Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,143,146 members, 7,780,085 topics. Date: Thursday, 28 March 2024 at 09:27 AM

How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? - Travel (8) - Nairaland

Nairaland Forum / Nairaland / General / Travel / How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? (46047 Views)

"Africans In Diaspora Are Jealous Of Each Other" - U.S Lady Cries Out / Oyinbo Man Spotted Hawking Soft Drinks To Nigerians In UK Traffic / Dear Nigerians In Diaspora, Is This Wickedness Or Selfishness? (2) (3) (4)

(1) (2) (3) ... (5) (6) (7) (8) (9) (10) (Reply) (Go Down)

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by urchmanx(m): 7:46pm On Dec 21, 2015
linearity:
It appear the answer is to open a dom account in Nigeria, base on my understanding from what I have read so far, this policy only affects naira accounts.

Yes, buying dollars on the streets to fund your dom account can be expensive, but what is the use of that money, when you can't spend it.

Another method is to look for 9ja abroad who operate accounts in Nigeria and strike a deal with them, do Internet transfer into their 9ja account and they can pay you cash abroad in hard currency or make a reciprocal transfer into your foreign accounts. I have done this for countless friends, it is a win-win, but again be ready to make the transaction at the prevailing market rate.

Many 9jas abroad having one or two on going projects in 9ja or the constant need to pay someone in 9ja and as such can be open to such one way transactions i.e. Money going into their 9ja naira account without needing back abroad.
Your number one solution is out of place because banks didn't accept forex deposit anymore.
The second option can work and I think is the only way for OP.

1 Like

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by urchmanx(m): 7:51pm On Dec 21, 2015
linearity:


These links are directly from the source, like they say from the 'horse mouth' aka from First Bank, UBA, Stanbic Bank, GTB, etc; are you saying these Banks can be parading what they no longer offer online? It is understandable when one bank fails to take down such products from their websites, but all of them can not just forget to take it down at the same time.

If you say, their are some restrictions in obtaining a dom account, I will agreed, but a total ban? Haba, Nigeria never bad like that na....I know there was a time the Banks were complaining of been flooded with foreign currencies in dom accounts, because according to the Banks..'their faults were full": http://www.vanguardngr.com/2015/08/cbn-domiciliary-account-and-the-economy/

..and as such they implemented some restrictions...in any case..it appear those same faults no longer have foreign currencies and they have gone in the opposite direction in terms of policies/restrictions...

That is 9ja for you, but I love that country die, it is the only place on earth where my body, soul, spirit and mind are in unison.
The ban is on forex deposit into a Dom account. You can't physically deposit forex into Dom account any more except it's a wire transfer which defects the purpose of having one in the first place. You are free to open one but you can't make deposits physically.
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by ColeworldMD(m): 7:54pm On Dec 21, 2015
bayulll01:


You stupidity and ignorance no get part 2,firstly ask yourself.

Can you bring america master card or visa and use it here in nigeria.

Can you open a bank and deposit naira in america or other european nations.

Can you use america bank master card and shop here in nigeria,if you can answer those questions first I will help you reset your brain.

N.B there are many loop holes that this current administrator is trying to block since its now paramount that both yam and goat cannot live together,instead let's keep the yam from the goat or both kept apart.

Its a temporary policy,most banks are paying too much for your silly amount you withdraw in another country or your idiocy 5dollar hosting you are paying
I knew there was a good reason behind the policy albeit with a price. Thanks the enlightenment

1 Like

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by ColeworldMD(m): 7:57pm On Dec 21, 2015
uchetobi:

This isn't true. Why do people say non truths with so much authority

You can do western union transfer but limited to $1000 / quarter / individual
there was a ban but then again he should have confirmed if it has been lifted.
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by urchmanx(m): 7:59pm On Dec 21, 2015
bayulll01:


Some of you are just funny,someone is telling you can bring america debit card here and withdraw naira ogaoo some pple shaa.

Ok I get all your point,you can't bring those card here it won't work cos bank over there are not ready to pay any charges on your card the way bank pay master card and visa here,some of this bank are already in debt as a result of some of the silly transactions you do over there with our naira master card,so get it straight.u sound knowledgeable enough do ur finding oga
This is an online forum were you didn't know whom you may be talking to, the purpose of forums like this is to share ideas and learn from people who may have direct experience with issue been discussed. You have showed how myopic you are with your reasoning in your first post and people corrected you. Stop trolling because that is what you are doing. Once again I will confirm to you that you can take your American card and withdraw naira when you are in Nigeria. Because Nigeria rated a fraud risk nation you just need to give your bank a heads up.

1 Like

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by AbuMaryam1(m): 8:00pm On Dec 21, 2015
uzolexis:


I understand what you are saying, we need to invest, we need to make our economy better but this is the wrongest way to go about it. Economic studies has shown over and over again that closing your economy almost always makes it worse.
Don't you think a better solution would be for the govt. to invest in our local industies, give them tax breaks and all that, that would give them a better platform to compete with the imported or foreign ones and would spur them to even be better.
Aunty: If it will take us to close our economy let's do it, the economy has been built on lies and propaganda, the treasury has been looted, naturally government has to adopt this policy to safeguard the crises awaiting us. Explain to me how did opening our economy at the time of abundant help us? There was a time when crude is trading above $100, only lies and deceptive economy we had. Now the govt is intended to close and restructure the economy people are crying fowls .

2 Likes

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Fulaboy(m): 8:07pm On Dec 21, 2015
MuhdG:

Hmm. Wen dollar was 163 our tuition was about 500+ n now its almost double that amnt.

Popc sef don dey complain grin
he have more than enough reason to complain now and i heard accomodation at your side there is d@mned expensive embarassed
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by bezimo(m): 8:28pm On Dec 21, 2015
YerYer:
Transfer the funds into someone's account in naija and have them send it to you via western Union or money gram. You might also consider buying paypal funds, not sure if paypal is used in South Africa.

Good luck.

Thanks for the suggestion, do you know which banks in Nigeria are into Western Union transfer stuff.How does it work?

1 Like

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by ColeworldMD(m): 8:39pm On Dec 21, 2015
AbuMaryam1:
Most of those bashing me are self centred, we are talking about national interest. I've a well established business abroad to those who are calling me guard man. If our local industries are not making huge sales how would they sound good. The Nigeria of today is living outside it nationhood. We lack patriotism, anything made in Aba will not be your paramount in your purchasing list. We want to develop how can we develop when we dont appreciate our God giving talent. The policy has come stay, all those schooling abroad must come back, all those going for medicine abroad must come back, all those going tourism abroad come here we have it here.
Review yourself don't insult or names calling.
you have an idea but u still don't get it. This is not meant to punish people like u say. All those studying abroad should come back? Really? You shouldn't say such as an educated person. You should think outside the box. The policy is meant to control the rate at which the naira is loosing its value against foreign currencies and also to encourage local manufacturing & consumption of goods. This policy does not mean if you live abroad you will not have access to your funds anymore rather it's a lot more strict and regulated as the rate at which the naira losses its value is slowed pending when price of crude improves. U can still receive money using western union, money gram, PayPal albeit with high charges.

2 Likes

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by bayulll01(m): 8:41pm On Dec 21, 2015
urchmanx:

This is an online forum were you didn't know whom you may be talking to, the purpose of forums like this is to share ideas and learn from people who may have direct experience with issue been discussed. You have showed how myopic you are with your reasoning in your first post and people corrected you. Stop trolling because that is what you are doing. Once again I will confirm to you that you can take your American card and withdraw naira when you are in Nigeria. Because Nigeria rated a fraud risk nation you just need to give your bank a heads up.
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Infinitikoncept(m): 9:21pm On Dec 21, 2015
AbuMaryam1:
The policy will force us by made in Nigeria products, only gullible and corrupted minds are making noise. Becareful I stay abroad and I'm happy with this.
I'm sure you stay in Ghana or Cotonou. Lols. Usa imports more than Nigeria yet is there currency nose diving? Let's reason it together sire
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by favourlove1: 9:32pm On Dec 21, 2015
santos247:
Those who asked which party i voted for may have this to toy with....

I voted Change..PMB/PYO.

Have we quickly forgotten that this is a CBN policy and not a PMB directive? Who appointed the CBN boss? Is this not a remnant of cluelessness??
a remant of cluelessness yes but when it starts yielding dividends you ll praise buhari. U are even more clueless. I pity you.

1 Like

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Nobody: 9:49pm On Dec 21, 2015
Fulaboy:
he have more than enough reason to complain now and i heard accomodation at your side there is d@mned expensive embarassed
Wlh fa. No mind d yeye people.
Son kudi ya musu yawa
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Fulaboy(m): 10:06pm On Dec 21, 2015
MuhdG:

Wlh fa. No mind d yeye people.
Son kudi ya musu yawa
walahi yanzu naje atm! da kyar first bank yaban 25k! we are dead embarassed
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Nobody: 10:13pm On Dec 21, 2015
Fulaboy:
walahi yanzu naje atm! da kyar first bank yaban 25k! we are dead embarassed
Hehe. Don't worry man, its just for a short while.

Remember... u must suffer before u enjoy
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by elderken(m): 10:20pm On Dec 21, 2015
AbuMaryam1:
The policy will force us by made in Nigeria products, only gullible and corrupted minds are making noise. Becareful I stay abroad and I'm happy with this.
It's either you are stupid or Suffering from Mad cow disease!

1 Like

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by diva90: 11:06pm On Dec 21, 2015
mankand:
I'm interested in this. Not only students, but all Nigerians in diaspora will bear the pain.

Those who made the policy didn't have their reasoning cap on

The people who made the policy are not affected, so of course they see no reasons as to why it shouldn't be.
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by deloon(m): 11:11pm On Dec 21, 2015
AbuMaryam1:
The policy will force us by made in Nigeria products, only gullible and corrupted minds are making noise. Becareful I stay abroad and I'm happy with this.
Yours is an ignorant mind.
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Fulaboy(m): 11:13pm On Dec 21, 2015
MuhdG:

Hehe. Don't worry man, its just for a short while.

Remember... u must suffer before u enjoy
in this case you might likely die walahi baka kai labari ba cry

1 Like

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Matinho: 11:57pm On Dec 21, 2015
uchetobi:

This isn't true. Why do people say non truths with so much authority

You can do western union transfer but limited to $1000 / quarter / individual

Great, go to the bank tomorrow to send western union,come back here to tell us your experience.
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by hammariise(m): 11:58pm On Dec 21, 2015
I am studying at kampala Uganda, most of Nigerians here cant able to withdraw their money from their naira MasterCard as of today, especially GTBank SkyBank and Stambic Bank respectively, but I've made withdrawal from my EcoBank account tonight
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Matinho: 12:00am On Dec 22, 2015
JayJustus:


lol...which cave have you been living since?? my dad has been using WU and moneygram to send to me for the past year...it actually started september 2015 with only moneygram but WU has joined now...

https://firstbanknigeria.com/products/services/money-transfers/western-union-money-transfer/

The cave just above yours. Go to the bank tomorrow and send money through western union,come back here to tell us your experience.smh
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Matinho: 12:04am On Dec 22, 2015
urchmanx:

What of personal upkeep? I guess that is were the question is.

For your personal upkeep, get a letter from your school showing a breakdown of your monthly expenses, your student visa or whatever visa you have in your country of residence and a letter of introduction from your school/admission letter.As long as you are a genuine or bonafide student, you ll be fine!
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Matinho: 12:08am On Dec 22, 2015
benji93:
you can friend, i am currently in turkey and i received money from Nigeria about two weeks

Great.try again as of today.Tell me your experience.
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Nobody: 6:28am On Dec 22, 2015
Fulaboy:
in this case you might likely die walahi baka kai labari ba cry
Ba wani die fa.

Wen we start enjoying later in the future, we might not even remember that sth like this happened. May Allah help us
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by chinedu1nig(m): 10:17am On Dec 22, 2015
LordAdam:


We are not talking about ban. We are talking about buying. Right now, buying is very difficult because dollar-denominated transactions are highly restricted. Do you follow??

-Lord

i will advise you again... read widely before you comment. don't follow multitude to do evil my son.

Standard Chartered Bank had in email to customers to this effect, stressed that their naira debit cards will no longer be used for international transactions, from January 1, 2016. It attributed the decision to limited foreign exchange supply in the market.

It said the action, remains a temporary measure that will be reversed when the forex supply improves.

Equally, Diamond Bank emailed its customers, specifying countries where their cards are acceptable. “Due to the current forex market realities, please be informed that your naira debit card has been restricted for usage in United Arab Emirates, China and African countries. We encourage you to make use of the Diamond USD Dollar or Diamond GBP debit card to transact in any of the above mentioned countries,” it said.

The bank also promised its customers unlimited annual spend from their dollar and Pounds Sterling accounts; increased daily spend limit across all channels like web, Point of Sale (POS) terminals, Automated Teller Machines (ATMs) among others
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by LordAdam: 11:49am On Dec 22, 2015
chinedu1nig:


i will advise you again... read widely before you comment. don't follow multitude to do evil my son.

Standard Chartered Bank had in email to customers to this effect, stressed that their naira debit cards will no longer be used for international transactions, from January 1, 2016. It attributed the decision to limited foreign exchange supply in the market.

It said the action, remains a temporary measure that will be reversed when the forex supply improves.

Equally, Diamond Bank emailed its customers, specifying countries where their cards are acceptable. “Due to the current forex market realities, please be informed that your naira debit card has been restricted for usage in United Arab Emirates, China and African countries. We encourage you to make use of the Diamond USD Dollar or Diamond GBP debit card to transact in any of the above mentioned countries,” it said.

The bank also promised its customers unlimited annual spend from their dollar and Pounds Sterling accounts; increased daily spend limit across all channels like web, Point of Sale (POS) terminals, Automated Teller Machines (ATMs) among others

You do know people cannot fund dom accounts with naira like before right? Currently, dom accounts can only receive wire transfers.

So the dilemma remains.

-Lord
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by uchetobi(f): 3:39pm On Dec 22, 2015
Matinho:


Great, go to the bank tomorrow to send western union,come back here to tell us your experience.

I don't have to go to Tomoro and come back, I received here in Houston last week Friday from my mom sent through first bank

If it's unavailable today, it's because the participating banks have exhausted their quota for the quarter, This is after all the last week of the quarter and of the year

Stop driving panic
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Matinho: 8:11pm On Dec 22, 2015
uchetobi:

I don't have to go to Tomoro and come back, I received here in Houston last week Friday from my mom sent through first bank
If it's unavailable today, it's because the participating banks have exhausted their quota for the quarter, This is after all the last week of the quarter and of the year
Stop driving panic

.....
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Matinho: 8:14pm On Dec 22, 2015
uchetobi:

I don't have to go to Tomoro and come back, I received here in Houston last week Friday from my mom sent through first bank
If it's unavailable today, it's because the participating banks have exhausted their quota for the quarter, This is after all the last week of the quarter and of the year
Stop driving panic

I am astonished that you speaking through all four cardinal points.Nobody is driving panic.I made a very concise initial statement.My friend, opinions are free and facts are sacred and the fact remains that you could not send money through western union as at the time I wrote until this moment. The poster needed an option to send money,it would have been a fools errand if he went to the bank for that purpose.The language of the statement was basic enough for all and sundry to comprehend.
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by BuddhaPalm(m): 10:25pm On Dec 22, 2015
YerYer:
Transfer the funds into someone's account in naija and have them send it to you via western Union or money gram. You might also consider buying paypal funds, not sure if paypal is used in South Africa.

Good luck.

Since TIME IMMEMORIAL, WU & MoneyGram only receive.

PayPal is used in SA. But the exchange rates will decimate your funds.

(1) (2) (3) ... (5) (6) (7) (8) (9) (10) (Reply)

Shocking Names On Zambian Identity Cards (Photos) / Abeokuta Paradise Nature Park in Jamaica / Across the sahara on foot to Europe via Libya ( Paperback ) ISBN # 9781478329206

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 64
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.