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Nairaland Forum / Nairaland / General / Business / Central Bank Of Nigeria New Directive On Money Transferred To Nigeria (64854 Views)
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Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by ogbonti: 12:09am On Dec 20, 2020 |
ATEAMS: No matter the tweaking of the current policies of the CBN it will not reduces the rate of the dollar to the naira - for the naira to gain weight against the dollar the volume of exports from Nigeria must tremendously exceed imports of raw materials and finished goods to Nigeria in order to “move the needle” considerably. The fundamental question is- what’s Nigeria’s GDP? I don’t think we even have credible stats to back up whatever numbers the economic council is throwing out there - we don’t even know our population, our government keep using the word “about” and all that guess work. Next, How many Nigerians are gainfully employed? no one knows. What are they producing and what’s the effect of their products and services on the global market? - no one knows. Apart from Oil exports through NNPC, and a few solid minerals - every report on other sectors of the Nigerian economy are purely guess work and speculative Now let’s talk about services rendered- what services do we render on the global front to enable more investor / client dollars chasing to purchase naira to use as payment for the services rendered by Nigerian businesses ? very insignificant or non existent so we are a consumption based economy which means lots of our naira keep chasing limited dollars in order for our merchandising outlets to import what we consume- that’s puts stress on the purchasing power of the naira which reduces its value. This is not rocket science- it’s just laws of demand and supply. Simple Economics 101 so like Fela said, let us keep on perambulating - perambulator 2 Likes |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by JesseThunder(m): 12:23am On Dec 20, 2020 |
Forex trader, how are we going to receive money now? Skrill refuse to pay me i had to sell my Skrill funds on paxful for BTC then sold BTC for Naira. I heard i can trade with btc on Exness then i should be able to withdraw on btc i assume on Exness? |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Katlyst(m): 12:30am On Dec 20, 2020 |
Infinitex: You can try Zenith bank. No referral requirement. The only problem is $1K or #300K opening balance. 1 Like |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by EMMY76: 12:31am On Dec 20, 2020 |
EarlyCareer: So does this mean the receiver must have a dollar account with the bank? |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by northvietnam(m): 1:57am On Dec 20, 2020 |
TransAtlanticEx: You are more Daft than I thought too.. Do we produce cars in this country .... If dollar is available, companies that import raw materials for production will do so and sell to the people in a cheaper rate ... Customs just need to up their game to checkmate making the country a dumping ground ... 1 Like |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by TransAtlanticEx(m): 2:12am On Dec 20, 2020 |
northvietnam:See that you are more daft na? Did manufacturers tell you they haven't been accessing cheap forex from CBN? Who do you think are the ones trading at the NAFEX window?ghosts?brother ode. The people that are affected by this forex scarcity are importers of finished goods for retail purposes,reasons why inflation in the streets is getting crazy but factory prices remains almost the same. People whose imports are insignificant or the ones who are under fx ban due to the type of commodity they import(no form M for them) are the ones patronising aboki in the streets for their fx needs hence exposed to exchange rate volatility,not manufacturers who import raw materials. Also about cars,do you think if Nigeria's imports was just cars,we would experience fx scarcity?Don't you know if we stop importing the things that take our fx the most(petrol,food,grains...),fx would fall on it's own so much so that cars will become cheap on it's own without depleting our reserves to achieve it or turn our country into a dumping ground by making cheap fx readily available? You talk about customs checkmating dumping?Nigga are you dumb? Why haven't they checkmate the smuggling of rice since? If they cant do that,then is it dumping they can checkmate? Oga you too dull,too much dull abeg. 4 Likes 1 Share |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by SomehowBROWN(m): 4:56am On Dec 20, 2020 |
I used world remit last week and it's the same, the money wont go straight to ur account. U have to recieve it in the bank in the currency ir was sent to u Atk1nson: |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Orpe7(m): 6:08am On Dec 20, 2020 |
Pickup is just a way to reduce yahoo boys using tom cruise as name 1 Like |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by paste007(m): 8:05am On Dec 20, 2020 |
surrogatesng:ok thanks |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by 21Bandit: 8:28am On Dec 20, 2020 |
Laboni: Please how about wire transfer? |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by wirinet(m): 9:01am On Dec 20, 2020 |
Omo, it's a good policy, but then every good policy is subject to abuse. bigtt76: Whether it's recognise black market or not black market is a fact you can't wish away. It's will always be there. If that happens, then that effectively destroys or eliminate the black market, which has been the goal of the CBN for decades 3. Naira in circulation would be mopped up at a point in time resulting in the dollarization of the economy (no one would want tk be paid in naira)This is a good thing as there will be more supply of dollars than naira, leading to a rise in the value of the naira. Remember we imports most of our consumer and even industrial goods from oversees and in dollars. So, cost of goods will fall and inflation will fall. That is also good. Banks have been ripping customers off by forcing them to exchange their dollars sent from abroad at extremely low rates, and then selling it back to them at extremely high rates. 1 Like |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by erico2k2(m): 9:13am On Dec 20, 2020 |
Awesomeking:SO PEOPLE STILL USE WESTERN UNION?? |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by OYENIYIJK: 9:17am On Dec 20, 2020 |
Good morning everyone here. Please do check my signature if you do sell PayPal funds. I don't reject any amount, bring all what you have. Happy Sunday And God Bless Us. |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Laboni: 9:21am On Dec 20, 2020 |
21Bandit:I think that will be directly to your dom account if you have one. |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Ouchbabe(f): 9:38am On Dec 20, 2020 |
Laboni:OK. Thanks |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by TerrorSquad147: 10:01am On Dec 20, 2020 |
Atk1nson:good question |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Rooneyboy(m): 10:09am On Dec 20, 2020 |
bigtt76:This is so beautiful. |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by 7lives: 10:27am On Dec 20, 2020 |
Mrbillionaire: This was how India came about their $550 billion reserve, Narenda Mordi is India's best prime minister ever. Every Indian abroad send their foreign earnings to India tax free and the reserve keeps growing fatter, of recent another 5 billion was added to their reserve. If you know how many Nigerians have lost their Dollars to those fraudulent online banks. Let them bring the money into Nigeria jor, oyinbo self na scammer, na dog eat dog ole gbe ole gba. 2 Likes |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by 7lives: 10:39am On Dec 20, 2020 |
greggng: You served into their hands, I no dey withdraw money when my Aboki no dey around o. I would have invite the Aboki into the banking hall, he will be in the bank when I collect the money, as soon as I collect the money, I will collect the naira and deposit it into my naira account. So you don't know that some bankers are working with thieves?, just get a good money exchangers and let him wait while you collect your � simple. 3 Likes |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by 7lives: 10:44am On Dec 20, 2020 |
Maximeo: Try Stanbic bank, as long as you have a domiciliary account, you won't pay Kobo to withdraw your money. |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by 7lives: 10:52am On Dec 20, 2020 |
BreconHills: God bless you, that guy is a pretender he knows the policy will give naira a breathing space, they don't want this. 1 Like |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by greggng: 10:56am On Dec 20, 2020 |
7lives: You are 100 percent correct ...my friends told me after the incident that I was very lucky ...they could 've killed me if the money is too big .. 2 Likes |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Nobody: 11:05am On Dec 20, 2020 |
TransAtlanticEx: Nigeria's formal sector does not contribute much to the job creation. Informal sector is currently number one job creator. With cheap dollar, imported goods will be affordable but at the expense of local manufacturing sector. In economics, opportunity cost is inevitable; you get more of one and less of the other. However, every country should aim to be driven by the formal sector. |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by AK481(m): 11:19am On Dec 20, 2020 |
bigtt76: Actually , it’s a good one. Demand and supply of money in a free makeover system favour the naira here. When there is a pump of fresh and excess dollar into the system , dollar looses value and naira gains . This conversation earlier has favour a the dollar. When bdc have a lot of unused dollars and more people are begging him to buy, he reduces the price he sells and buys less . |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by EarlyCareer: 11:37am On Dec 20, 2020 |
EMMY76: No. - The receiver can enter any bank with Western Union partnership (e.g. GTB, Zenith etc). - go to the counter and tell them you want to receive money from Western Union. - they will give you a form to fill and include all necessary details. - also have a valid ID to show the bank people. - once completed, they will give you the dollars. - you can now go and change to naira any way you want (e.g. through bureau de change, abokis etc.) 1 Like |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Nobody: 12:56pm On Dec 20, 2020 |
Please guy's, what if you are receiving funds payoneer, will they be able to send funds to your account or will you have to send it to someone in another foreign country? |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Revolva(m): 1:00pm On Dec 20, 2020 |
This thing favour me NO TIME LET me help u pick Any body that want to pick up money from abroad I can offer my GTBank dorm acc and I get my 10 percent oo Pls Only Legit money inflow ooo Usd / pound account I have in GTB Oya business flows now |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Nobody: 1:15pm On Dec 20, 2020 |
iLegendd:Ilegend i have learnt you publish ebooks on amazon, and you must be one of those whose use psyoneer to. My question is does it affect freelancers and ebook publishers line you and i, maybe if we want to transfer funds to our Nigerian account 1 Like |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by 9aiboard: 1:44pm On Dec 20, 2020 |
What of people who receive adsense payment to their local account.. How will it affect them? |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Systrom(m): 1:45pm On Dec 20, 2020 |
ibietela2:Do you know the maximum I can receive from world remit. Let’s say my relative in USA wants to send me some dollars to my GTBank domiciliary account. Can he send up to $30k |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by Nobody: 1:55pm On Dec 20, 2020 |
post=97257650:Bros na wat in i dey reason to, this country is stupid, i m just prying i hit at least 1k dollars per month so i can move to Ghana i believe online hustle will be easier there 1 Like |
Re: Central Bank Of Nigeria New Directive On Money Transferred To Nigeria by 9aiboard: 2:01pm On Dec 20, 2020 |
spendoon: i am tired .. i av been trying to reach my bank about it but no reply.. this country will always find a way to frustrate someone.. with $1k/month how long will it take for someone to settle and start investing over there? |
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