beejaay:

actually doing bussinessa as a forex trader just got sweeter and easier cos you dont have to be withdrawing your cash to convert to naira, all you need to do is to transfer from your Dom account to your corresponding Naira account and if you need cash in your dam account, you simply transfer from you naira account to your dom...but this is with a caution...the fund in you dom cannot be withdrawn but only wired

Sorry bro. Its impossible to transfer naira to your dom account. Hencefort your dom account is useless except you are withdrawing funds from your broker. The only way to fund your account is if another bank doeas a wire transfer. Right now its impoosible to deposit funds in your dom account. This is why im am looking for the best nigerian broker. Please anyone can recommend the best 3 nigerian brokers?

Thanks brian?

brainbucks:


ForexTime has been excellent for me so far, with offices in Lagos and Abuja.

I would give them 100% but I'll leave it at 95% reliability because my withdrawal to debit card since last Friday still has not showed up.

Thanks capitals. I will check with my bank regarding the form A. I have been trading with foreign brokers. Im still not comfortable with nigerian brokers. And yes we are professionals not fraudsters. Will go to my bank today

Capitals:

Here is an excerpt from the press release

''For foreign currency cash lodgments made prior to the date of this circular, the account holder has the option to either withdraw his or her foreign currency cash or the Naira equivalent. For the avoidance of doubt, only wire transfers to and from Domiciliary Accounts are henceforth permissible''

Haven't made any withdrawals since the press release, but what I make of it is, its either you get your dollar out or its naira equivalent. (if you withdraw via bank wire) remember the rationale behind it is excess dollars with the banks which is really worthless to them is cbn is not accepting it from them as readily as they did in time past. hence they are trying to reduce the worthless paper in their vaults.

Deposits?
Havent done this in a while but I think there should be a window if you ll be wiring out judging by this excerpt from same press release

''The CBN advises individuals that wish to source foreign currency for eligible and legitimate purposes such as BTA, PTA medical, mortgage, school fees, goods etc. to do so through recognized channels with the use of Form ‘A’ for “invisible” and Form ‘M’ for “visible” transactions.''

All of these are subject to verification from your bank, but there is ALWAYS a LEGITIMATE way around these things, we are not fraudsters or involved in shady deals but professionals

Just my take anyway

Not liquidity brokers. I mean forex brokers based in lagos

jorel1:
Liquidity providers for Nigerian brokers > Access bank ,skye bank, Union bank ?

Yes oh, pls more light please. Is my dom account useless now? Can I still fund my foreign trading account?

Cul4real:
“CBN bans deposit into Domiciliary account“ What are effects of this on forex trading especially people that using Domiciliary Account? Thanks.

Abeg experienced traders in the house. Because of the new cbn policy I would have to open an account with a nigerian based broker. Please reccomend very reliable and funds secure nigerian based brokers. Thanks

Pls i need to know the most reliable nigerian forex brokers right now, especially after the swiss franc catastrophy

sojmann: SL hit on Gold...........hmm

Bro, abeg send me your email, need to communicate with you. thanks