The New Buhari Currency Laws In Nigeria (US Dollar Accounts Are Banned)

THE NEW BUHARI CURRENCY LAWS IN NIGERIA (US Dollar Accounts Are Banned…)!
November 23, 2015

Be aware of the law that you may enjoy your Nigerian trips:

CBN has banned US Dollar Domiciliary accounts in Nigeria. Aug 7, 2015;

BTA is reduced from $10,000 to US$1500 for personal trip, $2500 for business trip with provision of visa and passport for proof before CBN will approve such BTA in US Dollars cash.

Till further notice, Bureau De Change is dead in Nigeria! Nobody goes around looking for US Dollars again? For what?

The ban was intentional to hit those politicians with large sum of US Dollars sitting in the bank account in Nigeria and to strengthen Naira.
If you want anyone to wire money (Naira or dollars) to you abroad from Nigeria, for you to receive US Dollars in your bank account abroad, the sender must fill a form called "form A" at Nigerian bank that will require CBN 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!

Nigerians abroad will still be able to send money home using Bank to Bank Wire Transfers and Western Union but you will only receive Naira equivalent not US Dollar.

US Dollar currency cannot be lodged / deposited or withdrawn as US Doallas cash anymore in Nigeria except it's converted to Naira.
The maximum US Dollar notes you can travel with to Nigeria is $2500 which you have to declare at the Nigerian point of entry at the henceforth.

WARNING:

Be careful, don’t get arrested, and don’t get your hard earned money confiscated, because ignorance of the law is not an excuse!

http://www.sundayadelajablog.com/archives/4107

Try your luck method

nzeobi:


Try your luck method

Can you explain this method?

wahala dey b dat

this law is already affecting the US and UK lol

There once was a country.

This is becoming bizarre

good.......Naija will be gr8 one day.

dav8id:


wahala dey b dat

This one pass "becareful".

OLAADEGBU:


This one pass "becareful".

Op, there is propaganda & there is outright falsehood!!

Do you or anyone around you have or ever operated a dorm account to check the veracity of this STORY?

Who told you dorm accounts are banned?

Na wah for Radio Blood!!!

modath:



Op, there is propaganda & there is outright falsehood!!

Do you or anyone around you have or ever operated a dorm account to check the veracity of this STORY?

Who told you dorm accounts are banned?

Na wah for Radio Blood!!!

Okay.

OLAADEGBU:


Okay.

Now for your information:

- Domiciliary Accounts are very much active and still working: You can receive Bank Wire Transfers from International Locations to your U.S Dollar or GBP accounts whichever applies and the money would be in the currency as is e.g Someone in India, sends $5000 to your U.S Dollar account, it would be $5000 in your U.S Dollar Account. However, YOU CAN NO LONGER WITHDRAW THIS AMOUNT OVER THE COUNTER!

(FOR GTBANK CUSTOMERS)

For Personal Accounts:

Login to Internet Banking, And perform an FX Sale, converting your $5000(Or whichever amount) to Naira and get credited Instantly. OR Perform an Own Account Transfer and transfer the $5000 to your Dollar Debit Card(If You Have One) and withdraw at any ATM Machine or Spend Online!

For Corporate Accounts:

Login To GAPS, And Transfer the funds to your Dollar Corporate Card(If Available) or Transfer To Your Personal Account and Make an FX Sale! OR, visit the branch, and have the person in charge of FX Clear out the money into Naira for your company or business!

--I dont know about other banks! But the Domiciliary account is very much active and in use!

Transferring Funds Abroad

NB: If funds were received into domiciliary account via External Source(I.e Bank Wire) the amount can be Re-Transferred again via Internet Banking or GAPS(Without filling any Form A or B)

NB: Shall there be no funds, visit any branch and fill Form A!

Got it?

I do not see an outright ban but rather a restriction on activities on dom accounts which would help strengthen the naira. A good move now that we need it.

inereunwa1:


this law is already affecting the US and UK lol

You can say that again.

teemy:
I do not see an outright ban but rather a restriction on activities on dom accounts which would help strengthen the naira. A good move now that we need it.

good move? What about companies that buy materials from foreign countries? Businesses that pay bills to Companies in Foreign Countries every month? How would they send money?

Its not a good move.. Naira is getting worse if you don't know.

coolsix:

Its not a good move..

restriction on accessing the dollar reduces demand and thus its value. if these limiters were not in place the demand market would have made the naira go into free fall to like N500.

the aim is to stop the addition of new dollars into the system. it could be painful now but the rewards would be abundant with time. reverting now would have serious backlash and the naira would bleed heavily. it is a forex law. low demand, low value

also we are a country with a highly negative trade balance having lesser export to import ratio thus the demand for the naira is lesser compared its foreign counterparts yielding lesser value on the intl. markets. i hope that area would be considered

Pidggin:


There once was a country.

This is becoming bizarre

I believe this is a necessary step to curb money laundering.

OLAADEGBU:
The New Buhari Currency Laws In Nigeria (US Dollar Accounts Are Banned)

How this policy is benefiting this country is what needs to be seriously scrutinized.


The dollar rate has ever continued to increase in black market. From about 235 where Jonathan left it to about 250 (plus or minus) as at today.


When supply is less than demand for a good that is desperately sought after, the value will skyrocket.

invisibility:


How this policy is benefiting this country is what needs to be seriously scrutinized.

I believe this will make it difficult for our pen pushers to siphon foreign currency out of the country thus making their dollars of little or no value. I learnt that they are now burying dollars into the ground now.

invisibility:


The dollar rate has ever continued to increase in black market. From about 235 where Jonathan left it to about 250 (plus or minus) as at today.

The opposite is what I believe is the case. The value of the dollar in the bank is higher of that of the black market. You will be losing money if you patronise the black market.

invisibility:


When supply is less than demand for a good that is desperately sought after, the value will skyrocket.

If you demand for dollars where will you save or spend it? There is a limit to what and where you can remit it to as enumerated in the OP.

Ismahill:


good.......Naija will be gr8 one day.

Good move.

modath:



Op, there is propaganda & there is outright falsehood!!

Do you or anyone around you have or ever operated a dorm account to check the veracity of this STORY?

Who told you dorm accounts are banned?

Na wah for Radio Blood!!!

Have you got proof that the OP is false, if yes, supply your evidence.

Can't believe this thread was not closed by the mod puskin .

U.S Dollar accounts are not banned! Unless U.S Dollar account now has a different meaning.. Initially there was a deposit restriction(it wasnt banned), later on this year, the restriction was removed and now you can make use of your domiciliary account in 100% Full Use.

Even some bank branches allow you withdraw. So i wonder why this thread exists. (Since November 2015.. like the OP doesnt read the news)

Is it possible to withdraw the dollars in your domicilliary account over the counter at your bank?