That Nigga always thinks he knows best!
Always making stupid policies..

TYTAN: As per going for studies, you can buy Personal Travel Allowance(PTA) $4000 per quarter around N163 per dollar. For school fees you can bid for the total amount of your school fees from CBN through your bank which is currently @ N155.71 per dollar and 1% commision then like N0.50k Bank charges total should be around N158.26 per dollar with proper document like admission letter , school stuffs etc.
Likewise for all proper transactions. check the CBN website.

Tell us your experience if you have bidded on this platform before and you got the dollars. I believe that this process is a fluke and does not apply in reality.

Crappy policy. These policy makers all have billions and millions of dollars in their accounts. Why are they now trying to restrict the use of dollar in Naija? Even western Union recently denied me sending money to Naija in dollars due to this crap policy.

My own advice is to travel with your Nigerian ATM card or if you have someone outside Nigeria that you send money to, open an account and send the person the ATM card.

EBK2:

Thanks for the insight.
At what exchange rate though? They may rip you off through USD:NGN Exchange Rate. Consider the exchange before you make a move.

Just got it. you have to be careful as the exchange rate may be something below average. It has happen to me b4. i tell ya. i don't trust those banks. they will tell you no charges but once the money enter into the account in their domain. they will deduct a ridiculous amount. Do not say you were never told.

lamiobo: I don't think d policy stopped banks from making transfers abroad ...all u need 2 ∂☺ is open a domiciliary account with your bank and you can transfer and receive any amount from abroad through your bank

Are you going to transfer money from an empty account? You still have to visit the aboki before you pay into your account. It's a sick process, cos it's not safe out there on the streets negotiating with strangers.

What do you expect when someone who has only M.Sc in islamic studies steers d affairs of an institution like CBN. Your experience in risk mgt for jus a small bank can't help you. The policies Mallam brings out are ones that cause hardship to innocent Nigerians. How have we benefited from Cashless policy,how could we have benefited from N5000 note,how are we benefiting from this no-dollar-cash now? Next time let someone who is well educated be d CBN governor.

lamiobo: I don't think d policy stopped banks from making transfers abroad ...all u need 2 ∂☺ is open a domiciliary account with your bank and you can transfer and receive any amount from abroad through your bank

And where dO you get foreign currency to wire?? u beta listen before u talk.

Omila007:

Please I would love to be enlightened as to the benefits of forcefully making me source for foreign currencies for my international transactions?
Yes international transactions should be paid in our local currency Naira that is something that needs not to be questioned nor contested. Owing to the fact that naira is our legal tender and not other currencies.
But why financial institutions should ask citizens to bring USD or GBP for there foreign transactions still eludes me. A citizen has no business handling any currency that is not a legal tender in his country.

Let me explain a bit how it works

1. Naira is not a convertible currency unlike dollar, pound sterling, euro and very few other currencies in the world. Note that even China currency is not fully convertible

2. A convertible currency is the one that can be readily bought or sold without government restrictions, in order to purchase another currency. A convertible currency is a liquid instrument when compared to currencies tightly controlled by a central bank or other regulating authority.

3. There are two principal sources for forex in nigeria - through CBN (got from oil sale) and independent other sources. For every dollar or other convertible money you spent which is funded in naira, it means the CBN must fund it through our foreign reserve and collect naira from you otherwise you must fund it through independent sources (Bureau de change or black market).

4. Ordinarily, bureau de Change and black market should principally fund their operation from private non-oil sources but due to Naija factor, by way of round-tripping by banks, CBN ended up funding them from our foreign reserve. An illegality .

5. When everything was bouyant and with high oil prices and increasing foreign reserve, cbn could afford to turn blind eye to the abnormal funding but with decreasing oil revenue and reserve, it cannot continue on that note without economic disaster hence the action by cbn.

6. The depreciation of naira value in bdc and black market is a natural fall-out to show that it had all along been artificially and illegally propped up in the past. Unless there is increase in oil revenue, the current low exchange rate of dollar to naira in the official market cannot be sustained for long and naira value will have to depreciate also in the official market. You read in today's papers that our forex reserve had fallen to $44 billion from $49 billion it was some months ago, that is the effect of defending naira value in the official market by the cbn.

Like i keep saying common sense is dead. Too much books seems to be mutually exclusive with common sense.

klas:

Let me explain a bit how it works

1. Naira is not a convertible currency unlike dollar, pound sterling, euro and very few other currencies in the world. Note that even China currency is not fully convertible

2. A convertible currency is the one that can be readily bought or sold without government restrictions, in order to purchase another currency. A convertible currency is a liquid instrument when compared to currencies tightly controlled by a central bank or other regulating authority.

3. There are two principal sources for forex in nigeria - through CBN (got from oil sale) and independent other sources. For every dollar or other convertible money you spent which is funded in naira, it means the CBN must fund it through our foreign reserve and collect naira from you otherwise you must fund it through independent sources (Bureau de change or black market).

4. Ordinarily, bureau de Change and black market should principally fund their operation from private non-oil sources but due to Naija factor, by way of round-tripping by banks, CBN ended up funding them from our foreign reserve. An illegality .

5. When everything was bouyant and with high oil prices and increasing foreign reserve, cbn could afford to turn blind eye to the abnormal funding but with decreasing oil revenue and reserve, it cannot continue on that note without economic disaster hence the action by cbn.

6. The depreciation of naira value in bdc and black market is a natural fall-out to show that it had all along been artificially and illegally propped up in the past. Unless there is increase in oil revenue, the current low exchange rate of dollar to naira in the official market cannot be sustained for long and naira value will have to depreciate also in the official market. You read in today's papers that our forex reserve had fallen to $44 billion from $49 billion it was some months ago, that is the effect of defending naira value in the official market by the cbn.

You said a whole lot but not really saying anything, the foreign currency that the BDC's are exchanging for Naira,from what major source does it come from? The banks. If the BDC's are doing it, why can't the banks do the same and save their customers the stress and hassle of dealing with abokis? The answer is simple: for instance, if Banks bid at N155 to the $1, Aboki will buy at N157 from the banks, and sell to the public at N165 to N170 making N8 to N13 profit on each $$$. These aboki's in turn recirculate the profit back into these banks at the expense of the customers.

These are the concerns of what people are asking, why can't CBN eliminate the BDC's (aka middle men) and mandate banks to deal directly to customers? This is how it's done even here in the U.S., I walk into Bank of America, meet with an FSR or banker, discuss my FOREX needs, and in a few days, I come back deal is done. I don't have to go look for a FOREX company like Travelers to buy Euro or the Yuan when my bank can do all that for me.

manny4life you have analysed it all and the reason why that can't be implemented here in Nigeria is because of corruption. We have a long way to go in this country due to corruption in all sectors.

manny4life:


You said a whole lot but not really saying anything, the foreign currency that the BDC's are exchanging for Naira,from what major source does it come from? The banks. If the BDC's are doing it, why can't the banks do the same and save their customers the stress and hassle of dealing with abokis? The answer is simple: for instance, if Banks bid at N155 to the $1, Aboki will buy at N157 from the banks, and sell to the public at N165 to N170 making N8 to N13 profit on each $$$. These aboki's in turn recirculate the profit back into these banks at the expense of the customers.

These are the concerns of what people are asking, why can't CBN eliminate the BDC's (aka middle men) and mandate banks to deal directly to customers? This is how it's done even here in the U.S., I walk into Bank of America, meet with an FSR or banker, discuss my FOREX needs, and in a few days, I come back deal is done. I don't have to go look for a FOREX company like Travelers to buy Euro or the Yuan when my bank can do all that for me.

Why go ahead banned,

networkgenuis: If you walk into Nigerian banks to buy foreign currency they will tell you they don't have, but right beside you a Bureau D'change operator is buying. Its just painful.

sad but true. Its just a big mess. I needed to put some US $ into my domiciliary account to send out a bank draft for payments abroad. The chap at the till told me to go and source the dollars from aboki. Now, i wasn't really sure if i was cheated by the aboki or the naira is just becoming worthless as i had to rush to an atm to get more naira to buy US $.

Beaf!:


^
Bigot! Shame on you.

you are an i.diot, isn't it clear enough who this policy was meant to favour? You do not use the dollar in your business so you can't even imagine our predicament.

Please How do I get a cheap dollar for my importation. My overhead cost is becoming higher and my selling price can't go high cos of competition.

I can only recommend you contact Inspired as you will get it far cheaper than the so call black market.

clip: Please How do I get a cheap dollar for my importation. My overhead cost is becoming higher and my selling price can't go high cos of competition.

LAMIDO IS A FOOLISH MAN

It is a good policy if people will cool down and let it work! Nigeria is a jungle where everybody including majority in govt are working to game the system.
The bank will handle all legitimate Forex transactions if people follow the rules; problem is those doing business wants to buy as much forex as needed for their imports or businesses abroad and carry the cash into foreign countries or wire them in a manner that allow them stay under the radar. CBN has a policy on all foreign transactions from mortgage payments, medical, personal purchases down to school fees and a whole lot of other purposes. The bank can attempt to put road blocks to protect themselves from CBN hammer or to send you away to the abokis but they will do what they are expected to do if you stay on their neck and provide necessary documentations.

The CBN in the same policy increased what each Naira debit and credit account holder can spend from ATM and POS transactions per year from $40,000 to $150,000.
In addition to the above, there is a provision for small scale importers requiring up to $250,000 per annum using telegraphic transfer; using only the online version of Form M (e-Form "M".

http://www.cenbank.org/Out/2013/CCD/Developments%20In%20The%20Foreign%20Exchang%20Market.pdf

I don't see where the issue is, aside people getting stuck to the old way of doing things. CBN statement that Nigeria is the largest importer of United States Dollar is dangerous and disturbing for a country relying on crude oil as the only major Forex earner.

http://www.ngrguardiannews.com/national-news/134398-cbn-bans-importation-of-foreign-currencies-

Politics is around the corner with politicians waiting to use US Dollars as currency of settlement during conventions and elections. It can only get worse if nothing is done.
For those using walking into a bank in the US and buying Forex, I would like to know how it is possible to buy $15,000 just like that. I cannot even get $5000 from the bank in local currency without giving them prior notice!

And by the way, every ATM withdrawal in North America only attracts a fee of about $2 to $3 for GTBank. For those with brothers/sisters/kids in schools abroad, please open a Naira account, send them the ATM card and put Naira in their account every month or as you wish.
For the vehicle dealers, you can go same route or do your importation using form M (that may be tough for people that want to stay under the radar).

I believe this policy is in the best interest of the country.

There is no cheap dollar anywhere, just shop around the BDCs and go with the best rate.

clip: Please How do I get a cheap dollar for my importation. My overhead cost is becoming higher and my selling price can't go high cos of competition.

lamiobo: I don't think d policy stopped banks from making transfers abroad ...all u need 2 ∂☺ is open a domiciliary account with your bank and you can transfer and receive any amount from abroad through your bank

Have u tried sending money through a domiciliary account? you have to buy dollar from black market which is very expensive, then load it into domiciliary account with another bank charge.

All Lamido`s policies are anti human, just like he created more unemployment since he became the CBN governor. That man is a foolish man..

Use yout mastercard or Visacard. It works.

igbonla: It is a good policy if people will cool down and let it work! Nigeria is a jungle where everybody including majority in govt are working to game the system.
The bank will handle all legitimate Forex transactions if people follow the rules; problem is those doing business wants to buy as much forex as needed for their imports or businesses abroad and carry the cash into foreign countries or wire them in a manner that allow them stay under the radar. CBN has a policy on all foreign transactions from mortgage payments, medical, personal purchases down to school fees and a whole lot of other purposes. The bank can attempt to put road blocks to protect themselves from CBN hammer or to send you away to the abokis but they will do what they are expected to do if you stay on their neck and provide necessary documentations.

The CBN in the same policy increased what each Naira debit and credit account holder can spend from ATM and POS transactions per year from $40,000 to $150,000.
In addition to the above, there is a provision for small scale importers requiring up to $250,000 per annum using telegraphic transfer; using only the online version of Form M (e-Form "M".

http://www.cenbank.org/Out/2013/CCD/Developments%20In%20The%20Foreign%20Exchang%20Market.pdf

I don't see where the issue is, aside people getting stuck to the old way of doing things. CBN statement that Nigeria is the largest importer of United States Dollar is dangerous and disturbing for a country relying on crude oil as the only major Forex earner.

http://www.ngrguardiannews.com/national-news/134398-cbn-bans-importation-of-foreign-currencies-

Politics is around the corner with politicians waiting to use US Dollars as currency of settlement during conventions and elections. It can only get worse if nothing is done.
For those using walking into a bank in the US and buying Forex, I would like to know how it is possible to buy $15,000 just like that. I cannot even get $5000 from the bank in local currency without giving them prior notice!

And by the way, every ATM withdrawal in North America only attracts a fee of about $2 to $3 for GTBank. For those with brothers/sisters/kids in schools abroad, please open a Naira account, send them the ATM card and put Naira in their account every month or as you wish.
For the vehicle dealers, you can go same route or do your importation using form M (that may be tough for people that want to stay under the radar).

I believe this policy is in the best interest of the country.

Example, the UBA Africard is limited to 1.5 Million per quarter; And deposit is limited to 50,000Naira/deposit, so if you want to deposit 200,000Naira you'd have to fill four deposit slips for 50,000Naira each. With all these, the AfriCard has daily deposit limit.
Using the card overseas allows you to transact at official exchange rate on POS transactions. The catch is when you withdraw from an ATM, charges are quite high. It's limited to 115,000( Naira Equivalent) or less per withdrawal, and charges 1700 per ATM withdrawal. Note, multiple withdrawal is allowed. I think there's no daily limit.

The issue is it's good to use the cards for petty payments or transaction, but if one is paying for bulk goods it's not really helpful. Say $10,000, this amount requires 14 ATM withdrawals and the total charge is 23,800Naira. I don't know if an ATM will allow 14 transactions without flagging 'em as fraudulent. Exchange houses charge 3.5% for cash paid against POS payment. Basically means you swipe $10,000 on their POS machine and they pay $9700 cash....Very horrible deal if you ask me.

Using Form M valid for foreign exchange is another. Importers do not declare 100% of goods to avoid hefty import tax. Cotecna and Globascan normally will raise estimated value of import by 500%. Importers know this. They undervalue the true cost of goods knowing that inspection agents (cotecna and the rest) will issue an assessed FOB value that's high. Simply put, sourcing directly from CBN is not easy. you declare $5000 on final invoice, but the actual value is $50,000. CBN grant you $5,000 as on invoice. Inspection company revises your invoice value (RAR) to $25,000, of which you pay tax (5~20%). Now the problem is, if you declare the true value $50,000., inspection agents may issue you a revised value of 100% ~500%. Imagine paying government (5%~20%) of a revised invoice ($250,000) at 500% of true value..... Na die!!

Mboi: What do you expect when someone who has only M.Sc in islamic studies steers d affairs of an institution like CBN. Your experience in risk mgt for jus a small bank can't help you. The policies Mallam brings out are ones that cause hardship to innocent Nigerians. How have we benefited from Cashless policy,how could we have benefited from N5000 note,how are we benefiting from this no-dollar-cash now? Next time let someone who is well educated be d CBN governor.

why don't you do it since it seems you are more educated than sanusi

post.email:


Example, the UBA Africard is limited to 1.5 Million per quarter; And deposit is limited to 50,000Naira/deposit, so if you want to deposit 200,000Naira you'd have to fill four deposit slips for 50,000Naira each. With all these, the AfriCard has daily deposit limit.
Using the card overseas allows you to transact at official exchange rate on POS transactions. The catch is when you withdraw from an ATM, charges are quite high. It's limited to 115,000( Naira Equivalent) or less per withdrawal, and charges 1700 per ATM withdrawal. Note, multiple withdrawal is allowed. I think there's no daily limit.

The issue is it's good to use the cards for petty payments or transaction, but if one is paying for bulk goods it's not really helpful. Say $10,000, this amount requires 14 ATM withdrawals and the total charge is 23,800Naira. I don't know if an ATM will allow 14 transactions without flagging 'em as fraudulent. Exchange houses charge 3.5% for cash paid against POS payment. Basically means you swipe $10,000 on their POS machine and they pay $9700 cash....Very horrible deal if you ask me.

Using Form M valid for foreign exchange is another. Importers do not declare 100% of goods to avoid hefty import tax. Cotecna and Globascan normally will raise estimated value of import by 500%. Importers know this. They undervalue the true cost of goods knowing that inspection agents (cotecna and the rest) will issue an assessed FOB value that's high. Simply put, sourcing directly from CBN is not easy. you declare $5000 on final invoice, but the actual value is $50,000. CBN grant you $5,000 as on invoice. Inspection company revises your invoice value (RAR) to $25,000, of which you pay tax (5~20%). Now the problem is, if you declare the true value $50,000., inspection agents may issue you a revised value of 100% ~500%. Imagine paying government (5%~20%) of a revised invoice ($250,000) at 500% of true value..... Na die!!

this is my biggest worry, sanusi has fvcked me the second time. chei!!

I think you should dump the UBA Africard, can't see the attraction except if you own shares there and want to keep the profit within. 1.5 Million per quarter can't go anywhere and not sure why that limit is imposed. With GTBank debit card, I can do the entire $150,000 meant for a year in one month if I can do ATM/POS transactions to cover the amount without exceeding daily limit, only that I cannot spend beyond $150,000 in the whole year.
GTB ATM charge just got reduced to N240 per transaction (I have been hounding them that the N420 they were charging is fraudulent). As a matter of fact, I must have taken out about $10,000 from ATMs in the past 2 weeks. Although GTBank says the daily limit for ATM withdrawal is N150,000, I always taken out between $800 and $1,000 at every transaction.

GTbank allow daily limit of N1,000,000 for point of sale transactions, that is roughly about $6,000 so you don't need to do 14 ATM withdrawals for transactions requiring up to $10,000. What I have done in the past was to pay the seller/retailer twice, easily allowed as long as you don't ask to walk away with the goods with the first payment. Strange enough, I never paid any currency exchange fee for POS deals (this happens only when I use a US debit card in Canada). Again, maybe GTB is just different; I am yet to try other Nigerian banks, talk of not fixing something if it's not broken.

I understand the issue with the under invoicing but that is the part I referred to on following the rules. The challenge is not for CBN to manage but for the importers to continue to put pressure on Okonjo-Iweala especially now that Sanusi decided to do some cleaning. Who is allowing and benefiting from what Cotecna and Globalscan are doing?
Truth is that importers will always undervalue their goods irrespective of what Cotecna and co are doing so they can pay almost zero import tax, almost everybody in Nigeria is working for themselves without minding the impacts of their actions on the economy and the life of Nigerians.

You will agree with me that there is need for these cleaning to happen if the country is going to move forward, there is too much impunity in the land.

post.email:


Example, the UBA Africard is limited to 1.5 Million per quarter; And deposit is limited to 50,000Naira/deposit, so if you want to deposit 200,000Naira you'd have to fill four deposit slips for 50,000Naira each. With all these, the AfriCard has daily deposit limit.
Using the card overseas allows you to transact at official exchange rate on POS transactions. The catch is when you withdraw from an ATM, charges are quite high. It's limited to 115,000( Naira Equivalent) or less per withdrawal, and charges 1700 per ATM withdrawal. Note, multiple withdrawal is allowed. I think there's no daily limit.

The issue is it's good to use the cards for petty payments or transaction, but if one is paying for bulk goods it's not really helpful. Say $10,000, this amount requires 14 ATM withdrawals and the total charge is 23,800Naira. I don't know if an ATM will allow 14 transactions without flagging 'em as fraudulent. Exchange houses charge 3.5% for cash paid against POS payment. Basically means you swipe $10,000 on their POS machine and they pay $9700 cash....Very horrible deal if you ask me.

Using Form M valid for foreign exchange is another. Importers do not declare 100% of goods to avoid hefty import tax. Cotecna and Globascan normally will raise estimated value of import by 500%. Importers know this. They undervalue the true cost of goods knowing that inspection agents (cotecna and the rest) will issue an assessed FOB value that's high. Simply put, sourcing directly from CBN is not easy. you declare $5000 on final invoice, but the actual value is $50,000. CBN grant you $5,000 as on invoice. Inspection company revises your invoice value (RAR) to $25,000, of which you pay tax (5~20%). Now the problem is, if you declare the true value $50,000., inspection agents may issue you a revised value of 100% ~500%. Imagine paying government (5%~20%) of a revised invoice ($250,000) at 500% of true value..... Na die!!

igbonla: I think you should dump the UBA Africard, can't see the attraction except if you own shares there and want to keep the profit within. 1.5 Million per quarter can't go anywhere and not sure why that limit is imposed. With GTBank debit card, I can do the entire $150,000 meant for a year in one month if I can do ATM/POS transactions to cover the amount without exceeding daily limit, only that I cannot spend beyond $150,000 in the whole year.
GTB ATM charge just got reduced to N240 per transaction (I have been hounding them that the N420 they were charging is fraudulent). As a matter of fact, I must have taken out about $10,000 from ATMs in the past 2 weeks. Although GTBank says the daily limit for ATM withdrawal is N150,000, I always taken out between $800 and $1,000 at every transaction.

GTbank allow daily limit of N1,000,000 for point of sale transactions, that is roughly about $6,000 so you don't need to do 14 ATM withdrawals for transactions requiring up to $10,000. What I have done in the past was to pay the seller/retailer twice, easily allowed as long as you don't ask to walk away with the goods with the first payment. Strange enough, I never paid any currency exchange fee for POS deals (this happens only when I use a US debit card in Canada). Again, maybe GTB is just different; I am yet to try other Nigerian banks, talk of not fixing something if it's not broken.

I understand the issue with the under invoicing but that is the part I referred to on following the rules. The challenge is not for CBN to manage but for the importers to continue to put pressure on Okonjo-Iweala especially now that Sanusi decided to do some cleaning. Who is allowing and benefiting from what Cotecna and Globalscan are doing?
Truth is that importers will always undervalue their goods irrespective of what Cotecna and co are doing so they can pay almost zero import tax, almost everybody in Nigeria is working for themselves without minding the impacts of their actions on the economy and the life of Nigerians.

You will agree with me that there is need for these cleaning to happen if the country is going to move forward, there is too much impunity in the land.

Nice! Pls tell more about the GTB Debit card. I took two UBA Africards but it's difficult to make bulk deposits into these cards.
Isn't GTB's daily ATM withdrawal limit of $1000 a problem? If I have to pay $20,000 to a company, that's gonna take like 20days -daily ATM withdrawal. Well, POS payment is an option. But when haggling for lower price with manufacturers, it kinda makes it a bit difficult for them to accept when you gonna pay with a card. I know many Manufacturers like cash payments! For cash payments you get good deal compared to Letter of credit and POS payment.
Please is there any Nigerian debit card that's flexible on ATM withdrawal, with higher daily limits ?


How can one avoid these BDCs? I got really hammered dealing with the black market guys. Last month, I bought USD at 168 from these guys with enough ABEG! It really hurts to be at their mercy. Once I tried buying directly from UBA. That's so efffed up because I used the in-house BDC for the exchange. They charged COT for bulk withdrawal; and also charged bank transfer fee and FOREX fee. At the end of the day, I regretted using the bank for my FOREX needs....the abokis seem better without all the charges and fees.

Guys, any solution to this FOREX issue?

Post.email, Please can you throw more light on how you used the in-house BDC for the exchange. Are you trying to say using the black market guys is better than making use of the in-house BDC(with isssue of charging COT for bulk withdrawals) awaiting your response,Thanks

post.email:


Nice! Pls tell more about the GTB Debit card. I took two UBA Africards but it's difficult to make bulk deposits into these cards.
Isn't GTB's daily ATM withdrawal limit of $1000 a problem? If I have to pay $20,000 to a company, that's gonna take like 20days -daily ATM withdrawal. Well, POS payment is an option. But when haggling for lower price with manufacturers, it kinda makes it a bit difficult for them to accept when you gonna pay with a card. I know many Manufacturers like cash payments! For cash payments you get good deal compared to Letter of credit and POS payment.
Please is there any Nigerian debit card that's flexible on ATM withdrawal, with higher daily limits ?


How can one avoid these BDCs? I got really hammered dealing with the black market guys. Last month, I bought USD at 168 from these guys with enough ABEG! It really hurts to be at their mercy. Once I tried buying directly from UBA. That's so efffed up because I used the in-house BDC for the exchange. They charged COT for bulk withdrawal; and also charged bank transfer fee and FOREX fee. At the end of the day, I regretted using the bank for my FOREX needs....the abokis seem better without all the charges and fees.

Guys, any solution to this FOREX issue?

Eyop: Post.email, Please can you throw more light on how you used the in-house BDC for the exchange. Are you trying to say using the black market guys is better than making use of the in-house BDC(with isssue of charging COT for bulk withdrawals) awaiting your response,Thanks

Well, I think it was in July or so. The bank's branch manager told he could get me a lower exchange rate. Then their USD exchange was 2naira lower than the black market's rate. I thought it was great. I was giving a BDC account number that belongs to bank. I wrote the cheque, filled a money transfer form. I picked up the USDollars after 2 hrs from the same branch, but before then I had received about 3 sms alerts from the bank -COT for cheque payment, FOREX charges, etc. I regretted using the bank. Though risky and higher rate, the black market is quite simple compared to banks..

I have actually told you everything there is about the GTB Debit card, not sure you will find a card with higher daily limit. Don't forget there are daily withdrawal limits even in Nigeria.
Maybe you can open a business account to double your daily withdrawal as necessary.

I understand the thing about getting good discount when using cash since cash is king but so is debit card if you can depend on POS transaction for transactions of $10k and above.

I don't ever use the bank BDCs for Forex! Those charges will sure add up and kill the attraction, best bet is to find a private BDCs, you get best rate once you are a loyal customer. Some will reduce the profit margin heavily once you can trust one another with the business. Some of those that I have used have more than one BDC to increase the amount of Forex they get every week.

Beyond these two routes above, not sure I have any other idea that can be useful to you.

post.email:


Nice! Pls tell more about the GTB Debit card. I took two UBA Africards but it's difficult to make bulk deposits into these cards.
Isn't GTB's daily ATM withdrawal limit of $1000 a problem? If I have to pay $20,000 to a company, that's gonna take like 20days -daily ATM withdrawal. Well, POS payment is an option. But when haggling for lower price with manufacturers, it kinda makes it a bit difficult for them to accept when you gonna pay with a card. I know many Manufacturers like cash payments! For cash payments you get good deal compared to Letter of credit and POS payment.
Please is there any Nigerian debit card that's flexible on ATM withdrawal, with higher daily limits ?


How can one avoid these BDCs? I got really hammered dealing with the black market guys. Last month, I bought USD at 168 from these guys with enough ABEG! It really hurts to be at their mercy. Once I tried buying directly from UBA. That's so efffed up because I used the in-house BDC for the exchange. They charged COT for bulk withdrawal; and also charged bank transfer fee and FOREX fee. At the end of the day, I regretted using the bank for my FOREX needs....the abokis seem better without all the charges and fees.

Guys, any solution to this FOREX issue?