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Nairaland Forum / Nairaland / General / Business / Banks To Pay Customers Money Sent From Abroad In Naira (42293 Views)
CBN Directs Banks To Pay Customers With ₦100, ₦50, ₦20, ₦10, ₦5 Over-The-Counter / Fight Breaks Out In Banking Hall As Bank Refuses To Reverse Customers' Money / Firstbank Reacts To Rumours That Its Elephant May Swallow Customers Money (2) (3) (4)
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Re: Banks To Pay Customers Money Sent From Abroad In Naira by tommy589(m): 7:07am On Feb 09 |
Ok |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Mavor: 7:07am On Feb 09 |
Nigeria will have a serious FX inflow problem. No one will use banks with their rubbish FX rate. Crypto all the way! 25 Likes 1 Share |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by BreconHills(m): 7:07am On Feb 09 |
mycar: BDC will die. Their activities will be limited to airport and shopping malls as obtains abroad. 14 Likes 3 Shares |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by year2013: 7:08am On Feb 09 |
OlujobaSamuel: You and who?. 1 Like |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Fiscus105(m): 7:08am On Feb 09 |
Namaster: Oga, don't forget to tell us ur own solution to forex crisis oo, after u have attacked and attacked the policy. And dnt shy to tell us "who and who" that can help him. Maybe they should impose you as CBN gov. The last CBN and finance minister, we know where they came from and how they ended ooo 19 Likes 3 Shares |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by We4all: 7:08am On Feb 09 |
This has been on ground. How is it new? 2 Likes |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by emerged01(m): 7:09am On Feb 09 |
mycar:The poor ones will always suffer in Nigeria,the politicians will be the one to collect the dollars from bank to exchange from Abokis. 4 Likes |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by billgabb(m): 7:09am On Feb 09 |
Let's spend naira in Nigeria, that's all. 10 Likes 2 Shares |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by BreconHills(m): 7:10am On Feb 09 |
Mavor: Which rubbish rate? They sometimes have better rates than street. The spread or arbitrage between both rates is very small. They knew what they are doing when they allowed NGN to fall. 7 Likes |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Davicl: 7:10am On Feb 09 |
BreconHills: Not possible you'll be surprise to know that banks sell to bdc 9 Likes 1 Share |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by TA4TA4: 7:11am On Feb 09 |
I hope they are joking? ..... Nigerian electorates always bring up Policies that never touch the people who are causing this problem...what a shame https://www.youtube.com/watch?v=W1wOu-yXo7o 1 Like |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by RepoMan007: 7:11am On Feb 09 |
ivolt:people will simply intercept the forex inflow at a better rate through social media. That way a new black market is borne and the rates may reach N2500 for a USD then. 5 Likes |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Basicend: 7:12am On Feb 09 |
Namaster: You are a very brilliant man. 12 Likes |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Dittodat: 7:12am On Feb 09 |
Forkthiefnubu: We all know that the IPOB terrorist cannibal religious fanatical monkeys don't know jack besides peddling drugs and eating humans. The Agulu yes Daddy religious fanatical packaged fraud was only capable of bringing a brewery to Anambra in 8 years. 11 Likes 2 Shares |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by spinna: 7:12am On Feb 09 |
Thank God for crypto.. govts and their messing with people's money is a global thing 4 Likes |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by nairalanda1(m): 7:12am On Feb 09 |
Macphenson: We should stop.corruption, but it won't improve our dollar supply. 3 Likes |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by BreconHills(m): 7:12am On Feb 09 |
Davicl: That won't last. BDC are largely owned by politicians which is why naira falls after every FAAC allocation. Let BDC return to international airports and select shopping malls where they started from. 17 Likes 2 Shares |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by ruggedtimi(m): 7:13am On Feb 09 |
Kaido:the bank rate is high too..on same level with blackmarket 5 Likes 1 Share |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Inspirer1: 7:14am On Feb 09 |
ivolt:That's what they intend to achieve cos if there are no dollars to sell to the black market traders, everyone will go official as you won't want to buy from the black market traders at a rate higher than what the bank will convert to when you're done with your own trades and want to convert back. 14 Likes |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by ruggedtimi(m): 7:14am On Feb 09 |
Namaster:have you seen the new bank rate now 10 Likes 2 Shares |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by wirinet(m): 7:14am On Feb 09 |
Macphenson: This is the elephant in the room that Cardoso cannot see. Nigerians remit more than $20 billion into the country yearly, but corrupt politicians sweep up all the dollars and store in banks abroad or invest in properties abroad. The CBN is attacking ordinary Nigerians remitting dollars home instead of preventing politicians from taking the dollars abroad. 6 Likes |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by ivolt: 7:14am On Feb 09 |
RepoMan007:That already exists in various forms from online currency exchangers to IMTOs. But only the informed and financially literates can use such method. So, the CBN will gain from those uncles and parents receiving money from their relatives while losing out from the tech-savvy younger receivers. So, it boils down to who receives forex inflow the most, the old or new generation. 15 Likes 2 Shares |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by nairalanda1(m): 7:15am On Feb 09 |
Namaster: I see your point and you made it well, but the government is running low on forex and thus we have the result But as you have eloquently implied it does not solve the underlying problem. Nigeria is not earning enough dollars and raiding the banks and people's dollar supplies is not going to solve the underlying problem 3 Likes |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Seunpapa65: 7:15am On Feb 09 |
🤣🤣🤣😂😂 So I don't know where gift card is or usdt address Creating more problems than themselves 2 Likes 1 Share |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by malali: 7:15am On Feb 09 |
[b]Paying US dollar remittances only in local currency can have both advantages and disadvantages, Pros: Currency Stability: Receiving remittances in local currency can provide stability against fluctuations in the exchange rate of the US dollar. This stability can help mitigate the risk of currency depreciation and provide a more predictable income stream for recipients. Reduced Transaction Costs: Converting US dollar remittances into local currency often involves transaction costs, such as exchange rate fees and commissions. By receiving remittances in local currency, recipients may avoid or minimize these costs, resulting in higher net remittance amounts. Promotion of Local Economy: Remittances paid in local currency can contribute to the development of the local economy by increasing the circulation of domestic currency. This can stimulate economic activity, create employment opportunities, and support local businesses. Regulatory Control: Requiring remittances to be paid in local currency gives the government greater control over the flow of foreign exchange and facilitates regulatory oversight of remittance transactions. This can help prevent illicit financial activities, such as money laundering and terrorism financing. Cons: Exchange Rate Risk: Remittance recipients may face exchange rate risk if the local currency is subject to depreciation against the US dollar. Fluctuations in the exchange rate can erode the value of remittances and reduce the purchasing power of recipients, potentially leading to financial insecurity. Limited International Use: Remittances paid in local currency may have limited utility for recipients who need to conduct international transactions or hold foreign currency savings. This could inconvenience migrants and their families who rely on remittances for cross-border payments or savings in US dollars. Transaction Costs for Recipients Abroad: If remittance recipients abroad need to convert local currency into US dollars or other foreign currencies for international transactions, they may incur additional transaction costs, such as exchange rate fees and bank charges. This could reduce the net remittance amounts received by recipients. Market Distortions: Mandating remittance payments in local currency could create distortions in the foreign exchange market, particularly if the local currency is not freely convertible or if there is a shortage of foreign exchange reserves. This could affect exchange rate stability and macroeconomic conditions in the country. Reduced Remittance Flows: Imposing restrictions on remittance payments may deter migrants from sending money back home, particularly if they prefer to send remittances in US dollars or if they face barriers to converting local currency into foreign currency. This could result in lower remittance inflows, impacting the welfare of recipient families and the overall economy. The decision to pay US dollar remittances only in local currency involves trade-offs between currency stability, transaction costs, regulatory control, and the preferences and needs of remittance recipients. Policymakers should carefully weigh these factors and consider implementing measures to mitigate the potential drawbacks while maximizing the benefits for individuals and the economy.[/b] 6 Likes |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Sapiosexuality(m): 7:16am On Feb 09 |
Lol. Crazy times. At what rate? Bank rate? Why would I need a domiciliary account if I can't keep the money in USD? If my money will be converted to Naira why not just send my funds through Geegpay and convert it to naira at higher rate? Lol. Clowns. 7 Likes 1 Share |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Shikini: 7:16am On Feb 09 |
Very bad policy . |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Earthquakes: 7:16am On Feb 09 |
OlujobaSamuel: Lol because you are not abroad you are shouting better Once it’s implemented people abroad will stop sending dollars and guess what?? You will know what better feels like with your poor economics skills 13 Likes |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by ivolt: 7:17am On Feb 09 |
Inspirer1:We can't achieve that with decrees alone especially when swimming in foreign debt. 1 Like |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by Kelvin30286063(m): 7:17am On Feb 09 |
What's this nonsense, is that not what they do before?! |
Re: Banks To Pay Customers Money Sent From Abroad In Naira by TA4TA4: 7:17am On Feb 09 |
Realdeals: Na only you don make me understand the write up ....thanks 8 Likes |
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