manny4life:
If they continue to stifle Forex, it's only a matter of time before the bubble burst.

owagbeba:




Thank God there's a fellow business man on this forum.

I'm literally confused on how to pay oversea partners at the moment. And I can not tell them banks here have stopped outward remittance; they will freak out and recall the shipment. What do I do?

kaeforum:


I dont know where you get your info from, I tell you the rate offered by banks is still 224 naira to the dollar as at yesterday, your 209 to 1 dollar is the fictional rate similar to the 160 to 1 dollar announced last week by cbn, get your facts right and do research . Banks still do 224 to 1 dollar. top the hype.

jjman2322:


Same problem bro.. So many payments outstanding for things ordered, and Im stuck on how to send them.. Can get the dollars as cash easily, but no point if it cant be sent.. Its a big problem and Ive been brain storming with all our account officers.. no luck yet

onatisi:
there are 3ways about it. 1)

is to relocate banking transactions to outside.which meNs you Will use your Nigerian Dom account to receive but transfer from outside Nigeria.
(this is one option but its not so straight forward.. means you need to go to Ghana or nearby country with lots of USD cash and open an account and deposit it there.. Lets not forget you have to worry about customs, etc, its not so easy to come into another country with huge amounts of dollars.

2)have someone do the transactions and transfer for you.
(I have 3 guys in Lagos who you pay naira and they send dollars for you. As of friday none can send it anymore. They said the new policy has crippled them as well)

3)stop the transaction. Am I wrong?

(This means closing down the business. Not a good option)

jjman2322:

jjman2322:
"Please note that this temporary measure, does not affect electronic transfer of funds into or from your domiciliary accounts and, you will continue to have access to foreign currency cash withdrawals from your account"


You're still confused. let me explain what they mean:

What this means is that people can send you FUNDS to your dom account from ABROAD(USA,Uk,ETC), and you can withdraw the funds you have as cash.

YOU CANNOT go to GTBANK and give them $10,000 cash and send out a wire.

I'm speaking from experience, afterall we have a gtbank dom account with high five figures and our account officer had a meeting with us telling us the bad news.

I will explain further if you need.

Bottom line is you have $10,000 cash, GTBANK will not touch it or send it to anyone. However, if you already have $10,00 in your account, they will let you access it.

You can also get deposits into your DOM ACCT, but only ELECTRONIC(WIRE TRANSFERS FROM ANOTHER COUNTRY).

Your $10,000 or $20,000 cash in your hand is useless. Hence why the dollar is dropping a lot.

989900:


That's crazy then! Especially, when you can't wire out from your Naira account too.

That would mean physically taking cash out to the 'Cotonous' to send -- for real?!

derecho:
Unfortunately, this means nothing to the poor man on the street. The price of foodstuffs hasn't reduced. The elections are over please. Nigerians are not interested in all these propagandas.This should translate to cheaper foodstuffs,we should buy kerosene cheaper than before if the refineries are now working.

jjman2322:


exactly.. If you dont understand/still confused, go to your bank with $100. Tell them you want to send it to a friend in USA, and see what they tell you.

Also, no you cant wire out Naira to any other country. That hasnt been possible for generations. You also can't exchange naira in UK, USA, etc. Its as good as toilet paper abroad.

jjman2322:


exactly.. If you dont understand/still confused, go to your bank with $100. Tell them you want to send it to a friend in USA, and see what they tell you.

Also, no you cant wire out Naira to any other country. That hasnt been possible for generations. You also can't exchange naira in UK, USA, etc. Its as good as toilet paper abroad.

owagbeba:


Bro, has anyone you know tried transferring from Cotonou? Is it easy?

onatisi:
what about western union and money gram services in Nigeria?

jjman2322:


exactly.. If you dont understand/still confused, go to your bank with $100. Tell them you want to send it to a friend in USA, and see what they tell you.

Also, no you cant wire out Naira to any other country. That hasnt been possible for generations. You also can't exchange naira in UK, USA, etc. Its as good as toilet paper abroad.

onatisi:
very very easy

989900:


So, basically what they mean by outward online transfers will only be CC and PP.

jjman2322:


then we need to talk more.. I urgently need to send some funds to one of our big suppliers abroad and I havent been able to sleep for days now..

JustCalMeDBoss:
The only person who should be credited is the CBN govenor but the masturbators masturbate their thought into thinking its the dullard

jjman2322:


My issue isnt sending funds you already have..My issue is that you cant deposit more dollars into your account or send any new money to anyone abroad.

989900:


I mean you can make small payments from your Naira master card via credit card payment or Paypal online.

jjman2322:


then we need to talk more.. I urgently need to send some funds to one of our big suppliers abroad and I havent been able to sleep for days now..

onatisi:
it is a simple process. But please kindly note I am only talking about transfer in the range of 1000 to 3000 dollars and only services of western union and money gram outward. But if u can get ppl in benin with Dom account they may help with higher transactions.

MOBBDEEP:


Decisions bordering on Financial Policy especially FOREX needs vetoing by the Executive Head.
The role of the Finance Minister & CBN Governor is strongly advisory, coordination & Intel provision.
So, you could understand where PMB comes in & why he needs to be credited small.

I reason why the past PDP administration didn't execute/implement this kind of solution/policy was because it stifles & devalues their loot.
Hence, they rejected that route because they love themselves more than us.

But I quite agree that it's not yet uhuru!!!

The real value of an economic system's fiduciary is mostly & truly determined by the products & services measured in terms of GDP/per capita income.

I still dey learn shá

battleaxe:
Based on the explainations made here, if not handled carefully, this might actually create another "black market" with possibly higher rates.

One where people in the diaspora with assess to foreign currencies are able to offer to transfer dollars on behalf of individuals, companies etc. for naira credit into their bank accounts back home in Nigeria.

As can be expected, rates would not be going for the official rates as the demand and supply curve would lead to greater demand than available supply, especially for businessmen who need parts or materials urgently, or even people with urgent medical needs outside the country. The end result would be rates possibly even higher than that being contended by the CBN.

Unfortuantely, as mentioned by jjman earlier, I believe this would lead to increased cost of doing business and eventual increased cost of commodities.

Is this a correct assumption?

wristbangle:


You are right but one step @ a time bro.

Let's see the outcome of this transformation before the year ends.

battleaxe:
@jjman, others
Can someone please confirm to me if interbank DOM account transfers are possible right now? Can i transfer dollar from my Zenith bank dollar account to @jjman's Diamond bank dollar account?

That is, can a BDC or aboki transfer dollars from his DOM account to mine, while I transfer naira back to his?

I guess the next problem though would be how the BDCs/aboki continue to have sufficient dollar inflows into their DOM accounts to maintain interbank transfers.

Eyop:


Yes it is possible

jjman2322:


no it's not. Dom accounts aren't on cbn clearing so you can't transfer from one bank to another. only within a bank. don't believe me call your bank now and ask them. this has never been possible and won't be possible anytime soon.

dollar can't be sent locally from one bank to another. simple.

onatisi:
very very easy