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Banks To Pay Customers Money Sent From Abroad In Naira - Business (5) - Nairaland

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Re: Banks To Pay Customers Money Sent From Abroad In Naira by TUANKU(m): 7:50am On Feb 09
Pay/Send it in Monero.
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Sonfethopia: 7:50am On Feb 09
jmoore:
Can't the government be sued for this?
Person send dollar, you are forcefully converting it to naira at your own rate, not the rate of the receiver.

Legal robbery!

The clueless people that brought this idea will end up pushing many people to other platforms that can't be captured officially.


It's not bank rate. All third party sending app have their conversion rate and it's like black market.


The dollar option or euro option to recieve cash will be discarded and only the naira will be left.

1 Like 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by pocom16: 7:51am On Feb 09
Realdeals:
It's a good policy to bolster the Naira, IMTO fund is different from inflows to Domiciliary acct. But, the bank that convert my USD to NGN, should be able to provide me with USD if the needs arises, especially for basic online transactions. Maybe it is time to reactivate USD transaction on Naira card.

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

8 Likes 2 Shares

Re: Banks To Pay Customers Money Sent From Abroad In Naira by femicyrus(m): 7:51am On Feb 09
obas01:
With this new policy dollar will soar higher , expect dollar to soar to 2500 naira( Black market rate) , note these piece and check back if am correct or wrong by December 30th 2024.

Reason(s):
Nigerians really heavily on dollars (fx) which are not available at the bank only the aboki come to thier aid, now it will be very difficult for Abokis to get dollars, the Abokis will pay any amount to get it ,And will probably buy at a high price and selling at higher price than they get it 😁 , they must make profit na.


Note:
This measure put in place may seems to have correctional effect theoretically but practically not the solution.
Because the system is internally damaged,

For solution, I have some ideas .
Then their customers will head to banks with cheaper exchange rate

1 Like 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by Beautifulday: 7:51am On Feb 09
Coldspice:


Exchange from there means whey will buy more Naira from there. Means more demand for the Naira.
Hope you know what this means?


There are many ways to do it. Nigerians like more money. Since they cannot have their dollar either in bank or in cash, why would they send dollar?

They will get someone who will send naira and collect dollar. Dollar remain in dollar economy and naira remain in naira economy.

If you don't know, europe discourge nigerians send foreign exchange home.

2 Likes

Re: Banks To Pay Customers Money Sent From Abroad In Naira by VeeVeeMyLuv(m): 7:51am On Feb 09
Fiscus105:



Oga, don't forget to tell us ur own solution to forex crisis oo, after u have attacked and attacked the policy.

And dnt shy to tell us who and who that can help him. Maybe they should impose you as CBN govt.

The last CBN and finance minister, we know where they came from and how they ended ooo
Why can't CBN go to digital platforms and create restrictions for Nigerians only. Liaise with binance and that's all.

This particular policy what will happen to the Forex mopped up from inflows from diaspora abroad and from remote workers.

Won't the banks give it to BDCs again to continue round tripping?

Won't politicians buy them all up with their looted billions of naira and stuff/stash them in their bunkers?

1 Like

Re: Banks To Pay Customers Money Sent From Abroad In Naira by pocom16: 7:52am On Feb 09
ifinger:
Does it mean one can now withdraw naira equivalent from a domiciliary account in Nigeria?

You can always do that ever since

1 Like 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by Hopium: 7:52am On Feb 09
nairalanda1:


Well, people are angry because dollar remittances are often times the only way some people can earn extra money and survive, and even grow their earnings. Denying them the right to earn in dollars (while the elite continue to do so with impunity) is enough to annoy a lot of people

Plus what government is doing does not fix the problem of Nigeria not earning enough, which is the real koko.

Lol. Gibberish.

These are part of the reason the CBN said we've dollarized our economy. And how does that stop anyone from earning in dollar. Earn your dollar whereever you want but you are getting the naira equivalent in Nigeria: that's what the CBN is saying.

You lots are irredeemably sick. You've castigated the government for the bad naira strenght. This is one of the way naira is going to gain back purchasing power and you still dey complain. Dem swear for una?!

You all want to earn in dollar, keep money in dollar, there are even hookup girls in Abuja and Lagos who insist on getting paid in dollar - are we in the USA. Even out banks keep ridiculous amount of dollars. Where do you expect naira strength to come from?

Una never see anything.

10 Likes 3 Shares

Re: Banks To Pay Customers Money Sent From Abroad In Naira by Paraman: 7:52am On Feb 09
Kukutenla:

I'm surprised you're saying this
So you're among those hoarding dollars
It's a good move
What needs to be done now is to get those international payments to be done in naira equivalent of their dollar value
It will reduce pressure on naira massively and increase its international demand
I don't hoard dollars but I do get dollars from close family members abroad. If the gap between the black market and official rate keeps on expanding, why will one want to exchange at bank rates?

7 Likes

Re: Banks To Pay Customers Money Sent From Abroad In Naira by richeeyo(m): 7:53am On Feb 09
mycar:
How then will BDC can get in flow?
That's the point, kill them without killing them

2 Likes 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by Tranquility2345: 7:53am On Feb 09
Namaster:
Tinubu and Cardoso have made another HUGE mistake.

Fools are tightening the noise 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 you have written up there is trash. You think you are smart but you are just too dull.

When the fx comes into Nigeria and it is changed to Naira, you think the fx just disappears? If you have ever lived or travelled abroad, do you think it is easy for every citizen to just open fx accounts to receive money in other currencies? Nairaland is full of very dull people I swear. Tueh!!!

5 Likes 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by femicyrus(m): 7:54am On Feb 09
Paraman:
It will work if the bank and black market rate is almost the same
Bank rate should be normal and cheaper if not even 50% of black market.
No one with Legitimate use of dollars will approach BDC when you can get a higher value at the bank

2 Likes 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by Hopium: 7:54am On Feb 09
Beautifulday:


E b like you never receive money from Abroad before. Peer to peer will lead the highest transaction in coming months.

Mark this post.

No follow insult the government when it happens.

Let's wait and see. Lol. P2P rate has found a floor, the rate is going to crash from here.

Fyi, I'm a crypto trader/investor and I've held usdt since 2020.

1 Like 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by richeeyo(m): 7:54am On Feb 09
Namaster:
Tinubu and Cardoso have made another HUGE mistake.

Fools are tightening the noise 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.

Phf in foolishness
You understand nothing
You just want to type

2 Likes 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by 2Radii: 7:55am On Feb 09
BrighterSyde:


Spot on. But peiple like 2Radii with low reasoning capacity do not have enough brain power to realize that the majority of dollar scarcity and hoarding is done by our politicians. The other day Edu was seen sharing dollars to her staff in the office. Yet daft people blinded by tribalism if sentiments won’t remember things like these. It is the poor man with small 10$ or 100$ in his bank they will focus on.

Aahh eeyahh...I tot those dollars were hoarded by farmers and bricklayers before grin grin grin

1 Like 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by wallmosh: 7:55am On Feb 09
Realdeals:
It's a good policy to bolster the Naira, IMTO fund is different from inflows to Domiciliary acct. But, the bank that convert my USD to NGN, should be able to provide me with USD if the needs arises, especially for basic online transactions. Maybe it is time to reactivate USD transaction on Naira card.

Looking at the policy, it is likely that reactivation of USD transactions with Naira card(s) should follow because with this policy the restriction makes no sense.

4 Likes 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by Coldspice: 7:55am On Feb 09
Ebubu2:

You can’t bring down crypto

I’ll be receiving my money in usdt which is equal to 1,600 naira per usdt crypto

Dey play

I’ll just show my benefactor how to download binance wallet, load it in his country easily and send me my money.

You are an ignorant fellow. Which USDT is, 1,600?
On Binance this morning, it is less than 1,490.

Government can't bring down crypto but can bring down exchanges. CZ of Binance who is currently seeing shege in the US can explain better.

2 Likes 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by Teibaba(m): 7:55am On Feb 09
obas01:
With this new policy dollar will soar higher , expect dollar to soar to 2500 naira( Black market rate) , note these piece and check back if am correct or wrong by December 30th 2024.

Reason(s):
Nigerians really heavily on dollars (fx) which are not available at the bank only the aboki come to thier aid, now it will be very difficult for Abokis to get dollars, the Abokis will pay any amount to get it ,And will probably buy at a high price and selling at higher price than they get it 😁 , they must make profit na.


Note:
This measure put in place may seems to have correctional effect theoretically but practically not the solution.
Because the system is internally damaged,

For solution, I have some ideas .
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Inspirer1: 7:56am On Feb 09
ivolt:

We can't achieve that with decrees alone especially when swimming in foreign debt.
Well, let's see how far it'll go in achieving their aim
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Tranquility2345: 7:56am On Feb 09
pocom16:


You can always do that ever since

Brighter Grammar highly recommended for you sir!
Re: Banks To Pay Customers Money Sent From Abroad In Naira by ITbomb(m): 7:56am On Feb 09
Mavor:
Nigeria will have a serious FX inflow problem. No one will use banks with their rubbish FX rate. Crypto all the way!
Bank FX rates and BDC are almost the same now, so it won't matter much.

My only issue is that they should leave dom account for people who wishes to transact internationally (send out)

1 Like

Re: Banks To Pay Customers Money Sent From Abroad In Naira by tolue42(m): 7:57am On Feb 09
Ebubu2:


You can’t bring down crypto

I’ll be receiving my money in usdt which is equal to 1,600 naira per usdt crypto

Dey play


I’ll just show my benefactor how to download binance wallet, load it in his country easily and send me my money.

Be claiming too smart naaa. We saw how Buhari brought down the whole crypto stuff few years ago.

1 Like 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by Luckysbab: 7:57am 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

Look at the amount of bile you parked into one post, yet you will wonder why you live a meaningless life.

2 Likes 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by Hopium: 7:57am On Feb 09
richeeyo:

Phf in foolishness
You understand nothing
You just want to type

Don't mind the buffoon. His kind are the saboteurs destrong the naira. Our politicians, FG, banks, CBN, business folks, normies - we all destroyed the naira.

We are getting the fix. Anyone who is sad that Cardoso is making progress (meanwhile, they've been blaming the FG for the weak naira), should japa to the USA to spend their dollar in peace. Lmao

2 Likes 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by folufx: 7:57am On Feb 09
No political will to solve Nigeria problems. Are these not the same people that shared dollars like no tomorrow in the last elections?
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Inspirer1: 7:58am On Feb 09
Ebubu2:


You can’t bring down crypto

I’ll be receiving my money in usdt which is equal to 1,600 naira per usdt crypto

Dey play


I’ll just show my benefactor how to download binance wallet, load it in his country easily and send me my money.
But I've observed that as the price of dollar in the black market goes down so also that of usdt on crypto apps both with respect to the naira

1 Like 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by femicyrus(m): 7:58am 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
Not everyone needs dollar for legit transactions. Some just want to hoard and resell.
Access should be limited to people truly in need of dollars for payment of school fee & importation. Others should settle for Naira. End of story

3 Likes 1 Share

Re: Banks To Pay Customers Money Sent From Abroad In Naira by e90(m): 7:58am On Feb 09
Realdeals:
It's a good policy to bolster the Naira, IMTO fund is different from inflows to Domiciliary acct. But, the bank that convert my USD to NGN, should be able to provide me with USD if the needs arises, especially for basic online transactions. Maybe it is time to reactivate USD transaction on Naira card.
All money sent to domiciliary acct. Will also be converted to naira. You will be requested to provide a naira account to receive the money. I was a victim of this brouhaha yesterday.

6 Likes

Re: Banks To Pay Customers Money Sent From Abroad In Naira by pocom16: 7:58am On Feb 09
Hopium:


Lol. Gibberish.

These are part of the reason the CBN said we've dollarized our economy. And how does that stop anyone from earning in dollar. Earn your dollar whereever you want but you are getting the naira equivalent in Nigeria: that's what the CBN is saying.

You lots are irredeemably sick. You've castigated the government for the bad naira strenght. This is one of the way naira is going to gain back purchasing power and you still dey complain. Dem swear for una?!

You all want to earn in dollar, keep money in dollar, there are even hookup girls in Abuja and Lagos who insist on getting paid in dollar - are we in the USA.


Even out banks keep ridiculous amount of dollars. Where do you expect naira strength to come from?

Una never see anything.


You must be very stupid...I am certain...you are foolish idiots who doesn't earn a single dollar..



You supported the stupid president when he decided to float the naira especially when there is a supply issue...how do you float a currency you fully know can not sustain itself with supply and demand..


Buhari and Emifiele and a thousand times better than this you, cardoso and Ur daft president..

If then ..dollar influx were not coming in..but that government knew how to stabilise rates and only reduce value slightly when the burden of maintaining the rate goes beyond bearable..

They also knew how that removing fuel subsidy when you are still importing is bogus and doesn't make sense... You worsen the pains of the people when cost rises...and you can't guarantee supply because you still import..

This is why the government at that time postponed it twice..


You druggy came in without critical thinking and messed everything up..
Has the supply of dollar increased since he floated it.
Lagos now has fuel scarcity..
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Beautifulday: 7:58am On Feb 09
Hopium:


Let's wait and see. Lol. P2P rate has found a floor, the rate is going to crash from here.

Fyi, I'm a crypto trader/investor and I've held usdt since 2020.


There is never a floor when there is policy that upset deman rate. I am not talking of crypto. I know people making cool cash through p2p. They sell to importers direct.
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Tranquility2345: 7:59am On Feb 09
richeeyo:

Phf in foolishness
You understand nothing
You just want to type

As in the idiot wrote that epistle full of trash thinking he sounds smart. To konk him bald head just dey hungry me I swear angry
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Fibonacci88: 7:59am On Feb 09
Kaido:
Na to dey send USDT wallet address
Yeso but it comes with it's own risk. U don't want ur acc frozen one day that u received fraudulent inflow. My guy spent more than 2 weeks in police custody cos the money he exchanged on binance the sender acc was flagged to have been used as a conduit for money laundry.

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