dayohope1:
This is the reason for the ban;

"An industry source alleged that the affected firms were withholding dollar inflows meant to deepen foreign currency liquidity in the country, and were paying local beneficiaries with naira instead of dollars."

The operators need to do their business with integrity and international best practices. A situation whereby they withhold the dollar supplies and pay Nigerians in local currency can no longer be accepted,” the source, who is conversant with the operation of international money transfers said.

“The operators opened local accounts where they disburse naira instead of dollar to beneficiaries. This has to stop,” the source said.

We need to do our research before criticisms. Their continued operation will not allow the flow of dollars into the system, which is what we all want.

Backyard technology I call this . There is nowhere in the world where a remittance company will pay at the receiving end the same currency the sender paid unless the dispensing agents has dollars to pay at prior arrangement .
If I send 100 pounds to the US today the recipient would get its equivalent in dollars .
So in a nutshell the recipient is paid the equivalent in local currency . So what's their point

obailala:
Bro, Buhari is not as stuupid as you wish him to be.... Besides, this policy might have absolutely nothing to do with Buhari. The CBN has simply called on international money transfer operators to get registered so their activities can be regulated. This shouldnt be a big deal, financial institutions are registered and regulated all over the world..

Are you sure they are not registered ? ?I find this a bit hard to believe

linearity:


The above quote rate of N306/$1.00 is Western Unions rate as at today, August 3, 2016; Money gram is N317/$1.00, World Remit has suspended their service to Nigeria, so one was not able to get their current rate, but it is not at par with the private operatives. You are still leaving thousands if not millions of Naira on the table by using them, especially for anyone that have a project in Nigeria.

Don't you guys in the US have same thing we do in the UK ie money transfer agencies . Same day payment . We do not use WU or WR here

Makes more sense and besides, there are hidden security undertone behind the decision #TurkeyCoup

dayohope1:
I said this earlier;

dayohope1:
I quite understand your view point. The problem here is World Remit does not bring in dollars but pays you in naira. Though, there was a time CBN mandated Moneygram and Western Union to pay people in naira. What happened was that they brought in dollars, sold them to the CBN and you get paid in naira. As regards World Remit, they pay you in naira, and kept the dollars from coming into the nigerian financial system.

You may prefer it but it destroys the macro economy.

SolidGenius:
Hell the CBN has valid reasons! Some times having so many choices makes us puppets in the hands of this foreign Corporate demons.

God bless you. You get sense. Until you are out of Nigeria to see how these foreign money transfer companies take advantage of us, you will never understand. These companies will send money to Nigeria over the bank limit. If they are not making dubious transactions, why would they be offering transfers over the official bank rates? You will never see such elsewhere. Yesterday's rate was 375 against the bank rate of 299... where are they making their profit if not selling to the black market and making it tough for the Nigerian economy

erico2k2:

Backyard technology I call this . There is nowhere in the world where a remittance company will pay at the receiving end the same currency the sender paid unless the dispensing agents has dollars to pay at prior arrangement .
If I send 100 pounds to the US today the recipient would get its equivalent in dollars .
So in a nutshell the recipient is paid the equivalent in local currency . So what's their point

Until you are out of Nigeria to see how these foreign money transfer companies take advantage of us, you will never understand. These companies will send money to Nigeria over the bank limit. If they are not making dubious transactions, why would they be offering transfers over the official bank rates? You will never see such elsewhere. Yesterday's rate was 375 against the bank rate of 299... where are they making their profit if not selling to the black market and making it tough for the Nigerian economy by holding the country to a ransom. These $ given to them will be sold to importers who are so desperate at outrageous rates

[quote author=onatisi post=48139167][/quote] Prophet Onatisi. All your prophecies are coming true.

Am just done like Eba right now... My only way of receiving money since this evil Buhari regime has been blocked.

God pls give me a UK or US or CANADA visa.. That's all I ask

erico2k2:

Don't you guys in the US have same thing we do in the UK ie money transfer agencies . Same day payment . We do not use WU or WR here

Yes, we do...I no longer use WU, WR or MG....you get more mileage with the money transfer agencies, but if you are sending large amount, it is not same day service, it sometimes takes 24hrs or 48hrs and I have had one of my transfer not remitted after 48hrs, all you need to do, is go back, they will investigate and rectify it, which more than meets my needs.

priceaction:
I believe that someone is not really happy with worldremit. The someone in quote likely banks that uses mg or Wu to make extra cash for themselves.
My last transaction with worldremit was like 9 days ago .I received inflow from them at the rate of 335 while the Wu and mg charged around 300/$. U know the funniest thing was that worldremit is nearly instant to my account (less than 7 hours)while others might take much time with stress. What really baffled me more was that I posted here how worldremit better to receive money here than Wu and mg ,it was blocked immediately by only God knows.

Most likely, one of the moderators must have deleted your post about worldremit, mistakenly thinking that, it is one of the shady e-currencies exchanges or get rich scheme....and not out of some gang-up against worldremit.

Remember that worldremit is not very popular in 9ja and they are fronted by local backs like WU and MG.

aleshsenior2000:
Prophet Onatisi. All your prophecies are coming true.

Really!
Thanks bro.

drnairalov:
God punish those who made this happen 100 folds. world remitis the best in sending money, that is what I use to send moneyback home. western uniion is useles, worldremit is very instant same day pay. the Bleep is happening to nigeria?

My God ....forgive us if we failed you this thing is peppering me to the bone.....another policy to make life worst.geeeez!!!!

I think Buhari thought to himself that all the nigerians abroad are happy they are not suffering like the nigerians at home. So he decided to spread the suffering worldwide so that nobody complains that only a section of nigerians are suffering.. lmao!

This policy can potentially remove food from my mouth and knock me out. God forbid.

To hell with World Remit and their very low rates. My main concern is my beloved Azimo.com. If Azimo is also affected, then this is truly below the belt from Buhari's government. Extremely saddening development.

They benefit from the exploitative rate of the three draconic companies. Nigerian government does not in anyway represent the interest of her so-called citizens,it represent the interest of bandits.

redcliff:


I think Buhari thought to himself that all the nigerians abroad are happy they are not suffering like the nigerians at home. So he decided to spread the suffering worldwide so that nobody complains that only a section of nigerians are suffering.. lmao!

lmaooooo

anyywhere you run to yo cannot escape Nigeria's problems

linearity:


This is so true, anyone that still uses Western Union, WorldRemit or these other carriers to transfer money is a COMPOUND FOOL! I rarely call people fool and Yes, I have that in Caps!

Otherwise, how do one explain, leaving about N70/to the dollar on the table, each time you transfer money? Western Union charges N306/$1.00, my black market operatives does the same for N370/$1.00...if you transfer just $5k with Western Union, you just left N350,000.00 on the table, if that is not foolishness, I do not know what else is.

Though some black market operatives restrict the amount you send periodically, but there are many of them and they are very reliable. They have shops all over the US and their businesses are registered in the US and you must follow the basic rules of money transfer as established in the US, e.g income verification, IDs, etc. They are only called 'black market' because they are not recognized by the Nigeria government, despite the fact that, most of them are bankrolled by influential money bags in Nigeria who makes day to day decisions in Nigeria.

bro, what operator sends at 370?

I'm eagerly awaiting your reply.

redcliff:


I think Buhari thought to himself that all the nigerians abroad are happy they are not suffering like the nigerians at home. So he decided to spread the suffering worldwide so that nobody complains that only a section of nigerians are suffering.. lmao!

on the other way, it is the diaspora folks that are wicked, they seek to remit money at highest rate killing the naira and nigeria economy, price of dollar is arbitrary and speculative.

Remii:


on the other way, it is the diaspora folks that are wicked, they seek to remit money at highest rate killing the naira and nigeria economy, price of dollar is arbitrary and speculative.

Man.. i dont get that part. What do you mean exactly? if you were abroad you wont make this kind of statement. What exactly dies the highest exchange rate have to do with killing the naira? A company that remits money for you at the highest exchange rate means they are not going to make profit. Besides, any differences in exchange rate goes to the pockets of the companies as profit and thats where it ends. So if you send at a lower exchange rate, the difference goes to the company remittting it for you. I would not see a western union and a world remit and choose western union because its coprorate broad day light robbery. And yoh would do the same too! So no! Nigerians are not wicked, they are only trying to get the best out of the value of their money!

decode55:



bro, what operator sends at 370?

I'm eagerly awaiting your reply.

Lmao!

redcliff:


Man.. i dont get that part. What do you mean exactly? if you were abroad you wont make this kind of statement. What exactly dies the highest exchange rate have to do with killing the naira? A company that remits money for you at the highest exchange rate means they are not going to make profit. Besides, any differences in exchange rate goes to the pockets of the companies as profit and thats where it ends. So if you send at a lower exchange rate, the difference goes to the company remittting it for you. I would not see a western union and a world remit and choose western union because its coprorate broad day light robbery. And yoh would do the same too! So no! Nigerians are not wicked, they are only trying to get the best out of the value of their money!

Man, I agree with you, I will probably do the same if in their shoes but am at the other end, even friends abroad wont sell forex to you this week because they think it will be more expensive next week unless they really have to part with that money so I consider that hesitation as helping the scarcity in a way. its a business decision but to those at receiving ends it is insensitivity.

erico2k2:

Are you sure they are not registered ? ?I find this a bit hard to believe

Here's the report from CBN below; there's no biggie, but Nigerians just like to sit behind their desktops and cast aspersions on any and everything even if it's a policy meant to protect them.

[size=14pt]Beware of unregistered money transfer operators - CBN[/size]

Abuja – The Central Bank of Nigeria (CBN), has advised Nigerians at home and in the Diaspora to beware of the activities of some unlicensed International Money Transfer Operators (IMTOs) in Nigeria.

The advice is contained in a statement made available to newsmen by CBN’s Acting Director of Communication, Mr Isaac Okorafor on Abuja Tuesday in.

It stated that the warning became necessary because of the activities of some unregistered IMTOs, whose modes of operation are detrimental to the Nigerian economy.

“All financial services providers in Nigeria, just as in other jurisdictions, are required to be duly licensed in order to protect both customers and the financial system as well as to ensure the credibility of financial transactions.

“For the avoidance of doubt, all licensed International Money Transfer Operators, are required to remit foreign currency to their respective agent banks in Nigeria for disbursement in naira to the beneficiaries.

“The foreign currency proceeds are to be sold to Bureaux De Change operators, for onward retail to end users. The Central Bank of Nigeria will therefore not condone any attempt aimed at undermining the country’s foreign exchange regime. He advised the public to beware of the activities of such unregistered IMTOs to avoid being defrauded.

Read more at: http://www.vanguardngr.com/2016/08/beware-unregistered-money-transfer-operators-says-cbn/

Hedonistically:
This policy can potentially remove food from my mouth and knock me out. God forbid.

To hell with World Remit and their very low rates. My main concern is my beloved Azimo.com. If Azimo is also affected, then this is truly below the belt from Buhari's government. Extremely saddening development.

I think Azimo is also affected, but for an organisation like that, it shouldn't be difficult for azimo to get registered with the CBN. By the way have you tried rhemito?... their rates beat azimo totally.

obailala:
I think Azimo is also affected, but for an organisation like that, it shouldn't be difficult for azimo to get registered with the CBN. By the way have you tried rhemito?... their rates beat azimo totally.

Interesting bro. But do you know whether Rhemito is also affected? I don't care if this policy is mainly driven by dollar concerns as I have no business in/with the US. My concern is entirely with the inflow of pounds converted to Naira from the UK... And this Rhemito seems to be UK based, just the way I like it. If Rhemito and Azimo are also affected, do you think this is going to be a very temporary thing? I need clarification o, make man no die.

Hedonistically:


Interesting bro. But do you know whether Rhemito is also affected? I don't care if this policy is mainly driven by dollar concerns as I have no business in/with the US. My concern is entirely with the inflow of pounds converted to Naira from the UK... And this Rhemito seems to be UK based, just the way I like it. If Rhemito and Azimo are also affected, do you think this is going to be a very temporary thing? I need clarification o, make man no die.

As at yesterday when I logged into Azimo, everything still seemed to be fine, but since this morning, they just put up a message saying there is a 'Temporary' suspension of bank transfers to Nigeria. With the size and reputation of an organisation like Azimo, I'm sure they would swiftly sort out the licensing issue with CBN and resume their operations. For rhemito, they havent really put up any message to this effect on their website; so far it doesn't seem like they are affected because they've even changed their exchange rate this morning.

obailala:
As at yesterday when I logged into Azimo, everything still seemed to be fine, but since this morning, they just put up a message saying there is a 'Temporary' suspension of bank transfers to Nigeria. With the size and reputation of an organisation like Azimo, I'm sure they would swiftly sort out the licensing issue with CBN and resume their operations. For rhemito, they havent really put up any message to this effect on their website; so far it doesn't seem like they are affected because they've even changed their exchange rate this morning.

Thanks a million bro.

REMESA
SIGUE

decode55:



bro, what operator sends at 370?

I'm eagerly awaiting your reply.

What about transfers to domiciliary accounts from U.S. banks? Is that still possible or is that now prohibited?

I usually transfer from Wells Fargo to my dom account with GTB.

decode55:



bro, what operator sends at 370?

I'm eagerly awaiting your reply.

Just called my local operator in the US, he said they are 'down for one' on further probing and mentioning the ban in Nigeria, he indicated that, it is not a ban but 'restructuring' and that they have to redo their licenses, etc and that they will be back up within a week.

A colleague in UK also indicates that, same affected the local exchange they use over there and that, the business owner is winding down. It appear that this 'restructuring' will affect many of the local exchanges, but some with the right connections will still survival it.

onatisi:
I look and laugh.
"I cant think far,
I cant think madness"

It's NEPOTISM again.

This policy is for the exclusive benefits of the parasitic Feudal oligarchs that control First Bank and it's lucrative Western Union franchises.

Who pays?
Of course, the Nigerian people.

Buhari never ever dreams of making Nigeria a better place for everyone.
He only dreams of reshuffling things in favor of the Feudal oligarchs.

coolscott:
[size=13pt]I believe that Buhari is selfish with power. I see him attempting something illegal and fraudulent to hold on to power in 2019 even if his party and the people don't want him by 2015.

There's something that happens with people where they are grasping as kids. Want everything to themselves. Then as kids, we grow out of this. But some become manic grasping again, the way they were when they were kids. Some people become this way again at old age.

I am afraid Buhari is like that. To see that it was nothing but a mare a persistent "give me, give me, give me" that drove him through these 3 elections over 12 years and nothing really spectacular he was yearning to do for the country makes me think so.

If some of the wrong things being done now are some of the things planned to do, then I still see him being resolute on that path because it will mean that these things have burned strongly in his heart over this 12 or 16 year period so we can only imagine how determined he probably is to see it through (especially now when his hard efforts have resulted in placing him at the implementation stage).

I don't see this man letting go or wanting to let go even if he discovers that nobody (generally speaking) wants him[/size]

Excellent psycho-analysis.

This is Buhari in a nutshell.
Though it's very sad, I laugh at those that delude themselves that anything good will come out from Buhari's rulership.

erico2k2:

Backyard technology I call this . There is nowhere in the world where a remittance company will pay at the receiving end the same currency the sender paid unless the dispensing agents has dollars to pay at prior arrangement .
If I send 100 pounds to the US today the recipient would get its equivalent in dollars .
So in a nutshell the recipient is paid the equivalent in local currency . So what's their point

Their pout is.. they need dollars

Hedonistically:
This policy can potentially remove food from my mouth and knock me out. God forbid.

To hell with World Remit and their very low rates. My main concern is my beloved Azimo.com. If Azimo is also affected, then this is truly below the belt from Buhari's government. Extremely saddening development.

its affected the entire international money transfer agency except Riamoney, Western union and Moneygram