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Nairaland Forum / Nairaland / General / Business / Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month (18728 Views)
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Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by onatisi(m): 10:25am On Dec 02, 2016 |
#000000 |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by onatisi(m): 10:26am On Dec 02, 2016 |
vodutive:So where will they get their dollars if they don't buy from bdc? Will banks fund their form accounts? Do these banka even have the dollars? So what is the essence of cbn making travele x sell dollars to bdc if they don't want the public buyig from bdc and depositing in banks? |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by Andy1985ng(m): 10:31am On Dec 02, 2016 |
I send money to my own domiciliary account on a monthly basis so that when I return to Nigeria, I can withdraw it and do what I want to do with it easily. Now, you are telling me that I have a limit to spend on MY OWN MONEY |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by Nobody: 10:37am On Dec 02, 2016 |
this is just too rigid. emefiele was jonathan's parting gift to make nigeria totally fvcked |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by Nobody: 10:40am On Dec 02, 2016 |
onatisi: I hear what you are saying but the point is nobody legally obtains more than $10000 from a BDC. Also nobody is legally allowed to import $10,000 cash into the country. So if you deposit more than $10,000 cash, it means you likely got your money from the black market. If you got your money from the black market and you want to transfer it, there are ways of transferring it from this same black market operators. Part of the reason why Naira is falling is people keeping their monies in dollars which they will change to naira as they need to people who need dollars. I change Naira to dollars and lodge in my dom, when I need Naira and you need Dollars, you come to me I wire the money to your foreign account, you give me Naira. If i can't just sell my dollars when I need pr there is a cap, then I'm less likely to change my Naira to dollars and hence there is less demand for dollars and hence less upward pressure on price. I am fully aware that the problems of the Naira are down to the economy and the lack of confidence in the govt's policies but a substantial amount of the fall of the Naira is the unrestricted speculative purchase of forex by people who actually don't need the dollars and this is a valid (if not ideal) means of checkmating speculators in the circumstances. It certainly makes more sense than arresting Ab*kis or telling Aboki what price to sell. You are free to open an account abroad and keep your forex there it you can get the money there but the govt is saying we will not aid you to devalue our currency. 2 Likes |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by onatisi(m): 10:55am On Dec 02, 2016 |
vodutive:There are speculators due to government inconsistent policies . That is the main bane of this government,they have no plan or roadmap. And where such exists there arises a room doe speculators to operate freely 1 Like |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by Nobody: 11:06am On Dec 02, 2016 |
onatisi:I have already acknowledged if you read again that one of the problems with our forex is the govt's policies both lack of clear direction from present and failure of past administrations. However there is still a need to prevent a run of the naira, you cant fix the problem of the Naira overnight. If you think tings are bad now wait till Naira gets to N2000 to a $1 which is what will happen if govt allows unfettered access to everybody to change any amount at the black market and transfer all of it out of the country. Naira will stabilise once Dangote's refinery starts working because Fuel imports is the major drain on our forex, more than half of all forex is used to import fuel. I am not a defender of this govt and this govt may be a bit clueless but in 16 years of average $100 a barrell Oil, we could not fix our refineries or build new ones. They are more culpable for what is happening to the Naira than this govt.....again not to say this govt has gotten it's act together. Until we no longer have to use our scarce forex to import fuel, govt has to prevent a run on the Naira and like I said this makes more sense than threatening to arrest BDC operators or forcing them to sell at a price. 3 Likes |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by plaetton: 3:03pm On Dec 02, 2016 |
frankmoney: If you have been reading the body language if Buhari, as well as his 1983 antecedents, you will know that Buhari has hijacked CBN monetary policy responsibilities. It is this government interference that is responsible for the flip flopping policies of the CBN over past year and half. |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by NATIONALPASTOR: 4:44pm On Dec 02, 2016 |
Adesiji77:Ok. Thank God o. My business would have gone sour. |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by NATIONALPASTOR: 4:45pm On Dec 02, 2016 |
moshino:Thanks Bro |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by Snwokenk: 5:22pm On Dec 02, 2016 |
ekenetheorg: Bitx has started putting a 10 million naira limit monthly on deposits and withdrawal for level 3. I'm nearly at this limit so got an email. Wrote them on Facebook and they said they'll be coming out with a level 4. Nairafinex is not yet available? |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by Hope15: 6:26pm On Dec 02, 2016 |
Bros, no swear for us na....abeg onatisi: 1 Like |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by ekenetheorg(m): 11:31pm On Dec 02, 2016 |
Snwokenk: You are right. Let us see how it goes, cos level 3 once had no limit. Nairafinex starting on Monday 1 Like |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by Localamos(m): 12:51am On Dec 03, 2016 |
PaulIdu: Ignoramus. You don't even know the workings of fx. You don't know anything about balance of trade. You don't understand what is meant by capital flight. Your bitterness against your principal has be clouded your simple mind so much that you are not open for intellectual reasoning. Your command of English also is so appalling that I shudder at the watery construction of your unintelligent argument. When you grow up, you could come back and discuss sensibly. But for now, just go and dust up some economics text book. |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by uzolexis(f): 12:44pm On Dec 03, 2016 |
bettercreature: What are you saying Pple have the right to keep their money and use it when they like, us it CBN's money? 2 Likes |
Re: Stannic IBTC Bank Limits Domiciliary Account Spending To $10000 Per Month by Adesiji77: 1:16pm On Dec 03, 2016 |
Update: CBN Did Not Place Any Restriction On Foreign Currency Withdrawals From Domiciliary Accounts http://nairametrics.com/cbn-restricts-foreign-currency-withdrawals-from-domiciliary-accounts-to-10k-per-month/ cc: lalasticlala, Dominique, Mynd44, Seun 1 Like 2 Shares |
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