Earlier thread:

https://www.nairaland.com/7995248/banks-pay-customers-money-sent

I was asking a question on the earlier thread referenced above:

thymetraveler:
So for we techies who make payments online (e.g., server hosting bills) using the dollars -- because our payments from clients are received in dollars; how are we supposed to pay the dollar bills

We receive payment in dollars--hoping to use out of it to pay online bills--and then the bank automatically converts to naira, then we reconvert back to dollars to pay the bills. This doesn't make any sense

Can someone tell me if this affects domiciliary accounts? The payments i referenced above are received into my domiciliary account, and I pay my bills through my dom account's dollar mastercard. Does this mean future payments received into my dom account will automatically be converted to naira? These guys should give clarity on their policies

Don't forget that there's a limit to which you can convert naira to dollars for online payment if charged from your naira Mastercard (CBN Policy of max $20)--unless I'm not up-to-date with recent changes in this regard.

My understanding of this policy is that I'm apparently stuck in my online payments. Bills I pay a month from services usually reach around $100+. Initially, what I used to do is that once I receive my payment in my domiciliary account, I transfer online payment bills to my dollar mastercard, from where I make payments.
Given that I can't make such payment with Naira Mastercard, am I supposed to receive dollars in my domiciliary account, which then gets converted to naira; then I withdraw my naira, proceed to BDC, purchase the same dollar (for a significantly higher rate--leading to losses), then deposit the purchased dollars back into my domiciliary account in order to pay my online bills

Policy experts, please expatiate on the new policy and how it affects domiciliary accounts of we remote workers.

With the current search light being beamed on FX in the banking system and the weekly policy rollout of the regulator, it I crystal clear that the government may soon convert dorm accounts to their naira equivalent at NFEM rates.

Just last week, the banks were ordered to offload all FX not tied to any ongoing transactions in their vault.

This week, the banks have been told to pay out only naira equivalent for all remittances from abroad.

If these policies fail to tame the downward slide of the local currency, Cardoso may be compelled to dip his hands in the cookie jar of domiciliary account Holder.

They are already clamping down on FX usage within the local economy.

matify83:
With the current search light being beamed on FX in the banking system and the weekly policy rollout of the regulator, it I crystal clear that the government may soon convert dorm accounts to their naira equivalent at NFEM rates.

Just last week, the banks were ordered to offload all FX not tied to any ongoing transactions in their vault.

This week, the banks have been told to pay out only naira equivalent for all remittances from abroad.

If these policies fail to tame the downward slide of the local currency, Cardoso may be compelled to dip his hands in the cookie jar of domiciliary account Holder.

They are already clamping down on FX usage within the local economy.

Thanks for the analysis. So that means for now I may still be receiving dollars in my dom account, right? I use it for international transactions in my software engineering-related remote jobs, especially paying bills to platforms like GCP and Digital Ocean, and performing pentests.
This policy will really affect my work and I'm sure those of persons doing similar jobs, unless the banks make dollars available when there's need (that is, to convert from naira in my Naira account to dollars into my Dollar domiciliary account). Tch, Nigeria. Some folks already telling me Nigeria is not conducive for Young Tech Guys; their policies make a lot of things unnecessarily difficult