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How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? - Travel (9) - Nairaland

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Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by YerYer: 3:19am On Dec 23, 2015
BuddhaPalm:


Since TIME IMMEMORIAL, WU & MoneyGram only receive.

PayPal is used in SA. But the exchange rates will decimate your funds.

You are not current then, I believe you could send money from nigeria since last year.

2 Likes

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Motherfucker2: 7:39am On Dec 23, 2015
uchetobi:


I don't have to go to Tomoro and come back, I received here in Houston last week Friday from my mom sent through first bank

If it's unavailable today, it's because the participating banks have exhausted their quota for the quarter, This is after all the last week of the quarter and of the year

Stop driving panic

What bank does Western union in USA ??
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by uchetobi(f): 7:42am On Dec 23, 2015
Motherfucker2:


What bank does Western union in USA ??

Collected from an agent location downtown Houston not a bank

Dunno if banks are agents

Btw your name is scary, I panicked when I saw a mention from u, felt like you were coming to beat me up shocked
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Motherfucker2: 7:49am On Dec 23, 2015
uchetobi:


Collected from an agent location downtown Houston not a bank

Dunno if banks are agents

Btw your name is scary, I panicked when I saw a mention from u, felt like you were coming to beat me up shocked

I know how it works.
I saw when you wrote You didn't get your money today because the participating banks have exceeded their daily limit.
No bank is involved in Western union.
The participating outlets are Dollar family, Walmart, Rite aid .
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by uchetobi(f): 7:55am On Dec 23, 2015
Motherfucker2:


I know how it works.
I saw when you wrote You didn't get your money today because the [b]participating banks [b]have exceeded their daily limit.
No bank is involved in Western union.
The participating outlets are Dollar family, Walmart, Rite aid .

The participating banks are in Nigeria where the money was sent from, I recieved it on the other end....

There was a context behind my response
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by chilez(f): 9:21am On Dec 23, 2015
repogirl:
open a dollar account in your Nigerian bank, you ask for a dollar Visa card . You then buy dollars with your naira using the bank agent and deposit in your dollar Visa account.

They will charge you $5 dollars or thereabout ontop whatever the black market price is. Then you can operate straight from the dollar Visa card.
Hmm, can dis work for pounds?
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by repogirl(f): 9:24am On Dec 23, 2015
chilez:

Hmm, can dis work for pounds?
am not sure but you should speak with your bank about it.
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by chilez(f): 9:30am On Dec 23, 2015
repogirl:
am not sure but you should speak with your bank about it.
Been on this with gtb, d peeps i've been talking to seems soo clueless.
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by JayJustus(m): 10:17am On Dec 23, 2015
Matinho:


The cave just above yours. Go to the bank tomorrow and send money through western union,come back here to tell us your experience.smh

lol...see this nigga...my parents have been sending me money through western union since last year with first bank...why are you so outdated? anyway...see my receipt of collection and see the ORIGINATING COUNTRY...don't argue blindly

@tdayof come see this certified mumu oooo

2 Likes

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by tdayof(m): 10:21am On Dec 23, 2015
JayJustus:


lol...see this nigga...my parents have been sending me money through western union since last year with first bank...why are you so outdated? anyway...see my receipt of collection and see the ORIGINATING COUNTRY...don't argue blindly

@tdayof come see this certified mumu oooo
free them. Some people just argue blindly. Have seen alot of them..
This is the problem when ITK controls them.

3 Likes

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Matinho: 11:33am On Dec 23, 2015
JayJustus:

lol...see this nigga...my parents have been sending me money through western union since last year with first bank...why are you so outdated? anyway...see my receipt of collection and see the ORIGINATING COUNTRY...don't argue blindly
@tdayof come see this certified mumu oooo

I should be asking you the question my friend 'Why are you so outdated'. Nobody said your parents did not send you money by WU or not but today is December 23, 2015 and I put it to you that as of this day, you cannot send money out of the country via Western Union because the banks have suspended this service. You are the one arguing blindly and unfortunately you have even resorted to insult which is no surprise that you cannot even comprehend a simple statement. Maybe you should consider keeping up with news and happenings in Nigeria than waste precious time on abusive language.

2 Likes

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by JayJustus(m): 11:42am On Dec 23, 2015
Matinho:


I should be asking you the question my friend 'Why are you so outdated'. Nobody said your parents did not send you money by WU or not but today is December 23, 2015 and I put it to you that as of this day, you cannot send money out of the country via Western Union because the banks have suspended this service. You are the one arguing blindly and unfortunately you have even resorted to insult which is no surprise that you cannot even comprehend a simple statement. Maybe you should consider keeping up with news and happenings in Nigeria than waste precious time on abusive language.


and my sister received few days ago.... when I receive next week I'd be back to reply you...take care son...keep the cave clean

3 Likes

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Nobody: 11:54am On Dec 23, 2015
tdayof:
free them. Some people just argue blindly. Have seen alot of them..
This is the problem when ITK controls them.
Dude they just suspended western union both sending and receiving

1 Like

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by repogirl(f): 12:05pm On Dec 23, 2015
chilez:

Been on this with gtb, d peeps i've been talking to seems soo clueless.
okay, you could visit a registered BDC and they'll transfer it for for you there.
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by chilez(f): 2:44pm On Dec 23, 2015
repogirl:
okay, you could visit a registered BDC and they'll transfer it for for you there.
Ok thanks alot ma'am

1 Like

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by amenuveve: 8:27pm On Dec 23, 2015
JayJustus:



and my sister received few days ago.... when I receive next week I'd be back to reply you...take care son...keep the cave clean

My brother when you receive am, kindly inform us, am in Ghana, my people could not send money through western union of and Ecobank rapid transfer, so I will want to know if you succeed
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by tdayof(m): 12:54am On Dec 24, 2015
tensazangetsu:

Dude they just suspended western union both sending and receiving
when was that? A guy received money yesterday from Nigeria.. He should get it here today cos of time difference.


His mum sent wu
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by miracle4(m): 4:26pm On Dec 24, 2015
I got a huge temporary solution for Nigerian Netpreneurs and students. See all of that at http://www.3ptechies.com/overcome-buhari-nigerian-economy.html

2 Likes 2 Shares

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Excellent7(m): 6:38am On Dec 27, 2015
bayulll01:


Some of you are just funny,someone is telling you can bring america debit card here and withdraw naira ogaoo some pple shaa.

Ok I get all your point,you can't bring those card here it won't work cos bank over there are not ready to pay any charges on your card the way bank pay master card and visa here,some of this bank are already in debt as a result of some of the silly transactions you do over there with our naira master card,so get it straight.u sound knowledgeable enough do ur finding oga

Sir, you still do not get me or you are interested in useless arguments and do not seek enlightenment.
Foreign cards can be used and have been used to transact in Nigeria including Naira withdrawals.
I talk about what I know. I have used them in Nigeria.
In fact using them to transact in Nigeria benefits the Nigerian banking system, the Nigerian economy, and our foreign currency reserves.
How do you think some countries survive mainly on tourists' spending?
What concerns your foreign bank with your transaction cost, it is simply passed on to the customer.
When you make transactions locally, does your bank pay the cost of transaction (COT) for you?
May be its folks like you, with limited knowledge of how things work, that will finally and completely mess things up.
I have tried to educate you but you seem too handicapped to understand.
Since it seems we are not communicating, I have decided to heed these words:

Answer not a fool according to his folly, lest thou also be like unto him. —Proverbs 26:4
Don’t argue with idiots because they will drag you down to their level and then beat you with experience. —Greg King
Never argue with a fool; onlookers may not be able to tell the difference. —Mark Twain

Good bye! grin grin grin

3 Likes

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Excellent7(m): 7:01am On Dec 27, 2015
linearity:
It appear the answer is to open a dom account in Nigeria, base on my understanding from what I have read so far, this policy only affects naira accounts.

Yes, buying dollars on the streets to fund your dom account can be expensive, but what is the use of that money, when you can't spend it.

Another method is to look for 9ja abroad who operate accounts in Nigeria and strike a deal with them, do Internet transfer into their 9ja account and they can pay you cash abroad in hard currency or make a reciprocal transfer into your foreign accounts. I have done this for countless friends, it is a win-win, but again be ready to make the transaction at the prevailing market rate.

Many 9jas abroad having one or two on going projects in 9ja or the constant need to pay someone in 9ja and as such can be open to such one way transactions i.e. Money going into their 9ja naira account without needing back abroad.

Your second option of peer to peer transfer is feasible.
But the problem is, with Naira on this dive most guys will want to wait to see how low it dives to hedge against exchange risk except the need is urgent or you are family.
Secondly, with the BVN deadline most foreign based Nigerians not visiting Nigeria this season are most likely to be unable to operate their Nigerian based accounts from 31st January, 2016, and hence will have less appetite to have anyone pay in Naira they can not deploy for hard currency that is most likely to fetch more Naira in the short term.
To me it makes no sense to bar foriegn based Nigerians from operating their Nigerian based accounts.
A wiser approach would have been to instruct the banks to do enhanced KYC with international passport, Resident/Green card, Proof of foreign address or Utility bill (and if necessary letter from Nigerian Embassy in country of residence).
On the basis of current regulation, I see reduction in diaspora remittances to nosedive in Dollar terms in Q1 and Q2 2016.

1 Like

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by bayulll01(m): 7:12am On Dec 27, 2015
Excellent7:


Sir, you still do not get me or you are interested in useless arguments and do not seek enlightenment.
Foreign cards can be used and have been used to transact in Nigeria including Naira withdrawals.
I talk about what I know. I have used them in Nigeria.
In fact using them to transact in Nigeria benefits the Nigerian banking system, the Nigerian economy, and our foreign currency reserves.
How do you think some countries survive mainly on tourists' spending?
What concerns your foreign bank with your transaction cost, it is simply passed on to the customer.
When you make transactions locally, does your bank pay the cost of transaction (COT) for you?
May be its folks like you, with limited


Mr man av heard you,still one word for you. pathetic
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Pidggin(f): 7:45am On Dec 28, 2015
JayJustus:



and my sister received few days ago.... when I receive next week I'd be back to reply you...take care son...keep the cave clean

Have you received yet? If you are waiting for your parents to send you money, you are in for it BIG TIME! Better go and look for work if you don't want to starve there.

1 Like

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by JayJustus(m): 8:59am On Dec 28, 2015
Pidggin:


Have you received yet? If you are waiting for your parents to send you money, you are in for it BIG TIME! Better go and look for work if you don't want to starve there.

i called first bank and enquired and they told me i'm good to go...also there are other ways of getting money from nigeria...so just whollup there
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Pidggin(f): 9:09am On Dec 28, 2015
JayJustus:


i called first bank and enquired and they told me i'm good to go...also there are other ways of getting money from nigeria...so just whollup there

When you receive it, post the receipt like you did previously, if this is true then Firstbank could be fined seriously for this. Besides money laundering which other way do you think you can get money from here? You are in for it! You better start looking for work or you will starve.

1 Like

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by JayJustus(m): 9:14am On Dec 28, 2015
Pidggin:


When you receive it, post the receipt like you did previously, if this is true then Firstbank could be fined seriously for this. Besides money laundering which other way do you think you can get money from here? You are in for it! You better start looking for work or you will starve.

i just called like RIGHT NOW...and the customer care told me it was suspended last week but it only lasted for two days or so..she told me my parents can send to me...so you might wanna try calling them to enquire yourself and get firsthand info plus you can get money through aroko fx... and I just sent a facebook message to moneygram and here's their reply...guess y'll gon be satisfied now

2 Likes

Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by mark3009(m): 1:56pm On Dec 28, 2015
JayJustus:


lol...see this nigga...my parents have been sending me money through western union since last year with first bank...why are you so outdated? anyway...see my receipt of collection and see the ORIGINATING COUNTRY...don't argue blindly

@tdayof come see this certified mumu oooo
My understanding is that there will also be restrictions on Western union and money gram
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by mark3009(m): 1:56pm On Dec 28, 2015
JayJustus:


lol...see this nigga...my parents have been sending me money through western union since last year with first bank...why are you so outdated? anyway...see my receipt of collection and see the ORIGINATING COUNTRY...don't argue blindly

@tdayof come see this certified mumu oooo
My understanding is that there will also be restrictions on Western union and moneygram
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by JayJustus(m): 2:26pm On Dec 28, 2015
mark3009:

My understanding is that there will also be restrictions on Western union and moneygram

restriction remains the same as "1,000usd quarterly
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Jayne2014(f): 3:13pm On Dec 28, 2015
JayJustus:


restriction remains the same as "1,000usd quarterly
Bros, I can see that you are in Malaysia. Please I have some enquiries to make. On the average, how much ringgit do you spend on feeding and other living expenses in a month?
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by JayJustus(m): 5:25pm On Dec 28, 2015
Jayne2014:

Bros, I can see that you are in Malaysia. Please I have some enquiries to make. On the average, how much ringgit do you spend on feeding and other living expenses in a month?


well...lemme break it down

housing plus utilities--- 700 (could be 680, 670...fluctuates due to water and electricity bills)
feeding ---400 (includes cooking and eating out)
transport to school---50
flexing money--- 150

total----1300

***sometimes more depends but it also depends on where you live...like my former house plus utilities would cost around rm1100
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by Jayne2014(f): 6:24pm On Dec 28, 2015
JayJustus:



well...lemme break it down

housing plus utilities--- 700 (could be 680, 670...fluctuates due to water and electricity bills)
feeding ---400 (includes cooking and eating out)
transport to school---50
flexing money--- 150

total----1300

***sometimes more depends but it also depends on where you live...like my former house plus utilities would cost around rm1100
Thanks, I am looking at studying at USM, Penang.
Re: How Can Nigerians In Diaspora Access Their Funds From 2016 With The CBN Policy? by JayJustus(m): 6:51pm On Dec 28, 2015
Jayne2014:

Thanks, I am looking at studying at USM, Penang.


hmmmmnnn...Penang is just another city like Lagos...you'd feel the traffic of life..hahahahaha

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