Buhari and his agencies better be guided, there is a limit to which one can accept oppression. Igbos are not fools, that we have endured such government sanctioned subjugation for so long should not be misconstrued for cowardice. The call for secession keeps gaining traction everyday and these !diotic elements are busy fueling it. I have stopped supporting a united Nigeria because it only serves the interest of the Hausa/Fulani section while other progressive parts are subjugated. I have studied Nigeria and come to the conclusion that Nigeria will never develop, will never be one, will always constitute nuisance to the civilized world and will always embarrass the black-man. Why are we deceiving ourselves pretending that all is well when everything has gone to the dogs. This ZOO called Nigeria should be dissolved asap so we can move on.

gtrust:


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

young man I have been remitting money to Nigeria from the days of western Union ie since 1999.tell me one person you can buy the pounds from in Lagos for 345 ? do you have a number?as we speak my agent transfers £1000 at a fee of £30, and N350K lands in less than 5 mins in my savings account. main-while, I tired to change just £100 jst to use as change cos My debit card cranked in two, they said they can only buy at N290,main-while I already sent @ 315 a day B4,my coz sold his yesterday at 302 to the pound in Nigeria while I just sent @350

boladez:


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?

You have no clue what you are talking about. Naija imports everything from crude oil produced in Naija. Don't blame folks blame govt for not fixing Naija for manufacturing.. U still have to import machinery and tools for production. The problem is that govt treating business people as enemy.. Banning and arresting legitimate business people are no strategy, what's govt plan? How come dollar hasn't depreciated against Naira

erico2k2:

young man I have been remitting money to Nigeria from the days of western Union ie since 1999.tell me one person you can buy the pounds from in Lagos for 345 ? do you have a number?as we speak my agent transfers £1000 at a fee of £30, and N350K lands in less than 5 mins in my savings account. main-while, I tired to change just £100 jst to use as change cos My debit card cranked in two, they said they can only buy at N290,main-while I already sent @ 315 a day B4,my coz sold his yesterday at 302 to the pound in Nigeria while I just sent @350

1999 And you're geared up for an argument

Not interested!!

My point, unless this is your business you're trying to promote which is fair enough, but I stand by my original submission.

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.

/
Undeclared fund if above stipulated amount is usually confiscated until detailed investigation is completed.

But that in itself is not an excuse to drive to a market to start seizing funds from traders

By the way, the traders must be stupid to be carrying such huge amount of money on themselves.

.

\

gonaeme:
Some ppl comments without knowing the reason traders are travelling with cash.one of the policies Buhari introduced was to stop banks from accept dollars while his intention was to fight money laundering through banks,the same policy is affecting the importation,smthing has to be done,importers has to be given preference if not the policy will have a toll on the economy very soon.

Ignoramous,
The policy does not prevent genuine trading in anyway. If you are an importer u can simpy fill in your form M
And do your transaction.
Movement of funds in and out of a country is controlled anywhere in the world. Its a right thing to do bro

but again since bank stop accepting foreign currency, what some politicians of northern extraction now results to is giving dollars to one Alhaji who will in-turn give it to different mallam that will now sale it to traders,so my question is WHY is that our Nebuchadnezzar(buhari) is not going after does hausa people selling dollars on the road?? miofe sentiment

Screwed country...when u take up arms to the street or maybe do drugs,they will it igbos are at it again, now this niggaws hustling night and day to make ends meet in a legal way are being made to Suffer because of one silly policy by the government that up till today hasn't achieved anything. Even when one dolla was 150,people were importing,those mofos at the echelon of power know what the Bleep is wrong wt the nigerian currency but the traders are the ones to suffer it. That is the best way to encourage people who wana be self made. Tell me what gonna happen if everybody decides to look for white collar job? Nigeria is just a joke...My prayers are wt these young mehn whose mobey were seized...u will get out of this.

Has ordinary market place became a place were efcc make arrest? why traders? this is just hatred

The truth about this banning of dollars and currency transfer will soon come out when Emefiele resigns.

uridadole:

Ignoramous,
The policy does not prevent genuine trading in anyway. If you are an importer u can simpy fill in your form M
And do your transaction.
Movement of funds in and out of a country is controlled anywhere in the world. Its a right thing to do bro

You are talking someone who has no clue about how to send intl wire from Naija. Forms M and A are very strictl and difficult to process right now. If u have multiple merchants, form M is useless. If u don't how things work, don't spew ur ignorant opinion

InvertedHammer:

/
Undeclared fund if above stipulated amount is usually confiscated until detailed investigation is completed.

But that in itself is not an excuse to drive to a market to start seizing funds from traders

By the way, the traders must be stupid to be carrying such huge amount of money on themselves.

.

\

Mr Economist,
If banks don't accept $€¥£¥, how will BDCs operate and traders operate??

adconline:

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

You're still talking about Dollar. I said there's nothing stopping you from converting your thousands of Dollars to Naira and doing your transaction. Through your bank, you can pay for goods worth millions of Naira by converting from OUR currency to ANY currency.

We're in Nigeria, use Naira. Value YOUR currency!

petikal:
My people, please stop this conspiracy BS! This is NOT a plot against Igbos, and I'm one. This is policy enforcement.

I can bet these traders know fully well they can do all their transactions at the bank with the official rate and within the permissible limit, but they choose to do things illegally as some (or many) Nigerians often do.

Things have become so bad in this country that any little law enforcement takes us by surprise, and we find excuse to cry for breaking the law. We cry foul against our leaders, when we can't even quietly do our little part! How many of us boldly confront security personnel at the airport that ask for pocket money? Or the police? At best, we smile/joke and walk by.

In civilized countries, you can make transactions through the bank worth millions of dollars, and yes they have daily/weekly limits too for anti-money laundering. Nigeria tries to do the same, and we cry foul. Pathetic!

Wake up, and play your little part in making this country great! Stop pointing at politicians who break the law. DO YOUR PART!

Otee nde!!

sigidporte:

Otee nde!!

Nnaa, imeri aghi? You should join the conversation and provide your input.

petikal:

Nnaa, imeri aghi? You should join the conversation and provide your input.

adim mma otee.

We are in a country where lawlessness is termed smartness, we tend to be having these avoidable issues but we are getting there. This is an awareness, to them that have ear, let them hear

I will to highlighten u guys about this case.first of all the traders declared their money at the airport and the custom officers arrested them and said they have unknown source of fund.and that day twelve (12)people were arrested and the same custom people freed three women and two men because they could speak hausa and handed the remaining 7 traders money and their passports to efcc.and also nobody among the traders was carrying above $60,000.u may ask why are they carry cash,because presently u cannot deposit or transfer foreign currency from bank.they are genuine buisness men with shops in the market.is it a crime to declare ur money

adconline:

Mr Economist,
If banks don't accept $€¥£¥, how will BDCs operate and traders operate??

/
They operate by taking it to the airport so that EFCC will take it all. Now they are back to zero. They would be caught anyway. Travelling with the green passport is a sure of guaranteeing extra security screening in major airports around the world. They should be glad they were apprehended in Nigeria.

I can give you names. I know in Guangzhou for instance, you don't need to come with foreign currencies from Nigeria. You deposit naira into a local bank in Nigeria and receive the Rehmnibi or dollar equivalent as soon as you get there from the business men over there. I know the service was extended to other countries. Do you think importation stopped because of the new foreign currency policy in Nigeria? Trust Igbo boys. This set up has been in effect for years. I don't rely on hearsay.
\

petikal:


You're still talking about Dollar. I said there's nothing stopping you from converting your thousands of Dollars to Naira and doing your transaction. Through your bank, you can pay for goods worth millions of Naira by converting from OUR currency to ANY currency.

We're in Nigeria, use Naira. Value YOUR currency!

You are bereft of how things work in intl finance and business.. Merchants state how they want to get paid- mostly in dollars.Your bank charges u in Naira but converts the money in $€£ to pay the merchant-that's why its called intl business.. Daily limit for ur Naira transaction for intl payment is $300 equivalent.

uridadole:

Ignoramous,
The policy does not prevent genuine trading in anyway. If you are an importer u can simpy fill in your form M
And do your transaction.
Movement of funds in and out of a country is controlled anywhere in the world. Its a right thing to do bro

And you think form M is some sort of magic wand that cuts across all types of goods has no limits and is instantaneous.

It has made the pace of doing business 100X slower and has created fresh bottlenecks.

adconline:

You are bereft of how things work in intl finance and business.. Merchants state how they want to get paid- mostly in dollars.Your bank charges u in Naira but converts the money in $€£ to pay the merchant-that's why its called intl business.. Daily limit for ur Naira transaction for intl payment is $300 equivalent.

Please stop spewing misinformation. I repeat, you can do wire transfer worth millions from your Naira account to ANY merchant's account in ANY CURRENCY (including Dollars). No $300 limit FOR WIRE TRANSFER. Understand?

The policy wants us to use Naira account to conduct transactions locally and internationally (via official/legal rates), and that's how things should be. We all want a better economy and stronger currency, but refuse to doing things the right way!

There's no point in repeating myself, if you insist on ignoring the obvious. I already made my point several times.

petikal:


Please stop spewing misinformation. I repeat, you can do wire transfer worth millions from your Naira account to ANY merchant's account in ANY CURRENCY (including Dollars). No $300 limit FOR WIRE TRANSFER. Understand?

The policy wants us to use Naira account to conduct transactions locally and internationally (via official/legal rates), and that's how things should be. We all want a better economy and stronger currency, but refuse to doing things the right way!

There's no point in repeating myself, if you insist on ignoring the obvious. I already made my point several times.

Offering ignorant opinion from the abundance of your sophisticated idiocy. U can't conduct intl transaction in Naira that's why CBN is hoarding $€£ because for every intl transaction done in Naira, CBN MUST settle merchant overseas in $€£¥.. Stop spewing ur ignorance of economic 101.. If you have never been inside MMA outbound lounge this post is super-above ur xprience and intellectual skills.. Go play in the celebrity and jokes sections

gtrust:


1999 And you're geared up for an argument

Not interested!!

My point, unless this is your business you're trying to promote which is fair enough, but I stand by my original submission.

You have not told me anybody or BDC who will buy pounds from U at 345..1999.that's when western Union began transfer to most Banks in Nigeria

InvertedHammer:

/
They operate by taking it to the airport so that EFCC will take it all. Now they are back to zero. They would be caught anyway. Travelling with the green passport is a sure of guaranteeing extra security screening in major airports around the world. They should be glad they were apprehended in Nigeria.

I can give you names. I know in Guangzhou for instance, you don't need to come with foreign currencies from Nigeria. You deposit naira into a local bank in Nigeria and receive the Rehmnibi or dollar equivalent as soon as you get there from the business men over there. I know the service was extended to other countries. Do you think importation stopped because of the new foreign currency policy in Nigeria? Trust Igbo boys. This set up has been in effect for years. I don't rely on hearsay.
\

You are right used them once

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.

I have both savings and curent plus biz account in Nigeria none of dem can do that.

erico2k2:

I have both savings and curent plus biz account in Nigeria none of dem can do that.

Don't mind him! He's clueless on how things work. Why do banks open dom accounts if you can transfer Naira to oversea merchants? Folks at Seme Border don't even accept Naira. He doesn't know that $$ is intl currency for trade..

Here you go. Help yourself.

Why do I care what CBN or my bank does with the dollars? I don't care here, neither would I care in Nigeria. What matters is I follow their instructions, and send money wherever. A dorm is nice, but not the only option.

petikal:
Here you go. Help yourself.

Why do I care what CBN or my bank does with the dollars? I don't care here, neither would I care in Nigeria. What matters is I follow their instructions, and send money wherever. A dorm is nice, but not the only option.

Sophisticated idiocy ingrained in your encephalon.. You can't send Naira without converting it to the merchant's preferred method of payment.. The point is that your bank-if u have one, and CBN do this for u.. That's why they charge u. RIA, Western Union and Moneygram all charge u Naira equivalebt of dollar u want to send.. There is a limit of about $900 with WU&MG.. Stop dashing ignorance cos there are no takers.

adconline:

Sophisticated idiocy ingrained in your encephalon.. You can't send Naira without converting it to the merchant's preferred method of payment.. The point is that your bank-if u have one, and CBN do this for u.. That's why they charge u. RIA, Western Union and Moneygram all charge u Naira equivalebt of dollar u want to send.. There is a limit of about $900 with WU&MG.. Stop dashing ignorance cos there are no takers.

What have I been saying all along, or was it because you didn't understand it?

Did you even read the link? Didn't you say the limit was $300? What's RIA's limit to UK, for instance? What's your point again?

You keep resolving to insult, it doesn't make you any more intelligent or matured.

From the link, which you either didn't read or purposely ignored:
"Sender must have a FirstBank account or be identified by an account holder for transactions above N200,000. Maximum send amount as stipulated by the Central Bank of Nigeria is 5000USD Naira equivalent per sender."

petikal:


What have I been saying all along, or was it because you didn't understand it?

Did you even read the link? Didn't you say the limit was $300? What's RIA's limit to UK, for instance? What's your point again?

You keep resolving to insult, it doesn't make you any more intelligent or matured.

From the link, which you either didn't read or purposely ignored:
"Sender must have a FirstBank account or be identified by an account holder for transactions above N200,000. Maximum send amount as stipulated by the Central Bank of Nigeria is 5000USD Naira equivalent per sender."

$300 is for Naira Debit card holders on POS and online transactions.
As per money transfer agents like RIA, WU& MG, u have like $900 per transaction and u can't do more than 2x in a week and their agents overseas can't pay more than $4-5k in a wk to one person.. This is not designed for business transfers.
Most foreign businesses don't accept WU/MG/RIA, they prefer wire transfer for intl transactions.. I have told u that u play in the feeder team.. $900 can only buy u 1 iPhone without shipping. Imagine u want to buy 50 pieces or a $10k Toyota Camry?

adconline:

$300 is for Naira Debit card holders on POS and online transactions.
As per money transfer agents like RIA, WU& MG, u have like $900 per transaction and u can't do more than 2x in a week and their agents overseas can't pay more than $4-5k in a wk to one person.. This is not designed for business transfers.
Most foreign businesses don't accept WU/MG/RIA, they prefer wire transfer for intl transactions.. I have told u that u play in the feeder team.. $900 can only buy u 1 iPhone without shipping. Imagine u want to buy 50 pieces or a $10k Toyota Camry?

Bro, this guy has not done Biz B4 to wire the money hence his ignorance,,these days in the Uk we use third party transfer agents. £30/ 1k,best rates ever,3 weeks ago it was 357 today its 348.its money in minutes to your bank,I tried to use small world money transfer same like RIA and WU to send £8k, the money was returned for reasons you stated cos they have limits and these where not designed for Biz, so you were right there.The wanted me to send it in instalment but I wasn't ready to.

philips70:


The policy came with a window that genuine business men can employ. Nigerians and their penchant for illegality and short cuts are Siamese twins. What do we bear the name giant of Africa for if we cannot do things in a civilized manner? Even before the new policy these people were still traveling with huge cash.

Do you know the number of top notch politicians and big names that travel through Abuja airport with more raw cash than these traders without being checked by the so called efcc goats Policy my foot if it's motive is genuine they shouldn't be bias or give preferential treatment to any body because of their name or status in the society...you should see the way these idiots act busy doing absolutely nothing meaningful