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CBN Blocks Money Transfers Into The Country From Most Operators - Business (2) - Nairaland

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DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 / Naira To Appreciate As CBN Issues Licence To New Intn.l Money Transfer Operators / CBN Blocks Money Transfers Into The Country From Most Operators (2) (3) (4)

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Re: CBN Blocks Money Transfers Into The Country From Most Operators by shamecurls(m): 1:06pm On Aug 03, 2016
Pope22:
Buhari making things harder since 1414BC

Indonesian Spotted cool cool cool

1 Like

Re: CBN Blocks Money Transfers Into The Country From Most Operators by Iko5000: 1:14pm On Aug 03, 2016
Are you listening to yourself . Anyway this will make the black market transfer of money boom as I tell you this no normal Nigeria in Diaspora uses the services of western union that has the worst FX rate . I for one stop using them decades ago. Good luck to the Sai buhari idiots , belly go dry soon.[size=13pt][/size]
SolidGenius:
Hell the CBN has valid reasons! Some times having so many choices makes us puppets in the hands of this foreign Corporate demons.

5 Likes

Re: CBN Blocks Money Transfers Into The Country From Most Operators by drnairalov: 1:15pm On Aug 03, 2016
God punish those who made this happen 100 folds. world remitis the best in sending money, that is what I use to send moneyback home. western uniion is useles, worldremit is very instant same day pay. the Bleep is happening to nigeria?

My God ....forgive us if we failed you this thing is peppering me to the bone.....another policy to make life worst.geeeez!!!!

7 Likes

Re: CBN Blocks Money Transfers Into The Country From Most Operators by Giftedcurse(m): 1:16pm On Aug 03, 2016
So one can't get money to a domiciliary account.... may God help us in this country if we can call it that sef
Re: CBN Blocks Money Transfers Into The Country From Most Operators by rusher14: 1:18pm On Aug 03, 2016
Giftedcurse:
So one can't get money to a domiciliary account.... may God help
us in this country if we can call it that sef

Payments are still made to domiciliary accounts.
Re: CBN Blocks Money Transfers Into The Country From Most Operators by Tearg1: 1:22pm On Aug 03, 2016
shamecurls:


What statistics do you have to prove that the economy is dead? Or is it just your personal opinion?

Take a look at the current exchange rate from 1 year ago. What do you call it?
Re: CBN Blocks Money Transfers Into The Country From Most Operators by Nobody: 1:24pm On Aug 03, 2016
fyneguy:


The idea is to use the channels to stabilize forex. CBN has asked licensed transfer operators to sell the foreign currencies to BDCs, to shore up supply and consequently stabilize exchange rate.

WorldRemit may have to apply for the licence and run its operations in accordance with these policies.

I think what CBN shud is to make all fx receivables from western union, money gram and world remit collectable at the CBN branch of every state,such that the CBN pays the receivers the local currency at offial price,else the beneficiaries will always go to the parallel MKT to sale there by weakening naira the more

2 Likes

Re: CBN Blocks Money Transfers Into The Country From Most Operators by loomer: 1:26pm On Aug 03, 2016
blackpanda:



Wrong: its not money flowing in that CBN is worried about, but rather money flowing out. Its still d same worldremita that will pump out our scarce dollar to buy toothpicks


Oga, worldremit no dey send money out of Nigeria

1 Like

Re: CBN Blocks Money Transfers Into The Country From Most Operators by TippyTop(m): 1:28pm On Aug 03, 2016
Prophetic word from da great onatisi.
It may happen sooner than expected
www.nairaland.com/attachments/4055369_wpss201602100030_pngb4383ba5a8080bbb692829f27f31c040
Re: CBN Blocks Money Transfers Into The Country From Most Operators by Erfolg: 1:29pm On Aug 03, 2016
This is another Abacha regime, another dictator is here. Well, truth be told, make we no complain, na most of us dey celebrate when him win the election of change. The painful part is that his government does not care about the effects of his policies on the poor masses. That cbn governor should just know his career is finished immediately buhari leaves.
Re: CBN Blocks Money Transfers Into The Country From Most Operators by 19naia(m): 1:30pm On Aug 03, 2016
Some in Diaspora are already tired if always sendng money to their people always asking for more and more. They have just been waiting for the right reason to just give up and enjoy their foriegn money in the foriegn lands. As soon as the senders see the companies with favorable rates stop services, it will be all the sign they need to tell their recievers its time to stop sending money.
The $20billiom market will see some shrinking because of people who were already tired of sending others money, Na by force to send money? I beg, dem go happy to keep dem money in diaspora.
The old proverb of "Beggars being choosy". Beggars telling the alms giver which hand to use to give and to walk an extra kilometer to meet him in a narrow street before he will recieve the alms. Even in business transactions its a discouragement.

Although, western union and the others have really improved their exchange rate, this thinning of competition will open the door to possible increase in service fees and even the decline of favorable exchange rates.

Nobody ask me to send money again Oooo, I am not sending money lailai. shocked

1 Like

Re: CBN Blocks Money Transfers Into The Country From Most Operators by Nobody: 1:31pm On Aug 03, 2016
PapaBrowne:
Whats happening in this country?

Money remittances from Nigerians in Diaspora are the biggest, I repeat biggest stabilizer of the Naira as they put Forex directly into the hands of the Nigerian economy on a daily basis.
Over the years we have been recieving over $20 Billion in remmitances yearly. Thats more than all the state budgets in Nigeria combined.

Thats money that we need desperately at this time. Why on planet earth would you now place restrictions on the likes of worldremit who have revolutionalized the money transfer industry. This is terrible governance at its peak.

Buhari and the CBN are doing everything possible to destroy the Nigerian economy.

Unfortunately these inward remittance in the very one that feeds the black market.The only way CBN can control these is to be the sole platform to collect these remittance such that she pays the beneficiaries at official rate.So
Re: CBN Blocks Money Transfers Into The Country From Most Operators by kikake: 1:31pm On Aug 03, 2016
With an ethnic bigot in power every negative thing is possible against the 5% that didn't vote him.


More than 95% of Nigeria diaspora who remit money from abroad come from the southern end of Nigeria.
Re: CBN Blocks Money Transfers Into The Country From Most Operators by Lexusgs430: 1:31pm On Aug 03, 2016
It's simple. Worldremit should find a Nigerian solution. Simply get trusted foot soldiers to directly pay into accounts.
Shikena magana yakare
Re: CBN Blocks Money Transfers Into The Country From Most Operators by loadedvibes: 1:32pm On Aug 03, 2016
one step forward two steps backward nigeria is involved in a rat race
Re: CBN Blocks Money Transfers Into The Country From Most Operators by chyket(m): 1:34pm On Aug 03, 2016
I can't understand why a Country like Nigeria that needs all the foreign exchange that it can attract,in view of the slump in the price of its major export(crude oil),will wake up and take this kind of obsolete decision!!.Its really amazing and I hope it has nothing to do with Turkey's accusation that the coup plotters in their Country financed their operations with funds from Nigeria.

1 Like

Re: CBN Blocks Money Transfers Into The Country From Most Operators by Lexusgs430: 1:34pm On Aug 03, 2016
danjumakolo:


Unfortunately these inward remittance in the very one that feeds the black market.The only way CBN can control these is to be the sole platform to collect these remittance such that she pays the beneficiaries at official rate.So

How can Naira remittances feed back to black markets?
Blackmarket is feed by individuals bringing in hard currencies.
Does CBN also want to start searching individuals at POE and seizing hard currencies ?
Re: CBN Blocks Money Transfers Into The Country From Most Operators by uracocksucker: 1:37pm On Aug 03, 2016
danjumakolo:


Unfortunately these inward remittance in the very one that feeds the black market.The only way CBN can control these is to be the sole platform to collect these remittance such that she pays the beneficiaries at official rate.So

Guy WorldRemit credits in Naira you cant feed black market with Naira. Only transfers to a Dom account is available in foreign currencies. that hasn't been stopped.
Re: CBN Blocks Money Transfers Into The Country From Most Operators by gmaribel(m): 1:40pm On Aug 03, 2016
blackpanda:



Wrong: its not money flowing in that CBN is worried about, but rather money flowing out. Its still d same worldremita that will pump out our scarce dollar to buy toothpicks

What if I don't fr**king want to use Nigerian toothpicks. Why not increase tax on these items.
Micro managing Forex WILL ONLY MAKE THINGS WORSE.
Re: CBN Blocks Money Transfers Into The Country From Most Operators by kikake: 1:40pm On Aug 03, 2016
PapaBrowne:
Whats happening in this country?

Money remittances from Nigerians in Diaspora are the biggest, I repeat biggest stabilizer of the Naira as they put Forex directly into the hands of the Nigerian economy on a daily basis.
Over the years we have been recieving over $20 Billion in remmitances yearly. Thats more than all the state budgets in Nigeria combined.

Thats money that we need desperately at this time. Why on planet earth would you now place restrictions on the likes of worldremit who have revolutionalized the money transfer industry. This is terrible governance at its peak.

Buhari and the CBN are doing everything possible to destroy the Nigerian economy.

Leave the CBN out of this. Buhari and his village people that run Nigeria order public service people left and right to do what can only favour Buhari clan.
Private Development in the south of Nigeria have been upped through remittances from southerners living abroad.

Buhari clan do not like the private developments in the south.

1 Like

Re: CBN Blocks Money Transfers Into The Country From Most Operators by ohenhen1: 1:40pm On Aug 03, 2016
Tearg1:
Shouldn't the country be encouraging more forex transfers? Another deadbeat from our so called apprentices handling the economy....

These morons need to ask George Osborne for a tip on how to stabilise an economy....

If this move was so good wouldn't other countries impliment it??
This makes me believe someone somewhere is making Billions extra in their greedy pockets...

If this move backfires it can harm the economy that is already dead...

They didn't ban Money gram and Western union.
Re: CBN Blocks Money Transfers Into The Country From Most Operators by jamesibor: 1:42pm On Aug 03, 2016
danjumakolo:


Unfortunately these inward remittance in the very one that feeds the black market.The only way CBN can control these is to be the sole platform to collect these remittance such that she pays the beneficiaries at official rate.So

Is the parallel market illegal?
Re: CBN Blocks Money Transfers Into The Country From Most Operators by obailala(m): 1:44pm On Aug 03, 2016
kikake:
With an ethnic bigot in power every negative thing is possible against the 5% that didn't vote him.


More than 95% of Nigeria diaspora who remit money from abroad come from the southern end of Nigeria.
Una brain sef!... $20bn was said to be remitted to the Nigerian economy last year. So your paranoia has gotten to the point where you assume Buhari will just stop inflow of $20bn because southerners are involved?.. Na wa for reasoning.

1 Like

Re: CBN Blocks Money Transfers Into The Country From Most Operators by uracocksucker: 1:47pm On Aug 03, 2016
chyket:
I can't understand why a Country like Nigeria that needs all the foreign exchange that it can attract,in view of the slump in the price of its major export(crude oil),will wake up and take this kind of obsolete decision!!.Its really amazing and I hope it has nothing to do with Turkey's accusation that the coup plotters in their Country financed their operations with funds from Nigeria.

Jheez the only comment with a hint of understanding

WorldRemit uses local partners. They do nt meet the regulations of CBN and can be used by nefarious individuals.

Also these guys cook books and don't declare the exact volume of transactions they do for Tax and other reasons.

However they offer a better rate than western union and moneygram.

The biggest winner form all these is Ria.

1 Like

Re: CBN Blocks Money Transfers Into The Country From Most Operators by MrTour: 1:47pm On Aug 03, 2016
If you have money abroad and want its equivalent in Naira, I am happy to help.
Just quote me.
Re: CBN Blocks Money Transfers Into The Country From Most Operators by kikake: 1:47pm On Aug 03, 2016
Lexusgs430:


How can Naira remittances feed back to black markets?
Blackmarket is feed by individuals bringing in hard currencies.
Does CBN also want to start searching individuals at POE and seizing hard currencies ?


Search, prosecute and jail people for possessing hard currencies.l?


Buhari jailed Fela Kuti for possession of hard currency.


Perhaps, Nigeria is entering the stage when people are jailed for having hard currencies.
Re: CBN Blocks Money Transfers Into The Country From Most Operators by doctokwus: 1:48pm On Aug 03, 2016
Erfolg:
That cbn governor should just know his career is finished immediately buhari leaves.
That is even the one that is more painful,that the man looks untouchable under this govt.
This is a CBN governor fingered in many of the arm scam approvals and other massive financial scams under the buffoon's rulership,fingered in massive illegal recruitment under this govt,involved in many policy sommersaults and that has shown gross incompetence,yet a president watches as he further pulverises the economy with another stupid policy.
I am further beginning to bliv that PMB 's ear problem is more serious that we are made to bliv.

1 Like

Re: CBN Blocks Money Transfers Into The Country From Most Operators by linearity: 1:49pm On Aug 03, 2016
Iko5000:
Are you listening to yourself . Anyway this will make the black market transfer of money boom as I tell you this no normal Nigeria in Diaspora uses the services of western union that has the worst FX rate . I for one stop using them decades ago. Good luck to the Sai buhari idiots , belly go dry soon.[size=13pt][/size]

This is so true, anyone that still uses Western Union, WorldRemit or these other carriers to transfer money is a COMPOUND FOOL! I rarely call people fool and Yes, I have that in Caps!

Otherwise, how do one explain, leaving about N70/to the dollar on the table, each time you transfer money? Western Union charges N306/$1.00, my black market operatives does the same for N370/$1.00...if you transfer just $5k with Western Union, you just left N350,000.00 on the table, if that is not foolishness, I do not know what else is.

Though some black market operatives restrict the amount you send periodically, but there are many of them and they are very reliable. They have shops all over the US and their businesses are registered in the US and you must follow the basic rules of money transfer as established in the US, e.g income verification, IDs, etc. They are only called 'black market' because they are not recognized by the Nigeria government, despite the fact that, most of them are bankrolled by influential money bags in Nigeria who makes day to day decisions in Nigeria.

1 Like

Re: CBN Blocks Money Transfers Into The Country From Most Operators by gmaribel(m): 1:50pm On Aug 03, 2016
Lexusgs430:


How can Naira remittances feed back to black markets?
Blackmarket is feed by individuals bringing in hard currencies.
Does CBN also want to start searching individuals at POE and seizing hard currencies ?

Dont be surprised when soon the highest amount in cash you will b allowed to bring in will be $500.
Re: CBN Blocks Money Transfers Into The Country From Most Operators by erico2k2(m): 1:54pm On Aug 03, 2016
RZArecta:
London. August 2nd, 2016: WorldRemit, a leading online remittance provider, is calling for the urgent restoration of money transfers to Nigeria as draconian new rules leave virtually all money transfer operators (MTOs) unable to provide services to the West African country.

Only three companies – Western Union, MoneyGram and Ria - will be able to continue operations, following an extreme and unexpected move by the Central Bank of Nigeria.

WorldRemit, in common with all other international MTOs, has been instructed by its local correspondents that transfers to Nigeria will no longer be processed and is, accordingly, suspending services immediately.

WorldRemit founder and CEO, Ismail Ahmed said: “This move is arbitrary, inexplicable and hugely detrimental to the Nigerian diaspora who rely on hundreds of money transfer companies and banks, providing them with choice, convenience and competitive pricing.

“Even now, as we suspend our service, there is no clarity on why this sudden change has happened. If it is on the basis of new rules, there was no warning. If it is a re-interpretation of old rules, local correspondent networks and banks should have been forewarned.

“This reverses the progress made by the country when the Nigeria Central Bank banned Western Union’s exclusivity agreements that had created a near-monopolistic position in the international money transfer market. Western Union controlled 78% of the market share when CBN outlawed exclusivity agreements with local banks.”

Until now, money transfer operators such as WorldRemit operated via partnerships with licensed local correspondents in Nigeria, enabling transfer of funds to local bank accounts – providing a more efficient service than the SWIFT infrastructure.

WorldRemit has also raised concerns about a 2015 memorandum from the Central Bank of Nigeria, setting out minimum requirements for companies offering international Mobile Money transfer services to Nigeria.

The guidelines specify that any company offering Mobile Money transfers must have minimum net assets of $1bn and have been operating for more than 10 years.

WorldRemit is the world leader in transfers to Mobile Money accounts and had been planning to launch remittances to Mobile Money services in Nigeria.

“It looks like all systems in Nigeria are currently geared against encouraging new entrants and competition in the mobile remittance markets. That is worrying in the extreme,” said Ismail Ahmed.

WorldRemit sends more than 40,000 money transfers to Nigeria every month.

Nigeria received more than $20bn in remittances annually from migrants around the world.



About WorldRemit

WorldRemit is a leading provider of international money transfers through its mobile apps and web service.

In addition to cash pickup and bank deposit options, WorldRemit offers instant transfers to more than 30 Mobile Money services, with more than 100,000 transfers per month being received directly on mobile phones.

WorldRemit received a $40m Series A investment from Accel Partners in 2014, and a $100m Series B led by Technology Crossover Ventures (TCV) in 2015.

In November 2015, WorldRemit was named the UK's fastest growing technology company in the Deloitte UK Technology Fast 50 awards.

WorldRemit’s global headquarters are in London, UK with regional offices in the United States, Canada, Japan, Australia and New Zealand.

https://www.worldremit.com/en/news/worldremit-calls-for-urgent-restoration-of-money-transfers-to-nigeria
The CBN wants only their friends and relations to be sole operators of rimitance

1 Like

Re: CBN Blocks Money Transfers Into The Country From Most Operators by kikake: 1:55pm On Aug 03, 2016
obailala:
Una brain sef!... $20bn was said to be remitted to the Nigerian economy last year. So your paranoia has gotten to the point where you assume Buhari will just stop inflow of $20bn because southerners are involved?.. Na wa for reasoning.


Look into Buhari's mind set. His parochial attitude to issues about north and south of Nigeria is capable of making Buhari order a clampdown on money transfer industry because about 95% of the monies remitted goes to the southern beneficiaries - Buhari's 5%.
It doesn't matter to somebody like Buhari that the foreign currencies end up stabilizing the Naira exchange rate against foreign currencies.
There's nothing my being paranoid, having known what Buhari can do to make his north be on the same human development pace with the south
Re: CBN Blocks Money Transfers Into The Country From Most Operators by linearity: 1:56pm On Aug 03, 2016
danjumakolo:


Unfortunately these inward remittance in the very one that feeds the black market.The only way CBN can control these is to be the sole platform to collect these remittance such that she pays the beneficiaries at official rate.So

How so? Do you care to explain?

These recipients do not collect dollar notes over the counter at Nigeria banks and these agencies do not courier dollars notes into Nigeria...If anything, these remittance increases the demand for the Naira note period! These agencies keeps the dollar paid by the sender, they are forced to buy or demand Naira at the other end to pay the recipient, thereby increasing the demand for Naira and those money goes into improving the Nigeria economy.

1 Like

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