Here are the basic tips on the implications of the CBN’s ban on the Domiciliary accounts:
1.BTAis reduced from$10,000toUS$1500for personal trip,$2500for business trip with provision of visa and passport for proof before CBN will approve such BTA in US$ cash.
2. Till further notice,Bureau De Changeis dead in Nigeria! Nobody goes around looking for US dollars again? For what?
3. Those involved inBureau De Changeare complaining to Buhari for kicking them out of business!
4. The ban was intentionalto hitthosepoliticians with large sum of US$siting in the bank account in Nigeria and to strengthen Naira.
5. Since the introduction of the ban since Monday, US$1 to Naira has reduced from N244 to N219 on Friday Aug 7. Let us hope this remain for 90 days and re evaluate again!
The Good and Bad News for Nigerians that reside abroad:
6. If you want anyone to wire money, either Naira or dollars to you abroad from Nigeria, for you to receive US dollars in your bank account abroad, it is not possible anymore except the sender fills a form called “Form A” at Nigerian bank that will require CBN’s approval for money in US$ for school fees, medical expenses, house mortgage abroad only to be permitted. Any other reasons, not permitted till further notice!
7. Nigerians abroad will still be able to send money home via Bank to Bank Wire Transfer or via Western Union or equivalent. However, the receiving account / person will only be able to receive Naira equivalent of money sent not US$.
8. With the new policy, US$ currency cannot be lodged/deposited or withdrawn as US$ cash anymore in Nigeria except converted to Naira before depositing or withdrawal.
9. Any privately owned oil refinery in Nigeria will have to buy crude oil per barrel from NNPC in Naira not dollars once any of the private refinery begins operation.
10. The maximum $US notes you can travel with to Nigeria is $2500 which you have to declare at the Nigerian point of entry at the henceforth.
If you have further clarifications or query contact your local bank manager in Nigeria.
http://tempoonline.com.ng/10-implications-of-cbn-ban-on-us-domiciliary-accounts/

Ok

confam

Nice one. Am beginning to take this government serious.

this is bad for online business people

Simple solution, people will keep their fx at home or in neighboring countries. It is the country that will lose as fx inflows from others sources other than government and exports will reduce drastically.The Black market will boom. CBN is just trying to manage how much it pays out of fx earnings. Attacking the problem only from the expense side will falter in the long run.

Thanks am educated

Thanks am educated.

Banks Rejects Payments For Online Transactions Exceeding $300 Per Day.