ATEAMS:
Omoh men....


1$ will probably be N200 next to soon

No matter the tweaking of the current policies of the CBN it will not reduces the rate of the dollar to the naira - for the naira to gain weight against the dollar the volume of exports from Nigeria must tremendously exceed imports of raw materials and finished goods to Nigeria in order to “move the needle” considerably.

The fundamental question is- what’s Nigeria’s GDP? I don’t think we even have credible stats to back up whatever numbers the economic council is throwing out there - we don’t even know our population, our government keep using the word “about” and all that guess work.

Next, How many Nigerians are gainfully employed? no one knows. What are they producing and what’s the effect of their products and services on the global market? - no one knows. Apart from Oil exports through NNPC, and a few solid minerals - every report on other sectors of the Nigerian economy are purely guess work and speculative


Now let’s talk about services rendered- what services do we render on the global front to enable more investor / client dollars chasing to purchase naira to use as payment for the services rendered by Nigerian businesses ? very insignificant or non existent

so we are a consumption based economy which means lots of our naira keep chasing limited dollars in order for our merchandising outlets to import what we consume- that’s puts stress on the purchasing power of the naira which reduces its value. This is not rocket science- it’s just laws of demand and supply. Simple Economics 101



so like Fela said, let us keep on perambulating - perambulator

Forex trader, how are we going to receive money now? Skrill refuse to pay me i had to sell my Skrill funds on paxful for BTC then sold BTC for Naira.




I heard i can trade with btc on Exness then i should be able to withdraw on btc i assume on Exness?

Infinitex:
Speaking of dom account, please help me.
I need a current account holder, not salary account or doms account holder to sign my referral form to open a access bank Dom. I am exhausted trying to get a referral. I live in Ibadan, UCH Bodija environments. My number is 0.8.1.8.0.9.6.6.0.6.1

You can try Zenith bank.
No referral requirement.
The only problem is $1K or #300K opening balance.

EarlyCareer:
English is hard sha...

Bigtt76 has explained already.

- All money sent in dollars will be received in dollars.

- Receivers have to go to the bank to pick up the money which will be paid in dollars to them.

- Money sent will no longer be paid directly into receiver's bank account or wallet. This is temporary.

- this means that once dollars is picked up, you can now change to naira as you wish.

So does this mean the receiver must have a dollar account with the bank?

TransAtlanticEx:
You are very daft,if dollars becomes that cheap,it will encourage dumping which in turn will cause lots industries and services oriented businesses to close shop and you would be jobless.
So where would you see the money to buy the so called cheap car when you are jobless?
Dull people everywhere,I really hate and would annihilate stupid people if given the power.

You are more Daft than I thought too..
Do we produce cars in this country ....

If dollar is available, companies that import raw materials for production will do so and sell to the people in a cheaper rate ...
Customs just need to up their game to checkmate making the country a dumping ground ...

northvietnam:


You are more Daft than I thought too..
Do we produce cars in this country ....

If dollar is available, companies that import raw materials for production will do so and sell to the people in a cheaper rate ...
Customs just need to up their game to checkmate making the country a dumping ground ...

See that you are more daft na?
Did manufacturers tell you they haven't been accessing cheap forex from CBN?
Who do you think are the ones trading at the NAFEX window?ghosts?brother ode.
The people that are affected by this forex scarcity are importers of finished goods for retail purposes,reasons why inflation in the streets is getting crazy but factory prices remains almost the same.
People whose imports are insignificant or the ones who are under fx ban due to the type of commodity they import(no form M for them) are the ones patronising aboki in the streets for their fx needs hence exposed to exchange rate volatility,not manufacturers who import raw materials.
Also about cars,do you think if Nigeria's imports was just cars,we would experience fx scarcity?Don't you know if we stop importing the things that take our fx the most(petrol,food,grains...),fx would fall on it's own so much so that cars will become cheap on it's own without depleting our reserves to achieve it or turn our country into a dumping ground by making cheap fx readily available?
You talk about customs checkmating dumping?Nigga are you dumb?
Why haven't they checkmate the smuggling of rice since?
If they cant do that,then is it dumping they can checkmate?
Oga you too dull,too much dull abeg.

I used world remit last week and it's the same, the money wont go straight to ur account. U have to recieve it in the bank in the currency ir was sent to u

Atk1nson:
so what happens to the like of worldremit that directly credit a/c in naira?

, pls fp, we need more light on this

Pickup is just a way to reduce yahoo boys using tom cruise as name

surrogatesng:
.
No,all you need is to fill a form and provide ur bvn

ok thanks

Laboni:
It means instead of sending Money directly to your account from abroad, converted and paid into your account when used international money transfer services like western union, money gram, ria money, etc., sending money directly to your account or mobile wallet is currently disabled. You can only receive money via money transfer services like western union, money gram, etc. and when the money is sent, your bank will pay you cash in dollars. So if you have someone abroad that wants to send you money, tell them to send it through transfer services like western union and tell them to specify it.. “cash pick up”. Make sure you have a valid id for pick up.

Please how about wire transfer?

Omo, it's a good policy, but then every good policy is subject to abuse.

bigtt76:
Exactly but a bad policy.

1. It's recognizing the black market and legit helping to channel forex there.

Whether it's recognise black market or not black market is a fact you can't wish away. It's will always be there.

2. The black market would get saturated at a point in time because no business man or woman would go there to source forex for business and the black marketers would not sell to the banks at the CBN rate

If that happens, then that effectively destroys or eliminate the black market, which has been the goal of the CBN for decades

3. Naira in circulation would be mopped up at a point in time resulting in the dollarization of the economy (no one would want tk be paid in naira)

This is a good thing as there will be more supply of dollars than naira, leading to a rise in the value of the naira. Remember we imports most of our consumer and even industrial goods from oversees and in dollars. So, cost of goods will fall and inflation will fall.

4. At the end of the day, beneficiaries would have no option but to exchange with the banks or hoard in their domiciliary accounts.

That is also good. Banks have been ripping customers off by forcing them to exchange their dollars sent from abroad at extremely low rates, and then selling it back to them at extremely high rates.

Awesomeking:
i came across this online, can anyone give more insight on this please.

"Following a directive from the Central Bank of Nigeria, as of 8 December, 2020, money transfers to Nigeria will only be paid out in USD. While you can continue to send for a cash pickup, bank account and mobile wallet services are temporarily suspended."

SO PEOPLE STILL USE WESTERN UNION??

Good morning everyone here. Please do check my signature if you do sell PayPal funds.

I don't reject any amount, bring all what you have.

Happy Sunday And God Bless Us.

21Bandit:


Please how about wire transfer?

I think that will be directly to your dom account if you have one.

Laboni:
The maximum amount sent per transaction depends on the money transfer services, they have their limits.

OK. Thanks

Atk1nson:
so what happens to the like of worldremit that directly credit a/c in naira?

, pls fp, we need more light on this

good question

bigtt76:
Exactly but a bad policy.

1. It's recognizing the black market and legit helping to channel forex there.

2. The black market would get saturated at a point in time because no business man or woman would go there to source forex for business and the black marketers would not sell to the banks at the CBN rate

3. Naira in circulation would be mopped up at a point in time resulting in the dollarization of the economy (no one would want tk be paid in naira)

4. At the end of the day, beneficiaries would have no option but to exchange with the banks or hoard in their domiciliary accounts.

This is so beautiful.

Mrbillionaire:
Since most of our youths are into yahooyahoo, their remittances would go a long way in ensuring a strong Naira. My people say 'Omo buruku l'ojo tie'. A bad child has his good days.

This was how India came about their $550 billion reserve, Narenda Mordi is India's best prime minister ever.
Every Indian abroad send their foreign earnings to India tax free and the reserve keeps growing fatter, of recent another 5 billion was added to their reserve.
If you know how many Nigerians have lost their Dollars to those fraudulent online banks.
Let them bring the money into Nigeria jor, oyinbo self na scammer, na dog eat dog ole gbe ole gba.

greggng:



My advice is that people invite their aboki to the bank to ease the changing of the money ...otherwise bank will reduce the worth ...I know say black market is always higher ....don't attempt to go with your dollars cos criminals are not happy this time . N.a. bank go even tell them how much u collected from them. Don't ask me how I know ...I once withdrew money from a bank ...a reputable one for that matter ...immediately I headed home,and as I was opening my door to enter ...behold 6 men gang was already knocking at my door ...I became afraid ....I asked through the window whom they are and they said police ....I was shocked ...I opened the door and the entered and told me they where on patrol so the just wanna greet me...I was surprise with this type of greeting when I just came back from bank ...I understand they followed me from bank ....long story short I gave them drink money and immediately they left I had to go sleep in my sisters place that day ...the next day I travelled for my business...we need to be careful this time

You served into their hands, I no dey withdraw money when my Aboki no dey around o.
I would have invite the Aboki into the banking hall, he will be in the bank when I collect the money, as soon as I collect the money, I will collect the naira and deposit it into my naira account.
So you don't know that some bankers are working with thieves?, just get a good money exchangers and let him wait while you collect your � simple.

Maximeo:


But then when one decides to withdraw dollars he/she has been saving in Domiciliary the charges by Bank would cut a big percentage of the money. I've dollar account but I prefer this cash pickup with zero charges. I don't know why anyone would decide to save foreign currency and enrich the banks upon collection?

Try Stanbic bank, as long as you have a domiciliary account, you won't pay Kobo to withdraw your money.

BreconHills:


The countries you chose as an example do not make a connection with Nigeria. One was war torn and the other pursued a Venezuelan socialist economy. Nigeria does not fit any of these shoes. Nigeria fx challenges are systematic not availability dimensioned. Nigeria has over $36bn in reserves and 21.64 tons of Gold not to talk of US Treasury bill holdings. Lets not even talk of the billions of USD hidden in those buildings and underground bunkers.

Why the new CBN regulations.

Nigerias diaspora remit over $25bn per annum beating our crude oil receipts hands down. The reason for these new regulations is to recognize that human capital is now Nigerias main fx earner and its flow needs to be freed up from bottlenecks.

When we talk about a dollarized economy, we are talking of the dollar component of our consumables. You can price in Naira with an inbuilt dollar scale. You don't have to price your goods in USD to run a dollarized economy.

God bless you, that guy is a pretender he knows the policy will give naira a breathing space, they don't want this.

7lives:


You served into their hands, I no dey withdraw money when my Aboki no dey around o.
I would have invite the Aboki into the banking hall, he will be in the bank when I collect the money, as soon as I collect the money, I will collect the naira and deposit it into my naira account.
So you don't know that some bankers are working with thieves?, just get a good money exchangers and let him wait while you collect your � simple.

You are 100 percent correct ...my friends told me after the incident that I was very lucky ...they could 've killed me if the money is too big ..

TransAtlanticEx:
You are very daft,if dollars becomes that cheap,it will encourage dumping which in turn will cause lots industries and services oriented businesses to close shop and you would be jobless.
So where would you see the money to buy the so called cheap car when you are jobless?
Dull people everywhere,I really hate and would annihilate stupid people if given the power.

Nigeria's formal sector does not contribute much to the job creation. Informal sector is currently number one job creator.

With cheap dollar, imported goods will be affordable but at the expense of local manufacturing sector.

In economics, opportunity cost is inevitable; you get more of one and less of the other.

However, every country should aim to be driven by the formal sector.

bigtt76:
Exactly but a bad policy.

1. It's recognizing the black market and legit helping to channel forex there.

2. The black market would get saturated at a point in time because no business man or woman would go there to source forex for business and the black marketers would not sell to the banks at the CBN rate

3. Naira in circulation would be mopped up at a point in time resulting in the dollarization of the economy (no one would want tk be paid in naira)

4. At the end of the day, beneficiaries would have no option but to exchange with the banks or hoard in their domiciliary accounts.

Actually , it’s a good one.

Demand and supply of money in a free makeover system favour the naira here.

When there is a pump of fresh and excess dollar into the system , dollar looses value and naira gains . This conversation earlier has favour a the dollar.

When bdc have a lot of unused dollars and more people are begging him to buy, he reduces the price he sells and buys less .

EMMY76:



So does this mean the receiver must have a dollar account with the bank?

No.

- The receiver can enter any bank with Western Union partnership (e.g. GTB, Zenith etc).

- go to the counter and tell them you want to receive money from Western Union.

- they will give you a form to fill and include all necessary details.

- also have a valid ID to show the bank people.

- once completed, they will give you the dollars.

- you can now go and change to naira any way you want (e.g. through bureau de change, abokis etc.)

Please guy's, what if you are receiving funds payoneer, will they be able to send funds to your account or will you have to send it to someone in another foreign country?

This thing favour me NO TIME LET me help u pick

Any body that want to pick up money from abroad I can offer my GTBank dorm acc and I get my 10 percent oo

Pls Only Legit money inflow ooo

Usd / pound account I have in GTB

Oya business flows now

iLegendd:


When money comes from abroad and spreads in Nigeria with immediate bank conversion, most fraudsters use ATM or other means to withdraw without entering inside the bank.

This dollar policy will warrant you to enter inside the bank and boom, police will arrive.

There are too many other things I see, but let me keep mute. It's too early to say them.

Ilegend i have learnt you publish ebooks on amazon, and you must be one of those whose use psyoneer to.
My question is does it affect freelancers and ebook publishers line you and i, maybe if we want to transfer funds to our Nigerian account

What of people who receive adsense payment to their local account.. How will it affect them?

ibietela2:


luckily they have a new feature, they send to your USD account if you have any

Do you know the maximum I can receive from world remit. Let’s say my relative in USA wants to send me some dollars to my GTBank domiciliary account.

Can he send up to $30k

post=97257650:
What of people who receive adsense payment to their local account.. How will it affect them?

Bros na wat in i dey reason to, this country is stupid, i m just prying i hit at least 1k dollars per month so i can move to Ghana i believe online hustle will be easier there

spendoon:

Bros na wat in i dey reason to, this country is stupid, i m just prying i hit at least 1k dollars per month so i can move to Ghana i believe online hustle will be easier there

i am tired .. i av been trying to reach my bank about it but no reply.. this country will always find a way to frustrate someone.. with $1k/month how long will it take for someone to settle and start investing over there?