₦airaland Forum

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Karlebolu:
For the withdrawal, can't one use Voter's Card in place of ID card?

Yes you can use voters card to get a Payoneer master card. That was what I used to activate my account with them. Mind you, its not on their list of Id card options but you can upload it in place of National Id card. Good luck bro. U can use my referral link to register by clicking Payoneer below
PAYONEER

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Wow

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Rip

Wow

Hmmm, sorry for the loss.

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Hehehe

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Wow, nice

Huh , OK

Spirit1:
Exactly, your question "how can one tap into it", is what the writer is arguing and hence one of the biggest danger of this policy.
The CBN is preventing small to medium businesses (which constitute the majority of businesses in Nigeria and hence highest employers) from depositing US$ into their accounts in Nigerian banks. They have also refused to sell to them. Despite this move, you and I know that Nigerians will always find a way out. Our boarders are porous and our neighbours do not have similar dollar policies
In essence, businessmen will over time learn to ignore CBN and simply go across the boarders to register and set up businesses. Then transfer their Naira from here to Ghana or Benin Republic etc, buy dollar from there and import their goods into those countries, then smuggle into Nigeria and sell at killer prices.
You as a sharp guy can still do the same thing for several small businesses and exchange their Naira to dollar for them.
Remember that these same banks refusing to accept dollar or sell dollar in Nigeria (Zenith, GTB,UBA etc) have branches in these neighbouring contries.
The end result is high cost of goods in Nigeria (hyperinflation and hence less value of Naira ), increased currency trafficking and ultimately high cost of dollar in Nigeria and a weak Naira.
We are not a manufacturing country; this is one main problem. Our boarders are porous and our Naira has no strong value abroad because people know it is over valued.

Okay bro, thanks for the explanation.

Ok

Nice article per se. I'm still trying to understand this FOREX of a stuff especially this part of the article

Spirit1:
Note this…… The excess supply in the market will dry up in one to two weeks as a result of the acts of these speculators, the excess cash in bank vaults is not moving out, as Nigerians lost confidence in the Naira and dollarized which explains the huge dollar balances, and the speculators will give CBN just the kind of inflow it asked for (at a cost that those who really need it will pay). Nigerian banks in recent times developed all sorts of products that encouraged USD stock ups and the CBN as at 2013 should have reviewed the operation of USD account in a bid to curb the impact on our dwindling reserves (however with one year budgeting, our Government institutions never look far).
As we battle unemployment, more business will shut down and move to neighbouring countries, register their business and open accounts where no restrictions exist, and our former importers will turn Ghanaian, Gambian, Senegalese, Beninoise importers, exporting to Nigeria. The trade cycle CBN has created now will run like this: buy cheap dollars in Nigeria, travel to our neighbours and credit you dollar cash and do you imports, which will land in Nigeria, sell in Nigeria and buy cheap dollars and return to base. The dollars will soon be scarce again and I don’t want to guess the price yet.

Does it mean the exchange rate of Dollar in Nigeria is cheaper compared to this countries mentioned? If so, how can one tap into it? I know some few smart ones have been tapping into this opportunity & I need a help in the form of explanation from any. Pls help a brother out

Wow

Wow, Nice information

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Wow

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Wow, congratz to them

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Yes oh, CBN should act fast pls

[quote author=Titusolufemi post=36857022][/quote]Yes, you will need to. Last time I enquiried @ Access Bank, that was what I was told. I dont think its given to individuals with Personal account but Corporate(Business) account holders only on request. You can't open a corporate account in any bank of your choice without having your business name or company registered with CAC & bringing the Certificate to the bank as proof. So as you can see, It goes hand in hand & I will advise you go register your business name ASAP if you really mean business. It cost roughly #11,000 - #15,000
Goodluck

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Hmmm

Lol

Wow, that's good news but I hope the Chinese wont increase the prices of their goods

Titusolufemi:
There Is No Single Bank In My Area.Goin To The Nearest One Will Cost #300 To N Fro.I Sees It As An Opportunity For Me To Start Up Withdrawal/transfer Business Usin P.O.S Machine With Charges Of #150 Per Transaction (half Of The Tfare)but My Latest Finding Reveals That Bank Charges 1.25% Of Every Transaction Made Per Day. If I Start With #50,000 And With At Least Ten Customer Per Day. Pls I Need Advice,am Confused

U Just made me remember my camping experience last year @ Kwara State NYSC camp Yikpata. Its a cool Biz. That was how we withdrew money in camp. We were Charged 10% per transaction. I will advise u Survey & do your analysis about your area very well. 10% per transaction might look too big for them depending on the amount they want to withdraw & a flat rate of #150 might mean bad/slow business for you if they are withdrawing #6000 & above considering the 1.25% charge. As for P.O.S machine from your bank, its free to get one from them. Your Company or Business name needs to be registered with CAC in other to qualify to have the POS. You're charged 1.25% per transaction.
Good luck in your new endeavour. Wishing u all the best
U might be interested in the thread below to add up to your bright idea
https://www.nairaland.com/2015776/making-money-mobile-internet-banking

Kpele , we don hear. We will take note

Wow, so which companies will be the consonants & vowels in this Alphabet[a] company