₦airaland Forum

petikal:
You're still talking about Dollar. I said there's nothing stopping you from converting your thousands of Dollars to Naira and doing your transaction. Through your bank, you can pay for goods worth millions of Naira by converting from OUR currency to ANY currency.

We're in Nigeria, use Naira. Value YOUR currency!

You are bereft of how things work in intl finance and business.. Merchants state how they want to get paid- mostly in dollars.Your bank charges u in Naira but converts the money in $€£ to pay the merchant-that's why its called intl business.. Daily limit for ur Naira transaction for intl payment is $300 equivalent.

GMB has set the bar so low for himself.. Just match GEJ's worst record!

InvertedHammer:
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Undeclared fund if above stipulated amount is usually confiscated until detailed investigation is completed.

But that in itself is not an excuse to drive to a market to start seizing funds from traders

By the way, the traders must be stupid to be carrying such huge amount of money on themselves.

.

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Mr Economist,
If banks don't accept $€¥£¥, how will BDCs operate and traders operate??

uridadole:
Ignoramous,
The policy does not prevent genuine trading in anyway. If you are an importer u can simpy fill in your form M
And do your transaction.
Movement of funds in and out of a country is controlled anywhere in the world. Its a right thing to do bro

You are talking someone who has no clue about how to send intl wire from Naija. Forms M and A are very strictl and difficult to process right now. If u have multiple merchants, form M is useless. If u don't how things work, don't spew ur ignorant opinion

boladez:
It is clear the government is trying to save the foreign reserves and reduce the artificial and arbitrary pricing of the naira exchange rate caused by the demand for imports. Its a very aggressive attempt to reduce imports.....the only down side is that they should aggresively be stimulating local industries and they are not just doing that

Also, they are trying to make sure financial transactions are all done within the banking system.

Carrying cash above a limit is an offence in any country of the world.


Does this make sense?

You have no clue what you are talking about. Naija imports everything from crude oil produced in Naija. Don't blame folks blame govt for not fixing Naija for manufacturing.. U still have to import machinery and tools for production. The problem is that govt treating business people as enemy.. Banning and arresting legitimate business people are no strategy, what's govt plan? How come dollar hasn't depreciated against Naira

petikal:
That's not true. You can wire transfer from any Naira account to any country. That's one of the reasons for the policy: to encourage using our Naira for transactions, and limit the high volume of Dollar circulation in the nation. We're in Nigeria, use Naira.

CBN limit is $300 daily. How can you do it??

petikal:
Why make any trip just to pay for goods? Note, I said just to pay, not other reasons.

Again I ask, why can't you pay your seller through wire transfer? Naira to whatever currency?

Pls how can u pay with bank transfer when your dom account is not funded because your bank doesn't accept $€¥ in ur dom account?
Your bank-issued debit card transaction daily limit is $300 equivvalent...it's going to take u 166 days-5-1/2 months to pay off ur invoice

Ramnon2:
Speaking of bringing in, not taking out money.

U can't deposit any foreign currencies into any Naija account in Naija

Ramnon2:
The other question was from the traders perspective. Do they risk their undeclared or partially declared money being seized in the destination or would they then truthfully declare the full amount? If they would do the later, why not begin from Nigeria? After all, it is okay to have more than 10K, as long as you declare everything, yes?

Point is, u can't travel with more than $5k if declared. You risk seizure if u carry more that $5k and still declare.
Put things in perspective, so u want to bring in goods wortj of $50k into Naija, it's going to take u 10 trips abroad.. Oh btw, CBN only allows u to obtain $4k PTA every 3month. So it's going to take u 3 yrs to pay for ur goods

Ramnon2:
On the bolded: Even with cash? Interesting to know, but still wont make the mistake of carrying large cash amounts. You cannot trust the custom/efcc not to attempt to intimidate you. I'd rather pay all the bank fees and have my money safe.

Good luck with that. Banks don't accept $£€ deposit domestically, u have to carry it across Sambisa forest to deposit it in Cameroun and then wire it to ur Naija account. Or u can keep the money in ur house where kidnappers and armed robbers will come and make it rain in ur life. No advanced noticed was offered by CBN and EFCC before the started this policy. Good luck beating Boko Haram and Customs!!

Ramnon2:
Thanks, but you answered only a part of my question. Still does not negate the fact that carrying 100K in cash to a foreign land may be an issue. Would they not be declaring it in their destination? I am a frequent international traveler ( not a trader, and I use credit cards for all travels) and that question is recurrent in Customs declaration forms on entry into most countries.

The point is, that govt agencies raided BDCs inside a market in search of dollar.. It's not illegal to carry foreign currencies arround, but it's illegal not to declare anything from $5k if u are traveling outside the country.

Ramnon2:
There are so many news flying around me. Not easy to keep track of those not affecting me directly. Fyi, I sent $s recently into my dorm account from Wells Fargo Bank w/out any issues. So it does seem like the policy does not affect remittances from abroad.

Naija doesn't care how much that is coming in but it cares when Naija citizens now carry those funds around in Naija not at the airports... We love to invent idiocy!!

Ramnon2:
Easy on the rudeness, dude, it is absolutely unneeded. I do own a dom account but use it only to remit money to Nigeria from abroad not the other way round. BTW, is the portion of your statement in bold a new Nigerian policy or has it always been there? If so, do you mind enlightening me on how these cash-totting Nigerian traders beat the 10K cash limit at foreign airports?

Do your research first b4 u comment.. It makes us a better society.

http://www.punchng.com/news/cbn-bans-cash-deposits-into-domiciliary-accounts/

rusher14:

At the airport, on your way out of any country of this world, eyebrows would surely be raised and questions asked if found with bulk sums.

Such money could be seized if considered to be proceeds of crime.

Talk about Naija my friend instead of unnamed countries. EFCC and Customs don't ask u anything if u are coming into the country . So it's ok bring in $10m in cash but it's illegal for BDCs to hold $10k inside the market?

NL is peopled by willfullly ignorant folks most of whom have never been to MMA nor wired $500 outside Naija!! There is no limit of money u can bring into Naija. As a matter of fact, Customs and EFCC don't ask u if you re bringing $€£ into Naija, so once these funds are brought into Naija and purchased local BDCs, then EFCC swings into action to seize money??

ohenhen1:
Disappointing responses so far on this thread. Nigeria is finally following the rule of law. some people want lawlessness to continue. why is it so difficult to declare any thing above $10,000? unless you are doing something illegal.

You declare if u are traveling outside the country with the money not when u have the money at BDCs inside a market!!

Ramnon2:
Onitsha traders - and others like them- should please modernize their importation systems. It is time to do so. I hope the educated among them, and many are, would not be carrying huge cash about like this.

How about traveling with the max allowable amount, 10K, and wire-transferring the rest money? Or is there no money transfer service in the "giant of Africa"? Even if you elude detection in Nigeria, how about at the foreign destination airport? Most countries have this same policy.

How about if there is a plane accident and you lose all the money?

Another ignorantly-opinionated troll.. Banks don't accept foreign currencies in Naija. Why is that folks that have never held any dom account are talking

I

HungerBAD:
Universally, anything up to $10.000, even if the post erroneously said it's $5000, not reported to the Customs at the Airport is an offense.

This is not a tribal thing.

Those Trying To Make this a witch hunt thing, are full of mischief.

All the traders needed to do was declare their MONEY.

Trying to sneak a large amount of money out of the country, knowingly or not, is an offense.

They broke the law, and there are consequences for that. And remember, ignorance is not an excuse before the law, incase they claim they did not know they were breaking the law.

Offering ignorant opinion from your abundance of misinformation.. Carrying cash is not a crime in most countries unless you are traveling outside and fail to declare security agencies.. Raiding a market for FX is pure entrenchment of illegality. There are govt registered BDCs, what is their job?? CBN stopped banks from taking FX without notice, how will business folks cope?! Staccato manner of banning everthing without notice and alternative is no policy!!

Ministerial nominees are announced on September 30th and then screen takes another 45 days. Naija is toast!!

tsdarkside:
shey you dey craze.....??---...what do you care,what happens with america??...

Keep spewing ignorance.. U have never been inside MMA outbound wing.. You are willfullly ignorant!!

tsdarkside:
what??...you mean me or the writer??.... ...go and ffk yourself.....

You!! cos the only place U have ever been to o ur life is Lagos

tsdarkside:
heavens..i didnt write this....are you wilfully dense?

What a replica of sophisticated idiocy offering his ignorant opinion from the bottomless dungeon of his stupidity...

1.2tn lost prior to JP Morgan's delisting.. Do you know how calculate numbers Economy is inching toward recession with 2 successive qtrs of -Ve economic growth.

After mourning for America, you are still faced with PHCN cutting off your power for weeks; hospitals not having enough medication or ct scan machine to diagnose simple medical problems.. Like Jesus told those wailing women, " cry for yourself not for me"

sonOfLucifer:
Oh pls shut up. Is Saraki guilty? That's what should bother any citizen who is sincere about the fight against corruption.

Offering an ignorant opinion from his bottomless dungeon of odiocy.. If he's guilty, why is he being tried by CCT?? This is a constitutional democracy with its imperfection!!

obstead200:
let me educate u just a little about public sector accounting.
The revenue from Nnpc (as well as customs, FIRS,) goes to the federation account for onward distribution among d 3 tiers of government.
TSA is tied to the consolidated revenue fund which receives the federal govt share of the distribution. Hope u now understand why Nnpc cannot be under the TSA? Rather a separate system for accountability urgently needs to be set up for them. Cos Dem don thief tire

You miss the part where NNPC operates a foreign account with Chase Bank where minister of finance and CBN are not signatories to...

So NNPC will operate without supervision because there is no minister of petroleum. NNPC will not abide by TSA rules. Mind u NNPC has an account with JP Morgan in NYC where ministers of finance and petroleum and CBN governor are not signatories to... So corruption Alluta Continua!!!

He's embarking on another wasteful project with CBN-provided loan... He will be broke very soon.

DONOCHAS:
juju hv been with the whites 4 longer than u think, afterall magic and juju are the same.

Offering ignorant opinion from their abundance of sophisticated idiocy!!

Jochebed7:
No husband




so??

If u were to die today as a married person, you wouldn't be remembered. You would die as a pauper. You would leave behind a poorer and more wretched world.

While Linda will be remebered for herb blog and lives she touched. She would leave behind homes, cars, properties, money etc for her lineage...

To do what How DIDNT match George Weah's record??