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CBN Offers Banks $20m Weekly Allocation For Invisibles - Business (2) - Nairaland

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Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by SmartMugu: 8:29am On Feb 18, 2017
The dollars will be sold right back to BDC's at N513.
1.Naira will fall harder afterwards as there will be more demand.
2. The intended audience will not get anything, rather the banks will make profit from direct resale.
CBN, shine your eyes.

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by darqly(m): 8:30am On Feb 18, 2017
Einl:
I work in a bank. I know how PTA and BTA is sold.

All the money is for the top management and their friends.

Normal walk in customers won't get sh¡t.

Tell us which bank so we can blow whistle...
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Einl(m): 8:32am On Feb 18, 2017
darqly:

Tell us which bank so we can blow whistle...
...so you can get 5% commission.
Well I work in..... ........ ........
one of the banks in Nigeria.

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Benitomorgan: 8:36am On Feb 18, 2017
If the FG is looking for a way to stop the free fall of Naira,i have the perfect solution to that. They need people from the biz class who are the reason for the free fall of naira to tell them on how to stop the tide. They should stop wasting their time on policy somersault which anyway is the hallmark of this administration
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by SmartMugu: 8:38am On Feb 18, 2017
MabraO:


Is it that the present CBN governor can't be sacked?
That guy ruining this country
Seriously, I think some economics teachers in some secondary schools can be better alternatives to him.

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by 989900: 8:45am On Feb 18, 2017
wildchild1:
[s]How does this affect the commom who doesn't have a child abroad, who doesn't have to go abroad for medical care?
[/s]

Check my signature... football Jerseys available

Stick to selling your beautiful jerseys; this is beyond your wheelhouse.

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by tomaxzyn(m): 8:46am On Feb 18, 2017
Seriously I knew something was coming when Gtbank begin to block their MasterCard from working on many merchant website this week..well let's see how it unfolds next week.
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by 989900: 8:47am On Feb 18, 2017
darqly:


Tell us which bank so we can blow whistle...

Is there anyone of them not doing it?

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by pat1612(m): 8:49am On Feb 18, 2017
Why doesnt cbn directly allocate to end user.there is system but i guess banks or cbn doesnt want to be transparent in allocation. If they are transparent and allocate using system at work rather than banks top management deciding allocation lot of malpractices can be avoided and dollar can be saved.

Just my view☺
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Jadeng: 8:53am On Feb 18, 2017
It amazes me how we repeat the same lame things that does not yield results in Nigeria!
If you recall, CBN was giving Banks daily allocation of dollars some years back; question is what were they doing with it?
I remember then Banks will tell you they do not have dollars and you have to fund your domiciliary account by buying from aboki. which in most cases they(banks) will refer you to. How was the aboki getting the dollar?
Even when you have a legit transaction to do and have both naira and dom accounts with the same bank; they will say they do not convert and you must buy from aboki.
I strongly think, Nigeria needs change its cash policies.
Like I have always asked myself, do we really need the DBC's?
Why cant only banks handle anything currency conservation like it is done in other Nations?
How has the CBN dollar polices helped?
Can there be a better way out?

God help this Nation... Amen!

2 Likes 1 Share

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by chloride6: 8:55am On Feb 18, 2017
Dfinex:


must u comment?

He must comment... Because he has a right too and is obviously more concerned about the state of affairs of country than you are.

This CBN is mad, I thought we were building reserves? $80 million a month is nearly $1 billion in a year.

The next thing now is provide free funds for round tripping for their cronies.

Nigerians, eka bo so ri eto.

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Dfinex(f): 9:03am On Feb 18, 2017
chloride6:


He must comment... Because he has a right too and is obviously more concerned about the state of affairs of country than you are.

This CBN is mad, I thought we were building reserves? $80 million a month is nearly $1 billion in a year.

The next thing now is provide free funds for round tripping for their cronies.

Nigerians, eka bo so ri eto.


bros the issue here is not the provision of funds but that proper monitoring must be put in place to enable it get to the masses for which it was intended . Nigerians in the diaspora have been going through alot of stress as a result of this unavailability or scarcity of forex.

back to the guy u are defending. .....because he doesn't have any one out there doesn't mean others are not been affected. that's highly insensitive of him

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by darqly(m): 9:12am On Feb 18, 2017
Einl:

...so you can get 5% commission.

Well I work in.....
........
........

one of the banks in Nigeria.

I'll give you 10% of my 5% Na.... grin

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by darqly(m): 9:16am On Feb 18, 2017
pat1612:
Why doesnt cbn directly allocate to end user.there is system but i guess banks or cbn doesnt want to be transparent in allocation. If they are transparent and allocate using system at work rather than banks top management deciding allocation lot of malpractices can be avoided and dollar can be saved.

Just my view☺

How would CBN achieve direct allocation to end users? If you think Commercial banks are corrupt, you haven't patronised CBN directly then. Asides the fact that they're incredibly inept, they can STEAL, and still point fingers at you as the accused.

2 Likes

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Einl(m): 9:41am On Feb 18, 2017
darqly:

I'll give you 10% of my 5% Na.... grin
You have a deal.

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by tope777(m): 9:47am On Feb 18, 2017
deenee:
Everybody in Nigeria is corrupt. This is the same pattern that played out with the ECA during Jona's time.

The bank directors are putting pressure for money to be shared from the foreign reserves esp now that it's itching towards 30b dollars.

The truth is I doubt is our FX invisible needs is up to amount to be shared.

What will happen is that it's will eventually end up in the hands of the black market people when it has been hijacked by the top mgt in the banks

Later someone will come here and start abusing Buhari and the CBN gov.

The same way we all blame Jonathan. grin cheesy

1 Like 1 Share

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by LordAdam7: 9:49am On Feb 18, 2017
repogirl:
I'm skeptic but still hopeful.

My own gripe is why should they charge $300+?

Someone can say 5-star, but it's a rip-off for the infrastructure and design they offer.

Compare their rooms, lobbies... to some of the best luxury hotel in Washington D.C. charging same $300-$400 per night and the difference is as clear as vodka.

-Lord
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by sosy25: 9:52am On Feb 18, 2017
Nigerians that need foreign exchange for medicals, school fees and other obligations overseas should stop depending on the CBN for US Dollars, let us generate our own US Dollars. Visit the link on my signature or call and you would definitely earn enough US Dollars to meet your obligations abroad.
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by LordAdam7: 9:53am On Feb 18, 2017
darqly:


How would CBN achieve direct allocation to end users? If you think Commercial banks are corrupt, you haven't patronised CBN directly then. Asides the fact that they're incredibly inept, they can STEAL, and still point fingers at you as the accused.

True. The same CBN that was allocating dollars to some High-Net-Worth Nigerian citizens and foreigners at less than N20/$1 in 2016 is the one someone is suggesting should do direct allocation to end users as a means to curb expected commercial banks malpractice.

There is no way around it. There'll be malpractice, even if the EFCC and ICPC is in charge. That's how fantastically corrupt this country is. And to think some people felt just one man could come in and root out all corruption. Nigerians and miracles sha!

-Lord

4 Likes 1 Share

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by pat1612(m): 9:56am On Feb 18, 2017
darqly:


How would CBN achieve direct allocation to end users? If you think Commercial banks are corrupt, you haven't patronised CBN directly then. Asides the fact that they're incredibly inept, they can STEAL, and still point fingers at you as the accused.

CBN too is not corruption free but if you have imported ever you will know that it is done by portal trade.gov.ng which brings all agencies along with bank on one platform and cbn is starting point for any importation or school fee or any other expenses related to dollar application.every application has a number allocated to it generated by system.
Unfortunately this system stops once the import have been made and circle remains incomplete on portal.to complete it we have to go to banķ for manual submission of documents and wait for allocation from cbn at mercy of this bank to allocate us fund.
But if this portal is further advance to allocate funds automatically once all formalities are completed by bank and allocation awarded to person depending on form number on first come first serve bases it will remove a big chunk of corruption and bring transparency in allocation with all record available online.

Just my observation because i have been using said portal for 2 years and its good initiative which has made people to people contact to minimum thus saving time and money.

2 Likes

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by bigtt76(f): 9:59am On Feb 18, 2017
And it will be managed invisibly too grin SMH


Adesiji77:
Each of Nigeria’s twenty banks will receive an allocation of one million dollars weekly from Monday for sale to their customers to cover medicals, school fees, personal and business travel, BusinessDay has authoritatively learnt. The relief was agreed at Friday’s bankers committee meeting.

Details later...

http://www.businessdayonline.com/cbn-offers-banks-20m-weekly-allocation-invisibles/ Mynd44, lalasticlala, dominique
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by daywalker12911(m): 10:35am On Feb 18, 2017
Einl:
I work in a bank. I know how PTA and BTA is sold.

All the money is for the top management and their friends.

Normal walk in customers won't get sh¡t.
I don't know about your bank but in mine it's 100% free and fair.
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Einl(m): 10:37am On Feb 18, 2017
daywalker12911:
I don't know about your bank but in mine it's 100% free and fair.
As far as you can tell.
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by daywalker12911(m): 10:47am On Feb 18, 2017
Einl:


As far as you can tell.
None of my requests have been declined thus far. We are the most transparent bank in the Industry.#fact
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by kabrud: 10:53am On Feb 18, 2017
Kobicove:
The gap between the official and the black market rate is very wide...this encourages corrupt practices in banks on a grand scale undecided

Top management staff will divert a significant portion of the funds to their cronies and their BDC

Why would a bank staff own a BDC?

Some of them even own up to 2 or 3 different BDCs

The rot in the Nigerian system is deep rooted!


Oga, all u said would have been perfectly correct but for the emboldened.
When u say significant, it means something (although insignificant) will be left for other Nigerians. Bro, I'm afraid, they won't leave anything.
I met the shocker of my life when I was travelling in the 2nd week of January.
Having properly discussed with these bastards who call themselves Travelex, and properly discussed with my bank to expand my POS transfer limit on the day of my journey (Travelex doesn't accept cash payment), I was shocked when I went to the counter with the relevant documents only to be told that they won't sell on that day (Monday). The only available option was to patronize the black market. Meanwhile, the ubiquitous 'abokiis' at the International wing of MMA preferred cash at hand, nothing like bank transfer and I had checked in already, no time to start going to the bank for all those things. I had never been that tensed & confused since I was born. I had to travel without sufficient cash at hand. How I survived the whole thing is a different story.

My point is that, some of these officials are just too arbitrary and they don't give a damn about the dire consequences of those arbitrariness. And the question now is; into whose account did the Dollar allocation for that day, go?

2 Likes

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Einl(m): 11:22am On Feb 18, 2017
daywalker12911:

None of my requests have been declined thus far. We are the most transparent bank in the Industry.#fact

What transactions? Purchase of PTA/BTA?
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by HarveySpecter1: 12:42pm On Feb 18, 2017
daywalker12911:

None of my requests have been declined thus far. We are the most transparent bank in the Industry.#fact

Bro, what bank?
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Proudlyngwa(m): 1:01pm On Feb 18, 2017
Until BDCs are banned and made illegal, for the mean time, just like black market in petroleum products, we will have no head way.

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by rmx1: 1:08pm On Feb 18, 2017
daywalker12911:

I don't know about your bank but in mine it's 100% free and fair.

Ibtc ? I agree its better and fairer than most other banks but not 100% . trust me .come to think of it ,where does 100% free and fair exist in this world ,maybe Singapore grin

BTW I do loads of business with most bank including ibtc where I have numerous pending lc transaction

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by kaboninc(m): 1:15pm On Feb 18, 2017
SmartMugu:
The dollars will be sold right back to BDC's at N513.
1.Naira will fall harder afterwards as there will be more demand.
2. The intended audience will not get anything, rather the banks will make profit from direct resale.
CBN, shine your eyes.

What then is your solution...
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by daywalker12911(m): 2:06pm On Feb 18, 2017
rmx1:


Ibtc ? I agree its better and fairer than most other banks but not 100% . trust me .come to think of it ,where does 100% free and fair exist in this world ,maybe Singapore grin

BTW I do loads of business with most bank including ibtc where I have numerous pending lc transaction
Maybe 100% is a stretch given human interference but it's pretty fair (firstt come first serve) and of course everything is subject to the availability of funds.
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by penuelway(m): 2:43pm On Feb 18, 2017
Government should stop abokifx.com from determining and manipulating the rate.the force of demand and supply ought to determine rates in a normal economy but since someone somewhere is adding 2 to 5 naira daily to the rate most especially for personal gains,i dont see how naira will regain its value even with daily output of 2m barrel and raising price of oil in the international market.
Government should investigate the people behind this site cause its not healthy for our dear naira

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