gowaga68:
What's the rate of Euro and western union?

seyejohn94:
Changed d dollar online @ 225 to a dollar with my visa card...

inihood:
An inflow i made was rejected,with the following reason: WE ARE UNABLE TO PROCESS YOUR REQUEST AS THE PURPOSE OF PAYMENT CONTRAVENES THE CBN ACT 2007.

Please what reasons can I give that will let the transfer go through?

Eyop:


An inflow or outflow?

inihood:


inflow between two accounts in the same commercial bank!

Eyop:


Well I really do not get what you meant but to my understanding,inflows via online transfer shouldn't have an issue. The bank is only against cash deposit which is not even possible now because no bank will receive cash foreign currency from anyone. But if you have received an inflow which was wired to any of your Dom account,you can easily do a wire transfer bank to bank without any problem. It even becomes very easy if it's in the same bank because the corresponding banks wouldn't be playing any role in the transfer.

inihood:


On another thread I see you asking the OP if he has a dom account with GTB

The bank that rejected a dollar transfer from one account to another is none other than the same bank and gave the reason above.

I would have thought as you hence my question was, when you do such a transfer as above what reason do you give that makes it to be accepted by their FX OPERATIONS?

Please note that the funds were not OTC but inflow from overseas!

Eyop:


Yes the reason why I asked the OP was to ascertain whether it was rejected on the grounds that he doesn't have a Dom account with their institution or not. This is also not the 1st time of hearing this happening with GTB because I also have an account with them but it doesn't mean it cannot be done as it depends on your relationhsip with your Bank/Banker and also what the wire transferred funds are meant for. Zenith and Diamond Bank does wire transfers for their corporate customers without an issue but before doing so,they will verify the docs presented before going ahead to initiate the transfer.

modath:

@Eyop @ inihood
Stanbic too does not allow intra bank transfers , inflow or cash, doesn't matter...

Eyop:


That's what they will always say even though i don't know of Stanbic but be rest assured that some customers in that same Stanbic are getting it done only if the funds to be wired out came in as an inflow and not cash deposit. Union Bank said the same thing but an intra bank transfer was done but it was sent out to the United States and not within Nigeria.

inihood:



I see mallams doing it daily in the branch i use! and they said the transfer is instant at 238 to 240! but that is way too much!!

Eyop:


Yes Mallams are into this big time. The Mallams you see doing this,are they initiating the transfer directly from their own accounts or buying foreign exchange from customers and crediting the Naira equivalent?

inihood:


the exact same thing i wanted to do, initiating the transfer directly from their gtbank account with instant crediting of customer account in exchange for naira and vice versa!

Eyop:


That's what they will always say even though i don't know of Stanbic but be rest assured that some customers in that same Stanbic are getting it done only if the funds to be wired out came in as an inflow and not cash deposit. Union Bank said the same thing but an intra bank transfer was done but it was sent out to the United States and not within Nigeria.

Eyop:


Ok...one question you should ask yourself is since the banks are refusing to initiate transfers for customers as they say,how are the Mallams getting inflows to do this business? That's why am insisting that this things are going on but not open to the public. When dealing with them,Just ensure you confirm wired funds first before releasing the equivalent to them. That's how business men are surviving

inihood:


i asked the guys behind the counter but they refused to tell me why i can't but they can!

Eyop:


The banks are making money from them. If you have an inflow credited to any of your Dom account and you want to sell,the Mallams will clear it immediately even if it's in millions. They may buy @ #230 to $1 and resell @ #240 to $1.

inihood:


i know. my dollars will no longer enter nigeria, i am ok with BofA

inihood:


i know. my dollars will no longer enter nigeria, i am ok with BofA

bright87:
I got $2300 electronic dollar to sell. Any serious person should let me know. Am using diamond bank acc..

uchman:



Hello,

I don't understand how it works...
I am interested but not in Nigeria...

Please explain

bright87:
I got $2300 electronic dollar to sell. Any serious person should let me know. Am using diamond bank acc..

makzeze:
at what rate?

bright87:
I got $2300 electronic dollar to sell. Any serious person should let me know. Am using diamond bank acc..

bright87:


You know, due to the recent Cbn policy which restricts cash deposit in usd into dormicilliary account most people need usd for one purpose or the other but can't fund their dorm account, I have $2300 in my dorm account and I will transfer to any genuine person who need usd but can't deposit cash into their dorm acc and all they have to do is to give me the equivalent in naira subject to our agreed exchange rate. Get me Am also overseas but I have someone who is in Nigeria that can do the transaction on my behalf.