Please I’ve noticed people usually use third party apps like LemFi and eversend to send money from Nigeria to overseas. Is there a reason why they do not want to create a domiciliary account, fund it with USD and then spend from their card outside Nigeria or do a wire transfer to their foreign bank? Someone educate me.

icenti:
Please I’ve noticed people usually use third party apps like LemFi and eversend to send money from Nigeria to overseas. Is there a reason why they do not want to create a domiciliary account, fund it with USD and then spend from their card outside Nigeria or do a wire transfer to their foreign bank? Someone educate me.

https://nairametrics.com/2020/02/23/cbn-restricts-withdrawal-of-foreign-currency-deposits/?amp=1

under buhari/ emeifele. Dom accounts funded with cash could not be transferred. Transfer fees too are high using dom account. So many people just looked for alternatives.

Maria96:
https://nairametrics.com/2020/02/23/cbn-restricts-withdrawal-of-foreign-currency-deposits/?amp=1

under buhari/ emeifele. Dom accounts funded with cash could not be transferred. Transfer fees too are high using dom account. So many people just looked for alternatives.

Has this been reviewed or it’s still the same?

icenti:



Has this been reviewed or it’s still the same?

Reviewed but people have moved on. In some countries transfer from Nigeria is flagged or doesn’t go through. In summary Dom account is not worth it unless you are a businessman or earn from social media contents