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Nairaland Forum / Nairaland / General / Business / CBN Bans Deposits Into Domiciliary Account (62712 Views)
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Re: CBN Bans Deposits Into Domiciliary Account by ASAbraham(m): 11:05pm On Aug 05, 2015 |
IsraeliAIRFORCE: |
Re: CBN Bans Deposits Into Domiciliary Account by arsenal1(m): 11:06pm On Aug 05, 2015 |
Boss13:The official rate is N197 per dollar. And who told you is bad market to BDCs? It is better for you not to comment if you don't know the operation of BDCs. |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 11:08pm On Aug 05, 2015 |
I REALLY DON'T UNDERSTAND ANYTHING ABOUT ALL THESE. WHY ARE THEY BENT ON INCREASING MY MISERY AND FRUSTRATION IN THIS COUNTRY?. Have to get to the bank for clarity on this bullshit. |
Re: CBN Bans Deposits Into Domiciliary Account by erico2k2(m): 11:09pm On Aug 05, 2015 |
arsenal1:We do not print dollars so eventually it will dry up again once the few in circulation gets used up, anyway, its wait and see time. 2 Likes |
Re: CBN Bans Deposits Into Domiciliary Account by JAZES(m): 11:10pm On Aug 05, 2015 |
arsenal1:Abeg help me tell am o...lol First off, u need to understand that the crashing of d dollars is just for short period, shorter than u think self cos Naija is an import based country and d dollars will always be in high demand and according to d simple law of demand and supply... what do u get when demand is higher than supply? My 2cents 1 Like |
Re: CBN Bans Deposits Into Domiciliary Account by arsenal1(m): 11:13pm On Aug 05, 2015 |
dvee2:You either withdraw the foreign currency or its naira equivalent. Either way its has no negative effect on you. Moreover you can transfer your foreign currency to any buyer and get your cash in naira which is now more profitable as electronic dollar(inflow) is now in high demand than the the physical dollar |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 11:13pm On Aug 05, 2015 |
erico2k2: The CBN would always be there to supply dollar before it dries up. |
Re: CBN Bans Deposits Into Domiciliary Account by popcykaylah(m): 11:14pm On Aug 05, 2015 |
not4sure:sorry if I may ask how does this concern Gboys?don't see where fg ban western union in the post and don't see where them dey search maye for airport for cash and seems you don't know there's a way boys dey get thier cash here in naija..bros you are soooo 2000 and late 1 Like |
Re: CBN Bans Deposits Into Domiciliary Account by ibietela2(m): 11:18pm On Aug 05, 2015 |
Trailblazer1: You mean the idio.t imbe.cile Cleverly? |
Re: CBN Bans Deposits Into Domiciliary Account by Boss13: 11:20pm On Aug 05, 2015 |
arsenal1: It is bad market. BDCs in the past were focus on laundering money and a major problem in dollarizing our economy. That was why the CBN requested that all BDCs recapitalized to weed out the unserious ones. Secondly, the CBN reduced the amount being sold to BDCs and instructed Banks not to sell directly to BDCs. In just a few days of Banks voluntarily not accepting dollars/foreign currencies, the naira has appreciated in the parallel market. I bet you, there would further appreciation because the dollar has been rendered virtually useless in Nigeria, except BDCs operating in Nigeria would start selling to neighboring African countries. The CBN must refocus its strategies on cashless policy. Our dependency on cash is huge. We must embrace wire transfers/cards and online payments for business transactions 3 Likes |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 11:21pm On Aug 05, 2015 |
Obiagelli: No! Money is sent via SWIFT! So it has to be in the currency in regard! #Team Domiciliary Account |
Re: CBN Bans Deposits Into Domiciliary Account by chimchim1(m): 11:26pm On Aug 05, 2015 |
britzz:Read tru it again. It can be done via Form A. To pay for goods, you can use Form M. Very simple. I paid all my school fees from diamond bank naira account using form A to university of Leeds account. It simple. Bankers in the house can explain better. Thanks. |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 11:26pm On Aug 05, 2015 |
Trailblazer1:hahahahahah |
Re: CBN Bans Deposits Into Domiciliary Account by iretiland: 11:27pm On Aug 05, 2015 |
There is an urgent need to get this Dullard Emefiele out before he crashes the whole economy. It is only the dullard of the dullard that will hold the kind of office this man currently hold and think he can wage a successful war against the world's foremost currency, the USD. Emefiele lacks any economic brain. |
Re: CBN Bans Deposits Into Domiciliary Account by Joe50(m): 11:27pm On Aug 05, 2015 |
DarryOsh: thanks dear. |
Re: CBN Bans Deposits Into Domiciliary Account by BraniacX(m): 11:29pm On Aug 05, 2015 |
owobokiri: You've got far too much time schooling an economic illiterate 1 Like |
Re: CBN Bans Deposits Into Domiciliary Account by emmatok(m): 11:29pm On Aug 05, 2015 |
emorse: Just use paypal or Wired transfer. |
Re: CBN Bans Deposits Into Domiciliary Account by erico2k2(m): 11:32pm On Aug 05, 2015 |
walexy30:Ehe from where?? |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 11:34pm On Aug 05, 2015 |
Sadly, you are right. Nigeria is her own enemy. Without a strong manufacturing sector then a strong naira is useless. This policy would have been very nice if we were a producer nation but no, they wont take their eyes off the oil for a minute and vigorously diversify this economy. Anyway, atleast a stronger naira will still bring down the prices of goods and lets pray this move encourages more of indigenous production and patronage of such goods by nigerians. owobokiri: |
Re: CBN Bans Deposits Into Domiciliary Account by Boss13: 11:35pm On Aug 05, 2015 |
iretiland: There is nothing wrong in the directive. Would you spend naira or even pounds sterling in the U.S.? It is totally wrong. We are approaching a situation where people will prefer to be paid in dollars than in naira and you see politicians moving around with dollars in their wallet like it is our legal tender here in Nigeria. It even gets funny when people appear to be affluent or classy based on the amount of dollars they have in cash. 3 Likes |
Re: CBN Bans Deposits Into Domiciliary Account by bossfeebok: 11:36pm On Aug 05, 2015 |
Nice article. |
Re: CBN Bans Deposits Into Domiciliary Account by arsenal1(m): 11:39pm On Aug 05, 2015 |
Boss13:What was value of naira to the dollar when CBN reduced the amount being sold to BDCs and now? The directive by CBN to banks asking them not to sell to BDCs is aimed at reducing money laundry by banks and not BDCs because it was discovered that the returns rendition to CBN fron autonomous sources were far lower from what Banks posted as sales to BDCs. It may surprise you that most bank branch managers own BDCs, so you see it was not actually BDCs rather bank that were targeted. Do you know that CBN do special intervention to BDCs by granting them double bidding in some weeks? |
Re: CBN Bans Deposits Into Domiciliary Account by menxer: 11:42pm On Aug 05, 2015 |
erico2k2: I get your gist. my point is genuine businesses will not complain using the avenues provided by CBN 1 Like |
Re: CBN Bans Deposits Into Domiciliary Account by Boss13: 11:44pm On Aug 05, 2015 |
ilobasama: Can we be clear on this. The policy is to first, stop money laundering. Second, stop the dollarisation of the economy. Third, streamline the activities of BDCs and illegal FX exchangers a.k.a Mallams The CBN has already deregulated the naira based on our inability to generate further income apart from crude oil. The official rate is 197, however, there is a wide margin from the official rate with the parallel market. This has resulted to a lot of sharp practices which must be curbed. The directive is not to strengthen the naira officially because the naira cannot be strengthen without any visible economic activities. 3 Likes |
Re: CBN Bans Deposits Into Domiciliary Account by Jchi9876: 11:44pm On Aug 05, 2015 |
barcanista: What do u know about basic rudimentary financial monetary policies?? no be to copy and paste junk you are absolutely clueless about. All those ur copied long post means shoot if u do not have any iota of knowledge on such. We are still watching u! 3 Likes |
Re: CBN Bans Deposits Into Domiciliary Account by ddbluv: 11:45pm On Aug 05, 2015 |
I want to purchase dollars for PTA purpose, I have all necessary documents but banks wont sell to me, I even opened Stanbic IBTC, now they have changed mouth... GTB says I must use master card, How do I go about this, Urgent reply |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 11:47pm On Aug 05, 2015 |
Lets see how it goes then Boss13: |
Re: CBN Bans Deposits Into Domiciliary Account by Boss13: 11:48pm On Aug 05, 2015 |
arsenal1: You just repeated what I wrote in your own words. CBN just want to curb the menace and sharp practices exploited by Banks, BDCs and illegal FX traders - Mallams The gap between the official rate and parallel rate is just too wide and honestly, it cannot happened else where other than Nigeria due to its weak regulations. 3 Likes |
Re: CBN Bans Deposits Into Domiciliary Account by prof12(m): 11:50pm On Aug 05, 2015 |
Obiagelli: Which one? mallam Jonathan or mallama patience? |
Re: CBN Bans Deposits Into Domiciliary Account by Boss13: 11:51pm On Aug 05, 2015 |
ddbluv: They have just told you what to do - use your master card. I actually used my master card today to make payment for foreign services No bank will sell foreign currency to you. This has stopped for a long while and now you cannot even deposit your foreign currency into any bank account whether domicillary or naira account |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 11:53pm On Aug 05, 2015 |
menxer: What if one is interested in doing a wire transfer in dollar to abroad? They will be able to the cash dollar to the bank for wire transfer but won't be able to deposit it into their account...Am I right? |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 11:54pm On Aug 05, 2015 |
RichDad1: Not every body that has dollars looted from any source. Most of us earned it with our years of sweat and labour. |
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