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Nairaland Forum / Nairaland / General / Business / CBN Bars Crypto Bank Account Operators From Cash Withdrawal (20031 Views)
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Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Blackfire(m): 7:01am On Jan 04 |
dinkyicon: Is that the only avenue for money laundering? Giving dog a bad name to hang it |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Bobloco: 7:06am On Jan 04 |
ivolt: Excuses upon excuses Before APC assume power, demand for dollar was higher than naira, oil was still our only source of dollar earnings but in all these, Naira was exchanging below N200 to a dollar, a liter of fuel was below N100. The economy was stable and flourishing as was recently confirmed by Wale Edun, the current minister of finance All these happened under the PDP era Immediately APC came in, all the economic gains were reversed because they lack ideas leading to the current economic quagmire we have found ourselves. Instead of accepting the fact that they have failed woefully, you and them are busy engaging in blame games and excuses |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Mohisah: 7:14am On Jan 04 |
This CBN Gov'nor just dey use my idea☺️. This d best tin to do to stop online money washing... Crypto platform is d easiest way to wash up 100bn dollars in 24hrs and it'll cm out clean. Zero trace. Zero black market link. It smells legal when the washing is completed |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Fiscus105(m): 7:24am On Jan 04 |
matify83: Naira is deprecating becos our imports are far far outnumbered our exports, besides, Naija economy has already dolarised. people now use dollar as a means of exchange within Nigeria's economy instead of Naira. Not until the two above scenarios are tackled, no meaningful achievements can be felt. |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by waveman2: 7:27am On Jan 04 |
Don't mind them.Nigeria has so much obligation to pay airline,mtn most foreign companies that cannot repatrait their funds.we should be looking at encouraging indigenous industries and companies so we don't have too much demand for dollar but supply.That is the solution not all these cut and sow policies. ivolt: |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by FireUpNow(m): 7:31am On Jan 04 |
As long as this will affect the politicians those other bad actors of the economy and to strengthen the naira than fine and good. |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by MrNovo: 7:44am On Jan 04 |
MartinsD12:I have read through lots of comments here and it's obvious most don't get the drift. This Policy is designed to increase dollar inflow from Crypto Investors. CBN is hoping to use the inflow from dedicated Crypto accounts to increase her Forex supply and thereby push down the ever increasing Naria to Dollar exchange rate. That is why additional policy directive is being given that NO physical cash withdrawals will be allowed to avoid hoarding. However I think there is still a lot of confusion on the implementation of the policies as to meeting their overall objective. The restriction on cash withdrawal should only apply to foreign currency. Account holders WILL be allowed to withdraw in Naira. And this policy is supposed to be blanket for all foreign currency transactions in the country not only applies to Crypto. While Forex earnings from other sources like Crude oil transaction is allowed for USD cash withdrawals in Nigeria. Once such duplicate policy directions exist, loop holes for exploitation is already there and ultimately the benefit will NEVER be achieved. Which is to bring down the USD to Naira Exch rate |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by MartinsD12(m): 7:55am On Jan 04 |
FreeStuffsNG:This is very much confusing, any one who understand this should please explain to us in simple terms what this means I don't seem to understand, CBN lift ban on crypto yet don't allow cash withdrawals if found such account who be blocked I don't get it |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by SmartyPants(m): 8:00am On Jan 04 |
Hotice085: That is for your own safety as individual crypto market participants and really and $500k is raisable. |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Free2Fly: 8:03am On Jan 04 |
FreeStuffsNG: I hope you even understood the news you posted, this tribalist? This is for designated accounts opened specifically for virtual and digital assets transactions, not for regular accounts. |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Goldencheese(m): 8:36am On Jan 04 |
Your submission is very brilliant. Thank you. Faiththatworks: |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by MartinsD12(m): 8:57am On Jan 04 |
MrNovo:Ok thanks for the information. |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Bizibi(m): 9:28am On Jan 04 |
C |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by AzaHub(f): 9:29am On Jan 04 |
I'm not surprised. Choking DeFi. #FightingBack P2P to the rescue. |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by AzaHub(f): 9:31am On Jan 04 |
MrNovo:You're wrong, brother. This has nothing to do with USD. IF YOU KNOW YOU KNOW. |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by MrNovo: 10:00am On Jan 04 |
AzaHub:So what do you know Also tell me it has nothing to do with Forex 1 Like |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by melexchi(m): 10:17am On Jan 04 |
hmmmmm |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by cardoctor(m): 10:20am On Jan 04 |
Just imagine |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by dinkyicon: 10:37am On Jan 04 |
Blackfire:one of the avenue. One step at a time |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by matify83: 10:38am On Jan 04 |
ivolt: Another quick education for you too. Do you sincerely think that the dollar demand is a true reflection of our import needs? Me and you are hedging against the naira by converting our surpluses into dollars as a store of value. Did you hear when the CBN governor alluded to the fact that Nigeria has a domestic foreign reserves in dollars that is greater than our external reserves? Sanusi has been shouting himself hoarse that nnpcl is not remitting huge dollar revenues into the consolidated account . Corruption will kill Nigeria since she is not ready to kill corruption. In addition to the above, Nigerians are now open to receiving payments for goods and services in dollars. Thus spiking the illiquidity in the market Another angle you fail to consider is that your government is printing money ad Libitum and borrowing like a drunken sailor to splurge on consumption. How do you expect the naira to hold its weight when there is so much of it chasing fewer goods and services? Buhari printed 21 trillion by ways and means in 8 years, cardoso in cahoot with Asiwaju have already printed 7 trillion in 7 month only and you still think it is only by boosting exports to generate dollars that will save the naira and Nigeria? Now your people are stylishly sensitizing Nigerians to the possibility of petrol price hitting 1200 and you still think those people have your interest at heart. Brother, this journey is going to be rough this year. It is the express constitutional mandate of the cbn to defend the naira and failure in doing so is a dereliction of duty. QED |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by PARADIZEPRIEST: 11:11am On Jan 04 |
YES DON'T GIVE CRYpTO PEOPLE CASH ,SO THAT YOU CAN TRACK ILLICIT MONEY. MANY FRAUDULER PPL ARE LAUNDRYING MONEY FROM DRUGS AND ILLEGIT TRANSACTION AND HIDE IN CRYPTOCUTRENCY. AMERICAN INTEL HAS TRACKED THEM ALL IN USA,MEXICO,VENEZUALA,CANADA ETC. crypto is polluted money,can't buy such again,is dirty money for kleptomanians |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by lagosrd: 11:17am On Jan 04 |
FreeStuffsNG: Analog leadership. There will always be a way round it . It's called decentralized Network 1 Like |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by AzaHub(f): 12:56pm On Jan 04 |
PARADIZEPRIEST:Spot on. You Gortin Has nothing to do with dollar!
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Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by AzaHub(f): 12:58pm On Jan 04 |
MrNovo:I am not throwing everything you say away. If this policy has any exchange-rate-related gains, its gonna be meagre. But the real deal is control, traceability, money laundering, financial crimes checkmate. Trust me. I wrote about all these at Azà Hub.
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Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by FinPadi: 1:22pm On Jan 04 |
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Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by AzaHub(f): 1:30pm On Jan 04 |
FinPadi:Is this another loan shark?
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Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by uniquetechng: 2:14pm On Jan 04 |
MrProlific95:Funny enough politicians who are the people laundering money are above the laws, so these policies are just mere ceremonial pronouncement. 1 Like |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by AzaHub(f): 2:53pm On Jan 04 |
MrProlific95:True talk. Its about financial crimes and money laundering rather than about dollar naira fx rate.
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Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by FinPadi: 4:27pm On Jan 04 |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by AzaHub(f): 4:28pm On Jan 04 |
FinPadi: Ok o. Maybe someday I'll write about you at Aza Hub, Financial Literacy Forum.
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Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by ITbomb(m): 5:24pm On Jan 04 |
This is like PayPal, you only pay in, you cannot withdrawal |
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