http://www.vanguardngr.com/2015/10/more-forex-restrictions-coming-nov/

There were indications that foreign exchange market is on further squeeze as tougher measure to control utilization of foreign currency reserves has come on stream in banks.

Some banks’ currency dealers, who spoke to Vanguard yesterday, said that the Central Bank of Nigeria, CBN, has tightened noose on their foreign exchange transactions with customers by reducing amounts available to individuals.

According to them effective November 1, they will effect a reduction in the annual international spending limit on Naira debit cards from USD50,000 to USD25,000.

Consequently, for customers requiring transaction spending above the limit, they will be required to obtain a dollar debit card by opening an individual domiciliary account funded by electronic transfer to ensure continued card usage abroad.

This would effectively curtail usage of foreign exchange reserves by individual travellers as they would be required to fund such accounts from sources other than the official foreign exchange windows.

It would also track usage of the Naira debit cards for illicit funds movements out of the country.

wow, this is amazing
ok op, carry on

such post usually makes me speechless. no matter how fast i think my brain boot, such post gets it nagging.

Sound idea....... the poor shouldn't fund the excesses of the rich, anyone with genuine needs should do Form A or M...

Good move by the apex bank. People should use Form A or Form M for their high volume transactions.

This will definitely attempt to kill the middle class in Nigeria and the economy of Lagos.

modath:


Sound idea....... the poor shouldn't fund the excesses of the rich, anyone with genuine needs should do Form A or M...

l so much agree with you because the system has been hitherto bastardized.

citizenisb:
This will definitely attempt to kill the middle class in Nigeria and the economy of Lagos.

How ?? ... kindly expain..

& don't forget it's the FOREX limit not the naira

I look and laugh .nigerians never see anything .just wait till January many will pray to God to conduct another election so that they can change buhari.

How about those of us doing genuine business for God's sake.

onatisi:
I look and laugh .nigerians never see anything .just wait till January many will pray to God to conduct another election so that they can change buhari.

This is not about Buhari. Don't forget Buhari meet a fractured economy left behind by jonathan. And if you must know, These whole things is as a result of the missing 20B USd and the loots which were stolen under jonathan and secondly, Emeifele is the dullest Cbn governor Ever.

Before you quote me, ask anybody who works in zenith bank, they will tell you how clueless he is when he was the MD of zenith

solid3:
How about those of us doing genuine business for God's sake.

Simple. Carry your genuine business documents to the bank and fill the appropriate forms.

GudluckIBB:


This is not about Buhari. Don't forget Buhari meet a fractured economy left behind by jonathan. And if you must know, These whole things is as a result of the missing 20B USd and the loots which were stolen under jonathan and secondly, Emeifele is the dullest Cbn governor Ever.

Before you quote me, ask anybody who works in zenith bank, they will tell you how clueless he is when he was the MD of zenith

Are you for real? $20 billion missing under Gej and America did not know? And the clueless government we have now has not put him behind bars? Oh! What a clueless government we have. Oya, tell me how the money got missing so I will prosecute him my self.

GudluckIBB:


This is not about Buhari. Don't forget Buhari meet a fractured economy left behind by jonathan. And if you must know, These whole things is as a result of the missing 20B USd and the loots which were stolen under jonathan and secondly, Emeifele is the dullest Cbn governor Ever.

Before you quote me, ask anybody who works in zenith bank, they will tell you how clueless he is when he was the MD of zenith

emeifelebis the dullest?? I no go argue .just Wait till january

buhari thinks he knows alot

I have no idea what this is all about, and it's overall implications ..can anyone volunteer to teach me?

tobimillar:
I have no idea what this is all about, and it's overall implications ..can anyone volunteer to teach me?

it simply means tough times are ahead of Nigerians.

onatisi:
it simply means tough times are ahead of Nigerians.

Speak economically!!
Does it mean that cup of garri will go up?

tobimillar:



Speak economically!!
Does it mean that cup of garri will go up?

yes.more job loses too

Reality show.


Since May 29th we don't have a government in Nigeria.

The BIG vacuum of governance created by the exit of Jonathan is still yet to be filled.

I appeal to fellow Nigerians to give Buhari some time to study the economy, you will recall he is a new learner having lost touch with governance over 30 years ago.


OBJ & Gowon understands Buhari's predicament and asked we give him more time, maybe up to four years.

I pray the indigenous and local industries still exist when his training and learning period is over.

Mr. Emefiele needs creativity from the incoming Finance Minister who is a Financial Genius!!!

form m?? 1930 system in 2015? hmm that's is the ZOO for you,where every thing is obtained.mad people every where

Buharinomics

An american senator said Tthat the reason Obama's foreign Policy failed was because he always feel like the smartest guy in the room.

I see buhari heading in that same direction. He has even called his ministers noisemakers before they were selected.

Consequently, for customers requiring transaction spending above the limit, they will be required to obtain a dollar debit card by opening an individual domiciliary account funded by electronic transfer to ensure continued card usage abroad.

After opening the dollar account, from who/where does one get electronic transfer into the account?

This policy is clearly intended to protect Foreign Reserves, control illicit flows, encourage local consumption, etc. However, I must admit that there could be real unintended consequences, if there are no immediate & strategic Fiscal Policies to complement these monetary policies.

The team of Okechukwu Enelamah, Kemi Adeosun, Aminat Mohammed, Udoma Udo Udoma, etc should immediately get to work and help Emefiele out.

aieromon:


Simple. Carry your genuine business documents to the bank and fill the appropriate forms.

Some food supplements do not have FDA number and are widely used all around the world. There is no document I have to take to bank.

I just order online and have it shipped to me. How do I go about this?

solid3:


Some food supplements do not have FDA number and are widely used all around the world. There is no document I have to take to bank.

I just order online and have it shipped to me. How do I go about this?

What is their mode of payment? How much will you spend on the transaction. The debit cards have limits of daily spending. If the volume of transaction is large, you can get them to issue you an invoice which can be presented at the bank.

I'm afraid customs might flag the items at point of arrival so do your homework well.

Please we need to prepare for austerity

citizenisb:
Please we need to prepare for austerity

you are still planning to prepare for austerity measure when over 80% of state governments in the nations have started compiling names of workers to be sacked next year

then i hope we dont have a REVOLUTION!!!

Buhari want to turn Nigeria into an economic pariah state.
Soon , he will impose limit on the amount of foreign income we can assess.
SMH.

tobimillar:
I have no idea what this is all about, and it's overall implications ..can anyone volunteer to teach me?

it is called follow the dollar!