Olaide1295:


Second, that owners of dollars in DOM accounts can't do FX transfers again. They are now being compelled to sell to the bank.

Are there people that waited until now?
When GTB came up with their inflow and transfer only policy, all man knew it was time to offload.

I offloaded @ 473 and smiled myself to sleep for 2 weeks.

awesomeJ:


Which one?

GT Bank Hold Co or VGIF at 4.5%?

Both.

TransAtlanticEx:
lol who do you think this is?

logobenz abi benzlogo sef.

awesomeJ:


Did you just saw the word "naive" You unnecessarily overusing it.

anyways, Your idea of buying strong safe is good. I just don't think it's in your place to say people are devoid of sense for keeping FX in banks.

This is an economic thread.
It's in my place to let people know before time of impending economic blunders.
I wonder how smart a person who has fx in domm acct will feel when his hard earned fx is exchanged for 379 by his holding bank when abokis close by would have bought at 460.

ifyalways:

logobenz abi benzlogo sef.

Where you go since?
Shey you know you owe me something?

ifyalways:

Both.

Well I think Agbaje's tenure will reach 10 years in 2021, maybe he's not ready to retire. But he can't be MD for longer than 10 years owing to CBN's restriction.

So what do you do?

I guess convert to a HoldCo like FBNH and STANBIC, then GTBANK becomes a subsidiary with it's own MD, and Agbaje can the climb up to become CEO of the parent HoldCo. They'll have the bank as well as a PFA, asset management firm etc as subsidiaries.

The reason for the conversion may be totally different from my opinion stated above, but the plan to convert has been announced.

Olaide1295:
Many news coming in today.

First, that CBN has reduced the MPR to 11.5% (from 12.5%). Immediate effect is that interest on Savings deposits falls to 1.15 per annum.

Second, that owners of dollars in DOM accounts can't do FX transfers again. They are now being compelled to sell to the bank.

are you saying I can’t withdraw dollars as well?

As for VGIF, it's benchmarked against CBN'S SDF

MPR is now 11.5% with a +100/-700 bps corridor.

That brings SDF to 4.5%. (11.5-7).

awesomeJ:


Well I think Agbaje's tenure will reach 10 years in 2021, maybe he's not ready to retire. But he can't be MD for longer than 10 years owing to CBN's restriction.

So what do you do?

I guess convert to a HoldCo like FBNH and STANBIC, the GTBANK becomes a subsidiary with it's own MD, and Agbaje can the climb up to become CEO of the parent HoldCo. They'll have the bank as well as a PFA, asset management firm etc as subsidiaries.

The reason for the conversion may be totally different from my opinion stated above, but the plan to convert has been announced.

Thank you, we are �

awesomeJ:


Could you please provide a link to the second info. These FX reforms are getting interesting.

A friend who has dollars at GTB mentioned it to me and then it started today. The bank said it’s a CBN policy.

cucumbar:
are you saying I can’t withdraw dollars as well?

lol which universe are you living in ?
As at 2 months ago, if not more, No usd withdrawals, just transfers and now, u can only sell ur usd to the banks at a rate i dont even known

TransAtlanticEx:
This is an economic thread.
It's in my place to let people know before time of impending economic blunders.
I wonder how smart a person who has fx in domm acct will feel when his hard earned fx is exchanged for 379 by his holding bank when abokis close by would have bought at 460.

You may try to let people know about impending economic blunders, but you'll only be expressing an opinion which no one is bound to take. And more importantly, the fact that you're giving such opinions accords you no right to garnish/tarnish it with insults.

Olaide1295:


A friend who has dollars at GTB mentioned it to me and then it started today. The bank said it’s a CBN policy.

100% true

TransAtlanticEx:

Where you go since?
Shey you know you owe me something?

Nwoke m rest o. lets not derail this thread sha

awesomeJ:


You may try to let people know about impending economic blunders, but you'll only be expressing an opinion which no one is bound to take. And more importantly, the fact that you're giving such opinions accords you no right to garnish/tarnish it with insults.

1)I don't give opinions,I give calculated predictions(not your typical songbird).
2)Yes,only a dunce will still have his fx in any bank after all the signs and warnings(I reiterate).
Dunces were created so they can lose money they probably didn't work for to smarter people,in this case banks,BDCs,etc...

Olaide1295:


A friend who has dollars at GTB mentioned it to me and then it started today. The bank said it’s a CBN policy.

Interesting.

I've always used NAFEX rate to value my USD holdings. So no difference for me.

ifyalways:

Nwoke m rest o. lets not derail this thread sha

I no go rest until you give me

TransAtlanticEx:
1)I don't give opinions,I give calculated predictions(not your typical songbird).
2)Yes,only a dunce will still have his fx in any bank after all the signs and warnings(I reiterate).
Dunces were created so they can lose money they probably didn't work for to smarter people,in this case banks,BDCs,etc...

You're on your own.

awesomeJ:


Interesting.

I've always used NAFEX rate to value my USD holdings. So no difference for me.

You must be the most contented person on earth.
Maybe dangote's NL account
Liar!when you Bleep up gree say you Bleep up and quit making funny excuses.

ifyalways:

lol which universe are you living in ?
As at 2 months ago, if not more, No usd withdrawals, just transfers and now, u can only sell ur usd to the banks at a rate i dont even known

well, maybe in selected banks. I was privy to a withdrawal of 20k dollars like two weeks back, and I’m very sure you can withdraw in zenith bank subject to availability in the branch you wish to withdraw.

cucumbar:
well, maybe in selected banks. I was privy to a withdrawal of 20k dollars like two weeks back, and I’m very sure you can withdraw in zenith bank subject to availability in the branch you wish to withdraw.

You may be right.

awesomeJ:


You're on your own.

I've always been,not new to me.

TransAtlanticEx:

You must be the most contented person on earth.
Maybe dangote's NL account
Liar!when you Bleep up gree say you Bleep up and quit making funny excuses.

What exactly are you saying? Bleep up how?

I wasn't even talking to you now was I?

Well, i'll educate you.

I hold dollars that are lent to the FG as eurobonds. I don't need the fund. I have ample naira. I only need it to have some dollar earnings. It's serving its purpose.

I didn't buy it to speculate so I wasn't interested in selling even at 480 so what's your headache?

awesomeJ:


What exactly are you saying? Bleep up how?

I wasn't even talking to you now was I?

Well, i'll educate you.

I hold dollars that are lent to the FG as eurobonds. I don't need the fund. I have ample naira. I only need it to have some dollar earnings. It's serving its purpose.

I didn't buy it to speculate so I wasn't interested in selling even at 480 so what's your headache?

How much Eurobond want give you that will surpass speculative,easy earnings?
Are you out to make money or to make name?
Because any rational human being would speculate rather than invest in any sort of Eurobond because clearly,the speculation at that point you say you were in will pay better and seem more like the better thing to do.
I don't have any headache actually,I'm very relaxed tbh...

cucumbar:
well, maybe in selected banks. I was privy to a withdrawal of 20k dollars like two weeks back, and I’m very sure you can withdraw in zenith bank subject to availability in the branch you wish to withdraw.

It started since late February.

It's not that you can't make withdrawals.

The rule was funds should exit a dorm account via the same channel they came in through.

So if you buy dollars from aboki and pay cash into your dorm. You can only take out that fund via cash withdrawal. No transfer.

On the other hand if funds entered your dorm through local or offshore transfer, you can only take it out via transfer. No cash withdrawal.

So it's not about the bank, it's about how the money came in.

awesomeJ:


What exactly are you saying? Bleep up how?

I wasn't even talking to you now was I?

Well, i'll educate you.

I hold dollars that are lent to the FG as eurobonds. I don't need the fund. I have ample naira. I only need it to have some dollar earnings. It's serving its purpose.

I didn't buy it to speculate so I wasn't interested in selling even at 480 so what's your headache?

There are Nigerians that work in African countries and they are paid in dollars. The dollars is paid into their Dorm accounts.

Not everyone owns a dorm account for speculation.


I wonder if this new CBN policy will affect them.

awesomeJ:


It started since late February.

It's not that you can't make withdrawals.

The rule was funds should exit a dorm account via the same channel they came in through.

So if you buy dollars from aboki and pay cash into your dorm. You can only take out that fund via cash withdrawal. No transfer.

On the other hand if funds entered your dorm through local or offshore transfer, you can only take it out via transfer. No cash withdrawal.

So it's not about the bank, it's about how the money came in.

. Oh okay. I’m aware of this.
Your initial post suggested that there was a new directive that you can only access funds in your dorm account by converting at the cBN rate.

TransAtlanticEx:
How much Eurobond want give you that will surpass speculative,easy earnings?
Are you out to make money or to make name?
Because any rational human being would speculate rather than invest in any sort of Eurobond because clearly,the speculation at that point you say you were in will pay better and seem more like the better thing to do.
I don't have any headache actually,I'm very relaxed tbh...

Well, it depends on who you're watching.

More importantly you can't be building something and tearing it down at thesame time.

I remember you or someone else has referred to my comments about the economy as only patriotic. That's true.

I love my nation. Where else would I love? And I'm actively involved in turning the fortunes of this country around for good spiritually.

So I'll be deceiving myself to even consider speculating or any such thing that may sabotage the progress I pray earnestly for.

I have ample supply, I'm not desperate!

awesomeJ:
As for VGIF, it's benchmarked against CBN'S SDF

MPR is now 11.5% with a +100/-700 bps corridor.

That brings SDF to 4.5%. (11.5-7).

SDF is MPR less 5%

11.5 - 5.0 = 6.5%

Modified: SDF is now MPR less 7% based on the new CBN directive

Dum20:




There are Nigerians that work in African countries and they are paid in dollars. The dollars is paid into their Dorm accounts.

Not everyone owns a dorm account for speculation.


I wonder if this new CBN policy will affect them.

I don't know who/what you meant to quote. There's nothing in my posts that disagrees with what you stated.

cucumbar:
. Oh okay. I’m aware of this.
Your initial post suggested that there was a new directive that you can only access funds in your dorm account by converting at the cBN rate.

It's a post from someone else. Not mine.

awesomeJ:


Well, it depends on who you're watching.

More importantly you can't be building something and tearing it down at thesame time.

I remember you or someone else has referred to my comments about the economy as only patriotic. That's true.

I love my nation. Where else would I love? And I actively involved in turning the fortunes of this country around for good spiritually.

So I'll be deceiving myself to even consider speculating or anything such thing that may sabotage the progress I pray earnestly for.

I have ample supply, I'm not desperate!

Unfortunately your patriotism can't make a difference because right now you are the only Nigerian that isn't cashing out on this naira collapse like you say.
So where would your patriotism lead you?
Why not make enough free money via speculation to raise enough money you don't need so as to engage in charity,like building free state of the art hospitals,etc...?
That way your patriotism will achieve more results,than taking your fx to go and dash CBN for their incompetence in the name of patriotism