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CBN Restricts Foreign Banks From ‘Banking Businesses’ - Business (4) - Nairaland

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Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Starz825(m): 9:59am On Oct 14, 2022
EroticJane:
when all the candidates are corrupt, which kind of vote will be wisely?
I will advice we vote a lesser evil...
However it will take one's wisdom to know the lesser evil among those Three....so vote wisely grin
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Willie2015: 10:00am On Oct 14, 2022
MuslimIgbo:

This is the point. As long as you know it's stupǐd and not what is obtainable in the sane climes, you should always stand against it at every given opportunity.
Don't just accept the shîts they throw at you.

Operating a dom account is legal in Nigeria...
Gettin dollars from Mallam that operates BDC is not a crime...
Finance houses also operate BDC..
If you cant accept shit...
Go and remove CBN Governor ...
Detest wailin with passion....

1 Like

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by EroticJane(f): 10:03am On Oct 14, 2022
MuslimIgbo:
CBN, the corporation headed by corrupt BASTARDS, and making life difficult for Nigerians.

Your ATM debit cards are very useless because of CBN. You can't use it purchase or make payments of anything online besides local platforms. THEY ARE THE PRIMARY PEOPLE RESPONSIBLE FOR THIS NAIRA DEVALUATION.


NO PAY PAL,

NO STRIPE

NO SKRILL

NO AMAZON PAY

NO APPLE PAY etc.
those foreign companies you mentioned delisted Nigeria because of her citizens fraudulent acts online. if any online company wants to market her services to Nigerians, they should start accepting the naira as payment. by so doing, the naira will begin to appreciate. but NO some of you guys will still not understand

1 Like

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by DeLaRue: 10:04am On Oct 14, 2022
MuslimIgbo:

This is the point. As long as you know it's stupǐd and not what is obtainable in the sane climes, you should always stand against it at every given opportunity.

I like the way Nigerians are quick to demand so called '...what is obtainable in sane climes...'

This sense of entitlement is misplaced.

It's like a child insisting his parents must provide the same level of amenities enjoyed by children of his much richer neighbour.

We don't earn enough from export in order to be able to import those things you & others would like to. That is the problem.

What is your personal contribution towards ensuring we export more? At an individual level, we can all do or produce something that contributes to Nigeria's export and thus dollar earnings.

Every one blaming and waiting for government to 'sort it out' is a big part of the problem.

Obasanjo came. We blamed him. GEJ nko...we blamed him. Buhari, same.

Some are even expecting whoever becomes the next president to somehow magically make these economic problems disappear. How about collective individual responsibility.

Indians are working their asses off to move their country up the development ladder. Ditto, the Chinese. But us, we continue to blame and wait for government.

1 Like

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by MMempire(m): 10:06am On Oct 14, 2022
Starz825:
One thing I realized about this our Nigeria politics wey we dey always yarn for here be say :

*All the things wey obidients dey always talk for here against tinubu/shetima....na true talk ..if you check am well, na true..tinubu is corrupt, we can see him flaunt around with Lagos money and he is also not fit medically..and his vp shetima na bk partner and this a red flag

Funny enough

*Most of the things wey Dem urchins dey talk too about obidatti na still true...if you look well sef....Obi sef no clean.. his past political records has so many hoes in them... To me he turned out to be an incompetent governor during his time in Anambra. So I see people trying to support him out of pity (that the igbos have been marginalized for long and also the obvious fact that we are all tired of the old corrupt guys) regardless of his past records..this is also a red flag....
personally I won't be surprised if he disappoint Nigerians in his first tenure.... (though i believe he can't be worse than buhari)

*No even mention atiku..he is not just corrupt..him na big thief...he will also be very autocratic cos of the years wey he don spend dey find this thing

All of them are same mtcheew, they are all politicians ...... that's just it...

It is what it is sha....
just vote wisely
Love your mention.

1 Like

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by somehow: 10:08am On Oct 14, 2022
DeLaRue:


I like the way Nigerians are quick to demand so called '...what is obtainable in other climes...'

This sense of entitlement is misplaced.

It's like a child insisting his parents must provide the same level of amenities enjoyed by children of his much richer neighbour.

We don't earn enough from export in order to be able to import those things you & others would like to. That is the problem.

What is your personal contribution towards ensuring we export more? At an individual level, we can all do or produce something that contributes to Nigeria's export and thus dollar earnings.

Every one blaming and waiting for government to 'sort it out' is a big part of the problem.

Obasanjo came. We blamed him. GEJ nko...we blamed him. Buhari, same.

Some are even expecting whoever becomes the next president to somehow magically make these economic problems disappear. How about collective individual responsibility.

Indians are working their asses off to move their country up the development ladder. Ditto, the Chinese. But us, we continue to blame and wait for government.

Watch them make nonsense of this sensible post.
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Nobody: 10:09am On Oct 14, 2022
Does that mean the likes of Citibank and Rand will stop operating?
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Spanki(f): 10:15am On Oct 14, 2022
forexwilliams:


https://www.vanguardngr.com/2022/10/cbn-restricts-foreign-banks-from-banking-businesses/

But are you not shutting the economy with your office?
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Spanki(f): 10:16am On Oct 14, 2022
EroticJane:
those foreign companies you mentioned delisted Nigeria because of her citizens fraudulent acts online. if any online company wants to market her services to Nigerians, they should start accepting the naira as payment. by so doing, the naira will begin to appreciate. but NO some of you guys will still not understand

Hmmmmmn. Okay
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by onatisi(m): 10:21am On Oct 14, 2022
many people posting on this thread don't even understand what the whole policy is all about, it seems only one or two posters have given any analysis about the topic .
can someone please shed some light on the implication of this policy on the economy and currency, and why cbn is taking this step now

1 Like

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by DeLaRue: 10:22am On Oct 14, 2022
EroticJane:
if any online company wants to market her services to Nigerians, they should start accepting the naira as payment. by so doing, the naira will begin to appreciate.

I appreciate your understanding of the problem, though your solution will not work.

You see, a business based in the US or Europe cannot accept Naira, because they don't have any use for naira in their country.

They need to receive their money in the currency of the country they are located in or do business from. So, even when Amazon shows prices in Naira and you buy with your Zenith it GTB naira card, Amazon does not receive naira. Zenith or GTB has to send the equivalent dollar amount to Amazon through Nigeria's central bank.

So, as you can see, your bank and CBN still have to pay Amazon in dollars.

You are also not correct that if foreign companies accept Naira, it will increase the value of naira. Since these foreign companies e.g Amazon don't operate in Nigeria, they don't need Naira since they can't spend naira in their country.

Even if they open bank accounts in Nigeria (which they won't) and credit their sales into the local accounts, at some point, they will need to evacuate the money to their country. Meaning, they will need dollars, euros or British pounds which the CBN will decline to provide them. So, they are back to square one.

We saw this problem with foreign airlines in Nigeria, some of which have not been able to repartriate their naira earnings to their countries for several years because the CBN refused to provide the equivalent foreign currency.

3 Likes 2 Shares

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by PeachtreeReside(f): 10:25am On Oct 14, 2022
Curious345:
Cool . Lots of good policy from the CBN ..

But I still demand the CBN governor be sacked ,for buying APC presidential nomination form, for 100m with CBN money .

Wat was running inside his head when he did it ? Or
Maybe his sidechick told him he was popular and could win ?



I concur!!!!!!!!!!!!!!!!
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by femicyrus(m): 10:25am On Oct 14, 2022
MuslimIgbo:
CBN, the corporation headed by corrupt BASTARDS, and making life difficult for Nigerians.

Your ATM debit cards are very useless because of CBN. You can't use it purchase or make payments of anything online besides local platforms. THEY ARE THE PRIMARY PEOPLE RESPONSIBLE FOR THIS NAIRA DEVALUATION.


NO PAY PAL,

NO STRIPE

NO SKRILL

NO AMAZON PAY

NO APPLE PAY etc.
Yet Hausa/Fulani are selling dollars at sabo area in each States of the federation at exorbitant rates unchecked.
Ordinary Nigerian cannot buy goods worth $100 on his own online because of CBN and emiefele and they don't expect retaliation from those other countries

2 Likes

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by CoconutMilk: 10:35am On Oct 14, 2022
Willie2015:


Operating a dom account is legal in Nigeria...
Gettin dollars from Mallam that operates BDC is not a crime...
Finance houses also operate BDC..
If you cant accept shit...
Go and remove CBN Governor ...
Detest wailin with passion....




Getting dollars from a mallam? Does that even sound okay to you?
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Tradepunter2: 10:36am On Oct 14, 2022
Lestatdelioncou:
>:
When this Buhari 's government steps down, every single person who worked with him should all be rounded up and shoot in a public execution

ASSSS IINNNN
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by feedthenation(m): 10:40am On Oct 14, 2022
---What is the CBN Governor doing to stabilise the Naira---rather than making policies which are detrimental to the Financial sector---
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Willie2015: 10:41am On Oct 14, 2022
CoconutMilk:
Getting dollars from a mallam? Does that even sound okay to you?

Will you close down your business...
and your means of livelihood...
Cos getting dollars from a Mallam does not sound okay....
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by DeLaRue: 10:42am On Oct 14, 2022
Icumsa45:
Does that mean the likes of Citibank and Rand will stop operating?

No. They can operate.

They are legally established in Nigeria as they are registered with CAC, have offices/branches here, and are regulated by the CBN.

The financial institutions CBN is stopping from offering services to Nigerias are those offering 'online' financial/banking services from abroad. They have no office here and are not registered with the CAC.

It is a perfectly sensible policy from the CBN.
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by femicyrus(m): 10:44am On Oct 14, 2022
onatisi:
many people posting on this thread don't even understand what the whole policy is all about, it seems only one or two posters have given any analysis about the topic .
can someone please shed some light on the implication of this policy on the economy and currency, and why cbn is taking this step now
The only reason is that the CBN gov is clueless and only way to convince buhari that he is working is by dishing out stringent policies to make the life of Nigerians more miserable.
For example
Nigeria do not manufacture phones and you can get a phone on aliexpress directly delivered to you in your area at $100 (N50k at 500 to $1) but CBN won't allow you such transaction. Just go and buy the same phone imported by big men importers who can get shady dollar deals with CBN/banks sold to you at a price of #107k for the same phone.
You the consumers must cough out additional #57k for the same phone type.

This is what the policy is all about:
The rich to get richer while the poor get poorer

3 Likes

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by femicyrus(m): 10:47am On Oct 14, 2022
feedthenation:
---What is the CBN Governor doing to stabilise the Naira---rather than making policies which are detrimental to the Financial sector---
Please ask the idiot
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Nobody: 10:51am On Oct 14, 2022
DeLaRue:


No. They can operate.

They are legally established in Nigeria as they are registered with CAC, have offices/branches here, and are regulated by the CBN.

The financial institutions CBN is stopping from offering services to Nigerias are those offering 'online' financial/banking services from abroad. They have no office here and are not registered with the CAC.

It is a perfectly sensible policy from the CBN.

Thanks for the clarity
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by MrPADDY(m): 10:53am On Oct 14, 2022
What a country!!!
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by TheOgaBoss: 10:53am On Oct 14, 2022
Northmall:
Will this restriction affect services like Grey that provide USD bank accounts for receiving USD and converting to NGN?
yes, that is a banking service.
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by TheOgaBoss: 10:56am On Oct 14, 2022
EroticJane:
those foreign companies you mentioned delisted Nigeria because of her citizens fraudulent acts online. if any online company wants to market her services to Nigerians, they should start accepting the naira as payment. by so doing, the naira will begin to appreciate. but NO some of you guys will still not understand
why will they star accepting naira when naira is useless outside the country? Nobody accept naira outside so what will they use it for? Even Nigerian govt does not accept naira for its transactions and some high brow schools in Nigeria don't even accept naira payment anymore.
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by TheOgaBoss: 11:01am On Oct 14, 2022
DeLaRue:


I like the way Nigerians are quick to demand so called '...what is obtainable in sane climes...'

This sense of entitlement is misplaced.

It's like a child insisting his parents must provide the same level of amenities enjoyed by children of his much richer neighbour.

We don't earn enough from export in order to be able to import those things you & others would like to. That is the problem.

What is your personal contribution towards ensuring we export more? At an individual level, we can all do or produce something that contributes to Nigeria's export and thus dollar earnings.

Every one blaming and waiting for government to 'sort it out' is a big part of the problem.

Obasanjo came. We blamed him. GEJ nko...we blamed him. Buhari, same.

Some are even expecting whoever becomes the next president to somehow magically make these economic problems disappear. How about collective individual responsibility.

Indians are working their asses off to move their country up the development ladder. Ditto, the Chinese. But us, we continue to blame and wait for government.
but the govt is not even supporting productive activities through its policies. For example agriculture has been one of our non oil export for many decades, but same agriculture has suffered under the weight of insecurity to the extent that a lot of our farmers are afraid of going to their farms. How about manufacturing? Where is the power or u want manufacturers to run their factories on diesel, what about good transportation network... Some of just lack basic reasoning faculties I swear.
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by femicyrus(m): 11:04am On Oct 14, 2022
DeLaRue:


Nigeria doesn't have enough dollars in reserve to allow these payments methods.

For example, if you buy something on Amazon using your naira visa/MasterCard, your bank will have to send equivalent dollars to Amazon through the CBN. Oil thefts & a host of other economic problems have resulted in Nigeria not earning enough dollars for several years.

If CBN allows the type of transactions you listed, Nigeria's dollar reserve will reduce faster. This will cause Naira's value to fall even more. This will also mean CBN interest rates will have to rise from its current 15.5% towards may be 20% or more, thus pushing commercial bank interest rate close to 30%. This will lead to more businesses closing, and more unemployment. More unemployment means more crimes. More crimes means more societal collapse & chaos.

That's why the CBN is banning payments for foreign transactions with naira cards. To preserve our dollar reserve.



Tell us what CBN is doing right to increase the dollar reserve .
Blocking dollar transactions is not the same thing as increasing dollar reserve
What if all other countries retaliate with such policy against the naira?
Rice is N9000/50kg bag at international market, you banned it's importation to Nigeria for local rice whose final price at the market is N32000. Tell me which sane country will request for importation of such expensive rice with such terrible quality into his country.?
Then you came up with more wrecking policies on the purchasing power of Nigerians and we must comply.
No wonder the youth had adopted the japa mentality

2 Likes

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by WhizdomXX(m): 11:13am On Oct 14, 2022
Chizzyjforce:


Alright. I can develop a payment processor (FinTech app) even when I know nothing in economics.

My job is to create a secure gateway for people to make payment online and then collect my commission. I don't need economics knowledge in this instance.

Happy now? grin
To achieve your goal You actually need economics knowledge. I could give you that. grin.
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Promising5555: 11:14am On Oct 14, 2022
Starz825:
One thing I realized about this our Nigeria politics wey we dey always yarn for here be say :

*All the things wey obidients dey always talk for here against tinubu/shetima....na true talk ..if you check am well, na true..tinubu is corrupt, we can see him flaunt around with Lagos money and he is also not fit medically..and his vp shetima na bk partner and this a red flag

Funny enough

*Most of the things wey Dem urchins dey talk too about obidatti na still true...if you look well sef....Obi sef no clean.. his past political records has so many hoes in them... To me he turned out to be an incompetent governor during his time in Anambra. So I see people trying to support him out of pity (that the igbos have been marginalized for long and also the obvious fact that we are all tired of the old corrupt guys) regardless of his past records..this is also a red flag....
personally I won't be surprised if he disappoint Nigerians in his first tenure.... (though i believe he can't be worse than buhari)

*No even mention atiku..he is not just corrupt..him na big thief...he will also be very autocratic cos of the years wey he don spend dey find this thing

All of them are same mtcheew, they are all politicians ...... that's just it...

It is what it is sha....
just vote wisely


You no look well, Obi ran for governorship in the midst of different political party, wetin I mean be, house of assembly members for him state during then, non from him political party, him dey different from all of them party, so them must do almost everything against him to see that he leaves the office, same thing now, how many senators or reps members dey LP, so if he win, you no know say nah steady impeachment due to lack of back up
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by iamsolasoul(f): 11:15am On Oct 14, 2022
London abeg pick my call.

This is good for those fake banking apps that open in 24 hours that just harvest your info and take loan in your name.
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by MuslimIgbo: 11:18am On Oct 14, 2022
DeLaRue:


I like the way Nigerians are quick to demand so called '...what is obtainable in sane climes...'

This sense of entitlement is misplaced.

It's like a child insisting his parents must provide the same level of amenities enjoyed by children of his much richer neighbour.

We don't earn enough from export in order to be able to import those things you & others would like to. That is the problem.

What is your personal contribution towards ensuring we export more? At an individual level, we can all do or produce something that contributes to Nigeria's export and thus dollar earnings.

Every one blaming and waiting for government to 'sort it out' is a big part of the problem.

Obasanjo came. We blamed him. GEJ nko...we blamed him. Buhari, same.

Some are even expecting whoever becomes the next president to somehow magically make these economic problems disappear. How about collective individual responsibility.

Indians are working their asses off to move their country up the development ladder. Ditto, the Chinese. But us, we continue to blame and wait for government.
Stop saying rubbish.
Stop defending nonsense and incompetence.
IN OTHER AFRICAN COUNTRIES LIKE LESOTHO, GHANA, SOUTH AFRICA, EGYPT, KENYA ETC THAT YOU CAN ACCESS FX EASILY, HOW MUCH DOLLARS DO THEY EARN? WHAT IS THEIR GDP PER CAPITAL?

1 Like 1 Share

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by MuslimIgbo: 11:22am On Oct 14, 2022
Willie2015:


Operating a dom account is legal in Nigeria...
Gettin dollars from Mallam that operates BDC is not a crime...
Finance houses also operate BDC..
If you cant accept shit...
Go and remove CBN Governor ...
Detest wailin with passion....
The foolishness of many Nigerians will make them to continue to suffer.

You from other region can't access dollars easily but if you go to any Hausa/fulani sabo area in any state In this country, Abokí fool ani foolish bastards are selling dollars at exorbitant amount.
Una mumu never do ...
Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by MuslimIgbo: 11:23am On Oct 14, 2022
Willie2015:


Operating a dom account is legal in Nigeria...
Gettin dollars from Mallam that operates BDC is not a crime...
Finance houses also operate BDC..
If you cant accept shit...
Go and remove CBN Governor ...
Detest wailin with passion....
The foolishness of many Nigerians will make them to continue to suffer.

You from other region can't access dollars easily but if you go to any Hausa/fulani sabo area in any state In this country, Abokí fool ani foolish bastards are selling dollars at exorbitant amount.
Una mumu never do ...

1 Like

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