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Nairaland Forum / Nairaland / General / Business / CBN Okays Withdrawals Of Dollars From Domiciliary Accounts (37670 Views)
BDCs Back CBN’s Directive Stopping Use Of Domiciliary Accounts As Collateral / CBN Lifts Restriction On Domiciliary Accounts, Allows $10k Withdrawals / FOREX: No Plan To Convert Domiciliary Accounts Into Naira - CBN (2) (3) (4)
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Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Penboy: 10:31am On Dec 02, 2020 |
bigtt76: First bank does.. I can ascertain. But then, why not just open a dorm account to eliminate any issues with FX?! E go better jare. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by fid3fid: 10:50am On Dec 02, 2020 |
27Pushing30: You mean your bank accepts cash deposit for FCY Transfers ? Is your bank in Nigeria? I have been suffering with UBA for months now. They have refused to process FCY remittance for a month now. Access helped me last month, though I had to present invoice from oversea company. Access brand at LASU refused to help saying they don't do FCY remittance on deposited cash. It was another branch that told me to process it online. There isn't any coherent policy on this. It's different from branch to branch. I wonder if GTB is any good? |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Inception(m): 1:26pm On Dec 02, 2020 |
it is 470 now on AbokiFX |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by 27Pushing30: 2:15pm On Dec 02, 2020 |
fid3fid: Actually seems like what you’re referencing is not about the cash deposit source of inflow BUT the documentary requirements . Invisible payments require invoices and in some cases NOTAP or other regulatory body approvals . Some require service contracts etc Payments for tangible goods on the other hand just require you state form M Separate for machinery though Drop your email lemme send you the CBN guide book my trade unit follows |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 2:37pm On Dec 02, 2020 |
fid3fid: You're right regulations have made it difficult to transfer fx without documentation and even when you present invoice, they will tell you they still need to get approval from CBN & other regulatory bodies. However different banks deal with this issue differently and it's also a function of your business relationship and understanding the regulations. An easier way is with the proceeds from invoice discounting, they make transfers. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 2:43pm On Dec 02, 2020 |
Rates going back up Wetin dey worry CBN sef? 1 Like |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 3:00pm On Dec 02, 2020 |
bigtt76: I don't know who the IMTOs sell their FX to but you seem to answer the question yourself. If they sell to the banks how do they get it into the country to sell to the banks? The banks don't use the forex by CBN for such settlements, there are reserves the IMTOs are supposed to have and it's simply a matter of outflow and inflow. The truth is a different unit of the bank handles this and it's different from the regular banking unit that one can source for Fx. The CBN over the years have not helped matters with different conflicting policies and getting everyone confused. Even with the present difficulty, I'm was still have access to Fx from the bank even without USD in my account. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by bigtt76(f): 3:29pm On Dec 02, 2020 |
They deposit to the banks' foreign position (eg US bank the Nigeria banks corresponds with) and the banks in turn sell to CBN by depositing it with CBN's foreign account. So unless CBN sells its available stock to the bank for Naira value, the banks don't get much to play around with ...I might be wrong but its also expensive for the banks to bring in the physical dollar cash into the country for example. Studymore123: |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Systrom(m): 4:20pm On Dec 02, 2020 |
Inception:It will still go back to 500 before 2 weeks CBN cannot sustain the strengthening of the naira This their new technique is only a temporary thing Dollar is a strong currency and will still overtake |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 5:29pm On Dec 02, 2020 |
Already back to 485 Systrom: |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by AIT1(m): 6:51pm On Dec 02, 2020 |
Penboy: My own problem of opening Dorm account is the 2 references they want me to provide. I'm not able to get them. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by erico2k2(m): 8:17pm On Dec 02, 2020 |
Excellent7:So how are the banks getting the dollars vos frm what I can understand its people abroad they are asking this off cos we are the one remitting money via 3rd party companies to Nigeria. I will never ask to collect cash in dollars in Nigeria then go to aboki to change it why? |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by erico2k2(m): 8:19pm On Dec 02, 2020 |
bigtt76:you are very right, some people seem to think the cash would be flown to Nigeria which is more expenssive |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by lizzlix(m): 10:58pm On Dec 02, 2020 |
With that been said, abeg i need small USD in my dollar account. Who can help? |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by fid3fid: 6:33am On Dec 03, 2020 |
27Pushing30: Hello, It is cash dollar deposit I mean. Documentation is not the issue. The FCY transfer pending at UBA has a valid Form M attached to the transfer request. The only reply I get from UBA is that they do this transfer "in tranches", and that it will take awhile. It's over a month now. It's quite difficult going around banks and their branches around my area asking them if they do FCY transfers. Access bank around my area said they don't do FCY transfers. Someone told me I can fund the dorm account at GTB and make the transfer online. Not sure of this. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by fid3fid: 6:41am On Dec 03, 2020 |
Studymore123: Hi. Thanks for your reply. Do you know of any bank that would do invoice discounting? How would you advise a leaner like me to overcome the challenges I am getting from these banks? Especially when it comes to settling oversea debt |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 10:44am On Dec 04, 2020 |
bigtt76: What you described is correspondent banking and deferred net settlement systems with slight variations. That's how modern banking works, it simply shows that neither the CBN/Banks are using their funds but the remittances received and the cycle moves on. Many of the IMTO's are not Nigeria companies and have the liquidity. Like I asked earlier when will the IMTOs start? |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 10:48am On Dec 04, 2020 |
fid3fid: All banks do invoice discounting. You have to meet the requirements. Go to your client's bank(s) and have a discussion with them. In business you will need to form partnerships/relationships. Some in diaspora have been assisting in this regard. Someone paid an equivalent of 20k USD in naira for a transaction in US. He was been delayed by the bank and had to move on Some businesses accepts payment processors and/or virtual currency. You need to explore all available options and protect your business sir. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by bigtt76(f): 12:49pm On Dec 04, 2020 |
Seen this? 1. https://www.cbn.gov.ng/Out/2020/TED/Diaspora%20Remittances%20Amendment.pdf 2. https://www.cbn.gov.ng/Out/2020/CCD/Governor's%20Remarks%20Diaspora%20Remittances.pdf Kick off date is immediate! The foreign IMTOs having the liquidity does not mean they can afford to tie down their funds in a country they're not sure of cashing out. Most work with the banks on credit basis and settle after an agreed cycle. Studymore123: |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by Nobody: 2:08pm On Dec 04, 2020 |
bigtt76: Billions of USD come in from diaspora and you are talking of "tie down their funds", you should be talking about them pumping in more money. They don't need to "cash out" they have been paid oversees and it's me and you that need to cash out. Yes, I know CBN said it's immediate, but none is yet to start as of yesterday, I made calls to 3 IMTOs. Today I got info that one have started which I will try on Monday. 2 Likes |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by bigtt76(f): 3:07pm On Dec 04, 2020 |
We watch and see the impact Studymore123: |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by ummitoagirl(f): 3:40am On Dec 07, 2020 |
I received an email about suspension of transfer into Nigeria from only one company. All the online vendors used by people abroad are still operating, business as usual. Immediate naira in ones account. We'll see what this new week will bring. Studymore123: |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by zanifa: 7:15am On Dec 07, 2020 |
$100 Available on ACCESS BANK DOMICILIARY ACCOUNT. INTERESTED BUYER SHOULD CHAT ME UP ON WHATSAPP. ACCESS TO ACCESS ONLY. 09042676105 |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by 12inchess: 8:39pm On Dec 08, 2020 |
These people are clowns. Only a Diasporian that is sick in the head will remit his dollars to Dorm account in Nigeria. So tomorrow CBN will wake up and say you can only collect it has Naira abi. Like what happened in Venezuela. The only way I'd ever consider it is if 1) The bank makes a written statement to me that I can get my money in dollars whenever I want or 2) Or That they will give me my money back at the street rate. Now they are looking for our dollars abi. After all the restrictions this pass couple of years. You can do this, you can't do that. They should go and collect their dollars from dangote. Afterall he gets it at 335 naira to 1 dollar. CBN think say we mumu? CBN that don't have consistent policy. Everything is just wuru wuru. My dollars stays in Wells Fargo In the past, the difference between bank rate ( or CBN rate ) and Aboki wasn't more than 5 naira. |
Re: CBN Okays Withdrawals Of Dollars From Domiciliary Accounts by gamaliel9: 10:47pm On Dec 08, 2020 |
I got dollars transferred friday from abroad. Went to ACCESS BANK to withdraw cash...it was given to me.. i went straight to aboki at Eke Awka |
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