Bevista:
That explanation is plain ridiculous. How can the CBN blame the banks, when they (CBN) are the ones that stopped banks from receiving dollar cash lodgements into domicilary accounts. Where did they expect banks to get FX to meet their international payment obligations, especially with the meagre Dollar sells to BDCs.
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For the records, I fully understand the constraint the CBN is facing from low FX inflow into the Foreign Reserves due to low oil prices, however, the restrictions imposed by the Central Bank are extreme. With a daily limit of $1000, How do I make a payment of $1500 for my professional exams? Or am I not supposed to write such exams again because the government is on a fvcking mission?
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I believe the current CBN Governor is a weak link in this administration, as he is not providing the president with the right monetary policy options/advice. While there are obvious benefits from the CBN policy, I strongly believe that the NET result of the policy on the economy will be negative.

Keneking:


I mean payment of tuition for studies in any African College or University doesn't require USD /GBP. Most times it is based in local currency.

How long can one expect a response from CBN after filing request via bank? In terms of hours..

Demdem2:


Lame excuses. The health of our economy far superceeds personal inefficiencies.

ZuzuMan:
.....CORRECTION.
$100. DAILY LIMIT.

Dee60:

You want to put Naira in your account in Nigeria and withdraw dollars freely abroad! Where would Nigeria have all the dollars to fund that. with the oil price fallen to by more than 60?

Does it occur to anyone that allowining free withdrawal (dollar against naira) will result in huge dollar debt for Nigeria over time?

Is there not an avenue for students to have their fees transferred officially instead of via ATMs?

The protesters need to push their argument clearly. Otherwise, it is simple commonsense that you cannot dollarise your economy, unless you want to pile up debt for future generations. Common sense.

If we had saved forex when oil was USD100 plus, it would have helped a bit. But with dwindling reserve CBN has to look for ways to curb DOLLAR consumption. We just cannot continue to CONSUME what we dont produce and expect FG or CBN to do magic.

Please think before you talk. Read before you comment. Common sense says so..

Ghandi12:


Could you please give us a bank name and address where dollars for essential services (that are only possible in $) can be sourced.

The true reality on the streets is that there has not been $ for common-man in any banks in the last couple of months. Your information on its availability will be appreciated by thousands out there.

Bevista:
That explanation is plain ridiculous. How can the CBN blame the banks, when they (CBN) are the ones that stopped banks from receiving dollar cash lodgements into domicilary accounts. Where did they expect banks to get FX to meet their international payment obligations, especially with the meagre Dollar sells to BDCs.
---
For the records, I fully understand the constraint the CBN is facing from low FX inflow into the Foreign Reserves due to low oil prices, however, the restrictions imposed by the Central Bank are extreme. With a daily limit of $1000, How do I make a payment of $1500 for my professional exams? Or am I not supposed to write such exams again because the government is on a fvcking mission?
---
I believe the current CBN Governor is a weak link in this administration, as he is not providing the president with the right monetary policy options/advice. While there are obvious benefits from the CBN policy, I strongly believe that the NET result of the policy on the economy will be negative.

PassingShot:

I'm always tolerant except in extreme situations, hence my smileys.

I was not too much into the commonwealth thread joor. But AareOnakakanfo did great sustaining it till hundred plus pages. He really tried.

Bevista:
Ouch! Didn't even know the limit has been reviewed downwards.

TheSixthSense:

I think even in african countries it's the equivalent of the fees in USD that would be transferred.
About how long the processing time in hours lol...ok leave about 24h*3 to 24h*5 working days.

Keneking:


You mean supersede? Which inefficiencies?

Ghandi12:


Could you please give us a bank name and address where dollars for essential services (that are only possible in $) can be sourced.

The true reality on the streets is that there has not been $ for common-man in any banks in the last couple of months. Your information on its availability will be appreciated by thousands out there.

TeOwl:
Email your exam people and tell them to split the payment into two, you pay $750 one month and the other $750 the other month.... i forsee that this policy would last for at least six months, dont let the govt mess up your career!

ZuzuMan:
.....CORRECTION.
$100. DAILY LIMIT. Not $1000.

Keneking:


Amazing.

Can someone pay with debit card instead of credit card?

PassingShot:
Unfortunately this is where GEJ and his cohorts brought us.

If you like, call it blaming or whatever, it is the dollarized foreign reserves that determine the pressure on naira. And it is the same reserve that Jonathan dipped his hands and that of his comrades' to loot like there was no tomorrow. Now that the "tomorrow" is upon us, we're excusing them instead of calling for their head.

Una never see anything!

TeOwl:
Email your exam people and tell them to split the payment into two, you pay $750 one month and the other $750 the other month.... i forsee that this policy would last for at least six months, dont let the govt mess up your career!

Demdem2:


Why should the country suffer because u got ur admission letter late due to reasons which could be attributed to either u the applicant or the school itself. Same goes to visa.
What's our business with ur Xmas and new year expenses?
U want foreign exchange, then apply very early and follow due process.

TheSixthSense:

I hope so, but with several restrictions lately it's better you visit your bank and don't take me too seriously because I also don't know the latest developments. You should get information abd professional advice from your bank.

modath:


God bless you & all yours!!!

This your submission is why I no longer join issues with the wailers!!! No bueno, Ayaf tire.

They argue to suit their bias without bearing in mind that oil ain't making money & don Fortunato done fritter away family savings on his failed reelection bid!

You can't eat your cake & have it!!!

TeOwl:
monthly limit is $1000... daily limit is over $100... i dont know the daily limit but it is over $100. however you cannot spend more than $1000 in a month.

TheSixthSense:

How else when they've stopped forex deposits into domicilliary accounts and you think people shouldn't protest?

searay:
Does this mean that I will not be able to use my visa card to make an order from aliepress.com, a Chinese online mall?

searay:
Does this mean that I will not be able to use my visa card to make an order from aliepress.com, a Chinese online mall?

Dee60:


Ask any senior banker and they will confess that CBN has allowed dollars deposits to a certain limit (think USD10,000 per month) to cater for travellers and those who need to send monies to their wards abroad. For whatever reason, the banks are yet to comply! So, there is no blame to the CBN on that!

Originally, ATM was meant to enable Nigerians travelling abroad to collect up to USD500 per day. That left an opening for millions living abroad (many of these are not students). It is difficult for Nigeria to fund this if we dont want to pile up external debts at such a high interest rate. Imagine that the western countries peg 1% rate on their own internal funds and apply 21% rate when countries like Nigeria borrow. Should we keep piling debts for future generations?

I pity the students. I pity the travellers. Let the banks start accepting USD as directed, so that USD can fund USD. That makes some sense. Yes, Naira may lose value, but that is the cost of Nigerians always CONSUMING what we dont produce!

dunkem21:



They already know and that's why they campaigned for change .. Remember, good things don't come easy ..

Maybe, they will all have to come back because Nigeria is now better than Dubai with constant 23 hrs/day power supply .. and the price of fuel to be reduced in January ..

Bevista:
Really?! You expect the CFA Institute to alter their online payment platform because of on dude in a country where Capital Controls are being enforced?

Rexphobia:



Can I quickly respond? Why do we have to defend the naira? Why can't the forces of demand and supply give us the true worth of the naira. Even if a free fall is the cost we have to pay for it.

There are several things you need dollars for other than pay for school fees... A thousand and one services are paid for in dollars and we sure don't offer them here.

Let's think about a saner way to battle this? The solution to all economic problems is not embedded in controlling the volume of money in circulation. You and I know that

Please is CBN a regulator or spectator? Because I don't understand why the regulator is trying to distant itself from the draconian foreign exchange restriction? So the banks are now autonomous? . Silence is still golden.

WaffenSS:
We all played a part.

When everyone was busy dollarizing the country...school fees, house and shop rents, girlfriends...everything was paid for in dollars.

A friend bought my old MacBook Air and insisted in paying in dollars ($300) even though I've long since abandoned my Dom account. He was also paid for services rendered in dollars.

I was inconvenienced having to drive all the way to a BDC for it.

And then PDP came along and rubbished the naira with their dollar rain.

No country outside the U.S. worships the dollar like a national currency as Nigeria and our "overseas" mentality.