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Money Transfer Service To Nigeria Suspended By CBN by badblog: 6:41pm On Aug 02, 2016
I just recieved this email from worldremit couple of minutes ago that CBN has suspended all money transfers to Nigeria.

How will I send money to my parents for upkeep?

This has to be a joke.

Dear ×××××,

As you may have seen in the media, almost all international money transfer operators have been forced to suspend transfers to Nigeria.

Unfortunately, WorldRemit is among them.

This has happened because of drastic and unforeseen action taken by the Central Bank of Nigeria.

Our local partners have been told they can no longer process transfers to bank accounts.

There was no advance warning that this was going to happen and the money transfer companies affected had no opportunity to appeal.

WorldRemit believes this action to be unfair and we are currently contesting it.

In the mean-time, we are not able to accept new money transfer requests to Nigeria.

We are working to complete all pending transfers. In the limited number of cases where this is not possible, we will communicate with you and arrange a refund.

Our mobile airtime service is unaffected.

If you have previously sent money to Nigeria with us, we will provide updates on the situation by email.

Kind regards,
The WorldRemit team

Link: https://www.worldremit.com

ADDING EMAIL SNIPPET FOR THE THOMAS IN THE HOUSE

Re: Money Transfer Service To Nigeria Suspended By CBN by CrazyG: 6:49pm On Aug 02, 2016
If this is true then CBN does not know what they are doing........remit for Nigerians in diaspora is crucially needed in this bubu times to help improve our fx inflows and probably lessen the pressure on the naira where it is large enough....

2 Likes

Re: Money Transfer Service To Nigeria Suspended By CBN by Nobody: 7:03pm On Aug 02, 2016
Picture of the email oooor you know the rest.

Well if you don't then

MODIFIED I belivit now

1 Like 1 Share

Re: Money Transfer Service To Nigeria Suspended By CBN by neroysc: 7:34pm On Aug 02, 2016
Even Western Union is affected. I tried to track the fund which I was sending and it was on hold, which is usually not the case, called them and they told me that the Bank which I was wiring the money isn't accepting the money through the directives from CBN. I'm like WTF..
Re: Money Transfer Service To Nigeria Suspended By CBN by codecyan(m): 8:27pm On Aug 02, 2016
True, got the mail from WorldRemit too.
Wonder what the policy makers at CBN are thinking!!!
Re: Money Transfer Service To Nigeria Suspended By CBN by cold(m): 8:59pm On Aug 02, 2016
Yeah got it too from multiple sources. And CBN has not made clear the rationale behind this sudden policy direction. What exactly is going on in that country? Everything is comatose and now we can't even give the economy a boost in our own little way. If i turn on Buhari now they'll accuse me of being too derogatory. Sigh
Re: Money Transfer Service To Nigeria Suspended By CBN by ochukoccna: 9:00pm On Aug 02, 2016
So its true! shocked shocked
I just finished arguing with a loved one in Canada who told me CBN had suspended money transfer services to Naija
He mentioned World Remit and Western Union telling him it was so
I was just about opening a thread to ask when google pointed me here
I wonder what is the thinking about the CBN regarding this
Correct me if I'm wrong but this is another ill thought out policy by the CBN
WTF do they smoke there? undecided undecided
For a nation whose national currency is struggling against other national tenders and where remittances contributed $21 billion inflows in 2015, I don't see the wisdom in banning/blocking remittances even for a second undecided undecided
Especially when some financial experts have opined it can help us steady our currency
Some of our current economic ills are truly self inflicted
Ills caused by Buhari's economic team's flip flops such as this
Even if the CBN intends to bring in the BDC's back and channel remittances through them, it needs better execution
Such news doesn't bode well for a struggling economy which is in reccession
And why the phucck is this thread not yet on the homepage. embarassed embarassed embarassed

1 Like

Re: Money Transfer Service To Nigeria Suspended By CBN by masseratti: 9:22pm On Aug 02, 2016
If Emiefile was from another ethnic group, some people would have being calling for his head since, even with the recent Fayose saga,

Nigeria is in a serious mess but I know the Governor of the Cbn is a seasoned banker am sure there is a good intention around this.

2 Likes

Re: Money Transfer Service To Nigeria Suspended By CBN by Joygalore(f): 10:25pm On Aug 02, 2016
I got the same mail cry

1 Like

Re: Money Transfer Service To Nigeria Suspended By CBN by techmart(m): 10:54pm On Aug 02, 2016
is this necessary... well I hope they have good intention(s) for this
Re: Money Transfer Service To Nigeria Suspended By CBN by chumakk: 11:06pm On Aug 02, 2016
Money laundering will be another hot business now.
Re: Money Transfer Service To Nigeria Suspended By CBN by Zetra(m): 11:52pm On Aug 02, 2016
chumakk:
Money laundering will be another hot business now.

Gbam
Re: Money Transfer Service To Nigeria Suspended By CBN by mufutau55(m): 4:08am On Aug 03, 2016
You mean they want to stop foreign money coming into the country?
Nigeria will surely die now. No country stop incoming money into any their country, only outgoing... not even America.
Nigeria progress is now at the dead-end. All those who stole Nigeria money are still travelling all over the world.. Now this.
Re: Money Transfer Service To Nigeria Suspended By CBN by n3xt(m): 5:57am On Aug 03, 2016
mufutau55:
You mean they want to stop foreign money coming into the country?
Nigeria will surely die now. No country stop incoming money into any their country, only outgoing... not even America.
Nigeria progress is now at the dead-end. All those who stole Nigeria money are still travelling all over the world.. Now this.



Red flag for those in the commercial real estate sector.

This decision is going to exacerbate an already precarious situation.

Mynd44
Re: Money Transfer Service To Nigeria Suspended By CBN by mayorjosh(m): 6:24am On Aug 03, 2016
Buhari and Adeosun don't just want to kill these country. They also want to butcher it before it dies

1 Like

Re: Money Transfer Service To Nigeria Suspended By CBN by whirlwind7(m): 7:04am On Aug 03, 2016
Our economic wizards at work! angry undecided

This move has cleared any doubt that the present government not only lacks direction, but they have absolutely no clue as to how an economy should function in the face of dwindling resources.
Re: Money Transfer Service To Nigeria Suspended By CBN by gabbytabby: 8:35am On Aug 03, 2016
Oga no one wan stop money coming in. My suspicion is that they wan monitor and more to do with security concern. Yours and my kobo kobo is unaffected unless Dasuki is your paddy.

You see how coup for turkey was financed from external sources.


mufutau55:
You mean they want to stop foreign money coming into the country?
Nigeria will surely die now. No country stop incoming money into any their country, only outgoing... not even America.
Nigeria progress is now at the dead-end. All those who stole Nigeria money are still travelling all over the world.. Now this.


1 Like

Re: Money Transfer Service To Nigeria Suspended By CBN by CrownV12(m): 1:26pm On Aug 03, 2016
In that case. I have a solution. I can help get your money to loved ones in Nigeria in a few hours. I can help receive the money in Cotonou, Benin republic, a few hours drive from lagos. and send the money directly into your recipient's bank accounts of course with a service charge. I can supply you with prrof if needed.
Re: Money Transfer Service To Nigeria Suspended By CBN by trinity227(m): 2:11pm On Aug 03, 2016
WESTERN UNION...MONEYGRAM ABEG MAKE DEM NOR TRY AM OOOOO. EXCEPT DEM WANT MAKE PERSON GO ROOT WATIN HE BURY OOO
Re: Money Transfer Service To Nigeria Suspended By CBN by Skywalker5(m): 2:49pm On Aug 03, 2016
Instead of them to ban money going out,its money coming in they are banning. I heard western union and money gram were not affected. sounds suspicious as many Nigerians stopped using them because of the amount they charge

http://www.ibtimes.co.uk/worldremit-calls-urgent-restoration-money-transfers-nigeria-1573909
Re: Money Transfer Service To Nigeria Suspended By CBN by mufutau55(m): 6:46pm On Aug 03, 2016
gabbytabby:
Oga no one wan stop money coming in.
My suspicion is that they wan monitor and more to do with security concern.
Yours and my kobo kobo is unaffected unless Dasuki is your paddy.

You see how coup for turkey was financed from external sources.

Ok. Let's wait and see. But for now we can't send money thru LaNacional or Sigue... Mama Gabby, my kobo-kobo is affected o.
Why try to close other avenues just to monitor the flow of money... this should be done with all Money Transfer agents anyway.
We are going back the way of monopoly... I hate WesternUnion so bad now...

THIS IS NOT THE REASON I VOTED AND CAMPAIGN FOR GENERAL BUHARI AND APC o. (Yes in CAPS, because I am yelling)

Hajji M.

1 Like

Re: Money Transfer Service To Nigeria Suspended By CBN by Nobody: 6:51pm On Aug 03, 2016
mufutau55:


Ok. Let's wait and see. But for now we can't send money thru LaNacional or Sigue...
Why try to close other avenues just to monitor the flow of money... this should be done with all Money Transfer agents anyway.
We are going back the way of monopoly... I hate WesternUnion so bad now...

Hajji M.

Our kobokobo money is definitely affected.

Not good.
Re: Money Transfer Service To Nigeria Suspended By CBN by mufutau55(m): 6:53pm On Aug 03, 2016
EgunMogaji:

Our kobokobo money is definitely affected.
Not good.

Yes o. It's a nonsense decision.

Hajji M.

1 Like

Re: Money Transfer Service To Nigeria Suspended By CBN by n3xt(m): 6:54pm On Aug 03, 2016
mufutau55:


Ok. Let's wait and see. But for now we can't send money thru LaNacional or Sigue... Mama Gabby, my kobo-kobo is affected o.
Why try to close other avenues just to monitor the flow of money... this should be done with all Money Transfer agents anyway.
We are going back the way of monopoly... I hate WesternUnion so bad now...

THIS IS NOT THE REASON I VOTED AND CAMPAIGN FOR GENERAL BUHARI AND APC o. (Yes in CAPS, because I am yelling)

Hajji M.

The change you voted for is not here yet. You're just seeing the preambles.

Aja iwo yi... (toto se bi owe)

1 Like

Re: Money Transfer Service To Nigeria Suspended By CBN by mufutau55(m): 7:07pm On Aug 03, 2016
n3xt:

The change you voted for is not here yet. You're just seeing the preambles.
Aja iwo yi... (toto se bi owe)

Am I regretting? I don't know yet... no rush to judgement. But this money transfer palava will affect me badly.

Hajji M.

2 Likes

Re: Money Transfer Service To Nigeria Suspended By CBN by Nobody: 7:10pm On Aug 03, 2016
mufutau55:


Am I regretting? I don't know yet... no rush to judgement. but this money transfer palava will affect me badly.

Hajji M.

It'll affect me too somewhat since na one block per year I dey lay grin
Re: Money Transfer Service To Nigeria Suspended By CBN by mufutau55(m): 7:16pm On Aug 03, 2016
EgunMogaji:

It'll affect me too somewhat since na one block per year I dey lay grin

Abi now... All this our kobo-kobo project nko... abi man go enter plane for one block or one door installation?

Hajji M.

1 Like

Re: Money Transfer Service To Nigeria Suspended By CBN by n3xt(m): 7:23pm On Aug 03, 2016
mufutau55:


Abi now... All this our kobo-kobo project... abi man go enter plane for one block or one door installation?

Hajji M.

It's all fluke. Hope you remember when the issue of $300 spend limit on international cards raised early this year, now the tide has changed.

No shaking baba. More $$$ to your dollar dollar (not Kobo Kobo) project.

1 Like

Re: Money Transfer Service To Nigeria Suspended By CBN by mufutau55(m): 7:28pm On Aug 03, 2016
n3xt:

It's all fluke. Hope you remember when the issue of $300 spend limit on international cards raised early this year, now the tide has changed.
No shaking baba. More $$$ to your dollar dollar (not Kobo Kobo) project.

Thank you sir. I surely do hope it's a fluke.

Hajji M.
Re: Money Transfer Service To Nigeria Suspended By CBN by n3xt(m): 7:32pm On Aug 03, 2016
mufutau55:


Thank you sir. I surely do hope it's a fluke.

Hajji M.

By now you should have known because "Change is constant with this government"

Another paper expert will convince them otherwise. You'll say that I'm a prophet.

1 Like

Re: Money Transfer Service To Nigeria Suspended By CBN by ilovmacontri: 2:39pm On Aug 05, 2016
why is everybody crying, no body cares to look at the brighter side.
Yes I was affected by this as well because I will no longer enjoy the high exchange rate offer by Worldremit, but if truth must be told this foreign mobile operators like world remit had encouraged boom in black market business in Nigeria.
The representative of world remit in Nigeria, are also representative of Black Market Economy.
Simple Arithmetic will reveal the truth on how this mobile operators caused Naira Inflation, Naira Depreciation etc
One question any body that is smart will ask is, how do world remit agent gets the High Naira Exchange they pay to the customers, the simple answer is to recycle our money in Black market, make more profit then pay you high. Now everybody is satisfied, no complain but people living in Nigeria, civil servant, traders etc will pay the great price of Inflation caused by money recycle.
Finally, every business establishment aim is to make profit but not to the detriment of our country economy.
Please think twice.
Re: Money Transfer Service To Nigeria Suspended By CBN by lola80: 8:41pm On Aug 30, 2016
The Central Bank of Nigeria (CBN) has announced new licences for 11 International Money Transfer Operators (IMTOs), including World Remit.

Earlier, the CBN had alerted Nigerians to cease transacting money transfer businesses with unregistered money transfer operators.

“This warning has become necessary because of the activities of some unregistered IMTOs, whose modes of operation are detrimental to the Nigerian economy,” the CBN had said.

The act was seen as banning all unregistered IMTOs from Nigeria’s foreign exchange market, but the CBN said the IMTOs could get licences, via an ongoing process.

The CBN’s action has yielded results, with 11 hitherto unregistered IMTOs now registered.

“In furtherance of efforts to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users, the Central Bank of Nigeria (CBN) has licensed more International Money Transfer Operators (IMTOs) to operate in Nigeria,” Isaac Okorafor, acting director of corporate communications of the bank, said via a statement.

“In line with the existing Guidelines on International Money Transfer Services in Nigeria (2014), the following IMTOs are now licensed to operate in Nigeria:

S/No.Registered Operators     1.TRANS-FAST REMITTANCE LLC     2.WORLDREMIT LIMITED    3.UAE EXCHANGE CENTRE LLC    4.WARI LIMITED    5.HOMESEND S.C.R.L    6.SMALL WORLD FINANCIAL SERVICES GROUP LIMITED    7.WEBLINK INTERNATIONAL LIMITED   8.CASHPOT LIMITED    9.DT&T CORPORATION LIMITED   10.FIEM GROUP LLC DBA PING EXPRESS    11.CP EXPRESS LIMITED

“The CBN also wishes to reiterate its commitment to providing an enabling environment for international money transfer services in Nigeria,” the bank

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