₦airaland Forum

This is one of the few MDAs actively working under Tinubu; not supporting Tinubu but Cardoso is outstanding!!
Credit is due when someone does well irrespective of all these Tribalism littered everywhere!!

Wotowotoman:
Ogbeni, you don pass WAEC English? 🤔

I no get time for your kind people, i am too serious minded.

melow666:
Thats a strange one, on one hand CBN claims to be battling dollarization, on the second hand, they are concerned about denominations paid customers who obviously wants a higher denomination to sell in the black market.

If you work or did business and earn foreign currency why won't you withdraw and keep, maybe save as you wish, anywhere you wish.
They should be more concerned about people still openly requesting for USD for certain payments e.g real estate; OR politicians and VVIPs who hoard these dollars and spend willingly!!

lookinggood:
Is anything wrong with that, you have dollar and want to buy things from market, what would you do, is it not to change the dollar to naira so u can buy things? Or would petrol seller ask for dollar or naira?

Black market is not actually good, it shows the system is faulty, funny thing is that it is corrupt government officials that prop up the black market, politicians who want to quickly convert their loot into USD. What i am infact saying is that the banks are in no way obligated to help customers with higher denominations to facilitate higher black market rate. If you want your USD with the bank, the bank can as well pay you in 20s or 10s as long as you are getting your money.

ogaontop:
If you work or did business and earn foreign currency why won't you withdraw and keep, maybe save as you wish, anywhere you wish.
They should be more concerned about people still openly requesting for USD for certain payments e.g real estate; OR politicians and VVIPs who hoard these dollars and spend willingly!!

Please my response is regarding the customer in the write up who complained about being paid lower denominations of USD by the bank, what i am saying is that USD is USD, the bank shouldnt be obligated to go find your 100s and 50s.

They have started saving up for the elections. They will release in bulk by November/December

SmartMaster001:
"According to the sources, some banks may be using the foreign currency cash available to them for other transactions, potentially generating additional earnings, rather than releasing the funds to customers who request withdrawals."

melow666:
Black market is not actually good, it shows the system is faulty, funny thing is that it is corrupt government officials that prop up the black market, politicians who want to quickly convert their loot into USD. What i am infact saying is that the banks are in no way obligated to help customers with higher denominations to facilitate higher black market rate. If you want your USD with the bank, the bank can as well pay you in 20s or 10s as long as you are getting your money.

Oohhh, now I understand, thanks.

melow666:
Please my response is regarding the customer in the write up who complained about being paid lower denominations of USD by the bank, what i am saying is that USD is USD, the bank shouldnt be obligated to go find your 100s and 50s.

You're right in that, USD is USD.
The customer doesn't need the money yet!
The issue is with those that couldn't withdraw at all.

It’s election season they are keeping them for politicians

The banks are holding some of it. Let me share my experience.

I once went to withdraw $5,000, and the branch told me they had no dollars. I later received a call from their head office asking why I had stopped using that branch. I explained that they always told me they had no dollars.

Head office told me to go back and request the $5,000, and if they refused, I should report it.

I went back, mentioned the call, and surprisingly, they immediately gave me the full $5,000.

So how can we say the banks are not holding dollars when my experience showed otherwise? Some branches may genuinely have shortages, but others clearly seem to be holding cash for certain purposes or customers.

AnonPoet:
https://applesbite.com/cbn-moves-against-banks-over-forex-withdrawal-restrictions/

I hope the banks have not used our money to buy Dangote IPO

yinchar:
Are you there, how did you know CBN did not support enough USD

This is massive transformation, compared to the era of Jonathan and Buhari where there was limited USD access and suspension of USD purchases on all Nigerian Cards

It is not any transformation. The era of Dollar scarcity became serious under APC. A dollar was just abt 190 naira under jonathan.

It was when Buhari got in under APC that dollar withdrawals became restricted.

On one hand because emefiele was obeying Buhari's sudden banning of importation of many items.

Then mamman daura and the other members of the northern cabal who were getting free dollars from the banks and usinng bureau de change to sell to others at exorbitant prices.

And finally Dangote who was using almost all of our dollars to build his refinery...at super cheap official prices, selling some through bureau de change to ordinar, nigerians at double the official price and using the difference to pay back his loans...We all remember the era of Form A and Form M.

If not that nigerian politicians have no single regard for their citizens....Dangote refineries shd by default be remmitting some money to all nigerians who were alive when that refinery was being built cos we all had to suffer ..for that structure could see the light of day.

But typical Dangote now, ..he still had to sell us shares at super high prices.....It is why my kobo will not buy any of those shares for now...lol.

Dont insult our collective intelligence by bringing Jonathan into it. This is all entirely on APC.