I saw this supposed leaked bank memo on Facebook this morning claiming that FG wants to forcefully convert the dollars in the Dormicilliary account of Nigerians to Naira at N398. That the plan was to make transfers out of our Dorm account imposssible, leaving us with only an option of selling to our bank at N398 and i laughed it off as a joke.

But few minutes ago, i tried to transfer some money from my GTBank Dorm account and for the first time in my life, GTBank is telling me to wait for a review. Review for a mere Gtb-to-Gtb transaction that takes less than 5 minutes before? It is time to leave this country oh!!!

A memo purportedly sent to the foreign exchange trading desk of a leading commercial Bank has spooked domiciliary account holders (depositors who keep money in dollars) in banks.

In the memo seen by Nairametrics, the bank mentioned that ” it has become necessary to review the utilization of inflows into customers DOM accounts”. Nairametrics cannot verify the authenticity of the memo. However, it has been widely shared on some social media platforms and was the subject of debate on Twitter.

In the purported letter, the bank recommended utilization actions for a different type of inflows such as inflows from non-oil and oil proceeds, offshore FX inflows, forex inflows from other Nigerian banks, and inflows from “Internal account to account FX transfers (sourced from offshore inflows)” and Internal account to account FX transfers (sourced from FX cash deposits) FX cash lodgment over the counter.

What seems to have spooked some Nigerians were the recommendations made in the memo. For example, under the category that addressed Offshore FX Inflows Local FX inflows (from other Nigerian banks), Internal account to account FX transfers (sourced from offshore inflows), it recommended that “Transfers to third parties are strictly prohibited”. This suggests inflows from abroad into your local account in Nigeria cannot be transferred to anyone else except you sell to the bank or transfer to yourself.

In another type of FX transfers, Internal account to account FX transfers (sourced from FX cash deposits) FX cash lodgment over the counter, it made the following recommendations.

The origin and source of the FX deposit should be determined before customer can be credited to ascertain legitimacy
FX cash lodgments should be lodged by only account holders and they can have unfettered access by telegraphic transfer up to a limit of $40,000.00 monthly for payment of medical bills, school fees, subscription to professional bodies, etc., subject to existing CBN guidelines
Transfer from one customer to another is prohibited
Transfer within related companies is allowed subject to a limit of $50,000.00 per month.
Own use for eligible transfers and in cases as deemed by regulators (savings towards investments, etc.). This should be subject to regulatory limits and backed by signed instructions.

It is unclear if these directives have the backing of the CBN as the origin or the source of the letter cannot be verified at the time of writing this article.

What this means: In recent days we have seen several internal leaks from banks recommending several measures aimed at curbing access to foreign exchange. For example, a text message purportedly shared by a bank and seen by Nairametrics for example stipulates that “customers can no longer effect FX transfers directly to third parties” explaining that customers can only “sell such funds to the banks”.

The CBN is yet to comment on any of these memos and as far as we know has not issued any circular publicly to this effect.
If this memo is true, then it suggests other banks are seriously considering capital controls that limit FX speculations in the hope that it will extinguish dollar demands.

Source: https://nairametrics.com/2020/09/23/leaked-bank-memo-spooks-holders-of-domiciliary-dollar-accounts/

WOW

all those hoarding dollars and weakening our naira, FG is coming for you.

flyingpig:
all those hoarding dollars and weakening our naira, FG is coming for you.

You think everybody is a politician that hoards dollars? Do you know how much inflow legitimate business people receive weekly?

As a citizen living in Nigeria, you don't have any business with dollars.... Hand them over to the authority.

222Martins:
You think everybody is a politician that hoards dollars? Do you know how much inflow legitimate business people receive weekly?

bro even people who want to do postgraduate studies abroad hoard dollars. You can't be saving up money only for it to keep depreciating in value every six months (naira).

The moment they try it,thats the end of Nigeria.

Its highly imposible sha,but someday a govt will do it.

flyingpig:
bro even people who want to do postgraduate studies abroad hoard dollars. You can't be saving up money only for it to keep depreciating in value every six months (naira).

You smart.

As a biz man you must protect your funds from jonzing.


Thats one reason I hate the mordern day world.

Do not keep all your money in the bank.

Dem dey craze.

LikeAking:
The moment they try it,thats the end of Nigeria.

Its highly imposible sha,but someday a govt will do it.

I am telling you what i am currently experiencing today and you are saying it is impossible. Transfers i do seamlessly before in less than 5 minutes is now pending for over 4 hours. Gtbank to Gtbank transaction for that matter.

222Martins:
I am telling you what i am currently experiencing today and you are saying it is impossible. Transfers i do seamlessly before in less than 5 minutes is now pending for over 4 hours. Gtbank to Gtbank transaction for that matter.

gtb to gtb dollar transactions ?

Naija don cast tey tey.

2000 was worse than 1990

2010 was worse than 2000

2020 is nothing to write home about.

The trend is scary, its time to do the needful.

Yo, if you ask me any stupid question like 'IF yOu LeAvE NiGerIa, WhO wILL fiX It' Ogun will visit you because there are a million and one people that can stay back and fix the country with thier tools.

I tried transferring some dollars today and was asked to wait too. I waited, nothing happened so I had to sell to the bank at even 380 (so painful). But I was caught unawares that is why, By next month, they will not see my money.
If they prevent me from transferring, I will simply leave it there till my children grow to use it.
Useless government policies.

How would I sweat to earn money online only for the government to decide how I use it?

222Martins:
You think everybody is a politician that hoards dollars? Do you know how much inflow legitimate business people receive weekly?

What bank wanted changing at 398 for you?
Mine was GTBank at 380.

And did they later send the money for you? Please let me know.

bnanzip:

What bank wanted changing at 398 for you?
Mine was GTBank at 380.

And did they later send the money for you? Please let me know.

The rate i quoted was based on the information i got on Facebook this morning. I don't know the official bank rate as i haven't transacted with them for quite a long time. My transaction is still pending, i am yet to get feedback from GTBank.

I will try withdrawing cash tomorrow and see the outcome. As someone that receives FX Inflow regularly, this news is quite a slap. I may consider moving to a favorable African country for the short term and cash out there, while working on leaving for good for the long term.

ecomalchemist:


gtb to gtb dollar transactions ?

Yes. For Dollars domiciled in a Domiciliary account.

222Martins:
Yes. For Dollars domiciled in a Domiciliary account.

damn, financial instituition niggas are the biggest rogues on planet earth !!

Sorry about your ordeal !!

ecomalchemist:


damn, financial instituition niggas are the biggest rogues on planet earth !!

Sorry about your ordeal !!

They want to force us to change at N380 bank rate. Instead of black market rate of N460

ecomalchemist:


damn, financial instituition niggas are the biggest rogues on planet earth !!

Sorry about your ordeal !!

It's nothing to be sorry about. That's what happens when leaders you elected come up with draconian laws to clamp down on the people.

222Martins:
I am telling you what i am currently experiencing today and you are saying it is impossible. Transfers i do seamlessly before in less than 5 minutes is now pending for over 4 hours. Gtbank to Gtbank transaction for that matter.

This is serious.
They better use their empty skulls right.

222Martins:
The rate i quoted was based on the information i got on Facebook this morning. I don't know the official bank rate as i haven't transacted with them for quite a long time. My transaction is still pending, i am yet to get feedback from GTBank.

I will try withdrawing cash tomorrow and see the outcome. As someone that receives FX Inflow regularly, this news is quite a slap. I may consider moving to a favorable African country for the short term and cash out there, while working on leaving for good for the long term.

Those African countries will do the same in the future.
Dubai is a good destination for the start.
But it mustbe a dom acct.

Then the USA,etc.

Minimum of SA.

But it must be a dom acct.

yanabasee:
As a citizen living in Nigeria, you don't have any business with dollars.... Hand them over to the authority.

So that Barawo Bubu can fly to London with it after spending billions of budget on Aso Rock clinic?
Did someone do something to you

anonimi:

www.nairaland.com/attachments/3773720_c_jpegb64ec3ea372d1d8674886470b02116de

www.nairaland.com/attachments/4908965_fbimg1487051344892_jpeg317b6ef034fe258e0ed793a28281a452



[img]https://2.bp..com/-aDRqOJTyJJQ/Veg-TjcvUuI/AAAAAAAAR6c/qeYY_WQ4KxM/s640/2241711_13_pngc00b57557743e709b8b96933432e0dfa.png[/img]

222Martins:
It's nothing to be sorry about. That's what happens when leaders you elected come up with draconian laws to clamp down on the people.

www.nairaland.com/attachments/3084794_DumbPeople_jpg287f2b4d3ead2f536f99f92cbca9c590

anonimi:


So that Barawo Bubu can fly to London with it after spending billions of budget on Aso Rock clinic?
Did someone do something to you






www.nairaland.com/attachments/4908965_fbimg1487051344892_jpeg317b6ef034fe258e0ed793a28281a452



[img]https://2.bp..com/-aDRqOJTyJJQ/Veg-TjcvUuI/AAAAAAAAR6c/qeYY_WQ4KxM/s640/2241711_13_pngc00b57557743e709b8b96933432e0dfa.png[/img]

.

222Martins:
The rate i quoted was based on the information i got on Facebook this morning. I don't know the official bank rate as i haven't transacted with them for quite a long time. My transaction is still pending, i am yet to get feedback from GTBank.

I will try withdrawing cash tomorrow and see the outcome. As someone that receives FX Inflow regularly, this news is quite a slap. I may consider moving to a favorable African country for the short term and cash out there, while working on leaving for good for the long term.

Thanks. I will see what they will do next

222Martins:
It's nothing to be sorry about. That's what happens when leaders you elected come up with draconian laws to clamp down on the people.

I know you can lead us

222Martins:
I saw this supposed leaked bank memo on Facebook this morning claiming that FG wants to forcefully convert the dollars in the Dormicilliary account of Nigerians to Naira at N398. That the plan was to make transfers out of our Dorm account imposssible, leaving us with only an option of selling to our bank at N398 and i laughed it off as a joke.

But few minutes ago, i tried to transfer some money from my GTBank Dorm account and for the first time in my life, GTBank is telling me to wait for a review. Review for a mere Gtb-to-Gtb transaction that takes less than 5 minutes before? It is time to leave this country oh!!!



Source: https://nairametrics.com/2020/09/23/leaked-bank-memo-spooks-holders-of-domiciliary-dollar-accounts/

Them no fit try am!!!

CBN better speak publicly on this. Am expecting funds soon don't know if i can still send it through my dorm account. I hate embarrasment.

SavageResponse:


Them no fit try am!!!

Oga, did you read the comments on this thread? It's already happening and you are saying them no fit try am

No be small thing oooo when poor masses can't buy bread chop again. I need to be deported to my real country





Check my signature, let's start from there

222Martins:
Oga, did you read the comments on this thread? It's already happening and you are saying them no fit try am

That is probably for does who bough US$ from CBN or those who receive export proceeds.

I bought my own dollars in the black market at black market rates.

I will bring down the roof of my bank if they forcefully convert my dollars to Naira!!!

flyingpig:
all those hoarding dollars and weakening our naira, FG is coming for you.

i am hoarding come and force it out of my hand.

the same FG that wants to make life miserable for us?

222Martins:
I saw this supposed leaked bank memo on Facebook this morning claiming that FG wants to forcefully convert the dollars in the Dormicilliary account of Nigerians to Naira at N398. That the plan was to make transfers out of our Dorm account imposssible, leaving us with only an option of selling to our bank at N398 and i laughed it off as a joke.

But few minutes ago, i tried to transfer some money from my GTBank Dorm account and for the first time in my life, GTBank is telling me to wait for a review. Review for a mere Gtb-to-Gtb transaction that takes less than 5 minutes before? It is time to leave this country oh!!!



Source: https://nairametrics.com/2020/09/23/leaked-bank-memo-spooks-holders-of-domiciliary-dollar-accounts/

they ve reversed the policy bro.