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vodutive:


While I have criticised the govt's policies on forex, this one makes sense. It says you can't fund your dom account from the black market i.e CASH and then transfer it out. The restriction is on what you can do with your CASH deposits, i.e if the money in your dom account was paid in by cash.

It would imply that if your forex was sourced abroad, you are free to do what you want with it.

It basically stops people from running to BDCs to turn their Naira to $

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?

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

this is just too rigid. emefiele was jonathan's parting gift to make nigeria totally fvcked

onatisi:

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?

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.

vodutive:



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.

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

onatisi:

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

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.

frankmoney:
are u OK ? They said CBN which is in charge of all monetary policies.... which means Godwin emefiele initiated the policy. ..

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.

Adesiji77:


Foreign transfers in respect of accounts that were funded by CASH.

It does not affect accounts funded by transfers, such as foreign inflows.

Ok. Thank God o. My business would have gone sour.

moshino:


What they mean is: You cannot transfer more than $10k (per month) overseas from your dorm account funded by CASH $ deposits.

Thanks Bro

ekenetheorg:
No wonder bitcoin is getting so expensive. Just put your naira in sites like nairafinex.com or bitx.co and buy bitcoin with it, then send the bitcoin to someone in US to change back to USD for you. Simple!

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?

Bros, no swear for us na....abeg

onatisi:

Whether crawling ,jumping or flying ,apc will retain power in 2019 ,Nigerians are in for a long journey.

Snwokenk:


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?

You are right. Let us see how it goes, cos level 3 once had no limit. Nairafinex starting on Monday

PaulIdu:



If you can't see that theft and brazen robbery attempt here then I am sorry you are a demon from hell like our principal Buhari .. Since the day Buhari claimed that over 20 billion dollars is trapped in local dorm accounts like he kept it there I knew he would look for ways to start spending that money ..Take it from me the Federal Govt is already spending the saving of Nigerians "trapped in dorm accounts...Do you even know why alot of people save money in dorm accounts ? They do because of the unstable naira.

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.

bettercreature:
It's for our own good! CBN keep shouting every day that $22 billion is seating idle in various domiciliary accounts but sadly the owners refuse to withdraw or make use of it
That money alone could help Nigeria out of her forex problems and improve the exchange rate of Naira

What are you saying Pple have the right to keep their money and use it when they like, us it CBN's money?

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