i've never met my current aboki, though i got his number from a friend.

I transfer naira to his acct online, and he funds my dorm.

Abokis have gone digital!

Correct. Thanks for the insight, I hardly keep money in Naira myself. I only transfer what I intend to spend from my Dorm to Checking from online banking.  Digital Abokis even have solutions

@limaoscar
opening an ordinary cash dom if u ask me wuld be the way to go for such transfers by your uncle

Limaoscar:



@Krap,
Thanks for advice but He already has a Dom account with SCB but the problem is cashing Money from say UBA , 1ST bANK ETC and changing close to N1M +  every now and then  before paying into His Dom . That was the case. So If I hear you guys well, are you saying He might have to transfer online to His mallam's account (assuming they use the same bank) and the dude will now pay into His Dom  Please educate me more. I plan to call Him later at 7.30 PM and e-mail him these useful notes make the man no go dey pay worth-less interest for nothing to banks, scary that!

LeoMax:

I hope the laws dont affect withdrawals and payments to and from Dorm accounts

yamakuza:

doesnt affect FOREX cos we are not the ones printing them.

LeoMax:

The New Law says 150k cash withdrawal not check which I pay to someone. So what I did was Issue a check of 150k to 2 persons each and they cash it and I cash 150k myself. No limits exceeded.

Guys, I see a lot of guys are seriously confused on the way forward. Avoiding the bank charges as a result of this policy is simple. If you are an individual and you want to pay anybody above N150,000, you either use bank transfer to the person's account or you issue a crossed cheque, which means, the person has to pay it into his/her account.
If you have a business that has a daily turn over above N150,000, you should go and register your business with CAC and open a business account. That way, you can pay or withdrawal up to N1M daily without charges. If your business daily turn over is above N1m, you get a POS machine and transact most of your business cashless. I believe that anybody whose business is turning over N1m plus should be able to have a stand-by generator to support his business.
For those sending allowances to their wards abroad, within your Dom account this policy will not affect you. Most of the black market operators, I'm not talking of the road-side Mallams, registered burea de change operators will be operating with POS Machine. So, with your Debit card, you can buy your forex and pay into your Dom acct.
So, do not wait till March 1st 2012, if you're in Lagos so as to fall victim. Just take the necessary action now and be ready. You can approach any lawyer for business name registration. It'll not cost you more than N15000. I repeat N15OOO.

@lastpage
You are terribly misinformed as the intention of the policy. Like i said the emphasis here is CASH:to reduce the amount of physical cash being handled,one can wire money into any account and the service charges won't apply. And the C-I-T(Cash-In-Transit) companies u mentioned  are only required when u want to move cash from one location to another which has put off the use of bullion vans by the banks and not for cash transfers. The limit on online transfer serves its purposes if u ask me. I am only throwing more light on the policy and not to determine if it will succeed or not. Gracias!

i dont believe online transfer limit is per day.

I believe its per transaction/transfer, so multiple online transfers will be needed.

Worst case, write a crossed check.

Please ask questions when you dont understand, you might embarass yourself.

lastpage:


Problem now is, they wont be paid directly by the bank, it is now through another “intermediary”! Copy that?
Again, there is a “limit” on how much you can transfer online (by CIT or otherwise) in a day. It is called your “daily transfer limit”. Go to any bank and find out please.