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Nairaland Forum / Nairaland / General / Business / Banks To Pay Customers Money Sent From Abroad In Naira (40999 Views)
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Re: Banks To Pay Customers Money Sent From Abroad In Naira by 004gist: 10:34am On Feb 09 |
femicyrus: What about for health. Well one thing you should know is that the government has failed to satisfy or meet the demands for dollar for payment of school fees, importation, health.... People has to go to aboki to get this fund. When I wanted to travel for education. I opend the form A. Till today the form A has not been honoured. I just left the naira there with them when ever they wish to send the money let them do. Had to go to aboki to get dollar to meet my educational needs. What happens to all the dollars they get from crude oil? What happens to all the dollar they get from borrowing.? . Cos they give them this money in dollars. Until corruption goes away then nothing can work. 1 Like |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by koyeni(m): 10:37am On Feb 09 |
Foolish banks |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Bankkym: 10:37am On Feb 09 |
Namaster: Good morning brother I would like to engage you in a constructive conversation about the forex issue and why you think the new policy would fail. Send me a direct message (dm ) |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by PotatoSalad(m): 10:41am On Feb 09 |
Inspirer1:IMTO. Doesn't affect domiciliary accounts |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by pocom16: 10:41am On Feb 09 |
ifinger: Lol... You probably don't use a dom account.. Go to any top banks and ask to withdraw your dollars.. they will give it to you in cash unless they don't have any in-stock.. It is only when you provide a naira account to someone and foreign currency was sent to it then the bank will make a conversation and pay you in naira |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Inspirer1: 10:42am On Feb 09 |
SenecaTheYonger: That's my hope and prayer na with these policies Please o, don't wish it gets to 2k, you and I know the implications of it getting to 2k on millions of people. I am just being optimistic and hopeful things will get better for vast majority and not just a few Nigerians |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Kukutenla: 10:44am On Feb 09 |
nairalanda1:All this defence of corrupt politicians for a meal o' corn 🌽 🙄 Let us put your putrid defence to a test. Assuming that 12 years ago as you claim, govt was making $60bn per year as dollar revenue and just 5% was being lost to our looting politicians. That will be $3bn every year and that will be $36bn by now!! So just imagine if we $36bn right now. Will we be seeing our naira falling like old woman's bosoms? Nay I think not. |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Inspirer1: 10:46am On Feb 09 |
PotatoSalad:I didn't say they do. Somehow, essence of domiciliary account by our conventional banks is defeated by this move, trying to discourage holding on to foreign currency. |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by VanuatuWycombe: 10:50am On Feb 09 |
004gist:It gets converted into Naira. The interbank settlement is done between our bank and the sender financial institution in Europe. Whoever is owing who knows and the difference is settled through our central banks. All commercial banks in Nigeria have foreign currency accounts with CBN. The comprehension is beyond what all this SS3, ND, and quarter-baked graduates are commenting here. Those manning our policies and experienced and wiser than most of people’s papas here. An unemployed graduate that argues at newspaper stand every morning and goes to bet Naija shop in the evening os faulting CBN policies. There could me more than 20 ways to solving one problem because every economic or financial problem has its own peculiarities according to countries. If not because the hardship is too much, there are about 4 or 5 things that could be done by CBN at a time that would, significantly, correct this Naira/Dollar anomalies. More so, APC wants to win second term in office. So they have got to thread carefully. When our CBN tries one and the negative they envisage is much than expected, they try another antidote. There is no economy that doesn’t try policies. |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Macphenson: 10:50am On Feb 09 |
Virgo3: The problem was there when he was campaigning and when he was asked how will he solve them, he replied " NA STATICSTICS WE GO CHOP" today statistics is chopping Nigerians. When his att3ntion was called that Buhari was doing an irreparable dame to the economy he supported Buhari twice and promised to continue from where Buhari stopped. |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by tonee45: 10:52am On Feb 09 |
The talk about hoarding to resell is not a crime. The same thing is applicable to land buying. It's the individual who is taking the risk, while hoarding (which is actually saving) if the rate drops who suffers? Is it not him and if it goes up why term then hoarders? |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by vanitybutiwanti: 10:52am On Feb 09 |
Julius1995:shut up and point out the flaw in this policy, is naira spent in the US? Its always the semi illiterate that knows nothing that cries the loudest 1 Like |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by ruggedtimi(m): 10:53am On Feb 09 |
SenecaTheYonger:lol who |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by PotatoSalad(m): 10:54am On Feb 09 |
Inspirer1:There are other ways to hold foreign currencies. USDT, PayPal, Payoneer, etc. I'm currently on the verge of moving all my dom funds to USDT. And use only Palmpay for transactions in th country. All these reforms won't do much. The government knows what to do but won't do it due to corruption. Corruption, heavy dependency on imports, insecurity, lack of accountability. They should fix these first before throwing reforms everyday, waiting for miracle to happen. 1 Like |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by koyeni(m): 10:58am On Feb 09 |
004gist:Exactly... those useless banks. I kept on depositing in my account and they were accepting payments. Only to withdraw this morning and i was told there's a restriction on my account to withdraw |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Just4000: 10:59am On Feb 09 |
They are really making a huge mistake, thinking they are solving the issue at hand. What they are unintentionally doing is creating artificial scarcity for dollars within the country which will boomerang in no distant time. Because, dollars in cash will not be available to those who needs it for their business and other activities. People must need dollars and other foreign currencies in cash for their business and travels. Nigeria being practically impatient in nature may not be able to wait and follow the long process of obtaining BTA or PTA for their travels and even when they do, it is usually hardly enough for the purpose it intended for, so they normally resort to black market dealers. Of cause they need to make that journey,or do that business which require dollars in cash. Now, here is the twist; CBN has prevented banks from giving out cash in foreign currencies, our bureau de change will lack cash to give out and people will definitely keep demanding for cash, so those who hoard dollars will start bringing them out to sell at exorbitant prices, so don't be surprised when you hear that dollar hits 2,000 naira or more for one dollar.( Just like when Nigeria had cash crunch then). When this starts happening, some bank managers looking to profit from this, will start giving out dollars to these black market dealers through the back door, at high prices thereby further gradually depleting the dollar within the bank(we all saw this happen in during the cashless policy period) that was intended to use to cushion the effect, and also keeping more cash in circulation for longer than expected. We know Nigerians corrupt nature, once people start benefiting from that they don't care who suffers, they keep doing it, and you will come to find out that someone in government is involved making it difficult to police. What this government need, is competent hands. If they will let go of their ego and nepotism in appointment, it will go a long way. Look for someone like Ngozi Okonjo, or people that really understands how this economy works It will go a long way. Even if it takes inviting opposition to a round table and discuss how to move this our country foreword it will go a long way in salvaging the situation. Ngozi was used by Obasanjo and when Jonathan saw that she's an asset, He invited her over and she helped the economy during His tenure. This woman is non partisan and is always willing to help when called upon. There are others like her if only Tinubu is willing to spread His tentacles beyond party lines. The part has failed and continue to fail. He should work outside the party sphare and get results. Namaster: 3 Likes 2 Shares |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by EMIOMOADEOYE: 11:00am On Feb 09 |
So it is now the masses that this Government want to use to boost dollar. That is how inept and lazy they are. Instead of boosting capacity to generate dollars, it is the diaspora that this Government want to use to generate Forex. |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by VanuatuWycombe: 11:00am On Feb 09 |
004gist: The bank has collected the money on your behalf and sold it to Aboki, just that you were not debited. I have friends who didn’t utilize their USD 4k threshold when applying for forex in banks. It was in their presence that banks were filling up the balance and taking Naira from people’s deposit to pay into my friends’ account. They paid my friends a few dollars they requested for and pocketed the excess bought with depositors’ Naira. A lot bankers on this forum know what I mean. The truthful ones can buttress my point. The new policy will affect our commercial banks too. They are accomplices too. Not only the Abokis. 1 Like |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by infogeneral: 11:03am On Feb 09 |
SenecaTheYonger: Who is this attack dog? $30bn is not a lot of money? The entire budget for Nigeria in 2024 is $34bn. Who told you the $30bn idle fund belongs to 200 million Nigerians? Go and find out the percentage of dom accounts in Nigeria to the entire population. 1 Like |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Inspirer1: 11:04am On Feb 09 |
PotatoSalad:The bold confirms what I said in my first post you quoted. Well, I agree with you, the challenges are actually numerous but you know they'll always start from what they feel won't affect them that much. I only hope they can work on all the things you listed. Let them just fix the country. 1 Like |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by VanuatuWycombe: 11:09am On Feb 09 |
GeneralZodd: Good he closes their business. They are drawing us back. Abokis know nothing about good governance. All they know is gashi saa hanu (take (money/br-ibe) and sign). I have lived in their midst. That’s why Tinubu is changing them from key posts and putting southerners there. Abokis don’t care. They are too laidback with life. So far they are able to eat moderately and bang their women, life continues. It is we in the south that want mansions, skyscrapers, good neighborhoods, modern shopping malls etc. Abokis don’t care. That’s why they are running our federal ministries like their personal businesses. You can hardly see a northerner that want to raise money and jakpa. If even they go, over 95% of them come back and live amongst his people on that flies-infested environment. The only countries they go often are in the MiddleEast and they don’t stay longer. |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by TenQ: 11:12am On Feb 09 |
Realdeals:I agree with you with this |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by JuanDeDios: 11:14am On Feb 09 |
Hopium:Many of them work for the big BDCs. If you take out the BDCs, they will leave their registered addresses but continue to do business through those street guys. Of course, the big people will know where to meet the BDC ogas at night. |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by justmondris: 11:15am On Feb 09 |
Hopium: In Nigeria, the iron fist approach is only carried out on the poor. |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by iya6aziza: 11:19am On Feb 09 |
Better, we are getting thereBetter, we are getting there... |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by VanuatuWycombe: 11:21am On Feb 09 |
writeprof: The exchange rate is determined every seconds or minute by market forces (demand and supply). It may mean the rate that was ruling as at the time the sender sends the money to you that would be used to collect it Nigeria. This means that the rate a bank used to pay you a few minutes ago may be different from the one that would be used to pay the next customer after you because the rate is not static and banks won’t want to run at a loss. I see our banks not having a fixed rate for the whole day again because that’s how it’s being done abroad. 1 Like |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by ufotunang: 11:21am On Feb 09 |
Want to use people dollars to strengthen the naira and make it have value.... incompetent set of people in government |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by XPMExchange: 11:21am On Feb 09 |
Some might not find this news a good one... meanwhile, you can buy/sell coins, swap giftcards and foreign wallets funds for Naira at the best rates only on XPM Exchange. LINK IN SIGNATURE |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by thymetraveler(m): 11:23am On Feb 09 |
So for we techies who make payments online (e.g., server hosting bills) using the dollars -- because our payments from clients are received in dollars; how are we supposed to pay the dollar bills We receive payment in dollars--hoping to use out of it to pay online bills--and then the bank automatically converts to naira, then we reconvert back to dollars to pay the bills. This doesn't make any sense Can someone tell me if this affects domiciliary accounts? The payments i referenced above are received into my domiciliary account, and I pay my bills through my dom account's dollar mastercard. Does this mean future payments received into my dom account will automatically be converted to naira? These guys should give clarity on their policies Don't forget that there's a limit to which you can convert naira to dollars for online payment if charged from your naira Mastercard (CBN Policy)--unless I'm not up-to-date with recent changes in this regard. |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by vanitybutiwanti: 11:23am On Feb 09 |
Dminister:you're an illiterate, genuine importers go to the banks for dollars and they are not denied. Its always the broke assess with poor education that come online to type trash, when you said money to the US or the UK, does the recipient get naira? |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by 004gist: 11:24am On Feb 09 |
koyeni: From your dormicilliary account? Did they give any option? |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by femicyrus(m): 11:25am On Feb 09 |
004gist:Your request was under emefiele not Cardozo |
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