₦airaland Forum

https://www.youtube.com/watch?v=6FHFxUoYkzU

The CBN has released a revised guideline on international money transfers in Nigeria. Banks have now been instructed to stop paying dollars for all USD inflows from abroad, and instead to payout only Naira to recipients. This is an interesting decision by the CBN which might go a long way to curb dollar round-tripping and other sharp practices, starve the black market of dollars and make the naira more stable.

However, this has been implemented before by a previous CBN administration, and have largely failed to revive the Naira or even have any positive widespread impact, instead it discouraged businesses and people in the diaspora from sending dollars to Nigeria through official channels.

The question on my mind is, what happens to the dollars in domiciliary accounts that was received prior to the issuing of this new guideline? There are over $30 billion sitting in domiciliary accounts across Nigerian banks. If this new guideline is maintained, that means the banks would have to convert all the funds in those domiciliary accounts to Naira at their own approved exchange rates.

Nigerian leaders are totally confused

Slimani:

https://www.youtube.com/watch?v=6FHFxUoYkzU

The CBN has released a revised guideline on international money transfers in Nigeria. Banks have now been instructed to stop paying dollars for all USD inflows from abroad, and instead to payout only Naira to recipients. This is an interesting decision by the CBN which might go a long way to curb dollar round-tripping and other sharp practices, starve the black market of dollars and make the naira more stable.

However, this has been implemented before by a previous CBN administration, and have largely failed to revive the Naira or even have any positive widespread impact, instead it discouraged businesses and people in the diaspora from sending dollars to Nigeria through official channels.

The question on my mind is, what happens to the dollars in domiciliary accounts that was received prior to the issuing of this new guideline? There are over $30 billion sitting in domiciliary accounts across Nigerian banks. If this new guideline is maintained, that means the banks would have to convert all the funds in those domiciliary accounts to Naira at their own approved exchange rates.

What if I want to withdraw my money to travel overseas, do I change it to Naira, then buy it back in dollars?

blacknp:
What if I want to withdraw my money to travel overseas, do I change it to Naira, then buy it back in dollars?

You might need to use a dollar card linked to your domiciliary account. You can ask your bank though, this thing is confusing.

Slimani:
You might need to use a dollar card linked to your domiciliary account. You can ask your bank though, this thing is confusing.

I have a dollar card linked to my domicillary account, what if I wanted a few 100s of dollars cash in hand?

Yeah it is confusing.