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CBN Removes 7 Banking Barriers For Nigerians Abroad - Business (2) - Nairaland

Nairaland ForumNairaland GeneralBusinessCBN Removes 7 Banking Barriers For Nigerians Abroad (17477 Views)

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Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by Samtob90(m): 10:08am On Sep 24, 2025
DatNiggaDaz:
grin grin

They are looking how to tax every transaction involving Nigerians living abroad.

If you know what is good, don't fall for their pranks because at the end, you will be paying for more taxes than transactions
If that is the direction your brain takes you to, nothing can be done than to just show you sympathy.
If you have ever crossed the national boundaries, you will clap for the policy
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by WizardOfNG(op): 10:16am On Sep 24, 2025
JaskanFactor:
We have had

global scamdemic about humiliating the global population and injecting people with #&%#$%

global cost of living scamdemic where the cost of all essential items multiplied Astronomically

And now the current global scamdemic is about robbing people blind with tax as a tool for depopulation,

all over the world people are running around like headless chicken looking for place to hide from the thieving tax man , who does no work but collects everybody money. All those who fled to dubai are now having to pay tax too, all those who fled to Asia Thailand etc are having their bank accounts closed.

If you dont know the tax will keep rising until the world population is down to ghost town , well for those planning to defy them by having kids , now you know. You either join them get rich have kids, or dont join the armed robbers and have no kids. Cause where all this is going you will not be able to afford family if you dont join them, them being the people who are well armed enough to collect everybody money without doing any work themselves.

The final solution of Adolf Hitler in progress through bandits, fire, flooding , kidnapping , cost of living, taxation .......
Okay we have also Heard you. Thank you for your contribution.

Some of us who are knowledgeable and know where the world is heading remain optimistic over developments like this.

That is because we know progressive and ambitious nations must maximise all aspects of the endeavours of their people , home and abroad, to the benefit of their citizens (Nigerians) and nation (Nigeria) asap and other Government have failed to empower Nigeria achieve this synergy between Nigeria a d her diasporan people. .

What we had previously was zero in place to help diasporan utilize the money, earned from from their labour in the west, better in Nigeria to their own benefit and that of our nation.

Previously their wealth, from their labour and hard, work would be enjoyed by the UK, USA, Canada etal making those country greater at Nigeria's expense.


Now they can invest in the Nigerian public and private financial and investment sectors with good personal returns for them while Nigeria gains the money of her diasporan population as an additional source of nation-building wealth.

Win win For those of us not ready to join you admitting Nigeria is doomed and everything coming from her is bad, evil and "scamdemic".
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by Bahamas95(m): 10:24am On Sep 24, 2025
Chisave:
I often wonder what is so difficult in maintaining a bank account in Nigeria, any simple issue with your banks to resolve it, it going to take them weeks

But a lot of Nigerians here in Nigeria are maintaining dollar account and crypto wallet for years without having any single issue. But just to get a reversal on declined debit it takes Nigerian banks 7 to 14 days to resolve.

It is opay and Palmpay that have thought us that it is possible to maintain bank account without physical presence and they are doing absolutely well in it. So I often wonder words preventing our Commercial Bank from achieving the Same seeing that they have better structures.

A CAC document with valid registration number that can be validated online, Nigerian bank will be claiming that it is not clear enough.
They do it intentionally to frustrate you, when you give up or they notice you don't have what it takes to take legal action against them they steal your money.


Nigerian banks are registered criminal organizations.
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by dederocs(m): 10:25am On Sep 24, 2025
Good move, inflows must be encouraged, the restrictions should be on outflows.
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by WizardOfNG(op): 10:27am On Sep 24, 2025
Samtob90:
If that is the direction your brain takes you to, nothing can be done than to just show you sympathy.
If you have ever crossed the national boundaries, you will clap for the policy
God bless you. The biggest battle that we will fight, in search of a great Nigeria, is with ourselves.

This is because of how we are a people so divided along ethnic, religious, cultural and sectional lines we lack homogeneity of thought over even the most basic considerations others in African Nations like Ghana, Seychelles, Angola, Morocco, Egypt etal are never at odds over.

Announce this in Ghana for example, that is if it isn't even in place already, and all Ghanaians would jubilate whether Akan, Ga, Fanti, Ewe etal or Moslem, Christian etc. Crystal clear Nigerians are their own worst enemies.
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by WizardOfNG(op): 10:36am On Sep 24, 2025
ProfGday:
Nobody needs to tell you that there are lots of bots paid to launder the image of this current administration on this platform.


To such people, ignoring them is the best option. Even the blind can see that Tinubu have nothing to offer Nigeria and Nigerians.
I am a "bot" and happily admit to being one. Happy Einstein, now that you've busted me?
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by Coldspice: 10:44am On Sep 24, 2025
ProfGday:
Nobody needs to tell you that there are lots of bots paid to launder the image of this current administration on this platform.

To such people, ignoring them is the best option. Even the blind can see that Tinubu have nothing to offer Nigeria and Nigerians.
Continue being pessimistic.
You're a young man, waste your youth on pessimism. You hear?

After Tinubu's 8 years, you will have nothing to show.
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by erniok(m): 11:05am On Sep 24, 2025
Moroccoguy:
We are getting close day by day, it may take time but surely we'll get there one day.
When I tell people cardo6is doing well, they look at current economic indices to argue. He's a breathe of fresh air compared to his predecessor.
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by twilliamx(m): 11:26am On Sep 24, 2025
DatNiggaDaz:
grin grin

They are looking how to tax every transaction involving Nigerians living abroad.

If you know what is good, don't fall for their pranks because at the end, you will be paying for more taxes than transactions
Americans do it too. Unless you denounce your citizenship
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by tabaralph: 11:27am On Sep 24, 2025
WizardOfNG:
Indeed Sir, and I believe so too. Yet we will get their quicker if Nigerians can pull the rope in the same direction instead of in opposite 'tug of war' manner, as is the case currently.

Nigerian has the second highest remittance in the entire Africa behind Egypt ( the link below confirms it) and it is time diasporans have access , from their location overseas, to the whole range of what is on offer from our Nigerian financial system and services.

This is laudable from the CBN. Cardoso and his crew are doing a good job and proving that we must give leaders sensible time to work and deliver positive changes.


https://www.dabafinance.com/en/insights/top-10-diaspora-remittance-destinations-in-africa
Essence of putting a round peg in a round hole, these are basic benefits that previous government made so difficult and impossible.
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by Kpartners: 11:30am On Sep 24, 2025
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by Konquest: 11:32am On Sep 24, 2025
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by Konquest: 11:33am On Sep 24, 2025
WizardOfNG:
Indeed Sir, and I believe so too. Yet we will get their quicker if Nigerians can pull the rope in the same direction instead of in opposite 'tug of war' manner, as is the case currently.

Nigeria has the second highest remittance in the entire Africa behind Egypt ( the link below confirms it) and it is time diasporans have access , from their location overseas, to the whole range of what is on offer from our Nigerian financial system and services.

This is laudable from the CBN. Cardoso and his crew are doing a good job and proving that we must give leaders sensible time to work and deliver positive changes.


https://www.dabafinance.com/en/insights/top-10-diaspora-remittance-destinations-in-africa
That's another giant leap for financial inclusivity.
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by feedthenation(m): 11:43am On Sep 24, 2025
---Opportunity to tax the diasporans---
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by DatNiggaDaz: 11:47am On Sep 24, 2025
Tareq1105:
It's what you see that you get. If you see lies and deceits, that's your path and portion. But if you see progress and development, so shall it rob on you.
grin grin

Anything from your principal & government are all lies & has already robbed you
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by adamkkk: 12:13pm On Sep 24, 2025
Coldspice:
You require an IMTO license to run this. Go and find out the cost and procedure.

Asides that, you can't receive money in your account abroad anyhow. By time the foreign government taxes your account, you will know that Zacchaeus of NRS is a lenient person.
honestly, i know someone that used that to start his own company in Nigeria.


My own was to build the website and the app and the guy was very generous with the way he was paying me back then.


I didn't think it through when i referred a friend to him because i was leaving warri.
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by Whois(m): 12:19pm On Sep 24, 2025
ProfGday:
Nobody needs to tell you that there are lots of bots paid to launder the image of this current administration on this platform.


To such people, ignoring them is the best option. Even the blind can see that Tinubu have nothing to offer Nigeria and Nigerians.
Shane catch me as I see them praising what Opay and other fintech are already doing
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by DavidEsq(m): 12:20pm On Sep 24, 2025
DatNiggaDaz:
grin grin

They are looking how to tax every transaction involving Nigerians living abroad.

If you know what is good, don't fall for their pranks because at the end, you will be paying for more taxes than transactions
You are the only one who saw the Trojan horse
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by Coldspice: 12:36pm On Sep 24, 2025
adamkkk:
honestly, i know someone that used that to start his own company in Nigeria.


My own was to build the website and the app and the guy was very generous with the way he was paying me back then.


I didn't think it through when i referred a friend to him because i was leaving warri.
I'm not doubting you. I'm saying that you need a license to run it. Otherwise, tax and regulators will put the operator in debt.
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by integrity16(m): 12:42pm On Sep 24, 2025
DatNiggaDaz:
grin grin

They are looking how to tax every transaction involving Nigerians living abroad.

If you know what is good, don't fall for their pranks because at the end, you will be paying for more taxes than transactions
The diaspora are not new to taxation, so they don't care. Just provide quality services to them.
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by 12inchess: 12:48pm On Sep 24, 2025
twilliamx:
Americans do it too. Unless you denounce your citizenship
Once it comes to tax, you people know how to compare Nigeria to America but when we talk about economic development and infrastructure you will keep shut. Scammers. So I will pay tax in America and then pay tax in Nigeria so Tinubu and his fellow Nigerian politicians will have enough money to maintain their long convoys and trips abroad abi. Once I'm able to, I removing all my money from Nigerians banks. Bloody rogues.
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by DEROX: 1:11pm On Sep 24, 2025
Na trap oo dey wan tax una life
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by WizardOfNG(op): 1:40pm On Sep 24, 2025
Kpartners:
TIN nko?
What is the solution
Tax identification number? I am sure liason offices in the diaspora can help with that. No way they will court the massive financial might of the diaspora and leave TIN to be a bottleneck.

In fact, NIN and Nigerian passports are fairly easy to obtain in the diaspora currently and I am sure TIN will not be a problem.

Not possible under Tinubu who, whatever anyone wants to accuse him of, has never stood in the way of cash and wealth flowing everywhere and to everyone.

This is why you can arrive lagos from Benue, Abia, Taraba, Edo, Akwa Ibom etal today to be fairly wealthy in the next two years.

Tinubu is exemplary when it comes to liberalising access to wealth creation and personal development opportunities for everyone.
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by WizardOfNG(op): 1:40pm On Sep 24, 2025
DEROX:
Na trap oo dey wan tax una life
Agreed. Look the other way then.
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by WizardOfNG(op): 1:51pm On Sep 24, 2025
DavidEsq:
You are the only one who saw the Trojan horse
Lol. What "Trojan horse" kibosh finality do you want to bring to an issue that, at the most simplest level, is about investing your savings in your diaspora location for max 4.3% return , over a year of fixing the deposit, whereas returns of up to 18% interest awaits if you have access to the Nigerian treasury bills, high interest deposit and bonds investment schemes?

A Nigerian in the UK with £100k GPB to invest should tie it up in the UK for 3% return yearly ( as ISA has cash investment limit less than 100k) when he can receive perhaps 20% on same return as lender, via treasury bills, to the Nigerian Government?

Why do you ignore the above, which is proven, to be talking of tax that is even inconsequential when we look at the potentials for Nigerians to bilaterally gain from and assist their nation of origin while residing and working in the diaspora?
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by abuhusna1: 1:55pm On Sep 24, 2025
Leave Nigeria Managemnt to the Yoruba and comme to the Ibos and agriculture to the hausas. Nogeria will grow faster
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by DEROX: 1:57pm On Sep 24, 2025
WizardOfNG:
Agreed. Look the other way then.
Before nko am advising those who have ears 👂 make dem no tinubulize their lives cheesy
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by 12inchess: 2:06pm On Sep 24, 2025
WizardOfNG:
Lol. What "Trojan horse" kibosh finality do you want to bring to an issue that, at the most simplest level, is about investing your savings in your diaspora location for max 4.3% return , over a year of fixing the deposit, whereas returns of up to 18% interest awaits if you have access to the Nigerian treasury bills, high interest deposit and bonds investment schemes?

A Nigerian in the UK with £100k GPB to invest should tie it up in the UK for 3% return yearly ( as ISA has cash investment limit less than 100k) when he can receive perhaps 20% on same return as lender, via treasury bills, to the Nigerian Government?

Why do you ignore the above, which is proven, to be talking of tax that is even inconsequential when we look at the potentials for Nigerians to bilaterally gain from and assist their nation of origin while residing and working in the diaspora?
Until you lose your money from falling naira over time. The diasporans that stored their money as Naira (including me) before 2023 are still crying today after the naira was devalued by over 300 percent. Never again will I fall for such a mistake.
Re: CBN Removes 7 Banking Barriers For Nigerians Abroad by 66uvie: 3:24pm On Sep 24, 2025
Tareq1105:
Yours is negative negative negative and negative. You never see anything good about Nigeria. It's what you see that you get even in the spiritual. Pls start to see good things and profess it.
....One is trying as much as possible to be positive about Nigerian Banks, but the stories we hear about these banks are always negative, bad customer service, time delayed reversal non compliance, atm not dispensing cash, and the most annoying of all to me, is the ATM card maintenance charges. How is it possible to maintain something that is tucked in my wallet.
We diasporas that have experienced services from western banks will be reluctant to take the leap. For crying out loud, why will I take my hard earned cash from a known, tried and trusted financial institution to an unknown not too reputable financial institution just out of sentiments. Until they get their acts together I will continue fraternizing with the devil I know.
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