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You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC - Business (3) - Nairaland

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Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Patrick4891(m): 8:48pm On Aug 21, 2021
KingOfAllIgbos:


Great analysis.... especially from the " an average joe like me didn't care about forex rates growing up"

I too never even cared about Naira - Dollar conversion rates then. These days, I keep just a few thousands of Naira for running expenses and the bulk of savings in foreign currency.
Kindly advise me;is it advisable to exchange naira for dollars and keep it with the purpose of reselling in no distant time.kindly school me.God bless you.

The Naira you keep fallow in your account in January would be malnourished by March undecided
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Nightalan: 8:48pm On Aug 21, 2021
The moderators need to do a better job in how they phrase their headlines, it can be misleading and can have real life consequences.

7 Likes

Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by 4four(m): 8:49pm On Aug 21, 2021
KingOfAllIgbos:


Great analysis.... especially from the " an average joe like me didn't care about forex rates growing up"

I too never even cared about Naira - Dollar conversion rates then. These days, I keep just a few thousands of Naira for running expenses and the bulk of savings in foreign currency.

The Naira you keep fallow in your account in January would be malnourished by March undecided
some of us known that days like this will surely came, that is why some of us are keeping up 90% of our savings in crypto ( some in stable coin and the rest in bitcoin), those of u keeping Ur money in foreign currencies in Ur domiciliary account are not save from Emiefule magical torches, he can wake up tomorrow and say that u can't have more than $1000 in domiciliary account

2 Likes

Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by PrudencyFeats: 8:49pm On Aug 21, 2021
blackmantis:
Why is this government so unfortunate?

A useless and clueless government
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Mcslize: 8:49pm On Aug 21, 2021
You Can Only Have A Maximum Of $10,000 In Domicilary Account

iwaeda wrong heading. Review your heading. It's misleading. You can only have a maximum of $10000?

The brief states you can only make cash deposit of $10000 per month. This doesn't even apply to cash inflow.

4 Likes

Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by iwaeda: 8:49pm On Aug 21, 2021
COMPAQ:


Gosh! Nigerians never actually read the story! The headline is actually very misleading and very different from the story. The story takes about maximum deposit in cash per month. It doesn't stop you from depositing $10k every month in the year for $120k at the end of the year. And if your money comes in via inflow, then non of this affects you.

What does Cummulative mean?
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by smeag0l(m): 8:50pm On Aug 21, 2021
You're a wise man. Mine is in usdt too. I even opened a thread on how people can trade forex themselves and earn dollars instead of giving all these charlatans their hard earned naira to waste in ponzi schemes
Parisian:
Wahala for who dey save money in Naira. My savings is in usdt so it's obviously not in my bank account meaning that Buhari and his stupid limitations don't affect me, rather it will make my earnings increase in Naira whenever the currency depreciates.

If you know you know cool

2 Likes 1 Share

Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by musicwriter(m): 8:51pm On Aug 21, 2021
Emefiele should just resign cause he doesn't know what he's doing. How on earth does this man believe that by regulating everything more dollars would be available? Does he think Nigerians are dumb and won't counter whatever he can come up with?

The ONLY WAY to have more dollars in Nigeria is encourage Nigerians to make more dollars from overseas. That's all you have to do and there are many ways to do that.

1 Like

Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by PresidentBuhari: 8:52pm On Aug 21, 2021
The $10 k USD I bought at N365/$ has already yielded N1.5m n counting.
Any buyer at N530/$?
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Mcslize: 8:52pm On Aug 21, 2021
olisaEze:
So if my dom acct gets foreign inflow of $100k at month’s end, will $90k be auctioned off without my approval? There are supposed to be limits to policy changes enacted by the CBN to protect foreign investment confidence na. undecided

Don't panic. It doesn't apply to cash inflow. The OP title is misleading. It's only for cash deposit.
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by ppogba: 8:52pm On Aug 21, 2021
This is what happens when an industry regulator loses it's focus and direction.

What is the primary purpose of opening a dom account in the first instance?

Who is qualified to open a dom account?

Banking in Nigeria is on it's head.
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Patrick4891(m): 8:52pm On Aug 21, 2021
KingOfAllIgbos:


Great analysis.... especially from the " an average joe like me didn't care about forex rates growing up"

I too never even cared about Naira - Dollar conversion rates then. These days, I keep just a few thousands of Naira for running expenses and the bulk of savings in foreign currency.

The Naira you keep fallow in your account in January would be malnourished by March undecided

Kindly advise me;is it advisable to exchange naira for dollars and keep it with the purpose of reselling in no distant time.kindly school me.God bless you.
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Patrick4891(m): 8:54pm On Aug 21, 2021
PresidentBuhari:
The $10 k USD I bought at N365/$ has already yielded N1.5m n counting.
Any buyer at N530/$?
Please help a brother,how do I go about it?
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Blitzerz: 8:55pm On Aug 21, 2021
Buhari and his zombies are the worst things to ever befall Nigeria.
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by jeffoe(m): 8:56pm On Aug 21, 2021
The real problem is cbn subsidising import. Cbn should just float the naira. Let market force determine it true value of naira. The money used in subsidising dollar should be channelled to areas that would help boost export in some value chain that we can dominate especially through afcta. This continous exchange rate policy somersault his killing local businesses and preventing foreign ones from setting up business.
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Mcslize: 8:56pm On Aug 21, 2021
Okoroawusa:
Upon it was well stated that this info is for "cumulative cash deposit" in the post yet some ignoramuses are foaming from the mouth.

What is going on with youths of this generation? Someone recently said that if you want to hide an information from Nigerian youths make it more than one paragraph.


We are in trouble in this country o!

Don't mind them. Many people don't read to understand. Even as glaringly misleading as the title appeared, many can't see the misleading title. We have to spoon feed them and try to explain to them it's only for physical cash deposit before they understand.

3 Likes

Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Nobody: 8:56pm On Aug 21, 2021
iwaeda:
Dear Customer (Name),

This is to inform you that effective Monday, 23 August 2021 the cumulative cash deposit on USD accounts will be revised to a maximum of $10,000 (USD) monthly. While you will be able to make multiple cash deposits within the month, the total cash deposit summation will be capped at $10,000 (USD) in any calendar month.



We assure you of our continued commitment to serving your best interest as much as possible.



Thank you for your continued patronage.



Best Regards,



Stanbic IBTC Bank
Nothing wrong with this. it says cash deposits/withdrawals. it doesnt mean you cant deposit or transfer larger sums electronically or via cheque

1 Like

Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Mattonimo: 8:56pm On Aug 21, 2021
iwaeda:
Dear Customer (Name),

This is to inform you that effective Monday, 23 August 2021 the cumulative cash deposit on USD accounts will be revised to a maximum of $10,000 (USD) monthly. While you will be able to make multiple cash deposits within the month, the total cash deposit summation will be capped at $10,000 (USD) in any calendar month.


So if I'm working and being paid $15k I can't use your bank
Fools


We assure you of our continued commitment to serving your best interest as much as possible.



Thank you for your continued patronage.



Best Regards,



Stanbic IBTC Bank
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by ivolt: 8:57pm On Aug 21, 2021
olisaEze:
So if my dom acct gets foreign inflow of $100k at month’s end, will $90k be auctioned off without my approval? There are supposed to be limits to policy changes enacted by the CBN to protect foreign investment confidence na. undecided
The headline is wrong.
The limit is on deposit and not transfer or total balance.
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Chuckdee(m): 8:58pm On Aug 21, 2021
there own is still better, GTB has reduced theirs from $10,000 monthly to $5,000, w/out any email or notification.
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Nobody: 8:59pm On Aug 21, 2021
iwaeda:


What does Cummulative mean?

Did you really ask that question?

1 Like

Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by ceeplusltd: 9:00pm On Aug 21, 2021
otosa:
I think this will stop those that keeping the largest amount of dollars in their account for long period of time without using it.
it means you can only deposit maximum of 10,000usd in your account per month, you can have more than 1billion usd in your account .
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by zoedew: 9:00pm On Aug 21, 2021
How smart is this? It will encourage the flow of dollar in the direction of the black market and outside the banking system.
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by hustla(m): 9:00pm On Aug 21, 2021
Parisian:
Wahala for who dey save money in Naira. My savings is in usdt so it's obviously not in my bank account meaning that Buhari and his stupid limitations don't affect me, rather it will make my earnings increase in Naira whenever the currency depreciates.

If you know you know cool



LOL Nigerians and shooting themselves in the foot
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Nobody: 9:01pm On Aug 21, 2021
ceeplusltd:
it means you can only deposit maximum of 10,000usd in your account per month, you can have more than 1billion usd in your account .

leave them....there are too many uneducated idiots around. they are simnply setting a limit on cash withdrawal and deposits most likely for money laundering purposes. if you want to deposit or withdraw larger amounts do it by transfer.

1 Like

Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Nobody: 9:02pm On Aug 21, 2021
The CBN is run by idiots.

Ban all Foreign Currency accounts in the country and convert all USD, Euro, Pounds etc to naira at the bank rate, and ensure that foreign remittances are automatically converted to naira.

Then ban BDC services and trading of FX on black markets

The economy will reset.

2 Likes

Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by wickyyolo: 9:04pm On Aug 21, 2021
otosa:
I think this will stop those that keeping the largest amount of dollars in their account for long period of time without using it.

Who says we cannot withdraw and keep it in our homes ?
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Nobody: 9:05pm On Aug 21, 2021
if you are regularly depositing and withdrawing $10,000 in CASH, Your source of funds is not legit and you do not want to leave a trail!!!!!! FACT! if it was legit you would have no problems doing electronic transfer like most legitimate people transacting such sums.

1 Like

Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by neyoohhh: 9:07pm On Aug 21, 2021
iwaeda:
Nigeria is tending towards communism, where everything about your life is regulated. We cant import cars again. Buhari sa fi aye ni arare lara.

De dollarisation not communism.
Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by hahn(m): 9:07pm On Aug 21, 2021
Parisian:
Wahala for who dey save money in Naira. My savings is in usdt so it's obviously not in my bank account meaning that Buhari and his stupid limitations don't affect me, rather it will make my earnings increase in Naira whenever the currency depreciates.

If you know you know cool


And receive all usd payments via Payoneer, Skrill, Neteller, Perfect money or crypto.

Their policies can only limit themselves grin

1 Like 1 Share

Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by Andrea781: 9:10pm On Aug 21, 2021
iwaeda:
Dear Customer (Name),

This is to inform you that effective Monday, 23 August 2021 the cumulative cash deposit on USD accounts will be revised to a maximum of $10,000 (USD) monthly. While you will be able to make multiple cash deposits within the month, the total cash deposit summation will be capped at $10,000 (USD) in any calendar month.



We assure you of our continued commitment to serving your best interest as much as possible.



Thank you for your continued patronage.



Best Regards,



Stanbic IBTC Bank
Is now a sin to be rich in Nigeria

2 Likes

Re: You Can Only Have A Maximum Of $10,000 In Domicilary Account - Stanbic IBTC by jaxxy(m): 9:11pm On Aug 21, 2021
BiafraInc:
One nigeria is the best. Stop complaining, all you useful idiots.

One Nigeria is better than Biafra

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