taharqa: Good... I also hear that d CBN has banned d importation of Dollars (I was shocked this week to hear that Nigeria was becoming d largest IMPORTER of Dollars in d world. Imagine that!!). People now use Dollars as though they were in America- to pay Schools, pay rent, to shop, etc. Certain NONSENSE need to stop in this nation

yea my brother e dey pain me. For lekki phase one here some hotels and schools accept only dollars even some landlord say their houses are meant for expatriates so they accept dollars only even some escort puzzies for weekend na dollars oh.

Its disgusting.

wirinet: In theory its a good move, but in practice it will be detrimental to genuine business men.

Take for example i am into importation. If i go to a bank to obtain dollars to import goods, apart from exhaustive bureaucratic bottle necks, i am most probably going to be told no dollars now, come back next week. So i would be forced to patronize my favourite mallam at about N160 to the dollar. But if i am to be paid in dollars for the same goods, the banks would give me ridiculous exchange rate like N150 to the dollar.

So would it not make better business sense to sell my dollars to alams at N157 and buy from him at N160?

businessman dnt do importatn again, set up a factory and make those things u wanted to import, by so doing u wont need dollars again. Dnt worry abt our pple's attitude 2wards locally made products, because they ll buy them,by d time dy cnt find the ones u usually import before. At d end u ll do our country more good, u ll employ more persns in ur factory, u cn monopolise nd make more profit nd be like dangote.

Will Bureau de change go out of business?

Abeg make dem no bring dat Nonsense o cos d change wey I dey get frm aboki na im I take chop ooo....imagine eco bank 157# per 1$ and ma aboki (bureau d change) 162# per 1$....cal 1000$ in bank 157000# n aboki to be 1620000#, that's 5k left for me. Atleast 3X in 2weeks that's 10k.
See hw much I go dey loose. If dem wan boost economy they shud reduce our oga at d top alawi.

What about money gram, and others, I like dis new policy though. Atleast Aboki will stop harrassing anybody at their sight.

Imanuelle:


why won't I ?

First bank told me 146

I took it to a road side aboki and got a 158 deal

you are either exaggerating or first bank ought to be reported to the cbn.

I never collect dollars, whenever I receive money I immediately get paid the naira value.

Is money gram affected? I don't use western union.

When Western Union was Introduced to Nigeria, you got paid in Naira. The Dollar Option came a few years later.

Mtchewwww

Dem too late.


I do money transfer to Nigeria account.

Quicker than western.

Email: bekis@hotmail.co.uk.


Try us and we will surprise.

.

citizenisb: This followed the suspension of the Wholesale Dutch Auction System (WDAS) at the official foreign exchange market.

It said that the RDAS would allow only customers of deposit money banks to buy foreign exchange at the CBN through their banks.

This is against the WDAS where the deposit money banks bought foreign exchange at the CBN on their own accounts and in turn sold to their customers.

“The re-introduction of the RDAS is expected to prevent round tripping of foreign exchange purchased at the CBN official window to unauthorised channels.

“Also, a circular has been issued mandating all deposit money banks to redeem all inward money transfers in naira to the recipients at the prevailing inter-bank foreign exchange rate.

“This is in line with best practice,’’ it said.

- See more at: http://www.vanguardngr.com/2013/10/cbn-bans-importation-foreign-currency/#sthash.6L7TlUme.dpuf

Hmmm ok

What of MoneyGram. Is it affected too?? If not CBN is looking for Western Union Trouble

IGBO-SON:


^^^I share your sentiments on this.....very annoying!

Yeh me too however there is no such thing as domant account in the western world,.U use ur local currency to either buy forex at ur bank at nkt rate with or without comm. Or go to ind brokers.

Good move the politicians will be the biggest looser, particularly the Governors who collect state allocation on rush to change them into dolars.

in ghana, you will never be paid in dollar, even if you deposit dollars in your account and you come back to withdraw a minute after, they wil tell you they cant pay you in dollars.

taharqa: Good... I also hear that d CBN has banned d importation of Dollars (I was shocked this week to hear that Nigeria was becoming d largest IMPORTER of Dollars in d world. Imagine that!!). People now use Dollars as though they were in America- to pay Schools, pay rent, to shop, etc. Certain NONSENSE need to stop in this nation

sewiozly its crazy,even americans dnt handle dolars in cash d way we do, i went to chk inn in one hotel in Ikeja d capitol of lagos i was charged in dolars, i challeng d attendant bt alas! na naija package. kudoz 2 sanusi

Bureau de exchange business don collapse....

dionflex: LEARN HOW TO MAKE MONEY LEGITIMATELY ONLINE ON FACEBOOK AND OTHER SOCIAL NETWORK.

Get it @ NAIJAGUYZBASE-ONLINE MAKING MONEY FORUM

Then why are you not rich yet? Still placing adverts on NL?

hustla: Awon omo mi
Awon Wire Wire.. Una dey hear?

Bad market

bebe2: Mtchewwww

Dem too late.


I do money transfer to Nigeria account.

Quicker than western.

Email: bekis@hotmail.co.uk.


Try us and we will surprise.

As usual,a Nigerian wherever they are in the world will always look for ways to circumvent the system.
Tommorrow,you will start blaming the govt for the state of the country.

Korrection: What of MoneyGram. Is it affected too?? If not CBN is looking for Western Union Trouble

I think all money transfer agencies are affected by this directive.
Western union was focus on by the article, as they are probably the biggest in Nigeria.

Nice 1 cbn.TO the world,naira has no value at all.I have always said it,GEJ would be the platform for change to this nation. Privatisation of phcn,banning importation of dollar, these are good moves for any nation that wants growth and development.

Good move...but $ should be readily available for travel/business. Bad move for those that pack suitcases with dollars to send abroad.

Please what happens to those whose salaries are denominated in dollars.If this affects them,it' s going to decimate a large chunk off their salaries.

blink182: you are either exaggerating or first bank ought to be reported to the cbn.

I never collect dollars, whenever I receive money I immediately get paid the naira value.

believe it or not
I don't have any reason for exaggeration
please ask them the rate the next time you go for a WUMT transaction

Originalsly: Good move...but $ should be readily available for travel/business. Bad move for those that pack suitcases with dollars to send abroad.

Why would U need it for travel n biz frm 9ja?

solomon111: I think all money transfer agencies are affected by this directive.
Western union was focus on by the article, as they are probably the biggest in Nigeria.

The r no lnger the biggest,as a mata of fact the lost the biz long time ago,there arf loads of comp who wire monies dirr. To ur bank acc frm D uk,the do bulk clearance n charge u a fee plus U gt the mkt rate at that time.

fyneguy: I have to protest this! I didnt open a dom account to receive naira!

LOL you have my vote!

Am I the only one that can see this pushing up the price of dollars in the unofficial markets? I mean if we are using demand and supply principles have we not made it harder for "abokis" and other unofficial sources to get dollars by this act? Surely this hasn't been well thought out.

blink182: you are either exaggerating or first bank ought to be reported to the cbn.

I never collect dollars, whenever I receive money I immediately get paid the naira value.

You don't seem to know much about how Nigerian Banks operate (in practice not theory). What he said is very plausible especially if it was less than a 100 dollars and if the bank attendants felt they had seen a "customer" in him.