dinkyicon:
nope. Blocking all avenues for money laundering

Is that the only avenue for money laundering?

Giving dog a bad name to hang it

ivolt:






See these advisers claiming knowledge.
A high school economics student should know that there is no policy, fix or plan that can save a debtor
other than to pay their debt but these ones think a magical solution exist.

Quick education for you guys.
Naira is falling because the demand for dollar is much higher than supply.
No additional dollar earnings, no fix for the increasing exchange rate.
It is that simple.

Excuses upon excuses

Before APC assume power, demand for dollar was higher than naira, oil was still our only source of dollar earnings but in all these, Naira was exchanging below N200 to a dollar, a liter of fuel was below N100.

The economy was stable and flourishing as was recently confirmed by Wale Edun, the current minister of finance

All these happened under the PDP era

Immediately APC came in, all the economic gains were reversed because they lack ideas leading to the current economic quagmire we have found ourselves. Instead of accepting the fact that they have failed woefully, you and them are busy engaging in blame games and excuses

This CBN Gov'nor just dey use my idea☺️.
This d best tin to do to stop online money washing...

Crypto platform is d easiest way to wash up 100bn dollars in 24hrs and it'll cm out clean. Zero trace. Zero black market link. It smells legal when the washing is completed

matify83:
Cardoso is clutching at too many policies these days like a drowning man with Nigerians yet to see the benefits.

He has virtually reversed most of the policies of the erstwhile cbn governor in order to stabilize the naira yet it keeps getting a beating when lined-up against the dollar.

Naira is deprecating becos our imports are far far outnumbered our exports, besides, Naija economy has already dolarised. people now use dollar as a means of exchange within Nigeria's economy instead of Naira.

Not until the two above scenarios are tackled, no meaningful achievements can be felt.

Don't mind them.Nigeria has so much obligation to pay airline,mtn most foreign companies that cannot repatrait their funds.we should be looking at encouraging indigenous industries and companies so we don't have too much demand for dollar but supply.That is the solution not all these cut and sow policies.

ivolt:






See these advisers claiming knowledge.
A high school economics student should know that there is no policy, fix or plan that can save a debtor
other than to pay their debt but these ones think a magical solution exist.

Quick education for you guys.
Naira is falling because the demand for dollar is much higher than supply.
No additional dollar earnings, no fix for the increasing exchange rate.
It is that simple.

As long as this will affect the politicians those other bad actors of the economy and to strengthen the naira than fine and good.

MartinsD12:

This is very much confusing, any one who understand this should please explain to us in simple terms what this means I don't seem to understand, CBN lift ban on crypto yet don't allow cash withdrawals if found such account who be blocked I don't get it

I have read through lots of comments here and it's obvious most don't get the drift.
This Policy is designed to increase dollar inflow from Crypto Investors. CBN is hoping to use the inflow from dedicated Crypto accounts to increase her Forex supply and thereby push down the ever increasing Naria to Dollar exchange rate. That is why additional policy directive is being given that NO physical cash withdrawals will be allowed to avoid hoarding.
However I think there is still a lot of confusion on the implementation of the policies as to meeting their overall objective. The restriction on cash withdrawal should only apply to foreign currency. Account holders WILL be allowed to withdraw in Naira.
And this policy is supposed to be blanket for all foreign currency transactions in the country not only applies to Crypto. While Forex earnings from other sources like Crude oil transaction is allowed for USD cash withdrawals in Nigeria.
Once such duplicate policy directions exist, loop holes for exploitation is already there and ultimately the benefit will NEVER be achieved. Which is to bring down the USD to Naira Exch rate

FreeStuffsNG:
CBN bars crypto bank account operators from cash withdrawal


https://punchng.com/cbn-bars-crypto-bank-account-operators-from-cash-withdrawal/

This is very much confusing, any one who understand this should please explain to us in simple terms what this means I don't seem to understand, CBN lift ban on crypto yet don't allow cash withdrawals if found such account who be blocked I don't get it

Hotice085:
Still a good one for crypto but the $500k being requested for deposits from any crypto exchanges should be look upon if not only foreign investors will rule our domestic crypto market

That is for your own safety as individual crypto market participants and really and $500k is raisable.

FreeStuffsNG:
“Prohibition from opening any further designated account; Monetary penalty not below the sum of 2,000,00O.00 against the FIs, members of its board, senior management, and any staff, for any infraction. Suspension of the operating licence of a Fl.”


Any bank official that has ears should hear o. This is a policy directly targeted at those who think only of easy money and how to perpetuate money laundering. May the bank officials not let greed and indiscipline ruin their banks for their shareholders.

May God bless Nigeria for ever! Check my signature for free stuffs!

I hope you even understood the news you posted, this tribalist?

This is for designated accounts opened specifically for virtual and digital assets transactions, not for regular accounts.

Your submission is very brilliant. Thank you.

Faiththatworks:
This is one of the best policies enacted by Mr Cardoso.
I posted a thread on this topic last year but the mods didn't deem it fit to bring it to the frontpage.
I think someone should explain this policy to my good friend @freestuff,Mr Cardoso has in one policy swoop cancelled the draconian crypto policy of Mr Emi werey.
In simple English,cos I can see the big grammar in the story is confusing some people,Mr Cardoso has allowed banks to authorize some form of Crypto currency transaction.
For those who rush to conclusions about crypto currency been bad,u wouldn't know how bad the draconian policies of Mr Emi werey affected a lot of Nigerians.
I had a very very terrible experience when my money was blocked after a brother did a transfer to a crypto seller and used Bitcoin in the Narration.
I had to painfully forfeit a large % of my funds so I could be paid by the seller, I also know sellers whose account were freezed cos people were putting Crypto as narrative during transfers,that's why a particular exchange warns people not to put crypto in the narrative when selling or buying their crypto.
For the crypto exchanges that give out banks accounts when you open a crypto account on their website,I'm sure they are the ones that the CBN instructed not to allow withdrawals.
I remember some years ago a particular crypto exchange will give you a bank account that starts with W on opening an account,those accounts are just digital account and you can't withdraw cash from them,I'm sure those accounts are what Mr Cardoso instructed shouldn't allow for cash withdrawals.
Seriously Government mustn't ignore crypto transaction in Nigeria,you will be amazed at the huge number of transaction that go on everyday in some crypto exchanges in Nigeria.
I expect Asiwaju to instruct the Minster of Finance,the Minister of Digital Economy,the CBN,The FIRS and some other relevant government agencies come together and formulate a policy to make crypto transaction more transparent,traceable and taxable in Nigeria.
They should also work with the National Assembly to enact laws on crypto transaction or Asiwaju can go ahead and issue Executive orders if the National Assembly is stalling,if Bet companies can pay taxes I wonder why crypto transaction shouldn't attract a % as taxes.
I'm very sure That's another avenue to raise a lot of money for the country
God bless Nigeria....

MrNovo:

I have read through lots of comments here and it's obvious most don't get the drift.
This Policy is designed to increase dollar inflow from Crypto Investors. CBN is hoping to use the inflow from dedicated Crypto accounts to increase her Forex supply and thereby push down the ever increasing Naria to Dollar exchange rate. That is why additional policy directive is being given that NO physical cash withdrawals will be allowed to avoid hoarding.
However I think there is still a lot of confusion on the implementation of the policies as to meeting their overall objective. The restriction on cash withdrawal should only apply to foreign currency. Account holders WILL be allowed to withdraw in Naira.
And this policy is supposed to be blanket for all foreign currency transactions in the country not only applies to Crypto. While Forex earnings from other sources like Crude oil transaction is allowed for USD cash withdrawals in Nigeria.
Once such duplicate policy directions exist, loop holes for exploitation is already there and ultimately the benefit will NEVER be achieved. Which is to bring down the USD to Naira Exch rate

Ok thanks for the information.

C

I'm not surprised.
Choking DeFi. #FightingBack
P2P to the rescue.

MrNovo:

I have read through lots of comments here and it's obvious most don't get the drift.
This Policy is designed to increase dollar inflow from Crypto Investors. CBN is hoping to use the inflow from dedicated Crypto accounts to increase her Forex supply and thereby push down the ever increasing Naria to Dollar exchange rate. That is why additional policy directive is being given that NO physical cash withdrawals will be allowed to avoid hoarding.
However I think there is still a lot of confusion on the implementation of the policies as to meeting their overall objective. The restriction on cash withdrawal should only apply to foreign currency. Account holders WILL be allowed to withdraw in Naira.
And this policy is supposed to be blanket for all foreign currency transactions in the country not only applies to Crypto. While Forex earnings from other sources like Crude oil transaction is allowed for USD cash withdrawals in Nigeria.
Once such duplicate policy directions exist, loop holes for exploitation is already there and ultimately the benefit will NEVER be achieved. Which is to bring down the USD to Naira Exch rate

You're wrong, brother. This has nothing to do with USD.
IF YOU KNOW YOU KNOW.

AzaHub:

You're wrong, brother. This has nothing to do with USD.
IF YOU KNOW YOU KNOW.

So what do you know
Also tell me it has nothing to do with Forex

hmmmmm

Just imagine

Blackfire:



Is that the only avenue for money laundering?

Giving dog a bad name to hang it

one of the avenue. One step at a time

ivolt:






See these advisers claiming knowledge.
A high school economics student should know that there is no policy, fix or plan that can save a debtor
other than to pay their debt but these ones think a magical solution exist.

Quick education for you guys.
Naira is falling because the demand for dollar is much higher than supply.
No additional dollar earnings, no fix for the increasing exchange rate.
It is that simple.

Another quick education for you too.

Do you sincerely think that the dollar demand is a true reflection of our import needs?

Me and you are hedging against the naira by converting our surpluses into dollars as a store of value.

Did you hear when the CBN governor alluded to the fact that Nigeria has a domestic foreign reserves in dollars that is greater than our external reserves?

Sanusi has been shouting himself hoarse that nnpcl is not remitting huge dollar revenues into the consolidated account . Corruption will kill Nigeria since she is not ready to kill corruption.

In addition to the above, Nigerians are now open to receiving payments for goods and services in dollars. Thus spiking the illiquidity in the market

Another angle you fail to consider is that your government is printing money ad Libitum and borrowing like a drunken sailor to splurge on consumption. How do you expect the naira to hold its weight when there is so much of it chasing fewer goods and services?

Buhari printed 21 trillion by ways and means in 8 years, cardoso in cahoot with Asiwaju have already printed 7 trillion in 7 month only and you still think it is only by boosting exports to generate dollars that will save the naira and Nigeria?

Now your people are stylishly sensitizing Nigerians to the possibility of petrol price hitting 1200 and you still think those people have your interest at heart.

Brother, this journey is going to be rough this year.

It is the express constitutional mandate of the cbn to defend the naira and failure in doing so is a dereliction of duty. QED

YES DON'T GIVE CRYpTO PEOPLE CASH ,SO THAT YOU CAN TRACK ILLICIT MONEY.
MANY FRAUDULER PPL ARE LAUNDRYING MONEY FROM DRUGS AND ILLEGIT TRANSACTION AND HIDE IN CRYPTOCUTRENCY. AMERICAN INTEL HAS TRACKED THEM ALL IN USA,MEXICO,VENEZUALA,CANADA ETC. crypto is polluted money,can't buy such again,is dirty money for kleptomanians

FreeStuffsNG:
CBN bars crypto bank account operators from cash withdrawal


https://punchng.com/cbn-bars-crypto-bank-account-operators-from-cash-withdrawal/

Analog leadership. There will always be a way round it . It's called decentralized Network

PARADIZEPRIEST:
YES DON'T GIVE CRYpTO PEOPLE CASH ,SO THAT YOU CAN TRACK ILLICIT MONEY.
MANY FRAUDULER PPL ARE LAUNDRYING MONEY FROM DRUGS AND ILLEGIT TRANSACTION AND HIDE IN CRYPTOCUTRENCY. AMERICAN INTEL HAS TRACKED THEM ALL IN USA,MEXICO,VENEZUALA,CANADA ETC. crypto is polluted money,can't buy such again,is dirty money for kleptomanians

Spot on. You Gortin
Has nothing to do with dollar!

MrNovo:

So what do you know
Also tell me it has nothing to do with Forex

I am not throwing everything you say away. If this policy has any exchange-rate-related gains, its gonna be meagre.

But the real deal is control, traceability, money laundering, financial crimes checkmate.

Trust me. I wrote about all these at Azà Hub.

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FinPadi:
Need a business loan without putting up collateral? Look no further! Our hassle-free lending process offers unsecured business loans based on your creditworthiness and transactions history. No need to worry about risking your assets. With flexible terms(no upfront fee cool grin) and competitive rates, we make it easy for you to get the funding you need to grow your business.

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Is this another loan shark?

MrProlific95:
Those who know what money laundering has done to our country will applaud this move, Kudos CBN

Funny enough politicians who are the people laundering money are above the laws, so these policies are just mere ceremonial pronouncement.

MrProlific95:
Those who know what money laundering has done to our country will applaud this move, Kudos CBN

True talk. Its about financial crimes and money laundering rather than about dollar naira fx rate.

AzaHub:

Is this another loan shark?

This is a payment gateway company.

FinPadi:


This is a payment gateway company.

Ok o. Maybe someday I'll write about you at Aza Hub, Financial Literacy Forum.

This is like PayPal, you only pay in, you cannot withdrawal