste company, a sector that experts do not in fact expect to flourish now.

Emefiele has ruled out another naira devaluation but on Tuesday loosened monetary policies to inject liquidity into banks, which had been forced to transfer government revenues to a central bank account as part of an anti-corruption drive.

Nigeria stepped up import controls when Buhari led a military government in the 1980s and the economy suffered then too.

Razia Khan, Chief Economist, Africa, at Standard Chartered Bank, said there was little certainty the latest controls would boost manufacturing.

"Nigeria has had substantial experience with similar import-substitution policies in the past," said Khan. "Rarely have they succeeded in creating a vibrant, competitive industrial sector, with the capability of creating the employment growth that Nigerian demographics otherwise demand."

According to the Lagos Chamber of Commerce, Nigeria is short of 600,000 tonnes a year of palm oil, that is used to make soap, detergents and cosmetics that have also been restricted. Pharmaceutical firms lack bottles, and glass manufacturers do not have the glass to make them.

BAGS FULL OF CASH

Companies also suffer from the central bank's attempt to stop the dollarisation of the economy. A ban on cash deposits of foreign currency has forced firms to use informal "transfer markets", whereby people abroad wire dollars on a company's behalf.

That exchange rate is well below the official rate to the dollar. Some executives now carry bags of cash to deposit in neighbouring countries.

For some though, the measures offer hope.

"It's a big challenge to compete in a market with imported frozen chicken and fish. The profit is marginal," said Kabir Chaskewa of Ajima Farms, a family business based near the capital, Abuja.

Compared to a foreign firm that produces frozen chicken in batches of up to 1 million, Chaskewa can only do batches of 5,000. "Now there's a rise in demand for local poultry and rice," he said.

(Reporting by Julia Payne; Editing by Ulf Laessing and Giles Elgood)

http://www.cnbc.com/2015/09/24/reuters-america-nigerian-firms-in-trouble-as-central-bank-measures-backfire.html

johnsonjosbles:
you will die for nothing, hardworking in fraudulent buz ko?

You are already brain-dead so no hope for you...
Na your burial na him remain...
Idioooootttu....

HungerBAD:
Universally, anything up to $10.000, even if the post erroneously said it's $5000, not reported to the Customs at the Airport is an offense.

This is not a tribal thing.

Those Trying To Make this a witch hunt thing, are full of mischief.

All the traders needed to do was declare their MONEY.

Trying to sneak a large amount of money out of the country, knowingly or not, is an offense.

They broke the law, and there are consequences for that. And remember, ignorance is not an excuse before the law, incase they claim they did not know they were breaking the law.

So customs now operates in market places. Get over yourself bro; nobody is saying it's a tribal thing; it is just wrong to invade market guys and seize money; can't they keep dollars again?

gtrust:


When you remit to your £ Dormiciliary Account, you receive your money in £ and it's usually better value as you collect ££ in Nigeria.

If you find someone you trust & with all the safety trappings taken care of and if this person doesn't charge a commission then it might make sense otherwise Dorm Acc is the best.

With so many policy changes, I have to admit that you need to confirm with your bank that they will pay you in your currency ($,€,£ etc) of remittance

Wrong,You will never get a better rate than the money remittance agents you get here, I have gone to Nigeria with physical pounds and was forced to bring them back with me cos they where offering craaap rates at the BDC,If you think Im talking trash try and sell the pounds and see if you can get up to 345 at any BDC

christinie:
I never supported him.

ok

erico2k2:

Wrong,You will never get a better rate than the money remittance agents you get here, I have gone to Nigeria with physical pounds and was forced to bring them back with me cos they where offering craaap rates at the BDC,If you think Im talking trash try and sell the pounds and see if you can get up to 345 at any BDC

Young man, lucky you if you get a better rate after paying commission and all that which are usually based on amount of ££€€$$

Why don't you understand that you could be the one who is wrong here

ExInferis:
When we say people from the South Yeast are criminals some people eye go turn red.

Carrying more foreign currency than the stipulated amount is criminal, as is not declaring it.

The.

you that went to school what have you achieved ,you dirty ugly black amala faced yorubastard yorufool yoruewedu yorucoward South West Yoruba he goat,,
sit down there lazy idiot

dreamworld:


you that went to school what have you achieved ,you dirty ugly black amala faced yorubastard yorufool yoruewedu yorucoward South West Yoruba he goat,,
sit down there lazy idiot

ive achieved more than every single morafuccker in your entire family can achieve even with your crime.

you're nothing but a sales boy, a petty thief who steals from his oga, a useless igboe crook with your baboon nose and flat-head.

son of ashaawo and drunkard scammer.

South West is greater than South Yeast, tribe of crooks.

banza nyamiri barawo, shege yaron matsiyata. masu chin bera da kare kawai. sai na chi guntsun uwarka.

@pertikal,
I advocate for Nigerians doing the right things , but I again , why is it when implementation comes , only sourthern nigeria that is affected.Like some1 posited ,he travelled via aminu kano airport nothing of such or will you tell me the law was only made for southern nigerians. It necessary when carrying out implementation it should be holistic and not targeted.

onyepapa:
Let's wait and see how it goes! No be east wei I know again!! Their 2nd coming won't go down without a fight. We are not some stupid cowards from the west

What's your definition of a coward?!
Because from my point of view the cowards are from the East.

petikal:


That's not true. You can wire transfer from any Naira account to any country. That's one of the reasons for the policy: to encourage using our Naira for transactions, and limit the high volume of Dollar circulation in the nation. We're in Nigeria, use Naira.

CBN limit is $300 daily. How can you do it??

kettykin:
So it is now a crime for traders to travel with foreign currency, while it is allowed for politicians or is this now another attempt by an inept administration to kill the economy of the east

It is clear the government is trying to save the foreign reserves and reduce the artificial and arbitrary pricing of the naira exchange rate caused by the demand for imports. Its a very aggressive attempt to reduce imports.....the only down side is that they should aggresively be stimulating local industries and they are not just doing that

Also, they are trying to make sure financial transactions are all done within the banking system.

Carrying cash above a limit is an offence in any country of the world.


Does this make sense?