themosthigh:
[size=18pt] I still don't know how we all fell for this scam called change and how we are to get raid of it...God bless GEJ and prof okonjo iweala.
[/size]

dearie:
There's nothing new in the policy. The only amendment as it were is the inclusion that Letters of Credit, Bills for Collection and other invisible transactions will now be funded at interbank I.e using interbank rates as against the CBN official rates it used to be.

centboy123456:





Now people now know the diff btw GEJ and and apc and people eye don open #GodblessGEJ

redcap:




Jargon all the way, they said no limit yet there is 300$ Daily withdrawal limit And $50000 limit per annum. Pls who wrote this nonsense.where is that OBJ pics sef.

thaoriginator:
[size=15pt]GEJ is a common criminal like Fayose, Dasuki, Saraki and Shekau. God bless PMB![/size]

salabscholar01:
If you really do not understand much what the update is talking about, please calm and wait for politics... That is where Nigeria have much talents, and still obviously blind. I am already seeing illicit comments from quotas... sometimes our silent is much appreciated

themosthigh:
[size=18pt] I still don't know how we all fell for this scam called change and how we are to get raid of it...God bless GEJ and prof okonjo iweala.
[/size]

The Central Bank of Nigeria (CBN) yesterday said transactions done through electronic channels and Pointof-Sales (PoS) terminals are not subject to daily limit as settlement for the cards shall continue to be with interbank funds.

However, the maximum limit for naira debit and credit cards utilization shall be US$50,000.00 per annum. In addition, daily cash withdrawal limit is pegged at US$300.00 per person per day, and subject to monthly rendition of returns by Authorised Dealer banks and card issuers to the CBN.

*No limit on POS, online, and other electronic payment channels i.e. if you are schooling overseas, and need to pay say $10,500 you can do it in one-go/swipe, or if you have hotel bills for say $6 or $16,000, you can swipe it in one-go. You go to China, you buy a truck load of 'Gstrings', computers, phones, or toothpicks, if POS payment is available, you can in one swipe. You go online, you sight an Audemars Piguet 24 carat diamond laced gold wrist watch for $90,000, just pay in 'one-go'; it will go.

EDIT: There is a limit if you are checking out in $ (now that's confusingly crazy) to the above ($50k/annum) . . . sorry, you can't buy that 90k watch.

*Limit ($300/day, $50K/annum) on ATM withdrawal . . . for taxis, house rent, 'oloshos' (strictly cash) , candy or 'Mary Jane' (strictly cash) . . . few things you will actually need physical cash for.

P.S. Cumulative $ spend for both ATM, online, and POS = $50k/annum

The best I can do.

bumi10:
how confused can this cbn and apc government be?

can someone please explain this statement to me....

The Central Bank of Nigeria (CBN) yesterday said transactions done through electronic channels and Pointof-Sales (PoS) terminals are not subject to daily limit as settlement for the cards shall continue to be with interbank funds.

However, the maximum limit for naira debit and credit cards utilization shall be US$50,000.00 per annum. In addition, daily cash withdrawal limit is pegged at US$300.00 per person per day, and subject to monthly rendition of returns by Authorised Dealer banks and card issuers to the CBN.

does it mean you can transact up-to $2m via posin a day or that is still subject to $300 per day.

Cbn is becoming a problem to this country.

computerboy:
Waiting for stanbic to adhere.

989900:


I explained it in the post above this.

blueseacats:
As long as your pos transaction is in naira, you are fine , but if you are transacting in $ ur daily and yearly limit is $300 and $50000 respectively. But if you have to swipe then you can as long as u don't spend more than 50000 a year.

Oh, OK.

Meaning there is a cumulative limit ($50k/annum) for ATM, POS, and online, which you can decide to exhaust in a minute (via online or POS), or spread over a 12 month period.

That's what it means, right?

If you checkout online or on foreign POS in Naira, that is limitless?

yungryce:


i think dey complied. i got a msg directing me to link for new limits with a rate of 310/usd

dearie:
There's nothing new in the policy. The only amendment as it were is the inclusion that Letters of Credit, Bills for Collection and other invisible transactions will now be funded at interbank I.e using interbank rates as against the CBN official rates it used to be.

989900:


Oh, OK.

Meaning there is a cumulative limit ($50k/annum) for ATM, POS, and online, which you can decide to exhaust in a minute (via online or POS), or spread over a 12 month period.

That's what it means, right?

If you checkout online or on foreign POS in Naira, that is limitless?

yungryce:


i think dey complied. i got a msg directing me to link for new limits with a rate of 310/usd

computerboy:

Got the message too but it was talking about rate not limits

themosthigh:
[size=18pt] I still don't know how we all fell for this scam called change and how we are to get raid of it...God bless GEJ and prof okonjo iweala.
[/size]

989900:
This looks like a recent release, but a policy reversal to like before.

Won't this cause further drain on the Naira?

Have they taken proper look at the implications on the Naira?

Are we banking source of Forex on foreign investors showing up, or we can now fund this?

My wild guess: trying to lure BM customers to the inter-bank market, or in other words, inter-bank market would be the new 'Sabo' or 'online Sabo' if you will, with profit margins on what deals in the FMDQ rates. Technically shutting down the 'black market', and diverting that sales volume to the banks (that could actually lure investors into the FMDQ market . . . increasing inflow of Forex).
Less volume/pressure/demand on the 'Black market' would ultimately drive the BM rates towards the inter-bank rates . . . ummm . . ..

The big question: what would be the gap between the FMDQ and inter-bank rates? Definitely not the N282 to $1 @ the FMDQ rates, to the present inter-bank rates of N310-N340! That is immoral and a disservice to the people . . . it will ATEOTD, still keep the BM rates attractive for round tripping and not encourage people to send money home via western union or money gram, rather, send it to domiciliary account or by hand, where they can access their raw paper, and head to 'Sabo' with it.

P.S. The yuan deal, what's up?