Image123:


Thought you guys were of the opinion that parallel rates didn't really affect the economy? When naira strengthened from 240 to 209/dollar, your likes said the rate has been 197/dollar and that's the rate that matters. Okay, we'll forgive that, so what do you suggest as you're all for Nigeria.

How won't the parallel market affect the economy, do they operate in a different economy? Small and micro traders patronize them to purchase foreign products.

atlwireles:


Simple answer is no. If you go through the Form M process and your transaction is approved, then it's possible.

Form M is an application to import visible goods and also serve as a statistical tool for the government in policy formulation. It is mandatory for all importers to complete and register Form ‘M’ with Authorized Dealers at the time of placing orders whether the transaction is valid for foreign exchange or not. This is currently initiated electronically on Trade Portal provided by the Central Bank of Nigeria in conjunction with the Nigeria Customs Service. Supporting documents for submission of Form M includes PFI (proforma invoice), Insurance Certificate covering 110% of the item of import. Depending on the item of import, other regulatory documents such as NAFDAC permit, SONCAP product certificate, DPR Import Permit, PCN licence, etc.; will also be required

very nice explanation

if i were cbn gov i should order for closer of all domiciliary account and all other ways to dollarise our economy. for example money transfer should be paid in naira equivalent. with these policy our naira against dollar in black market will be almost par with official rate. then cbn will be the only one to issue foreign currency in the country.

Good move against those short selling the naira. Why should you stock huge amounts of fx if not to offload for a profit or hedge against future devaluation which in an unstable economy such as ours is tantamount to sabotage.

But I really don't know what is all the hue and cry about the naira devaluation. If excessive exhuberance won't stimulate you to diversify your economy, recession and suffering should reboot our memory and elevate our thinking, but no, we insist on a monochromic oily economy.

Without deep seated economic reforms built on comprehensive restructuring of the country the economy cannot improve beyond the price regime of oil which is not predicted to improve substantially until 2017-2018. The Nigerian economy is too predictable, too vulnerable and too easy to sabotage....and with the lazy mentality of Nigerians, there is nothing government can do.

Kazrem:

hi bro, what happen to aminat58? She's not been on nl and didn't reply for a while now

morning bro
exam things...... she will be back soon

emorse:


What then would be the fate of small scale importers who import from aliexpress and their likes?

Thank you for this question! Waiting for the ans.

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D last statement, those who have deposited, b4 the circular are to withdraw as they will not b able to transfer... believe that isn't necessary, they should just ignore that and move on with their directives....

Trailblazer1:
Ngeneukwunu is the most economically astute APC supporter on Nairaland.

Since she declared herself an economist, Nigeria economy has taken a tumble

.

Boss13:


Well the scarcity of dollars is what has made it appreciated to 230 per naira. The official rate is 190 per naira. Now that there will be excess dollars in the system, the naira will strengthen against the dollar in the parallel market (black market)

Bad market for BDCs and Mallams

I hope you guys close your borders as those excess dollars will find their ways to Nigeria's neighbors countries and you guys will be worse off for it.

barcanista:
You are a soldier? #RespectBoss.. It is my prayer that Nigeria succeeds and we get things right. I have utmost regards for servicemen especially the military and police. I hope we get things right.

Am not against u writing ur opinions der is freedom of speech...but stop inciting tribal sentiments in ur views...

Many of this guys calling for war don't knw wat dey call war...

Eg.. Wen soldiers go and engage BH..guess wat dey use an AA... "Anti-Aircraft Gun" it usually tear soldiers to pieces... I bet u most of dis guy will run at the sound of "SMG"...the highest NA gets is an "HMG".. The sounds of dis weapons will scare u can dey survive ... They will just give soldiers the chance to fist on der women for free.. SE is not like NE... Very vast land...

Infact I expect u to create a thread on the negative effect of tribal sentiments and political tensions...

No matter who is winning, war is nvr fun...

Speechless for now.

barcanista:

This will cause more harm to the naira. Anyway, this is an overflogged issue. Time will tell

For real? please explain your assertion because in my view it will bring about fast appreciation of the naira against foreign currencies.

The parrallel market has been the major factor responsible for sudden depreciation of the naira and ofcourse with this new policy,cash flow in the parallel market will be minimized and people would rather opt for the official bank exchange rate which will in turn strengthen the naira.

All these headline rate of 250 to 1usd is only in black market which is also the parallel market but bank rate is far lower than that.

Some insiders in the bank also have a way of selling dollars to the black marketters hence making it business as usual but right now it will no longer be so.

lets wait and see how it goes.

Boss13:


Well the scarcity of dollars is what has made it appreciated to 230 per naira. The official rate is 190 per naira. Now that there will be excess dollars in the system, the naira will strengthen against the dollar in the parallel market (black market)

Bad market for BDCs and Mallams

Exactly the point i made above.

These illegal transaction by the insiders and black marketters are done with dom accounts except they will now be smuggling the fcurrency out of the bank,it will no longer be business as usual.

agarawu23:
morning bro exam things...... she will be back soon

OK. regards to her.

Fourwinds:
yahoo boys are in trouble. not forgetting our chronic pen robber politicians and civil servants

You can receive western union but you can't send so tell me again how yahoo boys are in trouble.

i dont understand d last statement. people will not be allowed to transfer the funds. but they also said only wire transfer will be allowed.

can someone please explain?

The Imperialist IMF/World Bank are slowly getting us where we will be most vulnerable, these actions by the Central Bank is making the Nigerian Economy more vulnerable to foreign subversion and attacks. theu are trying to destroy what remains of the Micro Economy and those that survived their destruction will be corralled by the foreign multinationals. i feel very sorry for Nigerians.

Activa:


How will it cause more harm? Where do Fx depositors get dollar CASH from? Especially the large depositors. Where? Is dollar our legal tender here?

They're stopping impunity in Nigeria and you're complaining.

The era of business as usual is gone.

No mind am, he thinks he knows better than CBN.

thoth:
The Imperialist IMF/World Bank are slowly getting us where we will be most vulnerable, these actions by the Central Bank is making the Nigerian Economy more vulnerable to foreign subversion and attacks. theu are trying to destroy what remains of the Micro Economy and those that survived their destruction will be corralled by the foreign multinationals. i feel very sorry for Nigerians.

This is a ridiculous comment from a deranged person

RichDad1:
Barcanista rejoice not.
I can see where Baba is going here. All those useless looters that hoard Dollars during the past administration in the hope of impending economic doom can now eat their valueless paper.

Honestly, I'm so much happy about this policy. Imagine the billions of dollars that was looted in recent years! The looters want to ruin our precious economy with their loots, but God pass them. Even if them wan go deposit am to bank, not without their BVN, which will be make them traceable. Already, their looted dollars don turn to ordinary paper. This new policy is what I call 'kill them all'. Who says we can't achieve 1 naira to 1 dollar? Na for their eye e go happen.

tumababa:
i dont understand d last statement. people will not be allowed to transfer the funds. but they also said only wire transfer will be allowed.

can someone please explain?

You can do electronic transfer.

By this circular, those who deposited foreign currencies into their accounts before the directive will now have to withdraw the cash as they are not going to be allowed to transfer the funds.

https://www.thecable.ng/just-cbn-bans-deposits-dom-accounts

[/quote]
This is not in the Circular rather a false assumption by the reporter. Here is a copy of the circular

BizBayo:


You can do electronic transfer.

so what of transferring funds that will not be allowed? isn't that electronic?

for those of us waiting for uk/us used iphone 6 to sell below 110k before we buy, we have a long time to wait......

Change to the PAST




www.nairaland.com/attachments/2095210_worst_jpeg588f192a23aa02a7b350a8bbe5d18306




www.nairaland.com/attachments/2191699_bc5fu8aevkci_jpeg7fd60ed9cdeded70e187b8a2c1fd9480

tumababa:


so what of transferring funds that will not be allowed? isn't that electronic?

there are proper legal way of doing that. If you can go through the story once again, you will understand.

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NgeneUkwenu:
Central Bank of Nigeria (CBN) has banned the payment of cash into domiciliary accounts in the country.

In a circular released on Wednesday and signed by Olakanmi Gbadamosi, the director of trade and exchange, the central bank said its action followed recent statements by individual banks suspending the payment of foreign currencies into domiciliary accounts. Gbadamosi wrote: “The Central Bank of Nigeria has considered the recent statements by Deposit Money Banks (DMBs) concerning the large volume of foreign currencies in their vaults and the decision to stop accepting foreign currency cash deposits into customers’ domiciliary accounts as a welcome development. “Therefore, in its continued efforts to stop illicit financial flows in the Nigerian banking system which aligns with the anti-money Laundering stance of the Federal Government, the CBN hereby prohibits from the date of this circular the acceptance of foreign currency  cash deposits by DMBs. “For foreign currency cash lodgments made prior to the date of this circular, the account holder has the option to either withdraw his or her foreign currency cash or the Naira equivalent.

For the avoidance of doubt, only wire transfers to and from Domiciliary Accounts are henceforth permissible. “The CBN advises individuals that wish to source foreign currency for eligible and legitimate purposes such as BTA, PTA medical, mortgage, school fees, goods etc. to do so through recognized channels with the use of Form ‘A’ for “invisible” and Form ‘M’ for “visible” transactions.”

By this circular, those who deposited foreign currencies into their accounts before the directive will now have to withdraw the cash as they are not going to be allowed to transfer the funds.

https://www.thecable.ng/just-cbn-bans-deposits-dom-accounts

A welcome idea and good initiative..............
God bless PMB

THIS MAN JUST DEY DABARU EVERYTIN SHA....
SO MAKE I DEY KEEP MY DOLLS ABI FOR INSIDE POT.

DIARIS GOD OOOO

emorse:


What then would be the fate of small scale importers who import from aliexpress and their likes?

Use your mastercard or visa card to pay at checkout, no need of domi account, just make sure that there is enough money in your account. No one should be going to bank nowadays just to buy goods online.

Obiagelli:

Is it impossible for importers to do transactions without this domicillary account sef. Can't we pay naira equivalent and have the banks do the exchange electronically

that's how debit card holders have been buying items online

clementcro:
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• 3.5kva/48v inverter + 4 batteries + installation - N580,000
• 5kva/96v inverter + 8 batteries + installation - N700,000
• 7.5kva/120v inverter +10 batteries + installation - N800,000
• 10kva/180v inverter + 15 batteries + installation - N1,575,000
• 15kva/360v inverter + 30 batteries + installation - N2,375,000
• 20kva/360v inverter + 30 batteries + installation - N2,650,000
• 30kva/360v inverter + 30 batteries + installation - N3,150,000
• 50kva/360v inverter + 30 batteries + installation - N5,500,000


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Where is your office? PM me