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Nairaland Forum / Nairaland / General / Business / CBN Blocks Money Transfers Into The Country From Most Operators (41851 Views)
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 |
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: 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: 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: 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: 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: 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. 1 Like |
Re: CBN Blocks Money Transfers Into The Country From Most Operators by Nobody: 1:31pm On Aug 03, 2016 |
PapaBrowne: 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: 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: 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: 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: 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: 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: 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: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: 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: 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 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: 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: 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: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: 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: 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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