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Nairaland Forum / Nairaland / General / Business / Can't Send Dollars To Nigeria Any More (60457 Views)
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Re: Can't Send Dollars To Nigeria Any More by faceland: 8:07am On Feb 10 |
Coldspice: CBN intentionally use big useless grammar. I just checked my domiciliary account via app and my dollars are in tact so no need to go to neighboring country... and please if I have to, I would. Have you seen Mali passport? It is almost A4 paper (ID is not a problem in countries that 50% of their population depend on charity).... Mali, Chad, Niger (anti-ECOWAS and France seeking inflow) but it is not necessary. CBN/Banks would not give us physical dollars over the counter but we can even go next door, transfer or do transactions with our dollars in the domiciliary account. No problem. |
Re: Can't Send Dollars To Nigeria Any More by Martartins(m): 8:26am On Feb 10 |
Dey play.... They will send it via crypto 1 Like |
Re: Can't Send Dollars To Nigeria Any More by cardoctor(m): 8:55am On Feb 10 |
More blames for Efemiele |
Re: Can't Send Dollars To Nigeria Any More by deborsky(m): 9:15am On Feb 10 |
Hx1x: |
Re: Can't Send Dollars To Nigeria Any More by sweetgala(m): 9:44am On Feb 10 |
BitterTruth01: Nonsense, you don't even understand the principles of capitalism and how productivity works. 1 Like 1 Share |
Re: Can't Send Dollars To Nigeria Any More by Earthquakes: 9:45am On Feb 10 |
GeneralDae: I make money in USD, I run international business that requires importation and you want me to send my USD to naira then buy it back when I want to go to China. Lol you guys are just shallow minded because you think everyone sends money to Nigeria to be used in Nigeria lol 1 Like |
Re: Can't Send Dollars To Nigeria Any More by GeneralDae: 9:50am On Feb 10 |
Earthquakes:But almost anywhere else you go in the world, you don't use foreign currencies there. You convert to their local currency and when you go out, you reconvert to dollars or whatever. This is how it was before 2020 COVID where Emiefele started changing things in a bid to attract dollars in the reserves but it also meant big time undocumented funding of BDC's. Last time I checked, CBN hasn't banned domicillary accounts because they know people like you who need FX are still in the system. Maybe when there's enough dollar liquidity, naira cards for international transactions would become active again. |
Re: Can't Send Dollars To Nigeria Any More by psylliumhusk1: 11:10am On Feb 10 |
Acidosis: This policy has cost me soo much |
Re: Can't Send Dollars To Nigeria Any More by UnknownElder: 11:29am On Feb 10 |
Buru Exchange people go cry eh… the issue with all Of these policies is if it can be sustained for long. I like the idea.. |
Re: Can't Send Dollars To Nigeria Any More by Paraman: 11:59am On Feb 10 |
Lovit:If you know of any school, organisation or hotel in Nigeria still charging in US dollars, kindly report to the EFCC. |
Re: Can't Send Dollars To Nigeria Any More by BitterTruth01: 12:34pm On Feb 10 |
sweetgala: Hehe . So you understand capitalism |
Re: Can't Send Dollars To Nigeria Any More by XPMExchange: 2:00pm On Feb 10 |
With the recent development the best way is actually adopt cryptocurrency. You can buy/sell bitcoin, USDT and ethereum. we also offer the best rates for all your assets. LINK IN SIGNATURE THIS IS NOT AN ADVERT |
Re: Can't Send Dollars To Nigeria Any More by maasoap(m): 2:09pm On Feb 10 |
BitterTruth01: I don't think I understand you. USA, UK, Canada and the rest have social welfare benefits for their citizens unlike Nigeria and many African countries. We provide absolute everything on our own, from electricity to water to security to better education and the rest. Or, may be I'm mistaking |
Re: Can't Send Dollars To Nigeria Any More by DamolaDamola: 4:45pm On Feb 10 |
Hx1x:Deposit your money on Skrill and send to exchangers here on Nairaland. I buy Skrill funds to at decent rate. Contact on my Signature |
Re: Can't Send Dollars To Nigeria Any More by DrTee1(m): 5:43pm On Feb 10 |
AshipaEk0: And ALL the above people can VOTE - Nd be VOTED for, once they are 18 and 25/30 respectively. Nigeria's FIRST problem is the destruction of EDUCATIONAL STANDARDS AND EXAMINATION MALPRACTICES. That's the first thing that must be fixed before we can rework this society! |
Re: Can't Send Dollars To Nigeria Any More by obi58: 5:55pm On Feb 10 |
Throwback: Very very stupid comment! Is Forex a Nigerian business? 1 Like |
Re: Can't Send Dollars To Nigeria Any More by Earthquakes: 6:01pm On Feb 10 |
GeneralDae: Who told you that? I live in India for 2yrs and never had Indian accent but my dom accent card that I used to pay everywhere, same in China. If you want to fight because sellers you go to the bank and they know it. Who bought all the dollars released by cbn? Banks and they will now resell at their own profit. If you doubt me ask bankers. However what cbn says is if I send dollars to my account they will convert it for me and send me naira equivalent, it doesn’t make sense |
Re: Can't Send Dollars To Nigeria Any More by GeneralDae: 6:14pm On Feb 10 |
Earthquakes:You must understand that India and China do not have a huge black market industry that is bigger than their official market. CBN's target is not folks like you although it unfortunately affects you. CBN's target is channelling of diaspora remittances back to the official channels. If this works out as planned, black market can't contend with it because diaspora remittances are the second biggest source of FX inflow after crude oil at 20 Billion dollars annually. |
Re: Can't Send Dollars To Nigeria Any More by Earthquakes: 6:47pm On Feb 10 |
GeneralDae: Lol we shall see by end of march 1 Like |
Re: Can't Send Dollars To Nigeria Any More by bionixs: 9:13pm On Feb 10 |
Rolings:as a pessimist that you will always be , only our disastrous APC governors is all you see. How would you see those who did and still doing well ? You will never see any good thing ever |
Re: Can't Send Dollars To Nigeria Any More by Paraman: 9:41pm On Feb 10 |
grandstar:Commercial banks are not the sole disburser |
Re: Can't Send Dollars To Nigeria Any More by InvertedHammer: 11:39pm On Feb 10 |
Abufo:/ Keep living in fantasy world. Because you accept anomaly as your reality doesn't make it normal. / |
Re: Can't Send Dollars To Nigeria Any More by inosuke(m): 12:16am On Feb 11 |
nairavibeguy:Sorry bro 1 Like |
Re: Can't Send Dollars To Nigeria Any More by grandstar(m): 12:42am On Feb 11 |
Paraman: please, who else? |
Re: Can't Send Dollars To Nigeria Any More by Amtasiu(m): 11:31am On Feb 11 |
I love this |
Re: Can't Send Dollars To Nigeria Any More by Junior1212: 5:40pm On Feb 11 |
Any policy by CBN and Govt that will not increase production and export will lead to more crisis later, it's like someone is sick of malaria and u are giving the person Panadol to take which will only kill the symptoms but the malaria is still there, am yet to see a strong policy to help increase the supply of forex. I studied Economic s this is another policy that may lead to more problem s at the long run. |
Re: Can't Send Dollars To Nigeria Any More by GeneralDae: 5:47pm On Feb 11 |
Junior1212:So what policy do you expect from the CBN that would increase the supply of forex? |
Re: Can't Send Dollars To Nigeria Any More by routed: 6:04pm On Feb 11 |
ogawisdom: Nigerians are their own problem, how can you dollarize your economy with excess local currency liquidity and expect your currency not to nosedive. If oil subsidy and dollar subsidy was not removed, Nigeria can never pace the road to industrialization and build a robust economy. |
Re: Can't Send Dollars To Nigeria Any More by Junior1212: 6:05pm On Feb 11 |
Any policy that will help production and export, one thing the govt don't know is that Nigerian s must demand for dollars, almost 200,000 Nigerian s left Nigeria since the past two years to study abroad, none left Nigeria with less than 10k pounds, I don't want to talk about the figures of those for medical treatment or importers who import raw materials and even those selling finished goods. I have seen all the policies implemented so far all has brought more hardship and dollars is almost 1500, and a lot of Nigerian s are applauding them. Tax exemption for any entrepreneur and producer, Govt loans, electricity, security. If there's is increase in supply speculation will not matter. |
Re: Can't Send Dollars To Nigeria Any More by Rolings: 6:11pm On Feb 11 |
bionixs:Keep describing yourself we already know your type |
Re: Can't Send Dollars To Nigeria Any More by routed: 6:54pm On Feb 11 |
Junior1212: Why will government support foreign education of rich Nigerians and few opportuned middle-class at the expense of hundreds of millions of teaming Nigerian poor and middle class. Are the knowledge acquired by these people repatriated back into the Nigerian economy to make a difference. Well over 85% of foreign remittances from Nigerians abroad never get to the country and the bill is settled by the CBN from dollars earned from crude oil sales and dollars earning through export-mostly agriculture-from hardworking Nigerian people. By my study, most of the BDC operators that help people change dollars that was sent to them from their folks abroad were introduced to these people by the Nigerian banks staff. Meaning, most if not all of these dollars find their ways to the black market that gives speculators the strength to wrestled the control of monetary policies from the government. We are talking about billions dollars here. These policies affect me as individuals because I earn in dollars and spend in Nigeria but I don't care because I'm just an individual, and the goal here is robust economy for our nation. |
Re: Can't Send Dollars To Nigeria Any More by Junior1212: 7:11pm On Feb 11 |
As far as I am concerned BDC is not the problem here, if there is enough dollars in banks and they sell at cheap rate for who ever needs it for international trade, education or any other reason who will patronise BDC, BDC has been existing for years how come they are the problem now, because 10-15 years ago the supply side of dollars was higher then, the BDC are only taking advantage because the supply side at the macro level is low. The only speculative purpose I see as bad here are those keeping dollars in their houses, or safe outside the banking system, dollars in the dorm account is still in the system like the naira u keep in your account. The banks can use it for Normal banking functions. The problem is the supply side which is weak. And govt must work on it to solve the problem, any other solution is trial and error and am 100 percent sure it will fail, this forum is here and in the next six months I will come back and show you the damages this trial and error policies has caused. routed: |
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