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Banks To Pay Customers Money Sent From Abroad In Naira - Business (16) - Nairaland

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Re: Banks To Pay Customers Money Sent From Abroad In Naira by Growing(m): 6:06pm On Feb 09
I don't see the sense in this.

One works and receives his hard-earned dollar in his account. He wants to withdraw the currency he earned buyt you tell him he can only have naira.

Bank, bye bye.
Re: Banks To Pay Customers Money Sent From Abroad In Naira by damoladeji(m): 6:10pm On Feb 09
Inspirer1:
End of Domiciliary Account.
End of Black market.

It is not the end of domiciliary account. They didn't say you can't receive into your domiciliary account directly. It only affects IMTO ( e.g worldremit, money-gram, Ria, sendwave etc) which can't be paid out in foreign currency again
Re: Banks To Pay Customers Money Sent From Abroad In Naira by lawani: 6:13pm On Feb 09
Which other country issues jokes regularly from official quarters?. Ordinary Nigerians in general don't use dom accounts anymore because of CBN rules. Only big men use Dom accounts and it has been so for many years. These big Dom accounts are conniving with the CBN to gain something from forex inflow. The accounts controlling forex inflow from abroad are not many and people generally have been receiving money from abroad in naira for years after the people that are friends of government have taken their cut. What they do in government is agree on how to rip off the masses and claim to have done nation building
Re: Banks To Pay Customers Money Sent From Abroad In Naira by forgiveness: 6:18pm On Feb 09
Namaster:
Tinubu and Cardoso have made another HUGE mistake.

Fools are tightening the noose around banks receiving Forex inflow when there are LITERALLY tons of other ways to receive your money.

No one will use banks to receive money with their nonsense exchange rates when there are better options out there.

Cardoso is a prime example of an extremely inspired idiot.

Imagine creating more hurdles for receiving Forex when the country is already groaning about NOT receiving any Forex in the first place.

That's like pouring MORE water on a drowning man.

Tinubu has no idea what to do with Nigeria. He's too proud and too nepotistic to get people who can help him out of the mess he's created.


What are the other ways to get dollar or foreign exchange?

You want to smuggle the money into Nigeria, abi?

In other countries, you much declare the amount of dollar in your possession?
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Inspirer1: 6:33pm On Feb 09
damoladeji:


It is not the end of domiciliary account. They didn't say you can't receive into your domiciliary account directly. It only affects IMTO ( e.g worldremit, money-gram, Ria, sendwave etc) which can't be paid out in foreign currency again
Yes I know, invariably it's the end cos we can only collect it in Naira
Re: Banks To Pay Customers Money Sent From Abroad In Naira by armadeo(m): 7:11pm On Feb 09
004gist:


The same politicians will go to the banks and buy the dollars.

How many Nigerians can get access to dollar from the bank. They will frustrate the person with only option to aboki.
If the government can service everyone that comes to the bank then no need to buy from aboki

I remember the first time I wanted to make an international payment. I went to the bank to make the payment. I wanted to buy the dollars and transfer it via my dom account. They said they needed to see my visa and plane ticket.

I explained I wasn't traveling but needed to pay the sum for a course. It think 500. That time that total money wasn't more than 160k sef.

I was bounced. I was so confused, I called up a friend and he told me to go to the aboki in front of the bank. People I walked past and entered. I went to them, brought one back into the bank bought the dollars from him and paid it into my account for onwards transfer. The same guy who bounced me made the transfer for me.

Just gave up on naija that day.
Re: Banks To Pay Customers Money Sent From Abroad In Naira by lawani: 7:27pm On Feb 09
armadeo:


I remember the first time I wanted to make an international payment. I went to the bank to make the payment. I wanted to buy the dollars and transfer it via my dom account. They said they needed to see my visa and plane ticket.

I explained I wasn't traveling but needed to pay the sum for a course. It think 500. That time that total money wasn't more than 160k sef.

I was bounced. I was so confused, I called up a friend and he told me to go to the aboki in front of the bank. People I walked past and entered. I went to them, brought one back into the bank bought the dollars from him and paid it into my account for onwards transfer. The same guy who bounced me made the transfer for me.

Just gave up on naija that day.

The abokis are doing legitimate business and only have normal margins. The people with government connections selling to abokis can even be foreigners that the President likes
Re: Banks To Pay Customers Money Sent From Abroad In Naira by armadeo(m): 7:28pm On Feb 09
Elliotwaveforec:

Dey play! You think the government doesn't have power over cryptos? All the crypto exchanges will soon be banned and you won't be able to access them online.

All the Abokis offline will soon be sent to jail for holding dollars in a country that has her own currency.

We're moving! We can't have two currencies in one country.

Naira is our currency and must be spent by all.
..they should unify the exhange rate which is what they are doing now. I hope it works.

If usd in the bank is 1400, then on the crypto platform and aboki it should be 1405 max. And it should be available in the bank.

Not bank 1350 you won't see to buy then aboki is selling 1700. Then I buy from aboki and you want me to sell to bank at a loss. No way.

Honestly I don't care about this issue. They should just make it that if I want dollars I can get at the official rate both buying and selling. I don't care what it is but it should go both ways.
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Greenfaces: 7:29pm On Feb 09
SenecaTheYonger:


The only person that gets it. People will look for other means instead of using the bank. Now they’re losing more dollars influx from abroad.
there are even apps currently for that.
Re: Banks To Pay Customers Money Sent From Abroad In Naira by armadeo(m): 7:29pm On Feb 09
pocom16:


Exactly...cuz I can't earn in USD and you give me naira...then when I want to carry out an international payment with USD ..The bank start speaking grammar

God bless you.

This is my grouse with the issue. It must work both ways not one direction. Dem dey craze.

1 Like 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by themanderon: 7:31pm On Feb 09
Who would now be fixing the exchange rate? The government or the criminals in the banking system?
Ideally, this is a good policy but then again this is Nigeria where nothing works the way it is intended.
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Dminister(m): 7:48pm On Feb 09
vanitybutiwanti:
Between me and you who is frustrated? You that came to mention to write shiit or me? You're about to die of hunger because of your poverty and frustration so much so that you blame Tinubu for your misfortune, will Tinubu put food on your table? Don't you have a job or a skill you earn from? You don't know the implications of the government policies, whenever they enact a good policy, just like zombies, you and your frustrated father with little to no understanding about the matter on ground jump out to hurl invective, is naira spent in the US? Why should dollars be spent in Nigeria illiterate? Get lost, get a life and get a job, no messiah is coming to save from your misfortune and poverty tongue



Illiterate and poor soul calling other people illiterates.
If you are not a wasted sperm you should known our economy depending on dollars is because of poor exportation. You are not exporting much because of zero production and you want to import into the country with naira? Foolishness at its peak. If you are not a fool you should have known to import into the country you have to convert naira to foreign currency and if you are exporting much you do not need to import much. Your bastard lineage lack quality education to know this things.
Re: Banks To Pay Customers Money Sent From Abroad In Naira by konvicted77: 8:00pm On Feb 09
So, if u receive ur dollars from this other alternative means you're talking about, how then will u be able to change.
because what it means is that you cannot transfer dollar in Nigeria.
Namaster:
Tinubu and Cardoso have made another HUGE mistake.

Fools are tightening the noose around banks receiving Forex inflow when there are LITERALLY tons of other ways to receive your money.

No one will use banks to receive money with their nonsense exchange rates when there are better options out there.

Cardoso is a prime example of an extremely inspired idiot.

Imagine creating more hurdles for receiving Forex when the country is already groaning about NOT receiving any Forex in the first place.

That's like pouring MORE water on a drowning man.

Tinubu has no idea what to do with Nigeria. He's too proud and too nepotistic to get people who can help him out of the mess he's created.

Re: Banks To Pay Customers Money Sent From Abroad In Naira by armadeo(m): 8:29pm On Feb 09
Babathanks:

Is a lie o😂. Nigeria cannot survive without BDC o😂. It is me and u that would affect, it will never affect politicians and big business man. Ministry of foreign affairs cannot solve any shit cos in embassy for instance would only collect dollar cash from you. [b]Do you knpw how many times I have tried to get dollar from bank?. I lost count already, it is BDC that always come to my rescue [/b]anytime I need it. Bank only gave the dollars to strong person in Nigeria and not average person. This rule is good but corruption would kill it

Many haven't experienced this. Even to pay 200 dollars na bdc I dey go buy from.

The fiat currency should vanish from Nigeria and only electronic should be allowed. The bank cards should be able to make dollar transactions on the spot and receive dollar transactions on the spot too at equal rates not discordant rates.

I hope this is the direction we are heading. The fall of the Naira is devastating and the effect would last for some time unless something drastic happens.

1 Like

Re: Banks To Pay Customers Money Sent From Abroad In Naira by Bakrabas: 8:30pm On Feb 09
Sapiosexuality:
Lol. Crazy times. At what rate? Bank rate? Why would I need a domiciliary account if I can't keep the money in USD? If my money will be converted to Naira why not just send my funds through Geegpay and convert it to naira at higher rate? Lol. Clowns. grin


I work from home and I earn in usdc. I use an app (AirTm) just like geepay to receive my usdc. I hope this policy won't affect me by the time I want to transfer to my local account?
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Bakrabas: 8:32pm On Feb 09
The economist in the house please 🙏 I need explanation as regards this policy ooo



I work from home and I earn in usdc. I use an app (AirTm) just like geepay to receive my usdc. I hope this policy won't affect me by the time I want to transfer to my local account?
Re: Banks To Pay Customers Money Sent From Abroad In Naira by armadeo(m): 8:35pm On Feb 09
Coldspice:


See the blockhead that I've been arguing politics with for years. grin

Chai, I Bleep up.

Una no go kill person for this nairaland. Lol. grin
Re: Banks To Pay Customers Money Sent From Abroad In Naira by vanitybutiwanti: 9:04pm On Feb 09
Dminister:



Illiterate and poor soul calling other people illiterates.
If you are not a wasted sperm you should known our economy depending on dollars is because of poor exportation. You are not exporting much because of zero production and you want to import into the country with naira? Foolishness at its peak. If you are not a fool you should have known to import into the country you have to convert naira to foreign currency and if you are exporting much you do not need to import much. Your bastard lineage lack quality education to know this things.
All I see is tears from your response, please stop frothing, you think your messiah will turn Nigeria to an export nation in 4 years, what did he do to reduce out over reliance on foreign goods when he was governor and what is he doing now as a rich man and a private citizen? You're a big fhool. So you want the government to sit back and wait until the country is ripe for export before they step in to reign in the massive fall of dollars? If they act, you complain, if they don't act you complain. What have you done personal to advance your interest in real life other than cursing people greater than your father on the Internet and blaming people for your misfortune and poverty?
Re: Banks To Pay Customers Money Sent From Abroad In Naira by 004gist: 9:07pm On Feb 09
armadeo:


I remember the first time I wanted to make an international payment. I went to the bank to make the payment. I wanted to buy the dollars and transfer it via my dom account. They said they needed to see my visa and plane ticket.

I explained I wasn't traveling but needed to pay the sum for a course. It think 500. That time that total money wasn't more than 160k sef.

I was bounced. I was so confused, I called up a friend and he told me to go to the aboki in front of the bank. People I walked past and entered. I went to them, brought one back into the bank bought the dollars from him and paid it into my account for onwards transfer. The same guy who bounced me made the transfer for me.

Just gave up on naija that day.

We know this Nigerian government when it comes to FX... What about the FX they have been getting from sale of crude oil , the ones they are borrowing.
Other sources the government use to earn FX.

All thanks to the aboki that helps us source this funds

1 Like

Re: Banks To Pay Customers Money Sent From Abroad In Naira by betshopagent(m): 9:12pm On Feb 09
Nigerians have short memory. Some educated idiots are already hailing this move. Subsidy was removed and instead of things to get better; everything went from bad to worst. This too would go the same route. Things would get worst. Tight your sitbelt and and prepare for another harsh ride. ! Nigerians deserve suffering cry quote me in next few months and I would be spot on
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Domainer1999: 9:21pm On Feb 09
Your solution is here:

https://www.nairaland.com/7995650/grey-solution-receiving-dollars-abroad#128368171

Bakrabas:
The economist in the house please 🙏 I need explanation as regards this policy ooo



I work from home and I earn in usdc. I use an app (AirTm) just like geepay to receive my usdc. I hope this policy won't affect me by the time I want to transfer to my local account?
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Dsimmer: 9:56pm On Feb 09
Good move.

On another note, Black marketers should be jailed or hanged!
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Dsimmer: 10:24pm On Feb 09
Elliotwaveforec:

Dey play! You think the government doesn't have power over cryptos? All the crypto exchanges will soon be banned and you won't be able to access them online.

All the Abokis offline will soon be sent to jail for holding dollars in a country that has her own currency.

We're moving! We can't have two currencies in one country.

Naira is our currency and must be spent by all.

Exactly!
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Dsimmer: 10:25pm On Feb 09
tolue42:


Ogbeni shut up. Government could force those platform exchanging higher rate to register under it's regulations or get delisted from our country. When you send Naira to the US , do you get Naira there or USD? Mumu talk here and there.

Exactly.
Re: Banks To Pay Customers Money Sent From Abroad In Naira by ismodiwa(m): 10:58pm On Feb 09
Forkthiefnubu:
The aboki jiahadist seems to know more about liberal economics than the fake lagos wiz kids, i have always known that these scare face boys are full of hot air

Your point is clear, but your expression is foul.
Re: Banks To Pay Customers Money Sent From Abroad In Naira by SirBunky85(m): 11:05pm On Feb 09
JayPeeOham:


Hey Goblin,

Need I remind you that this is faceless forum?

Well, nevermind I am sure the rumor in your brain will not allow you decipher the simple meaning embedded in that statement!

Kindly stay off my mention please, this is me being polite!
I repeat, I wish any of your generation could be as bold and courageous as PBAT to contest for the gubernatorial elections in your state. Shallow beings feeling funky on nairaland.
Thanks
Re: Banks To Pay Customers Money Sent From Abroad In Naira by koyeni(m): 11:30pm On Feb 09
004gist:


From your dormicilliary account?
Did they give any option?
Yes...i left angrily....the guy kept telling me they can take deposits but i can't withdraw
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Hopium: 1:03am On Feb 10
occfx:


They did not float shishi... Bank will pay you 800 when your dollar arrives, your eye go clear.

undecided
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Forkthiefnubu: 2:41am On Feb 10
caye:

I hope you know that liberal economics, was formulated by the evil IMF/ WORLD SLAVERY BANK, in order to recolonise.the economies of black countries, for raw materials, while making the citizens the paupers of the world.
It's a design by the pink supremacists.
Lol see crap and the tot process , your leaders and you the willing executioners are the cause of the poverty of black countries and especially in Nigeria , imagine voting buhari into power , I mean what pure animal base instinct wud drive one into that and we have a better educated man now but look at him
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Forkthiefnubu: 2:44am On Feb 10
Tsolutionifede:
you can never praise any policy of FG. because of hatred for Tinubu, continue, I know you are seriously paying for his downfall, continue, no wonder good people are soaring higher despite the hardship, while poor people like you will continue to lament, and lastly ur peter obi can never become Nigeria president. So get out
Am a practicing professional in Chicago and before then have worked in the best places in Nigeria , I love Nigeria more than you , more than tinubu , am for Nigeria and u are for your tribesman , the Nigeria u know starts from lagos thru ilesha to kaduna and ends there , you are not a builder nor a supporter of a great Nigeria , you don’t just get out I suggest u end your life
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Forkthiefnubu: 2:46am On Feb 10
faceland:


Worst than taxation as if the money from overseas is free money and not earned.
People sweat their ass out here for a dollar and they talking crap

1 Like

Re: Banks To Pay Customers Money Sent From Abroad In Naira by Anonimoux: 2:47am On Feb 10
All these fire brigade approaches won't solve Nigeria myriad of economic problems.

Are these people so economically daft or what? I dey shame for this country honestly.

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