₦airaland Forum

CBN amends policy
1. Beneficiaries of diaspora remittance through international money transfers can now receive those inflows in foreign exchange (dollars USD) in any bank of their choice.

2. Such recipients of remittance may have the option of receiving these funds in foreign currency cash (USD dollars) or into their ordinary domiciliary account.

So guys expect the dollar to start crashing..

Explain in Nigerian language plzzz

You can now receive, western union and moneygram in dollars. over the counter or into your bank account in dollars.

MolarT:
Explain in Nigerian language plzzz

Afamdman:
So guys expect the dollar to start crashing..

I wish I could "expect the dollar to start crashing" (in Nigeria, one should add), but knowing the banks, one can't expect they'll use the lower official rate and not add on exchange fees when I turn up for my money since it's not like this CBN directive will make them give me my dollars over the counter so I can take it to aboki for a better rate.

Afamdman:
You can now receive, western union and moneygram in dollars. over the counter or into your bank account in dollars.

I doubt this is true in a country struggling for dollars. Show where it says so please.

*Edit.
Letter says so but banks will never comply since they would not receive the physical dollars.

This is exactly what the amendment is to correct. so you receive your money over the counter and go chnage with aboki.

budaatum:
I wish I could "expect the dollar to start crashing" (in Nigeria, one should add), but knowing the banks, one can't expect they'll use the lower official rate and not add on exchange fees when I turn up for my money since it's not like this CBN directive will make them give me my dollars over the counter so I can take it to aboki for a better rate.

Afamdman:
This is exactly what the amendment is to correct. so you receive your money over the counter and go chnage with aboki.

I'd love to see it work that way but doubt it ever would. We'll see.

cbn is single biggest fraudster in this country. we should ask them what happen to all the foreign exchange remitted by diaspora Nigerians. remember the remittance is more 30b USD every year. what happen to those money.

budaatum:
I doubt this is true in a country struggling for dollars. Show where it says so please.

*Edit.
Letter says so but banks will never comply since they would not receive the physical dollars.

you need to see the trouble we went through to transfer money from naija to Ghana... I was so pissed when I heard western union in naija could only receive money but not send.....

kkins25:
you need to see the trouble we went through to transfer money from naija to Ghana... I was so pissed when I heard western union in naija could only receive money but not send.....

Western Union does not allow one to send pounds to Nigeria or to bank accounts. They convert it first and send Naira to a pickup point.

:This is exactly what the amendment is to correct. so you receive your money over the counter and go chnage with aboki. I'd love to see it work that way but doubt it ever would. We'll see.

Afamdman:
You can now receive, western union and moneygram in dollars. over the counter or into your bank account in dollars.

nice...but the bank account must be domiciliary or our normal bank accounts?

It must be a Dom account. Or you collect the cash and go change with aboki.

MolarT:
nice...but the bank account must be domiciliary or our normal bank accounts?

Mumu people. Who is sending dollar to Nigeria. Dollar kill CBN there. In a countyr with two exchange regimes. Abeg make dem park well.