Eyop:


Yes it is possible

battleaxe:
Based on the explainations made here, if not handled carefully, this might actually create another "black market" with possibly higher rates.

One where people in the diaspora with assess to foreign currencies are able to offer to transfer dollars on behalf of individuals, companies etc. for naira credit into their bank accounts back home in Nigeria.

As can be expected, rates would not be going for the official rates as the demand and supply curve would lead to greater demand than available supply, especially for businessmen who need parts or materials urgently, or even people with urgent medical needs outside the country. The end result would be rates possibly even higher than that being contended by the CBN.

Unfortuantely, as mentioned by jjman earlier, I believe this would lead to increased cost of doing business and eventual increased cost of commodities.

Is this a correct assumption?

onatisi:
it is a simple process. But please kindly note I am only talking about transfer in the range of 1000 to 3000 dollars and only services of western union and money gram outward. But if u can get ppl in benin with Dom account they may help with higher transactions.

989900:


I mean you can make small payments from your Naira master card via credit card payment or Paypal online.

989900:


So, basically what they mean by outward online transfers will only be CC and PP.

onatisi:
very very easy

onatisi:
what about western union and money gram services in Nigeria?

989900:


That's crazy then! Especially, when you can't wire out from your Naira account too.

That would mean physically taking cash out to the 'Cotonous' to send -- for real?!

onatisi:
there are 3ways about it. 1)

is to relocate banking transactions to outside.which meNs you Will use your Nigerian Dom account to receive but transfer from outside Nigeria.
(this is one option but its not so straight forward.. means you need to go to Ghana or nearby country with lots of USD cash and open an account and deposit it there.. Lets not forget you have to worry about customs, etc, its not so easy to come into another country with huge amounts of dollars.

2)have someone do the transactions and transfer for you.
(I have 3 guys in Lagos who you pay naira and they send dollars for you. As of friday none can send it anymore. They said the new policy has crippled them as well)

3)stop the transaction. Am I wrong?

(This means closing down the business. Not a good option)

owagbeba:




Thank God there's a fellow business man on this forum.

I'm literally confused on how to pay oversea partners at the moment. And I can not tell them banks here have stopped outward remittance; they will freak out and recall the shipment. What do I do?

989900:


[i]This is my interptetation of it (stop me when I'm wrong): If you need to wire dollars overseas (say $10,000), simply take your $10,000 to the bank, prove genuineness of intent, and your $10,000 will be wired to it's destination thru your account.

arsetalks:
we don't use dom accounts or Nigeria banks. He uses his friend in Canada, I have a UK bank account. Technically the whole exchange thing doesn't really affect us much but we are humans, naturally we convert the value to naira in our head.

He was happy with the bogus exchange rate but I was not because I know we will spend whatever we make in Nigeria in the end and because I have couple of writers who get paid in dollars. Plus I love books and use amazon to get them.

And as for dom accounts, I am a Beninose/Nigerian, I use Benin to receive funds before because escrow.com doesn't/did ( not sure if they do now) accept Nigeria, in Benin, they pay me not in dollars but in CEFA. And when I was to send money, I pay in CEFA and they convert it.

onatisi:
I am really learning from your posts.but considering this policy now,how long will it be before Nigerians starts feeling its negative impact? Secondly,can one go to neighboring countries to transfer

onatisi:
let's assume your friend has bought the site now with the funds available in his Dom acc and he has exhausted it but see another fantastic offer that requires immediate transfer of 3000$ ,please how will your friend fund his Dom account in order to complete the transaction?

onatisi:
this is original pure undiluted wahala. What sort of nonsense policy is this. And I was even initially applauding the cbn governor. Nigerians will suffer for this because the cost of doing business will rise and likewise the cost of transactions which will nullify the naira gain but increase the cost of goods,products and services.

onatisi:
Oga please kindly enlighten me more. Please if I have 10000 dollars and I need a make a payment abroad, now that cbn has blocked Dom acc direct funding with dollars, how do I transfer the money abroad? What other bank processes can one follow and how fast is it?

989900:


Please note that this temporary measure, does not affect electronic transfer of funds into or from your domiciliary accounts and, you will continue to have access to foreign currency cash withdrawals from your account.

Chukwugekwu:
why did you like to do politics even in physical creature like ENUGU

Enugu is a place to be in Nigeria

jasper7:

Thanks sir. Am not particularly searching for investors. but I am currently training some farmers. if you invest in them, I guarantee 100% return on investment in 1year... and you would have been able to serve humanity that way. and set up some people.