Difrent:


Whatever gains you make will be taken by p2p dealers when you want to convert it to naira....its just a waste of time keeping your money in USDT

What then will you suggest?

This headline is completely wrong and misleading @ lalasticlala.

All we need right now is professional custodianship of crypto assets.

Gbam!

otosa:
I think this will stop those that keeping the largest amount of dollars in their account for long period of time without using it.

How is that anybody business? You are very mad.

Buy USDC with the rest. Case closed.

otosa:
I think this will stop those that keeping the largest amount of dollars in their account for long period of time without using it.

They will simply open foreign accts and store the money there. Emefiele and Buhari have very primitive ways of thinking

otosa:
I think this will stop those that keeping the largest amount of dollars in their account for long period of time without using it.

and why do you think it's a good idea to limit one's forex reserve?

Andrea781:
Is now a sin to be rich in Nigeria

It is a sin everywhere in the world to regularly deposit/withdraw large amounts of cash. Even in America if you transfer more than $10,000 the authorities will be alerted..talk less of cash!!!!! It's called money laundering!!!! you are not allowed to bring in more than $10000 cash into or out of most countries in the world without declaring it, so where are you getting $10,000 cash every month to be depositing if not that the source of your funds is dubious? If your money is legitimate and not that you want to hide the source of the money why cant you transfer?

The only country that i know that allows you to be depositing and withdrawing large sums of cash is UAE! Anywhere else they will put your account on watch for possible money laundering!!!!

Difrent:


Whatever gains you make will be taken by p2p dealers when you want to convert it to naira....its just a waste of time keeping your money in USDT

Lies..

USDT rate is currently higher than BDC rate sef.

iwaeda:
Dear Customer (Name),

This is to inform you that effective Monday, 23 August 2021 the cumulative cash deposit on USD accounts will be revised to a maximum of $10,000 (USD) monthly. While you will be able to make multiple cash deposits within the month, the total cash deposit summation will be capped at $10,000 (USD) in any calendar month.



We assure you of our continued commitment to serving your best interest as much as possible.



Thank you for your continued patronage.



Best Regards,



Stanbic IBTC Bank

Your headline is misleading

If u decide to launder money dz efiots will still come after u

What this mean is you cannot do a "cash" deposit of more than $10,000 per month, whether accumulative or single deposit. You can still take transfers but no "cash" deposit more than $10,000 monthly. This doesn't say or mean you can't have more than $10,000 in your account.

Focusmind:
Good!

I am not a fan of Buhari but sometimes, the Soviet era kind of system is what fits Nigeria and Nigerians. We keep complaining about naira falling against the dollar yet, most Nigerians, especially the middle class and the rich, keep storing their wealth in dollars. What do you expect? The pressure on naira will continue. Nigeria is not a productive economy. We import most of the things we consume and you expect the naira not to fall.

Billions of dollars are sitting in peoples domiciliary accounts doing nothing. Government is not a magician to stop the free fall of naira. It should be collective effort. Agreed that the government has a role to play in arresting the free fall of naira, the citizens are also culpable. our penchant for foreign goods knows no limit. Everything in this country is "dollarized" and the government is also contributing to this dollarization.

However, some hard measures are needed to save the situation. If nothing is being done about this free fall, dollar will hit N2000 per $ by end of next year. People are offloading their naira accounts and changing them to dollars and pay them into their domiciliary accounts. These are the things that continues to pile pressure on naira.

Let me run a little riddle last you and see if you can decipher.

The FG sells oil and gives its dollar proceeds to the CBN for exchange of Naira.

That is the fundamental mechanism by which the Naira is created.

This means that every Naira in circulation should be backed in turn by foreign currency of an equivalent amount.

So why does the Naira keep falling against the dollar?

The answer is the FG goes behind your back and double dips into the Foreign Reserves via all sorts of instruments.

It is not the excessive importation of goods that causes the Naira to fall.

The FG is currently indebted to the CBN for 15trn in overdraft.

I suspect that this overdraft is the one really piling pressure on the currency and not importation of goods.

When I want to increase my dom savings

olisaEze:
So if my dom acct gets foreign inflow of $100k at month’s end, will $90k be auctioned off without my approval? There are supposed to be limits to policy changes enacted by the CBN to protect foreign investment confidence na.

Cash. Not inflow.

Parisian:
Wahala for who dey save money in Naira. My savings is in usdt so it's obviously not in my bank account meaning that Buhari and his stupid limitations don't affect me, rather it will make my earnings increase in Naira whenever the currency depreciates.

If you know you know

Mr Oga. Please inform yourself well about USDT which is practically a house of cards waiting to crumble. Many of you who don't even know what crypto is be running to USDT without knowing that Tether, as a company, just prints out USDT whenever they want without any backing in assets. The day this house of cards crumbles and you are unable to get your USDT out quickly, you WILL lose all your life savings and will not be able to sell your USDT into whatever it becomes worth. Just some few years ago, on the back of the rumors that Tether is insolvent, USDT crashed to $0.74. If you are wiser and know a few other little things about crypto, you will recognize you are better off keeping your money in DAI or UDSC or something which is better backed. I wish you all the luck because you will need it.

COMPAQ:


Gosh! Nigerians never actually read the story! The headline is actually very misleading and very different from the story. The story takes about maximum deposit in cash per month. It doesn't stop you from depositing $10k every month in the year for $120k at the end of the year. And if your money comes in via inflow, then non of this affects you.

Dominique, can you review the headline of this post, please? It's actually misleading.

Parisian:
Wahala for who dey save money in Naira. My savings is in usdt so it's obviously not in my bank account meaning that Buhari and his stupid limitations don't affect me, rather it will make my earnings increase in Naira whenever the currency depreciates.

If you know you know

I would move it to USDC if I were you. Tether has been in the news and has been having bad publicity these days.

https://www.coindesk.com/usdt-maintains-dollar-peg-as-traders-shrug-off-doj-tether-probe-report

Very narrative

zanshi:
Emefiele remains the dumbest CBN gov to ever assume that office. You cant just wake up gag everyone with investors inclusive and expect people not to react. 2016 when they assumed office, they woke up one day and devalued the Naira without consulting anyone and making them aware of what was at stake. Nigerians now went ahead and started hoarding their saving in foreign currencies to save their investments. An average joe like me growing up never cared about having stash of foreign currencies aside if i was travelling abroad or a friend showed it to me, but now we are forced to hold it to hedge against the falling Naira.

Lebanon comes to mind. When Lebanon was facing serious economic crunch back in 2019,2020, the govt started putting a cap on how much you could withdraw from banks both in foreign exchange and local currencies, that ordinarily created a crisis and unstability in the economy, and Lebanon isn't what we know of it anymore. Guys you see, one of the major criterion we have to agree on in unison is that tomorrows world leaders must be well grounded in economics and money management because elections have consequences. American went about selling globalization and democracy to the whole world, but what they wont tell you about democracy is that if you elect the wrong leader to public office, you are "SCREWED".


The best way we can get out of this mess is to go back to exports, we have to produce what we can and sell for any amount of foreign exchange we can. When Nigeria was getting it right in the 60s, 70s and 80s we were exporting a shit ton of commodities and every region was doing well on it's own from Cocoa to oil palm we were doing a lot of numbers there. Buhari's main focus should have been Manufacturing and Exports, those are the 2 job creators that have proven to be of great success anywhere.

Thanks for this

CountVersailles:

Mr Oga. Please inform yourself well about USDT which is practically a house of cards waiting to crumble. Many of you who don't even know what crypto is be running to USDT without knowing that Tether, as a company, just prints out USDT whenever they want without any backing in assets. The day this house of cards crumbles and you are unable to get your USDT out quickly, you WILL lose all your life savings and will not be able to sell your USDT into whatever it becomes worth. Just some few years ago, on the back of the rumors that Tether is insolvent, USDT crashed to $0.74. If you are wiser and know a few other little things about crypto, you will recognize you are better off keeping your money in DAI or UDSC or something which is better backed. I wish you all the luck because you will need it.

I wanted to explain all these to him, but you took the words out of my mouth. You definitely know your onions in crypto. Cheers!

Sorry for people who don't know how to save in crypto usd

Nothing concern me with naija banks

Headline is different from the content of the news. Isn't it max deposit a month shouldn't exceed $10k?

olisaEze:
So if my dom acct gets foreign inflow of $100k at month’s end, will $90k be auctioned off without my approval? There are supposed to be limits to policy changes enacted by the CBN to protect foreign investment confidence na.

Cash deposit in a day cannot exceed $10,000 not inflow and not cumulative account balance pls.

iwaeda:
Dear Customer (Name),

This is to inform you that effective Monday, 23 August 2021 the cumulative cash deposit on USD accounts will be revised to a maximum of $10,000 (USD) monthly. While you will be able to make multiple cash deposits within the month, the total cash deposit summation will be capped at $10,000 (USD) in any calendar month.



We assure you of our continued commitment to serving your best interest as much as possible.



Thank you for your continued patronage.



Best Regards,



Stanbic IBTC Bank

Cash deposit in a day cannot exceed $10,000 not inflow and not cumulative account balance pls.

zanshi:
Emefiele remains the dumbest CBN gov to ever assume that office. You cant just wake up gag everyone with investors inclusive and expect people not to react. 2016 when they assumed office, they woke up one day and devalued the Naira without consulting anyone and making them aware of what was at stake. Nigerians now went ahead and started hoarding their saving in foreign currencies to save their investments. An average joe like me growing up never cared about having stash of foreign currencies aside if i was travelling abroad or a friend showed it to me, but now we are forced to hold it to hedge against the falling Naira.

Lebanon comes to mind. When Lebanon was facing serious economic crunch back in 2019,2020, the govt started putting a cap on how much you could withdraw from banks both in foreign exchange and local currencies, that ordinarily created a crisis and unstability in the economy, and Lebanon isn't what we know of it anymore. Guys you see, one of the major criterion we have to agree on in unison is that tomorrows world leaders must be well grounded in economics and money management because elections have consequences. American went about selling globalization and democracy to the whole world, but what they wont tell you about democracy is that if you elect the wrong leader to public office, you are "SCREWED".


The best way we can get out of this mess is to go back to exports, we have to produce what we can and sell for any amount of foreign exchange we can. When Nigeria was getting it right in the 60s, 70s and 80s we were exporting a shit ton of commodities and every region was doing well on it's own from Cocoa to oil palm we were doing a lot of numbers there. Buhari's main focus should have been Manufacturing and Exports, those are the 2 job creators that have proven to be of great success anywhere.

How do you focus on manufacturing and export without the right infrastructure?
Without roads and power, you cannot move an inch no matter what you try to analyze up there.
The problem of Nigeria is deep rooted.

Good move, lets see how those buying sham PTA will store up this cash after canceling their flight tickets

iwaeda:
Dear Customer (Name),

This is to inform you that effective Monday, 23 August 2021 the cumulative cash deposit on USD accounts will be revised to a maximum of $10,000 (USD) monthly. While you will be able to make multiple cash deposits within the month, the total cash deposit summation will be capped at $10,000 (USD) in any calendar month.



We assure you of our continued commitment to serving your best interest as much as possible.



Thank you for your continued patronage.



Best Regards,



Stanbic IBTC Bank

I'll hide the rest under my pillow. Ndiara!

Okoroawusa:
Upon it was well stated that this info is for "cumulative cash deposit" in the post yet some ignoramuses are foaming from the mouth.

What is going on with youths of this generation? Someone recently said that if you want to hide an information from Nigerian youths make it more than one paragraph.


We are in trouble in this country o!

Bro leave them abeg

Parisian:
Wahala for who dey save money in Naira. My savings is in usdt so it's obviously not in my bank account meaning that Buhari and his stupid limitations don't affect me, rather it will make my earnings increase in Naira whenever the currency depreciates.

If you know you know

Yes but even usdt will implode sooner or later.
Tether is no longer backed 1:1 usd. And they've printed at least 62 billion tether.
It's a scam waiting to happen.

blackmantis:
Why is this government so unfortunate?

Lmao even people without Dorm account dey complain

Difrent:


Whatever gains you make will be taken by p2p dealers when you want to convert it to naira....its just a waste of time keeping your money in USDT

please explain better