₦airaland Forum

In response to the recent announcement by the Central Bank Nigeria (CBN) that recipients of international remittances can now receive their funds in Dollars or to have funds paid directly into their domiciliary accounts, Access Bank plc has announced that customers can visit any of their branches nationwide to receive funds sent from family and friends abroad in US Dollars effective immediately.

Victor Etuokwu, Executive Director, Retail Banking, Access Bank plc, in a statement to the press said: “As part of our promise to create value and meet the needs of our customers, we are happy to announce that our customers can now receive funds sent from the diaspora in Dollars at any of our branches nationwide. The funds will be available as cash pick-up or direct transfer into customers’ domiciliary accounts.

“The bank’s promise to deliver “More than Banking” services is even more critical at this time as customers are looking for convenient products and services that facilitate their lifestyle and our remittance services are available to both customers and non-customers of Access bank.

“We encourage Nigerians in the diaspora to take advantage of this season of giving, to send funds home for their loved ones, who in turn can receive either by opening an Access bank domiciliary account or reactivate their inactive domiciliary account and the funds will be paid directly to their accounts or visit any of our 500 branches nationwide to receive their funds in USD cash. We maintain a strong relationship with our remittance partners: Western Union, MoneyGram, Ria, WorldRemit, Transfast, Paysend, Shift, Sendwave and other international money transfer services and we are committed to delivering excellent service to all our customers,” Victor concluded.

Access Bank, over the years, has leveraged technology including advanced analytics, cloud computing, artificial intelligence, machine learning and robotics process automation to reform business operations and drive performance to improve customer experience.

This isn't sustainable. If people from Europe sends Euros and pounds and you keep paying the beneficiaries in dollars, very soon dollars will become scarce and that will lead to higher demand for dollar which will also translate to increased dollar exchange rate

ThreeEyedRaven:
This isn't sustainable. If people from Europe sends Euros and pounds and you keep paying the beneficiaries in dollars, very soon dollars will become scarce and that will lead to higher demand for dollar which will also translate to increased dollar exchange rate

If only you had an idea of what challenges this singular policy will address. First, more FX will flood the black market leading to the reasonable adjustment in rates.

Secondly, lots of Nigerians abroad now buy up dollars that ought to be sent to Nigeria then add almost #50 spread to sell to importers that want to send payment to Asia. Yea... It's business. But it's not healthy for our economy. Let people collect their dollars and do whatever they want to do with it. It's a welcome development.

Johnrake69:
If only you had an idea of what challenges this singular policy will address. First, more FX will flood the black market leading to the reasonable adjustment in rates.

Secondly, lots of Nigerians abroad now buy up dollars that ought to be sent to Nigeria then add almost #50 spread to sell to importers that want to send payment to Asia. Yea... It's business. But it's not healthy for our economy. Let people collect their dollars and do whatever they want to do with it. It's a welcome development.

My point is why pay in only dollars. Pay them in whatever currency they were sent. Period!
If all the attentions goes to dollars trust me it will explode out of proportion and scarcity would be imminent. Based on the laws of demand and supply you know what happens next