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Is A Domicillary Account Necessary For Buying Products From China? - Business - Nairaland

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Is A Domicillary Account Necessary For Buying Products From China? by Nobody: 6:57pm On Apr 20, 2020
Gurus please,

I'm concerned about the freefall of the Naira against the Dollar especially in the wake of the coronavirus pandemic. As far as the Naira drops, it increases the costs of the products I buy from China (the price is mostly in dollars).

I'm looking to open a dollar account so that no matter how low the Naira trades against the Dollar, the products I buy do not become overly expensive.

Is this move necessary? Please suggest a better action plan.

1 Like

Re: Is A Domicillary Account Necessary For Buying Products From China? by Aristo3146(m): 7:00pm On Apr 20, 2020
You can use western union or form M
Re: Is A Domicillary Account Necessary For Buying Products From China? by Nobody: 7:07pm On Apr 20, 2020
Aristo3146:
You can use western union or form M

Does Western Union allow me do frequent transfers from the comfort of my bed? wink

1 Like

Re: Is A Domicillary Account Necessary For Buying Products From China? by Nobody: 7:09pm On Apr 20, 2020
Create a virtual credit card online,use your naira debit Master card to fund it.
Then convert it to dollars,use it for payment to order from China.

Guaranteed to work.I have been into importation for over 6 years now.

2 Likes 1 Share

Re: Is A Domicillary Account Necessary For Buying Products From China? by Nobody: 7:10pm On Apr 20, 2020
Weedsmoker:
Create a virtual credit card online,use your naira debit Master card to fund it.
Then convert it to dollars,use it for payment to order from China.

Guaranteed to work.I have been into importation for over 6 years now.

How do I begin?
Re: Is A Domicillary Account Necessary For Buying Products From China? by wealthcode101: 8:14pm On Apr 20, 2020
Why not try to get a fully verified alipay account and use it for your payments to chinese suppliers.
Re: Is A Domicillary Account Necessary For Buying Products From China? by showafrica(m): 8:25pm On Apr 20, 2020
May be someone use yahoo money settle you
Re: Is A Domicillary Account Necessary For Buying Products From China? by Nobody: 8:47pm On Apr 20, 2020
wealthcode101:
Why not try to get a fully verified alipay account and use it for your payments to chinese suppliers.

If you can, please let me know how to get this account?
Re: Is A Domicillary Account Necessary For Buying Products From China? by living2013(m): 9:06pm On Apr 20, 2020
wealthcode101:
Why not try to get a fully verified alipay account and use it for your payments to chinese suppliers.
How can it be achieved? I'm interested
Re: Is A Domicillary Account Necessary For Buying Products From China? by mrsage(m): 11:50pm On Apr 20, 2020
iamadonis2:
Gurus please,

I'm concerned about the freefall of the Naira against the Dollar especially in the wake of the coronavirus pandemic. As far as the Naira drops, it increases the costs of the products I buy from China (the price is mostly in dollars).

I'm looking to open a dollar account so that no matter how low the Naira trades against the Dollar, the products I buy do not become overly expensive.

Is this move necessary? Please suggest a better action plan.

As long as you convert a weak Naira to dollars, the rat race will always continue.

You will always pay more for the imported items even if you open a dollar account.

Face that fact. It's one of the down sides of importation.

2 Likes

Re: Is A Domicillary Account Necessary For Buying Products From China? by aimmoney9: 1:10am On Apr 21, 2020
OPEN LETTER TO GODWIN EMEFIELE CBN GOVERNOR

GODWIN EMEFIELE THE BANE OF NIGERIAN ECONOMY

LET US GO INTO THE NITTY GRITTY OF THIS LETTER WITHOUT DILLY DALLY

THE NIGERIAN ECONOMY UNDER THE CURRENT CBN GOVT HAVE SUFFERED ABYSMALLY IN TERMS OF GROWTH, STANDARD OF LIVING AND COST OF LIVING ALL EMANATING FROM HIS SNOWBALL ABILITY TO INCESSANTLY DEVALUE THE NIGERIAN NAIRA.
I KNOW SOME ECONOMISTS WOULD ARGUE VAGUELY THAT HE DID IT UNDER THE DIRECTIVE OF PRESIDENT BUHARI BUT WE ALL KNOW THAT THE CBN IS AN AUTONOMOUS INSTITUTION AND THUS ACTS INDEPENDENTLY.

THIS HIS JAUNDICED INCLINATION TO DEVALUE OUR NAIRA AS SEEN IN HIM DEVALUING IT FROM (160 TO 360 AND NOW RECENTLY WHICH HE CALLS MUTIPLICATIVES FROM 360 TO 380 TO A DOLLAR) IS HIGHLY SICKENING AND UNPATRIOTIC.

UNPATRIOTIC IN THE SENSE THAT HE IS SUPPOSE TO PILOT THE AFFAIRS OF THE CBN WHILE PUTTING NIGERIAN INTEREST FIRST INSTEAD OF LISTENING AND IMPLEMENTING ANY IOTA OF DEVALUATION ADVICE BEEN SPOONFED HIM BY THE IMF, WORLD BANK ET AL.

I WOULD SAY HE JUST CAME IN AND SPOILT THE SUCCESSES OF HIS PREDECESSORS PROF. SOLUDO (WHO TRIED TO REVALUE/APPRECIATE OUR NAIRA BY RE-INTRODUCING COINS WHICH DIDN'T PULL THROUGH DUE TO ITS POOR GENERAL ACCEPTABILITY) AND SANUSI LAMIDO, FOR THEM DEVALUATION WAS NEVER AN OPTION, PLUS BECAUSE THEY KNOW WHEN YOU DEVALUE IT IS HARD TO REVALUE.

GOING FORWARD, HIS POLICIES HAVE GREATLY AFFECTED NIGERIANS BADLY IN THAT WHAT WE COULD GET IN THE MARKET AT LESSER IS NOW WORTH MORE THAN TWICE IT'S WORTH, THUS LOW STANDARD OF LIVING AND HIGH COST OF LIVING BECAUSE THE NAIRA HAS LOST IT'S VALUE AND CAN'T VIE INTERNATIONALLY.

FURTHERMORE, HIS UNSAVOURY REGULATION AND CONTROL OF FOREX IN PARTICULAR THE DOLLAR IS NOTHING TO WRITE HOME ABOUT, BECAUSE HE NOW PLAYS SECOND FIDEL TO THE BUREAU DE CHANGE.

YES THE INVISIBLE HAND OF DEMAND AND SUPPLY WOULD DRIVE THE PRICE OF THE DOLLAR BUT THE CBN STILL RETAINS NE PLUS ULTRA JURISDICTION IN ITS PRICING, REGULATION AND CONTROL. AND TO MY SHEER SURPRISE THE CBN IS PLAYING A SECOND FIDEL IN THIS ROLE, IN THAT, MORE PERCENTAGE OF THE DOLLAR IS ISSUED TO THE BUREAU DE CHANGE MAKING THEM HAVE MORE CONTROL OVER THE DOLLAR PRICING INSTEAD OF ISSUING MORE PERCENTAGES TO THE COMMERCIAL BANKS THAT CAN FOLLOW AND OBEY SPECIAL DIRECTIVES (UNLIKE THE BUREAU DE CHANGE) IN THEIR PRICING AND ALLOWING GREATER ALLOCATIONS FOR FORM Q SO THAT BUSINESSES CAN GET THEIR DOLLAR AND ITS PRICING FROM THE CBN THUS BOOSTING BUSINESSES AND THE ECONOMY AT LARGE. BECAUSE IF THIS IS DONE THE POSITIVE TRICKLE DOWN EFFECT WILL BE GREAT IN THAT IT WILL TRANSLATE INTO LOWER COST OF GOODS SOLD DOMESTICALLY, LOW COST OF LIVING, AND INCREASE IN THE STANDARD OF LIVING, AND MIGHT JUST BE WHAT WILL REVIVE THE NIGERIAN ECONOMY ONCE MORE.

FINALLY, I WOULD IMPLORE THE CBN GOVT TO STOP BEING OBSEQUIOUS TO THE IMF, WORLD BANK, ET AL IN MATTERS BORDERING ON DEVALUATION AND THE NIGERIAN ECONOMY IN ALL RAMIFICATIONS AND BE MORE PATRIOTIC AND PUT NIGERIA AND NIGERIANS INTERESTS AND WELFARE FIRST IN ALL ITS DOINGS. SO THAT NIGERIANS FROM ALL WALKS OF LIFE WILL FEEL THE POSITIVE IMPACT OF HIS OFFICE AND THE INTITUTION HE SIRE.

WE NEED POSITIVE CHANGE.

GREAT POLICY MAKERS.....GREAT.


FROM A VERY CONCERNED NIGERIAN.

AUGUSTINE
Re: Is A Domicillary Account Necessary For Buying Products From China? by nathdim: 1:14am On Apr 21, 2020
Weedsmoker:
Create a virtual credit card online,use your naira debit Master card to fund it.
Then convert it to dollars,use it for payment to order from China.

Guaranteed to work.I have been into importation for over 6 years now.
please I need website links for importation
Re: Is A Domicillary Account Necessary For Buying Products From China? by lucrocash(m): 8:34am On Apr 21, 2020
Weedsmoker:
Create a virtual credit card online,use your naira debit Master card to fund it.
Then convert it to dollars,use it for payment to order from China.

Guaranteed to work.I have been into importation for over 6 years now.

This is just the best method. After buying from china, remember to sell your products through www.nextmarketday.com

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