erico2k2:

Yes oh. We nor fit work for NNPC go recieve salary payment of okomiko fulling station lol

True that, besides l still see some people exporting cars and different machinery to Nigeria, l wonder how to break even with all the hidden fees from customs, port authority, clearing agents & clearing cost etc

erico2k2:

No longer possible the bank liquidised all Dom account and paid in Naira @ official rate. Someone here had that expirience just the other day scroll bck. To the guy who wants forex. Don't they have 3rd party agents like we do in the UK?

Really?......l asked the same questions few days ago from my friend and he said that you can withdraw dollars from your dorm account, l just taya for all the mixed messages we keep getting from the clueless Nigeria banks

ronald4lif:


Courier companies don't accept cash items so that's not an option. I thought it can be cashed in dollars via WU? That way you can then change it at black market rate.

And you can still repay him via same WU or Moneygram. Though at exorbitant sending charges rates.

maleeks:


thanks alot bro, you just solved my worries

murmee:
December ke? April is more like it.

4nobody4every1:
..True that, besides l still see some people exporting cars and different machinery to Nigeria, l wonder how to break even with all the hidden fees from customs, port authority, clearing agents & clearing cost etc

mrlaw93:
Haba! cnt u jst be like izeeqpotter

erico2k2:

Thier fess will come down now cos no more import as B4

Yeah and all those wharf rats will not see food to eat from importers like before

4nobody4every1:
....Yeah and all those wharf rats will not see food to eat from importers like before

4Play:


This is part of the story but not the full story. At the heart of the problem is dollar inflow into Nigeria. Oil exports are a major source of dollar inflow and so a fall in oil prices reduces dollar inflow. However, dollar inflow may also come from foreign investors attracted by an improved business climate or even corrupt loot being repatriated.

The pace of Naira's collapse is not simply an oil story but it is a reflection of souring investor confidence in Nigeria both in terms of the policy direction, or more aptly the lack of policies,and a rapidly deteriorating business environment. I have also noticed from speaking to Nigerians that many are looking for a way to get money out of the country to hedge their Naira savings in a foreign currency. So not only are fewer dollars coming in but we are experiencing capital flight.

For years I used to try to drum it into people's heads that Nigeria's economic underdevelopment is not simply a corruption issue. Our poor choice of policies is a more significant factor than corruption. If you have a regime that reduces corruption by $2bn but causes capital flight of $10bn you have not gained anything. The reason why Nigerians like to reduce our problems to the single issue of corruption is that we are a people with a religious mindset and an affinity for simplified moral narratives. Economics is a very complex subject and Nigerians struggle with complexity. Better to construct simplistic narratives based on a foundation of ethnic/religious loyalties and hatreds - Hausa/Fulani Muslim oligarchy v IPOB/Ibo conspiracy - than to tackle the headache inducing complexities of the modern world.

4Play:


This is part of the story but not the full story. At the heart of the problem is dollar inflow into Nigeria. Oil exports are a major source of dollar inflow and so a fall in oil prices reduces dollar inflow. However, dollar inflow may also come from foreign investors attracted by an improved business climate or even corrupt loot being repatriated.

The pace of Naira's collapse is not simply an oil story but it is a reflection of souring investor confidence in Nigeria both in terms of the policy direction, or more aptly the lack of policies,and a rapidly deteriorating business environment. I have also noticed from speaking to Nigerians that many are looking for a way to get money out of the country to hedge their Naira savings in a foreign currency. So not only are fewer dollars coming in but we are experiencing capital flight.

For years I used to try to drum it into people's heads that Nigeria's economic underdevelopment is not simply a corruption issue. Our poor choice of policies is a more significant factor than corruption. If you have a regime that reduces corruption by $2bn but causes capital flight of $10bn you have not gained anything. The reason why Nigerians like to reduce our problems to the single issue of corruption is that we are a people with a religious mindset and an affinity for simplified moral narratives. Economics is a very complex subject and Nigerians struggle with complexity. Better to construct simplistic narratives based on a foundation of ethnic/religious loyalties and hatreds - Hausa/Fulani Muslim oligarchy v IPOB/Ibo conspiracy - than to tackle the headache inducing complexities of the modern world.

prettythicksme:
it will soon b 400!#happy#dancing shoki!

godsluvee:
Holy Mary Mother of God

murmee:
Banks in Nigeria pay only in Naira for money sent from abroad in any currency. They have stopped paying in dollars since the time of GEJ.

modath:


This is untrue, it's GT that does that nonsense & they are doing it cos people are letting them get away with it!!! Stanbic does not, & it takes less than 24hrs for wire transfers to reflect in the account..

Kachisbarbie:

There must have been a third-party involvement_ it's expected that GTB takes their share as the service provider. If it's GTBank direct, I really don't understand how they would charge above the bank's official rate.

RichYoungNigger:


And they give you dollar ??

modath:


ON SEVERAL OCCASSIONS.... if not for privacy & safety reasons would have shown you a screenshOt (I delete bank notifications).

Enter any Stanbic branch & make enquiry or if you have a lil time, stick around a bit, you'll see people withdrawing sef, they have lots of international customers, they can't afford to alienate them.... what's more, they are the major PTA/Form A forex sellers, they sell between 197.5 (CBN allocation) to 210 if sourced from other means...

RichYoungNigger:


Unfortunately, i can't confirm this because i live in a different country

modath:



Pm me ... will share email notification.

RichYoungNigger:


I just pm'd you.
How do i open a bank account in stanbic bank without me being physically present.??

modath:





Get your mum/Dad or trusted sibling to handle it... I believe they have arrangements for diasporans... also tweet @stanbicibtc, they'll respond in record time..

murmee:
The person giving you this advice is not current at all. Your problem is not yet solved.

RichYoungNigger:


Unfortunately, i don't have anyone in Nigeria

modath:



Pardon m curiosity but why then do you need to withdraw Forex in Nigeria?

ceaser:


Up till yesterday, GTB charged me 284 to the dollar.

yinkeys:

I got charged 300naira to $1 this morning

erico2k2:

Abeg wey are all the official rate activists?

modath:



Pardon m curiosity but why then do you need to withdraw Forex in Nigeria?