CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad - Business (8)

CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad - Business (8) - Nairaland

Nairaland Forum › Nairaland General › Business › CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad (30428 Views)

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Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Ganjafama(m): 8:48pm On Dec 28, 2015

miqos02:
we will be limited to a $1,000 transactions monthly

Bro, are u sure of this? I thought it was an outright ban.

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by erico2k2(m): 9:23pm On Dec 28, 2015

olukenzo:
I presume you were paid by your home company and not the Dubai one, yes?

And even if it was the Dubai company that paid you, their country probably has enough balance of trade to do that. We don't.

Yes cos they sent me there and whilst I was in Dubai I was an expertrate

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by erico2k2(m): 9:25pm On Dec 28, 2015

miqos02:
I can't use my card this month becos I have exhausted my limit for the month

There is no more limits.U can't use your card again.

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Ziemonadex(m): 10:19pm On Dec 28, 2015

make dem hold am na

mumu CBN

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by okusebi(m): 4:03am On Dec 29, 2015

modath:
Their politico fathers now have no choice but to improve the educational system..

90% of them are being financed through public funds anyway, so......

BTW, I have folks schooling abroad too!!

what are you saying.... i am studying in china... My saved money wish i use to survive here... i cant wirhdraw from it.... My money is stalk in nigeria while i am here... and its a lot of money... what do i do. i communicated with My bank.. they said sorry for the inconveniences .. mtcheew

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by modath(f): 4:11am On Dec 29, 2015*

okusebi:
what are you saying.... i am studying in china... My saved money wish i use to survive here ... i cant wirhdraw from it.... My money is stalk in nigeria while i am here... and its a lot of money... what do i do. i communicated with My bank.. they said sorry for the inconveniences .. mtcheew

Please come back to Nigeria to study, you shouldn't be paying good money for this kind of gbagaun... as bad as the system is, you nor go run at a loss... sorry..

I don't believe you are a student though!!! Abi na trade you dey study?

Correction...

3 Likes

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Nobody: 5:21am On Dec 29, 2015

modath:
I don't believe you are a student though!!! Abi na trade you dey study?

modi....

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by modath(f): 5:24am On Dec 29, 2015

Caponi:
You have said it all, that will be the next move, we will wake up one day and hear that we can not withdraw above Bleep amount of nairas per day from our own accounts.... wait and see, if this CBN governor is allowed to continue his madness.....
imagine a friend came back from yankee and wanted to deposit USDs in his dom account, only to be told by the bank that its not possible.... imagine this our policies ooh....and now they are crying of low forex, you see if you come out with a policy then inform the populace of the formal way you want them to carryout their business give alternatives, in Nigeria the cbn will just block one route without informing you of alternatives, then Nigerians will create another loop hole as a survival stint.

The idea of dorm account is wrong & it is one of the policies of the military to plunder the economy

Your friend should have done a wire transfer to his dorm acct from the US, the policy is not the recent one,since June ooo!!, must be that he doesn't keep abreast of local news / doesn't send money home/ or one of the "we will find a way round it" kind of folks.... we are peculiar people who abuse rule & processes & still have "mouth" to abuse the regulators..

Tell your friend to take his USD to UK & try to deposit directly into any UK account.

We don't run the dollar economy, oil is not selling, so we should learn to differentiate between NEEDS, WANTS & an excessive acquisitive spirit.

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by modath(f): 5:28am On Dec 29, 2015

sonOfLucifer:
modi....

You too nor see dat kain oyinbo ni? cheesy

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Nobody: 5:35am On Dec 29, 2015

modath:

You too nor see dat kain oyinbo ni?

No vex, d guy money dey stalk am.. grin

oh god.. my eyes..

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Bevista: 7:22am On Dec 29, 2015

macklef:
Oga mi bevista dosnt seem to think deep ontop this matter.
If market forces is to decide, the demand for dollar will keep on increasing, infact some pipu will start hoarding the scarce material and the naira will suffer.

Aside that, think of it wen the naira suffers to lets say N600 just because u allowed market forces decide, how will these businessmen screaming up n down be able to make sales?
Who will buy an inflated item from u esp wen its not a basic comodity? Importers will have stock pile up and low sales.
What about this selfish students? What your parents would spend 200,000# to sales send you 1000usd they will have to spend #600,000 because exchange rate due to market forces is now 600.
Are you not punishing your parents?

The bottom line is, if we allow a free fall, everyone suffers including those in d diaspora, paraventure ur parents cant cope with the hike, worse yet the poor ones amongst us will just die
Like fowls cos the lest imported item of 160 in 2015 is sold for 200 now n 600 in d future wheras
Minimum wage is still N18,.000

But if you support the current policy, the evil is subisidized and both the ricjlh and the poor will have a stake to bear in d general problems.

Remember when we talk of Macro ecinomics 3tiers must be considered.
The cbn is considering those 3 tiers as it seems to prevent hyper inflation.
But if they dont work on increasing our GDP then we all die anyways.

Points noted. However, my earlier comment didn't mean for the Central Bank to allow Naira to float in a Free Market. What I meant was for the Bank to look at its Balance of Payments and make adjustments to reflect the demand/supply realities. That is what they have been doing for ages, so why the grandstanding now. Market prices are already reflecting the scarcity or the high dollar price at the parallel market. Manufacturers who demand foreign raw materials as production inputs are suffering. Companies will soon report lower earnings accompanied with downsizing. I understand the benefits of what they are trying to achieve but my view is that the NET benefit will be negative.

If they so choose to maintain that artificial rate, fine! But why not allow those who are willing to source dollars outside the Bank (at whatever rate) to do so and make transfers and payments easily. The Bank is stiffling the economy by not releasing FX and not allowing for independent sources. Trust me, the 2015 Q4 and 2016 Q1 GDP numbers from NBS will be gloomy.

The irony of everything is that at the end of the day, if oil price do not rebound next year, they will still have to do the inevitable - devalue the Naira.

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by miqos02(m): 11:09am On Dec 29, 2015

erico2k2:
There is no more limits.U can't use your card again.

Ganjafama:
Bro, are u sure of this? I thought it was an outright ban.

I spoke with stanbic over th weekend and I was told that I have access to $1750 monthly

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Demdem2: 11:15am On Dec 29, 2015

daimlerbenz:
I guess you didn't read Ben Bruce' comments. No be your Amaechi and comrade tackle the guy to sharing all the money?

Obama look alike doesn't know what he is talking about.
Go read up what Soludo told Ngozi when she and folks like u claimed the reason why Jonah-daft refused to save was because of Amaechi and the governors.

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Demdem2: 11:19am On Dec 29, 2015

daimlerbenz:
I guess you didn't read Ben Bruce' comments. No be your Amaechi and comrade tackle the guy to sharing all the money?

Thinking about it again.....i know ur lazy type. U won't go and read it up as instructed. I Av extracted it for u to read up. Chew that......

I hereby challenge your attempt to blame others for not saving for the rainy day. It is not a virtue when you are quick to appropriate all the credit when things are going well, but shift the blame when they go wrong. You blame the state governors— who, according to you, have taken the Federal Government to the Supreme Court—not that a Supreme Court judgment forced your hands. For your information, the governors have never agreed to savings and always threatened court action even under Obasanjo. Why did we save under Obasanjo but not under Jonathan? Two keywords explain it: leadership and integrity. Governor Amaechi said the governors insisted on sharing the funds because they found out that you were illegally fiddling with the savings. So, as Nigerians still wonder, if billions of dollars are now ‘missing’ under your nose, why should governors trust you to keep their money? Do the states that have taken the federal government to the Supreme Court and refused to save also include the PDP governors—who are in the majority? If so, then it is fatal: even governors of your own party, PDP, do not trust you to keep their money! Furthermore, did the governors also stop the Federal Government from saving part of its share? If you ran a surplus budget at the Federal level, you would have had credibility to blame others or to say they did not listen to your advice. The key point is that since you were running huge deficits yourself, it was also in your own interest to share the ECA. You did not show leadership or credibility, full stop!

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by Ganjafama(m): 12:56pm On Dec 29, 2015

miqos02:
I spoke with stanbic over th weekend and I was told that I have access to $1750 monthly

That's very good news bro. At least mini-importers like us are in no way affected.

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by erico2k2(m): 5:26pm On Dec 29, 2015

miqos02:
I spoke with stanbic over th weekend and I was told that I have access to $1750 monthly

To withdraw with your Atm abroad?

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by imagrg(m): 5:56pm On Dec 29, 2015

Our politicians should be held accountable for the nation's financial problems because they plundered and stole the nation's money particularly during GEJ's regime.

Re: CBN Insists It Won’t Reverse Restriction On Naira ATM Card Abroad by bezimo(m): 5:02am On Jan 05, 2016

Does anyone here stay in America or Canada or EU and would like some Naira to be paid into their account in 9ja.I need dollars or euros.
please message me if you are in that position.

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